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Investments (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

September 30, 2022 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	566,466					$	2					$	(30,832)					$	535,636
U.S. agency securities						—						—						—						—
U.S. agency mortgage-backed securities						879,028						—						(126,792)						752,236
Municipal debt securities (1)						627,772						95						(68,083)						559,784
Non-U.S. government securities						70,126						—						(9,292)						60,834
Corporate debt securities (2)						1,501,150						7						(155,888)						1,345,269
Residential and commercial mortgage securities						586,771						123						(63,286)						523,608
Asset-backed securities						645,522						15						(37,207)						608,330
Money market funds						199,147						—						—						199,147
Total investments available for sale						$	5,075,982					$	242					$	(491,380)					$	4,584,844

December 31, 2021 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	447,926					$	3,833					$	(2,966)					$	448,793
U.S. agency securities						5,501						3						—						5,504
U.S. agency mortgage-backed securities						1,005,611						13,365						(10,113)						1,008,863
Municipal debt securities (1)						598,764						30,122						(1,287)						627,599
Non-U.S. government securities						77,366						3,232						(855)						79,743
Corporate debt securities (2)						1,428,645						36,067						(9,465)						1,455,247
Residential and commercial mortgage securities						541,638						10,452						(6,667)						545,423
Asset-backed securities						582,144						1,673						(2,114)						581,703
Money market funds						210,012						—						—						210,012
Total investments available for sale						$	4,897,607					$	98,747					$	(33,467)					$	4,962,887

						September 30,						December 31,
(1) The following table summarizes municipal debt securities as of:						2022						2021
Special revenue bonds						78.5		%				77.1		%
General obligation bonds						21.5						20.5
Certificate of participation bonds						—						1.9
Tax allocation bonds						—						0.5
Total						100.0		%				100.0		%

						September 30,						December 31,
(2) The following table summarizes corporate debt securities as of:						2022						2021
Financial						39.4		%				33.7		%
Consumer, non-cyclical						17.5						19.8
Communications						8.8						11.4
Industrial						6.8						7.0
Consumer, cyclical						7.2						7.0
Energy						6.6						6.0
Technology						5.6						6.8
Utilities						6.1						4.6
Basic materials						2.0						3.7
Total						100.0		%				100.0		%

Schedule of Amortized Cost and Fair Value of Investments Available for Sale by Contractual Maturity

The amortized cost and fair value of investments available for sale at September 30, 2022, by contractual maturity, are shown below. Expected 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 U.S. agency mortgage-backed securities, residential and commercial mortgage securities and asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.

(In thousands)						Amortized Cost						Fair Value
U.S. Treasury securities:
Due in 1 year						$	169,120					$	167,667
Due after 1 but within 5 years						353,483						330,053
Due after 5 but within 10 years						38,835						34,103
Due after 10 years						5,028						3,813
Subtotal						566,466						535,636
U.S. agency securities:
Due in 1 year						—						—
Due after 1 but within 5 years						—						—
Subtotal						—						—
Municipal debt securities:
Due in 1 year						6,992						6,943
Due after 1 but within 5 years						141,922						137,108
Due after 5 but within 10 years						164,538						151,508
Due after 10 years						314,320						264,225
Subtotal						627,772						559,784
Non-U.S. government securities:
Due in 1 year						10,452						10,396
Due after 1 but within 5 years						27,362						25,697
Due after 5 but within 10 years						8,893						7,979
Due after 10 years						23,419						16,762
Subtotal						70,126						60,834
Corporate debt securities:
Due in 1 year						235,975						233,177
Due after 1 but within 5 years						696,023						657,186
Due after 5 but within 10 years						419,294						345,569
Due after 10 years						149,858						109,337
Subtotal						1,501,150						1,345,269
U.S. agency mortgage-backed securities						879,028						752,236
Residential and commercial mortgage securities						586,771						523,608
Asset-backed securities						645,522						608,330
Money market funds						199,147						199,147
Total investments available for sale						$	5,075,982					$	4,584,844

Schedule of Realized Gross Gains and Losses on Sale of Investments Available for Sale

The components of realized investment (losses) gains, net on the condensed consolidated statements of comprehensive income were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2022						2021						2022						2021
Realized gross gains						$	1,650					$	654					$	14,397					$	1,422
Realized gross losses						(1,370)						(433)						(14,634)						(813)
Impairment loss						(105)						—						(7,411)						—

Schedule of Fair Value of Investments in an Unrealized Loss Position and Related Unrealized Losses

The fair value of investments available for sale in an unrealized loss position and the related unrealized losses for which no allowance for credit loss has been recorded were as follows:

						Less than 12 months												12 months or more												Total
September 30, 2022 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	361,655					$	(15,490)					$	161,968					$	(15,342)					$	523,623					$	(30,832)
U.S. agency mortgage-backed securities						508,415						(74,350)						243,821						(52,442)						752,236						(126,792)
Municipal debt securities						527,796						(64,097)						14,588						(3,986)						542,384						(68,083)
Non-U.S. government securities						51,784						(5,922)						9,050						(3,370)						60,834						(9,292)
Corporate debt securities						1,166,786						(127,688)						143,745						(28,200)						1,310,531						(155,888)
Residential and commercial mortgage securities						376,356						(38,046)						143,118						(25,240)						519,474						(63,286)
Asset-backed securities						481,105						(27,029)						122,339						(10,178)						603,444						(37,207)
Total						$	3,473,897					$	(352,622)					$	838,629					$	(138,758)					$	4,312,526					$	(491,380)

						Less than 12 months												12 months or more												Total
December 31, 2021 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	207,122					$	(2,170)					$	28,012					$	(796)					$	235,134					$	(2,966)
U.S. agency mortgage-backed securities						582,108						(9,414)						26,131						(699)						608,239						(10,113)
Municipal debt securities						91,719						(1,281)						312						(6)						92,031						(1,287)
Non-U.S. government securities						22,986						(855)						—						—						22,986						(855)
Corporate debt securities						522,120						(7,200)						46,875						(2,265)						568,995						(9,465)
Residential and commercial mortgage securities						268,617						(5,200)						38,256						(1,467)						306,873						(6,667)
Asset-backed securities						339,137						(1,954)						13,101						(160)						352,238						(2,114)
Total						$	2,033,809					$	(28,074)					$	152,687					$	(5,393)					$	2,186,496					$	(33,467)

Schedule of Net Investment Income

Net investment income consists of: 

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2022						2021						2022						2021
Fixed maturities						$	33,948					$	23,001					$	91,245					$	69,037
Short-term investments						872						30						1,132						158
Gross investment income						34,820						23,031						92,377						69,195
Investment expenses						(2,226)						(1,458)						(5,764)						(4,091)
Net investment income						$	32,594					$	21,573					$	86,613					$	65,104

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