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Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities
Our fixed income securities classified as available-for-sale at March 31, 2026 and December 31, 2025 are shown in tables 5.1a and 5.1b below.
Details of Fixed Income Securities by Category as of March 31, 2026
Table5.1a
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$236,034 $316 $(2,720)$233,630 
Obligations of U.S. states and political subdivisions1,902,497 8,232 (138,321)1,772,408 
Corporate debt securities2,727,634 19,830 (67,327)2,680,137 
ABS263,392 1,367 (2,118)262,641 
RMBS361,981 5,212 (16,483)350,710 
CMBS261,115 919 (3,117)258,917 
CLOs131,422 8 (209)131,221 
Foreign government debt4,488 — (429)4,059 
Commercial paper9,398 — — 9,398 
Total fixed income securities
$5,897,961 $35,884 $(230,724)$5,703,121 
Details of Fixed Income Securities by Category as of December 31, 2025
Table5.1b
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$279,359 $958 $(2,505)$277,812 
Obligations of U.S. states and political subdivisions1,961,841 10,958 (134,035)1,838,764 
Corporate debt securities2,712,348 36,781 (57,857)2,691,272 
ABS225,478 2,418 (1,335)226,561 
RMBS366,671 8,169 (16,816)358,024 
CMBS237,974 2,484 (1,675)238,783 
CLOs99,182 129 (24)99,287 
Foreign government debt4,487 — (420)4,067 
Commercial paper56,661 — — 56,661 
Total fixed income securities
$5,944,001 $61,897 $(214,667)$5,791,231 
Amortized cost and fair values of fixed income securities by contractual maturity
The amortized cost and fair values of fixed income securities at March 31, 2026, by contractual maturity, are shown in table 5.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities are not due at a single maturity date, they are listed in separate categories.
Fixed Income Securities Maturity Schedule
Table5.2
March 31, 2026
(In thousands)Amortized costFair Value
Due in one year or less$650,211 $649,526 
Due after one year through five years1,697,951 1,662,497 
Due after five years through ten years1,626,253 1,565,298 
Due after ten years905,636 822,311 
4,880,051 4,699,632 
ABS263,392 262,641 
RMBS361,981 350,710 
CMBS261,115 258,917 
CLOs131,422 131,221 
Total$5,897,961 $5,703,121 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at March 31, 2026 and December 31, 2025 are shown in tables 5.3a and 5.3b below.
Details of Equity Security Investments as of March 31, 2026
Table5.3a
(In thousands)Cost
Fair Value Gains
Fair Value Losses
Fair Value
Equity securities$16,323 $29 $(1,161)$15,191 
Details of Equity Security Investments as of December 31, 2025
Table5.3b
(In thousands)CostFair Value GainsFair Value LossesFair Value
Equity securities$16,286 $42 $(1,006)$15,322 
Schedule of realized gains (losses) and proceeds from sale of securities
The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 5.4 below.

Details of Net Gains (Losses) on Investments and Other Financial Instruments
Table5.4Three Months Ended March 31,
(in thousands)20262025
Fixed income securities:
Gains on sales$210 $349 
Losses on sales(10)(29)
Equity securities gains (losses):
Changes in fair value
(168)120 
Change in embedded derivative on Home Re Transactions(1)
(201)301 
Net gains (losses) on investments and other financial instruments$(169)$741 
Proceeds from sales of fixed income securities$1,005 $20,737 
(1) See Note 6 "Fair Value Measurements" for discussion of the embedded derivative on the Home Re Transactions.
Aging of the fair value of securities in an unrealized loss position
Tables 5.5a and 5.5b below summarize, for all available-for-sale investments in an unrealized loss position at March 31, 2026 and December 31, 2025, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 5.5a and 5.5b are estimated using the process described in Note 6 - “Fair Value Measurements” to these consolidated financial statements and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.
Unrealized Loss Aging for Securities by Type and Length of Time as of March 31, 2026
Table5.5a
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$76,203 $(326)$42,711 $(2,394)$118,914 $(2,720)
Obligations of U.S. states and political subdivisions222,709 (4,077)1,054,706 (134,244)1,277,415 (138,321)
Corporate debt securities718,161 (5,659)800,140 (61,668)1,518,301 (67,327)
ABS150,590 (970)4,719 (1,148)155,309 (2,118)
RMBS24,711 (273)155,868 (16,210)180,579 (16,483)
CMBS124,997 (1,543)71,050 (1,574)196,047 (3,117)
CLOs112,902 (209)— — 112,902 (209)
Foreign government debt— — 4,059 (429)4,059 (429)
Total$1,430,273 $(13,057)$2,133,253 $(217,667)$3,563,526 $(230,724)
Unrealized Loss Aging for Securities by Type and Length of Time as of December 31, 2025
Table5.5b
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair Value
Unrealized
 Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
 Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$15,762 $(60)$51,113 $(2,445)$66,875 $(2,505)
Obligations of U.S. states and political subdivisions144,148 (6,123)1,087,931 (127,912)1,232,079 (134,035)
Corporate debt securities258,349 (1,180)887,659 (56,677)1,146,008 (57,857)
ABS49,774 (1,103)22,965 (232)72,739 (1,335)
RMBS2,906 (8)187,553 (16,808)190,459 (16,816)
CMBS15,363 (30)82,994 (1,645)98,357 (1,675)
CLOs35,272 (24)— — 35,272 (24)
Foreign government debt— — 4,068 (420)4,068 (420)
Total$521,574 $(8,528)$2,324,283 $(206,139)$2,845,857 $(214,667)