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Investments (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

March 31, 2023 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	497,267					$	843					$	(22,326)					$	475,784
U.S. agency securities						12,696						8						(14)						12,690
U.S. agency mortgage-backed securities						950,645						1,286						(101,807)						850,124
Municipal debt securities (1)						650,470						5,489						(46,949)						609,010
Non-U.S. government securities						69,606						—						(6,588)						63,018
Corporate debt securities (2)						1,575,643						3,040						(116,087)						1,462,596
Residential and commercial mortgage securities						601,606						208						(59,801)						542,013
Asset-backed securities						680,460						314						(32,665)						648,109
Money market funds						286,692						—						—						286,692
Total investments available for sale						$	5,325,085					$	11,188					$	(386,237)					$	4,950,036

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

						March 31,						December 31,
(1) The following table summarizes municipal debt securities as of :						2023						2022
Special revenue bonds						81.4		%				79.0		%
General obligation bonds						18.5						20.9
Certificate of participation bonds						—						—
Tax allocation bonds						0.1						0.1
Total						100.0		%				100.0		%

						March 31,						December 31,
(2) The following table summarizes corporate debt securities as of :						2023						2022
Financial						40.8		%				40.5		%
Consumer, non-cyclical						18.5						17.9
Consumer, cyclical						7.2						6.8
Industrial						6.7						6.8
Utilities						5.7						6.1
Communications						8.6						8.4
Technology						4.8						4.9
Energy						5.5						6.4
Basic Materials						2.1						2.1
Government						0.1						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 March 31, 2023, 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						$	130,959					$	129,312
Due after 1 but within 5 years						313,584						297,672
Due after 5 but within 10 years						38,335						34,655
Due after 10 years						14,389						14,145
Subtotal						497,267						475,784
U.S. agency securities:
Due in 1 year						11,125						11,111
Due after 1 but within 5 years						1,571						1,579
Subtotal						12,696						12,690
Municipal debt securities:
Due in 1 year						6,006						5,977
Due after 1 but within 5 years						88,888						86,924
Due after 5 but within 10 years						175,352						167,037
Due after 10 years						380,224						349,072
Subtotal						650,470						609,010
Non-U.S. government securities:
Due in 1 year						10,020						10,012
Due after 1 but within 5 years						33,759						32,824
Due after 5 but within 10 years						5,532						4,512
Due after 10 years						20,295						15,670
Subtotal						69,606						63,018
Corporate debt securities:
Due in 1 year						241,103						238,178
Due after 1 but within 5 years						635,267						605,227
Due after 5 but within 10 years						484,388						433,797
Due after 10 years						214,885						185,394
Subtotal						1,575,643						1,462,596
U.S. agency mortgage-backed securities						950,645						850,124
Residential and commercial mortgage securities						601,606						542,013
Asset-backed securities						680,460						648,109
Money market funds						286,692						286,692
Total investments available for sale						$	5,325,085					$	4,950,036

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 March 31,
(In thousands)																		2023						2022
Realized gross gains																		$	869					$	12,576
Realized gross losses																		1,357						13,091
Impairment loss																		—						6,837

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
March 31, 2023 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	184,036					$	(2,069)					$	256,893					$	(20,257)					$	440,929					$	(22,326)
U.S. agency securities						11,111						(14)						—						—						11,111						(14)
U.S. agency mortgage-backed securities						144,039						(3,586)						643,734						(98,221)						787,773						(101,807)
Municipal debt securities						150,068						(2,840)						244,856						(44,109)						394,924						(46,949)
Non-U.S. government securities						36,274						(472)						26,744						(6,116)						63,018						(6,588)
Corporate debt securities						467,974						(11,248)						774,083						(104,839)						1,242,057						(116,087)
Residential and commercial mortgage securities						136,012						(7,065)						395,814						(52,736)						531,826						(59,801)
Asset-backed securities						168,303						(4,755)						423,814						(27,910)						592,117						(32,665)
Total						$	1,297,817					$	(32,049)					$	2,765,938					$	(354,188)					$	4,063,755					$	(386,237)

						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)

Schedule of Net Investment Income

Net investment income consists of: 

												Three Months Ended March 31,
(In thousands)																		2023						2022
Fixed maturities																		$	43,473					$	26,223
Short-term investments																		1,721						44
Gross investment income																		45,194						26,267
Investment expenses																		(1,958)						(1,587)
Net investment income																		$	43,236					$	24,680

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Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

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