Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair value measurements for items measured at fair value

Assets measured at fair value, by hierarchy level, as of March 31, 2026 and December 31, 2025 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K.


Assets Carried at Fair Value by Hierarchy Level as of March 31, 2026
Table	6.1a
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	233,630	$	198,760	$	34,870
Obligations of U.S. states and political subdivisions		1,772,408		—		1,772,408
Corporate debt securities		2,680,137		—		2,680,137
ABS		262,641		—		262,641
RMBS		350,710		—		350,710
CMBS		258,917		—		258,917
CLOs		131,221		—		131,221
Foreign government debt		4,059		—		4,059
Commercial paper		9,398		—		9,398
Total fixed income securities		5,703,121		198,760		5,504,361
Equity securities		15,191		15,191		—
Cash equivalents (1)		245,491		224,114		21,377
Total		$	5,963,803	$	438,065	$	5,525,738


Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025
Table	6.1b
(In thousands)		Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)
U.S. Treasury securities and obligations of U.S. government corporations and agencies		$	277,812	$	241,056	$	36,756
Obligations of U.S. states and political subdivisions		1,838,764		—		1,838,764
Corporate debt securities		2,691,272		—		2,691,272
ABS		226,561		—		226,561
RMBS		358,024		—		358,024
CMBS		238,783		—		238,783
CLOs		99,287		—		99,287
Foreign government debt		4,067		—		4,067
Commercial paper		56,661		—		56,661
Total fixed income securities		5,791,231		241,056		5,550,175
Equity securities		15,322		15,322		—
Cash equivalents (1)		371,219		363,423		7,796
Total		$	6,177,772	$	619,801	$	5,557,971
(1) Includes restricted cash equivalents

Carrying value and fair value of financial assets and liabilities

Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at March 31, 2026 and December 31, 2025.


Financial Assets and Liabilities Not Measured at Fair Value
Table	6.2
		March 31, 2026				December 31, 2025
(In thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets
Other invested assets		$	1,109	$	1,109	$	1,109	$	1,109

Financial liabilities
5.25% Senior Notes		646,506		649,363		646,138		650,442