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Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

December 31, 2023 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	1,014,076					$	1,434					$	(19,128)					$	996,382
U.S. agency securities						7,199						—						(4)						7,195
U.S. agency mortgage-backed securities						922,907						438						(101,999)						821,346
Municipal debt securities (1)						585,047						6,660						(44,449)						547,258
Non-U.S. government securities						77,516						—						(10,069)						67,447
Corporate debt securities (2)						1,380,533						4,425						(87,903)						1,297,055
Residential and commercial mortgage securities						571,163						286						(53,509)						517,940
Asset-backed securities						584,168						203						(19,376)						564,995
Money market funds						444,121						—						—						444,121
Total investments available for sale						$	5,586,730					$	13,446					$	(336,437)					$	5,263,739

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,						December 31,
(1) The following table summarizes municipal debt securities as of :						2023						2022
Special revenue bonds						81.4		%				79.0		%
General obligation bonds						18.6						20.9
Tax allocation bonds						—						0.1
Total						100.0		%				100.0		%

						December 31,						December 31,
(2) The following table summarizes corporate debt securities as of :						2023						2022
Financial						42.0		%				40.5		%
Consumer, Non-Cyclical						15.9						17.9
Industrial						8.1						6.8
Communications						7.2						8.4
Consumer, Cyclical						7.1						6.8
Utilities						6.3						6.1
Technology						6.2						4.9
Energy						4.7						6.4
Basic Materials						2.5						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 December 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						$	646,598					$	645,280
Due after 1 but within 5 years						313,901						301,424
Due after 5 but within 10 years						39,156						36,194
Due after 10 years						14,421						13,484
Subtotal						1,014,076						996,382
U.S. agency securities:
Due in 1 year						7,199						7,195
Due after 1 but within 5 years						—						—
Subtotal						7,199						7,195
Municipal debt securities:
Due in 1 year						2,139						2,121
Due after 1 but within 5 years						82,614						80,349
Due after 5 but within 10 years						138,354						130,186
Due after 10 years						361,940						334,602
Subtotal						585,047						547,258
Non-U.S. government securities:
Due in 1 year						—						—
Due after 1 but within 5 years						36,715						35,362
Due after 5 but within 10 years						5,530						4,520
Due after 10 years						35,271						27,565
Subtotal						77,516						67,447
Corporate debt securities:
Due in 1 year						176,918						175,145
Due after 1 but within 5 years						472,817						453,496
Due after 5 but within 10 years						581,238						543,115
Due after 10 years						149,560						125,299
Subtotal						1,380,533						1,297,055
U.S. agency mortgage-backed securities						922,907						821,346
Residential and commercial mortgage securities						571,163						517,940
Asset-backed securities						584,168						564,995
Money market funds						444,121						444,121
Total investments available for sale						$	5,586,730					$	5,263,739

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)						2023						2022						2021
Realized gross gains						$	1,219					$	14,420					$	4,044
Realized gross losses						8,246						14,864						3,626
Impairment loss						177						12,728						—

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, 2023 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	139,398					$	(1,075)					$	355,921					$	(18,053)					$	495,319					$	(19,128)
U.S. agency securities						5,572						(2)						1,623						(2)						7,195						(4)
U.S. agency mortgage-backed securities						129,359						(1,616)						654,018						(100,383)						783,377						(101,999)
Municipal debt securities						59,301						(987)						297,039						(43,462)						356,340						(44,449)
Non-U.S. government securities						—						—						67,447						(10,069)						67,447						(10,069)
Corporate debt securities						119,764						(733)						905,606						(87,170)						1,025,370						(87,903)
Residential and commercial mortgage securities						31,936						(999)						459,789						(52,510)						491,725						(53,509)
Asset-backed securities						65,195						(347)						459,324						(19,029)						524,519						(19,376)
Total						$	550,525					$	(5,759)					$	3,200,767					$	(330,678)					$	3,751,292					$	(336,437)

						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:

						Year Ended December 31,
(In thousands)						2023						2022						2021
Fixed maturities						$	178,829					$	129,530					$	94,117
Short-term investments						13,651						2,319						171
Gross investment income						192,480						131,849						94,288
Investment expenses						(6,341)						(7,440)						(5,523)
Net investment income						$	186,139					$	124,409					$	88,765

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