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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

June 30, 2024 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	1,019,443					$	106					$	(20,373)					$	999,176
U.S. agency mortgage-backed securities						876,049						25						(118,484)						757,590
Municipal debt securities (1)						568,369						2,951						(46,924)						524,396
Non-U.S. government securities						77,370						—						(11,339)						66,031
Corporate debt securities (2)						1,248,288						1,034						(97,346)						1,151,976
Residential and commercial mortgage securities						550,708						248						(51,969)						498,987
Asset-backed securities						468,228						410						(13,185)						455,453
Money market funds						1,001,374						—						—						1,001,374
Total investments available for sale						$	5,809,829					$	4,774					$	(359,620)					$	5,454,983

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

						June 30,						December 31,
(1) The following table summarizes municipal debt securities as of :						2024						2023
Special revenue bonds						83.0		%				81.4		%
General obligation bonds						17.0						18.6
Total						100.0		%				100.0		%

						June 30,						December 31,
(2) The following table summarizes corporate debt securities as of :						2024						2023
Financial						40.7		%				42.0		%
Consumer, non-cyclical						16.5						15.9
Industrial						7.7						8.1
Consumer, cyclical						7.5						7.1
Communications						7.3						7.2
Utilities						6.2						6.3
Technology						6.5						6.2
Energy						5.0						4.7
Basic Materials						2.6						2.5
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, 2024, 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						$	669,532					$	666,822
Due after 1 but within 5 years						296,652						284,595
Due after 5 but within 10 years						38,816						35,074
Due after 10 years						14,443						12,685
Subtotal						1,019,443						999,176
Municipal debt securities:
Due in 1 year						10,148						9,992
Due after 1 but within 5 years						86,662						83,246
Due after 5 but within 10 years						125,670						116,787
Due after 10 years						345,889						314,371
Subtotal						568,369						524,396
Non-U.S. government securities:
Due in 1 year						4,800						4,715
Due after 1 but within 5 years						31,896						30,319
Due after 5 but within 10 years						8,338						6,856
Due after 10 years						32,336						24,141
Subtotal						77,370						66,031
Corporate debt securities:
Due in 1 year						160,824						159,044
Due after 1 but within 5 years						405,414						384,152
Due after 5 but within 10 years						536,015						491,049
Due after 10 years						146,035						117,731
Subtotal						1,248,288						1,151,976
U.S. agency mortgage-backed securities						876,049						757,590
Residential and commercial mortgage securities						550,708						498,987
Asset-backed securities						468,228						455,453
Money market funds						1,001,374						1,001,374
Total investments available for sale						$	5,809,829					$	5,454,983

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)						2024						2023						2024						2023
Realized gross gains						$	51					$	23					$	55					$	892
Realized gross losses						(692)						(1,436)						(1,836)						(2,793)
Impairment loss						(523)						(176)						(523)						(176)

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, 2024 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	676,520					$	(10,015)					$	156,302					$	(10,358)					$	832,822					$	(20,373)
U.S. agency mortgage-backed securities						79,991						(2,181)						670,718						(116,303)						750,709						(118,484)
Municipal debt securities						91,994						(2,191)						309,410						(44,733)						401,404						(46,924)
Non-U.S. government securities						2,999						(1,406)						63,032						(9,933)						66,031						(11,339)
Corporate debt securities						256,400						(7,793)						812,456						(89,553)						1,068,856						(97,346)
Residential and commercial mortgage securities						27,485						(1,716)						457,287						(50,253)						484,772						(51,969)
Asset-backed securities						49,201						(1,100)						228,156						(12,085)						277,357						(13,185)
Total						$	1,184,590					$	(26,402)					$	2,697,361					$	(333,218)					$	3,881,951					$	(359,620)

						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)

Schedule of Net Investment Income

Net investment income consists of: 

						Three Months Ended June 30,												Six Months Ended June 30,
(In thousands)						2024						2023						2024						2023
Fixed maturities						$	45,368					$	43,775					$	91,656					$	87,251
Short-term investments						11,831						3,298						18,974						5,017
Gross investment income						57,199						47,073						110,630						92,268
Investment expenses						(1,113)						(1,823)						(2,459)						(3,782)
Net investment income						$	56,086					$	45,250					$	108,171					$	88,486

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