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Fair Value of Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Vale on a Recurring Basis | All assets measured at fair value are categorized in the table below based upon the lowest level of significant input to the valuations. All fair value measurements at the reporting date were on a recurring basis.
March 31, 2025 (In thousands) |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Recurring fair value measurements |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 545,262 |  |  | $ | — |  |  | $ | — |  |  | $ | 545,262 |
U.S. agency mortgage-backed securities |  | — |  |  | 1,165,643 |  |  | — |  |  | 1,165,643 |
Municipal debt securities |  | — |  |  | 592,561 |  |  | — |  |  | 592,561 |
Non-U.S. government securities |  | — |  |  | 61,870 |  |  | — |  |  | 61,870 |
Corporate debt securities |  | — |  |  | 1,867,491 |  |  | — |  |  | 1,867,491 |
Residential and commercial mortgage securities |  | — |  |  | 470,481 |  |  | — |  |  | 470,481 |
Asset-backed securities |  | — |  |  | 746,519 |  |  | — |  |  | 746,519 |
Money market funds |  | 432,532 |  |  | — |  |  | — |  |  | 432,532 |
Total assets at fair value (1) (2) |  | $ | 977,794 |  |  | $ | 4,904,565 |  |  | $ | — |  |  | $ | 5,882,359 |
December 31, 2024 (In thousands) |  | Quoted Prices in Active Markets for Identical Instruments (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Recurring fair value measurements |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 547,290 |  |  | $ | — |  |  | $ | — |  |  | $ | 547,290 |
U.S. agency securities |  | — |  |  | — |  |  | — |  |  | — |
U.S. agency mortgage-backed securities |  | — |  |  | 1,125,436 |  |  | — |  |  | 1,125,436 |
Municipal debt securities |  | — |  |  | 583,501 |  |  | — |  |  | 583,501 |
Non-U.S. government securities |  | — |  |  | 69,798 |  |  | — |  |  | 69,798 |
Corporate debt securities |  | — |  |  | 1,783,046 |  |  | — |  |  | 1,783,046 |
Residential and commercial mortgage securities |  | — |  |  | 478,086 |  |  | — |  |  | 478,086 |
Asset-backed securities |  | — |  |  | 631,959 |  |  | — |  |  | 631,959 |
Money market funds |  | 657,605 |  |  | — |  |  | — |  |  | 657,605 |
Total assets at fair value (1) (2) |  | $ | 1,204,895 |  |  | $ | 4,671,826 |  |  | $ | — |  |  | $ | 5,876,721 |
(1)Does not include the fair value of embedded derivatives, which we have accounted for separately as freestanding derivatives and included in other assets or other accrued liabilities in our condensed consolidated balance sheet. See Note 4 for more information. (2)Does not include certain other invested assets that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient, as applicable accounting standards do not provide for classification within the fair value hierarchy.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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