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Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

September 30, 2024 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	717,926					$	2,912					$	(11,031)					$	709,807
U.S. agency mortgage-backed securities						1,131,788						4,215						(84,695)						1,051,308
Municipal debt securities (1)						605,126						7,078						(34,557)						577,647
Non-U.S. government securities						81,708						—						(8,737)						72,971
Corporate debt securities (2)						1,752,898						15,601						(64,111)						1,704,388
Residential and commercial mortgage securities						539,283						814						(36,117)						503,980
Asset-backed securities						556,886						953						(9,763)						548,076
Money market funds						782,322						—						—						782,322
Total investments available for sale						$	6,167,937					$	31,573					$	(249,011)					$	5,950,499

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

						September 30,						December 31,
(1) The following table summarizes municipal debt securities as of :						2024						2023
Special revenue bonds						83.7		%				81.4		%
General obligation bonds						16.3						18.6
Total						100.0		%				100.0		%

						September 30,						December 31,
(2) The following table summarizes corporate debt securities as of :						2024						2023
Financial						42.6		%				42.0		%
Consumer, non-cyclical						15.6						15.9
Industrial						8.2						8.1
Consumer, cyclical						6.2						7.1
Communications						6.1						7.2
Utilities						7.6						6.3
Technology						6.0						6.2
Energy						4.8						4.7
Basic Materials						2.9						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 September 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						$	374,834					$	374,240
Due after 1 but within 5 years						296,218						291,269
Due after 5 but within 10 years						32,419						30,787
Due after 10 years						14,455						13,511
Subtotal						717,926						709,807
Municipal debt securities:
Due in 1 year						11,311						11,178
Due after 1 but within 5 years						85,784						84,460
Due after 5 but within 10 years						133,431						128,002
Due after 10 years						374,600						354,007
Subtotal						605,126						577,647
Non-U.S. government securities:
Due in 1 year						5,263						5,211
Due after 1 but within 5 years						32,045						31,271
Due after 5 but within 10 years						7,712						6,649
Due after 10 years						36,688						29,840
Subtotal						81,708						72,971
Corporate debt securities:
Due in 1 year						165,056						164,117
Due after 1 but within 5 years						480,233						469,192
Due after 5 but within 10 years						897,438						880,803
Due after 10 years						210,171						190,276
Subtotal						1,752,898						1,704,388
U.S. agency mortgage-backed securities						1,131,788						1,051,308
Residential and commercial mortgage securities						539,283						503,980
Asset-backed securities						556,886						548,076
Money market funds						782,322						782,322
Total investments available for sale						$	6,167,937					$	5,950,499

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)						2024						2023						2024						2023
Realized gross gains						$	360					$	113					$	415					$	1,005
Realized gross losses						(292)						(348)						(2,128)						(3,141)
Impairment loss						—						—						(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
September 30, 2024 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	63,050					$	(11)					$	315,890					$	(11,020)					$	378,940					$	(11,031)
U.S. agency mortgage-backed securities						98,220						(796)						677,515						(83,899)						775,735						(84,695)
Municipal debt securities						33,660						(224)						298,168						(34,333)						331,828						(34,557)
Non-U.S. government securities						4,383						(29)						68,588						(8,708)						72,971						(8,737)
Corporate debt securities						188,259						(856)						768,267						(63,255)						956,526						(64,111)
Residential and commercial mortgage securities						3,649						(173)						448,587						(35,944)						452,236						(36,117)
Asset-backed securities						45,495						(236)						186,686						(9,527)						232,181						(9,763)
Total						$	436,716					$	(2,325)					$	2,763,701					$	(246,686)					$	3,200,417					$	(249,011)

						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 September 30,												Nine Months Ended September 30,
(In thousands)						2024						2023						2024						2023
Fixed maturities						$	44,828					$	45,373					$	136,485					$	132,623
Short-term investments						13,786						3,641						32,759						8,660
Gross investment income						58,614						49,014						169,244						141,283
Investment expenses						(1,274)						(1,942)						(3,733)						(5,725)
Net investment income						$	57,340					$	47,072					$	165,511					$	135,558

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