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Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

September 30, 2023 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	909,138					$	24					$	(29,977)					$	879,185
U.S. agency securities						7,198						—						(18)						7,180
U.S. agency mortgage-backed securities						898,677						—						(147,739)						750,938
Municipal debt securities (1)						637,536						64						(75,090)						562,510
Non-U.S. government securities						57,407						—						(8,836)						48,571
Corporate debt securities (2)						1,428,873						144						(148,584)						1,280,433
Residential and commercial mortgage securities						563,358						218						(69,883)						493,693
Asset-backed securities						640,382						154						(25,718)						614,818
Money market funds						360,360						—						—						360,360
Total investments available for sale						$	5,502,929					$	604					$	(505,845)					$	4,997,688

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

						September 30,						December 31,
(1) The following table summarizes municipal debt securities as of :						2023						2022
Special revenue bonds						81.1		%				79.0		%
General obligation bonds						18.9						20.9
Tax allocation bonds						—						0.1
Total						100.0		%				100.0		%

						September 30,						December 31,
(2) The following table summarizes corporate debt securities as of :						2023						2022
Financial						43.1		%				40.5		%
Consumer, non-cyclical						15.8						17.9
Consumer, cyclical						6.7						6.8
Industrial						7.8						6.8
Utilities						6.7						6.1
Communications						7.0						8.4
Technology						5.5						4.9
Energy						5.2						6.4
Basic Materials						2.2						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 September 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						$	526,416					$	524,639
Due after 1 but within 5 years						305,939						286,589
Due after 5 but within 10 years						62,373						55,799
Due after 10 years						14,410						12,158
Subtotal						909,138						879,185
U.S. agency securities:
Due in 1 year						7,198						7,180
Subtotal						7,198						7,180
Municipal debt securities:
Due in 1 year						2,388						2,347
Due after 1 but within 5 years						101,186						96,172
Due after 5 but within 10 years						168,182						153,099
Due after 10 years						365,780						310,892
Subtotal						637,536						562,510
Non-U.S. government securities:
Due after 1 but within 5 years						32,135						30,496
Due after 5 but within 10 years						5,064						3,945
Due after 10 years						20,208						14,130
Subtotal						57,407						48,571
Corporate debt securities:
Due in 1 year						194,084						190,994
Due after 1 but within 5 years						569,356						534,150
Due after 5 but within 10 years						483,787						415,847
Due after 10 years						181,646						139,442
Subtotal						1,428,873						1,280,433
U.S. agency mortgage-backed securities						898,677						750,938
Residential and commercial mortgage securities						563,358						493,693
Asset-backed securities						640,382						614,818
Money market funds						360,360						360,360
Total investments available for sale						$	5,502,929					$	4,997,688

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)						2023						2022						2023						2022
Realized gross gains						$	113					$	1,650					$	1,005					$	14,397
Realized gross losses						(348)						(1,370)						(3,141)						(14,634)
Impairment loss						—						(105)						(176)						(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, 2023 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	322,348					$	(4,324)					$	360,082					$	(25,653)					$	682,430					$	(29,977)
U.S. agency securities						7,180						(18)						—						—						7,180						(18)
U.S. agency mortgage-backed securities						114,881						(6,760)						636,057						(140,979)						750,938						(147,739)
Municipal debt securities						254,197						(11,946)						300,187						(63,144)						554,384						(75,090)
Non-U.S. government securities						—						—						48,571						(8,836)						48,571						(8,836)
Corporate debt securities						264,701						(11,767)						991,284						(136,817)						1,255,985						(148,584)
Residential and commercial mortgage securities						36,985						(3,098)						449,512						(66,785)						486,497						(69,883)
Asset-backed securities						88,971						(892)						501,253						(24,826)						590,224						(25,718)
Total						$	1,089,263					$	(38,805)					$	3,286,946					$	(467,040)					$	4,376,209					$	(505,845)

						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 September 30,												Nine Months Ended September 30,
(In thousands)						2023						2022						2023						2022
Fixed maturities						$	45,373					$	33,948					$	132,623					$	91,245
Short-term investments						3,641						872						8,660						1,132
Gross investment income						49,014						34,820						141,283						92,377
Investment expenses						(1,942)						(2,226)						(5,725)						(5,764)
Net investment income						$	47,072					$	32,594					$	135,558					$	86,613

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