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Investments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

December 31, 2024 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	561,853					$	325					$	(14,888)					$	547,290
U.S. agency mortgage-backed securities						1,249,259						42						(123,865)						1,125,436
Municipal debt securities (1)						631,015						1,596						(49,110)						583,501
Non-U.S. government securities						81,631						—						(11,833)						69,798
Corporate debt securities (2)						1,887,647						1,064						(105,665)						1,783,046
Residential and commercial mortgage securities						519,613						527						(42,054)						478,086
Asset-backed securities						642,395						601						(11,037)						631,959
Money market funds						657,605						—						—						657,605
Total investments available for sale						$	6,231,018					$	4,155					$	(358,452)					$	5,876,721

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,						December 31,
(1) The following table summarizes municipal debt securities as of :						2024						2023
Special revenue bonds						83.3		%				81.4		%
General obligation bonds						16.7						18.6
Total						100.0		%				100.0		%

						December 31,						December 31,
(2) The following table summarizes corporate debt securities as of :						2024						2023
Financial						41.8		%				42.0		%
Consumer, Non-Cyclical						15.1						15.9
Industrial						8.2						8.1
Communications						5.7						7.2
Consumer, Cyclical						6.3						7.1
Utilities						8.7						6.3
Technology						6.4						6.2
Energy						5.1						4.7
Basic Materials						2.7						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 December 31, 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						$	213,553					$	212,961
Due after 1 but within 5 years						301,532						292,711
Due after 5 but within 10 years						32,302						29,303
Due after 10 years						14,466						12,315
Subtotal						561,853						547,290
Municipal debt securities:
Due in 1 year						16,767						16,624
Due after 1 but within 5 years						84,229						81,905
Due after 5 but within 10 years						144,143						134,741
Due after 10 years						385,876						350,231
Subtotal						631,015						583,501
Non-U.S. government securities:
Due in 1 year						5,267						5,233
Due after 1 but within 5 years						32,032						30,792
Due after 5 but within 10 years						7,706						6,195
Due after 10 years						36,626						27,578
Subtotal						81,631						69,798
Corporate debt securities:
Due in 1 year						164,458						163,676
Due after 1 but within 5 years						505,921						489,307
Due after 5 but within 10 years						1,014,720						959,079
Due after 10 years						202,548						170,984
Subtotal						1,887,647						1,783,046
U.S. agency mortgage-backed securities						1,249,259						1,125,436
Residential and commercial mortgage securities						519,613						478,086
Asset-backed securities						642,395						631,959
Money market funds						657,605						657,605
Total investments available for sale						$	6,231,018					$	5,876,721

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)						2024						2023						2022
Realized gross gains						$	495					$	1,219					$	14,420
Realized gross losses						2,322						8,246						14,864
Impairment loss						523						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, 2024 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	141,789					$	(1,620)					$	279,143					$	(13,268)					$	420,932					$	(14,888)
U.S. agency mortgage-backed securities						476,695						(13,028)						629,036						(110,837)						1,105,731						(123,865)
Municipal debt securities						204,810						(5,688)						282,312						(43,422)						487,122						(49,110)
Non-U.S. government securities						4,146						(262)						65,652						(11,571)						69,798						(11,833)
Corporate debt securities						898,449						(25,547)						725,148						(80,118)						1,623,597						(105,665)
Residential and commercial mortgage securities						39,931						(1,168)						421,891						(40,886)						461,822						(42,054)
Asset-backed securities						188,475						(2,701)						164,683						(8,336)						353,158						(11,037)
Total						$	1,954,295					$	(50,014)					$	2,567,865					$	(308,438)					$	4,522,160					$	(358,452)

						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:

						Year Ended December 31,
(In thousands)						2024						2023						2022
Fixed maturities						$	186,345					$	178,829					$	129,530
Short-term investments						40,856						13,651						2,319
Gross investment income						227,201						192,480						131,849
Investment expenses						(5,131)						(6,341)						(7,440)
Net investment income						$	222,070					$	186,139					$	124,409

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