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Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

December 31, 2022 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	584,173					$	341					$	(28,076)					$	556,438
U.S. agency securities						49,059						7						(8)						49,058
U.S. agency mortgage-backed securities						898,675						258						(115,190)						783,743
Municipal debt securities (1)						661,934						2,010						(61,254)						602,690
Non-U.S. government securities						69,651						—						(7,252)						62,399
Corporate debt securities (2)						1,546,513						1,195						(133,387)						1,414,321
Residential and commercial mortgage securities						577,915						390						(66,481)						511,824
Asset-backed securities						660,345						72						(35,856)						624,561
Money market funds						136,591						—						—						136,591
Total investments available for sale						$	5,184,856					$	4,273					$	(447,504)					$	4,741,625

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

_______________________________________________________________________________

						December 31,						December 31,
(1) The following table summarizes municipal debt securities as of :						2022						2021
Special revenue bonds						79.0		%				77.1		%
General obligation bonds						20.9						20.5
Certificate of participation bonds						—						1.9
Tax allocation bonds						0.1						0.5
Total						100.0		%				100.0		%

						December 31,						December 31,
(2) The following table summarizes corporate debt securities as of :						2022						2021
Financial						40.5		%				33.7		%
Consumer, non-cyclical						17.9						19.8
Communications						8.4						11.4
Consumer, cyclical						6.8						7.0
Industrial						6.8						7.0
Energy						6.4						6.0
Utilities						6.1						4.6
Technology						4.9						6.8
Basic Materials						2.1						3.7
Government						0.1						—
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 December 31, 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						$	175,645					$	173,828
Due after 1 but within 5 years						355,565						335,166
Due after 5 but within 10 years						38,584						33,967
Due after 10 years						14,379						13,477
Subtotal						584,173						556,438
U.S. agency securities:
Due in 1 year						47,433						47,434
Due after 1 but within 5 years						1,626						1,624
Subtotal						49,059						49,058
Municipal debt securities:
Due in 1 year						6,974						6,932
Due after 1 but within 5 years						151,110						148,538
Due after 5 but within 10 years						154,029						143,560
Due after 10 years						349,821						303,660
Subtotal						661,934						602,690
Non-U.S. government securities:
Due in 1 year						10,021						9,979
Due after 1 but within 5 years						33,761						32,536
Due after 5 but within 10 years						5,532						4,397
Due after 10 years						20,337						15,487
Subtotal						69,651						62,399
Corporate debt securities:
Due in 1 year						250,596						248,482
Due after 1 but within 5 years						715,711						684,102
Due after 5 but within 10 years						419,632						355,500
Due after 10 years						160,574						126,237
Subtotal						1,546,513						1,414,321
U.S. agency mortgage-backed securities						898,675						783,743
Residential and commercial mortgage securities						577,915						511,824
Asset-backed securities						660,345						624,561
Money market funds						136,591						136,591
Total investments available for sale						$	5,184,856					$	4,741,625

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

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

						Year Ended December 31,
(In thousands)						2022						2021						2020
Realized gross gains						$	14,420					$	4,044					$	5,608
Realized gross losses						14,864						3,626						2,482
Impairment loss						12,728						—						429

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
December 31, 2022 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	321,848					$	(12,381)					$	169,795					$	(15,695)					$	491,643					$	(28,076)
U.S. agency securities						7,117						(8)						—						—						7,117						(8)
U.S. agency mortgage-backed securities						351,310						(34,193)						415,743						(80,997)						767,053						(115,190)
Municipal debt securities						335,784						(41,620)						64,766						(19,634)						400,550						(61,254)
Non-U.S. government securities						48,071						(2,914)						14,328						(4,338)						62,399						(7,252)
Corporate debt securities						811,217						(69,415)						421,307						(63,972)						1,232,524						(133,387)
Residential and commercial mortgage securities						265,934						(22,628)						242,366						(43,853)						508,300						(66,481)
Asset-backed securities						333,080						(15,454)						258,572						(20,402)						591,652						(35,856)
Total						$	2,474,361					$	(198,613)					$	1,586,877					$	(248,891)					$	4,061,238					$	(447,504)

						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:

						Year Ended December 31,
(In thousands)						2022						2021						2020
Fixed maturities						$	129,530					$	94,117					$	83,313
Short-term investments						2,319						171						1,669
Gross investment income						131,849						94,288						84,982
Investment expenses						(7,440)						(5,523)						(4,895)
Net investment income						$	124,409					$	88,765					$	80,087

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