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Investments (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

June 30, 2023 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	670,537					$	503					$	(27,454)					$	643,586
U.S. agency securities						9,698						—						(27)						9,671
U.S. agency mortgage-backed securities						923,927						347						(114,166)						810,108
Municipal debt securities (1)						646,058						4,025						(49,921)						600,162
Non-U.S. government securities						57,445						—						(6,892)						50,553
Corporate debt securities (2)						1,473,003						1,420						(125,202)						1,349,221
Residential and commercial mortgage securities						575,624						147						(65,421)						510,350
Asset-backed securities						668,462						118						(33,670)						634,910
Money market funds						413,533						—						—						413,533
Total investments available for sale						$	5,438,287					$	6,560					$	(422,753)					$	5,022,094

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

						June 30,						December 31,
(1) The following table summarizes municipal debt securities as of :						2023						2022
Special revenue bonds						81.2		%				79.0		%
General obligation bonds						18.8						20.9
Tax allocation bonds						—						0.1
Total						100.0		%				100.0		%

						June 30,						December 31,
(2) The following table summarizes corporate debt securities as of :						2023						2022
Financial						43.7		%				40.5		%
Consumer, non-cyclical						15.8						17.9
Consumer, cyclical						6.5						6.8
Industrial						7.8						6.8
Utilities						6.5						6.1
Communications						7.0						8.4
Technology						5.4						4.9
Energy						5.0						6.4
Basic Materials						2.3						2.1
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 June 30, 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						$	273,518					$	271,747
Due after 1 but within 5 years						325,556						305,868
Due after 5 but within 10 years						57,063						52,252
Due after 10 years						14,400						13,719
Subtotal						670,537						643,586
U.S. agency securities:
Due in 1 year						9,698						9,671
Subtotal						9,698						9,671
Municipal debt securities:
Due in 1 year						4,906						4,896
Due after 1 but within 5 years						91,150						87,755
Due after 5 but within 10 years						175,677						165,374
Due after 10 years						374,325						342,137
Subtotal						646,058						600,162
Non-U.S. government securities:
Due after 1 but within 5 years						32,128						30,877
Due after 5 but within 10 years						5,065						4,114
Due after 10 years						20,252						15,562
Subtotal						57,445						50,553
Corporate debt securities:
Due in 1 year						197,737						194,606
Due after 1 but within 5 years						584,412						550,847
Due after 5 but within 10 years						476,475						421,678
Due after 10 years						214,379						182,090
Subtotal						1,473,003						1,349,221
U.S. agency mortgage-backed securities						923,927						810,108
Residential and commercial mortgage securities						575,624						510,350
Asset-backed securities						668,462						634,910
Money market funds						413,533						413,533
Total investments available for sale						$	5,438,287					$	5,022,094

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 June 30,												Six Months Ended June 30,
(In thousands)						2023						2022						2023						2022
Realized gross gains						$	23					$	171					$	892					$	12,747
Realized gross losses						(1,436)						(173)						(2,793)						(13,264)
Impairment loss						(176)						(469)						(176)						(7,306)

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
June 30, 2023 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	274,448					$	(4,066)					$	293,776					$	(23,388)					$	568,224					$	(27,454)
U.S. agency securities						9,671						(27)						—						—						9,671						(27)
U.S. agency mortgage-backed securities						169,514						(5,925)						623,847						(108,241)						793,361						(114,166)
Municipal debt securities						196,380						(4,163)						253,299						(45,758)						449,679						(49,921)
Non-U.S. government securities						15,664						(411)						34,889						(6,481)						50,553						(6,892)
Corporate debt securities						399,331						(10,073)						856,101						(115,129)						1,255,432						(125,202)
Residential and commercial mortgage securities						60,682						(3,586)						443,965						(61,835)						504,647						(65,421)
Asset-backed securities						123,573						(1,179)						494,738						(32,491)						618,311						(33,670)
Total						$	1,249,263					$	(29,430)					$	3,000,615					$	(393,323)					$	4,249,878					$	(422,753)

						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 June 30,												Six Months Ended June 30,
(In thousands)						2023						2022						2023						2022
Fixed maturities						$	43,775					$	31,074					$	87,251					$	57,298
Short-term investments						3,298						215						5,017						258
Gross investment income						47,073						31,289						92,268						57,556
Investment expenses						(1,823)						(1,950)						(3,782)						(3,537)
Net investment income						$	45,250					$	29,339					$	88,486					$	54,019

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