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Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments Available for Sale

Investments available for sale consist of the following:

March 31, 2025 (In thousands)						Amortized Cost						Unrealized Gains						Unrealized Losses						Fair Value
U.S. Treasury securities						$	554,597					$	1,068					$	(10,403)					$	545,262
U.S. agency mortgage-backed securities						1,254,479						2,577						(91,413)						1,165,643
Municipal debt securities (1)						634,161						1,606						(43,206)						592,561
Non-U.S. government securities						72,338						—						(10,468)						61,870
Corporate debt securities (2)						1,945,158						3,812						(81,479)						1,867,491
Residential and commercial mortgage securities						505,931						498						(35,948)						470,481
Asset-backed securities						754,428						1,560						(9,469)						746,519
Money market funds						432,532						—						—						432,532
Total investments available for sale						$	6,153,624					$	11,121					$	(282,386)					$	5,882,359

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

						March 31,						December 31,
(1) The following table summarizes municipal debt securities as of :						2025						2024
Special revenue bonds						83.7		%				83.3		%
General obligation bonds						16.3						16.7
Total						100.0		%				100.0		%

						March 31,						December 31,
(2) The following table summarizes corporate debt securities as of :						2025						2024
Financial						41.7		%				41.8		%
Consumer, non-cyclical						15.5						15.1
Utilities						8.6						8.7
Industrial						8.4						8.2
Technology						6.5						6.4
Consumer, cyclical						6.2						6.3
Communications						5.5						5.7
Energy						4.9						5.1
Basic Materials						2.7						2.7
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 March 31, 2025, 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						$	245,299					$	244,122
Due after 1 but within 5 years						273,066						268,123
Due after 5 but within 10 years						21,754						20,207
Due after 10 years						14,478						12,810
Subtotal						554,597						545,262
Municipal debt securities:
Due in 1 year						31,146						31,022
Due after 1 but within 5 years						169,668						163,972
Due after 5 but within 10 years						302,786						281,001
Due after 10 years						130,561						116,566
Subtotal						634,161						592,561
Non-U.S. government securities:
Due in 1 year						460						455
Due after 1 but within 5 years						32,019						31,168
Due after 5 but within 10 years						16,581						13,348
Due after 10 years						23,278						16,899
Subtotal						72,338						61,870
Corporate debt securities:
Due in 1 year						207,925						206,923
Due after 1 but within 5 years						630,168						608,427
Due after 5 but within 10 years						999,926						968,511
Due after 10 years						107,139						83,630
Subtotal						1,945,158						1,867,491
U.S. agency mortgage-backed securities						1,254,479						1,165,643
Residential and commercial mortgage securities						505,931						470,481
Asset-backed securities						754,428						746,519
Money market funds						432,532						432,532
Total investments available for sale						$	6,153,624					$	5,882,359

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 March 31,
(In thousands)						2025						2024
Realized gross gains						$	—					$	3
Realized gross losses						(181)						(1,143)

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
March 31, 2025 (In thousands)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
U.S. Treasury securities						$	63,222					$	(196)					$	278,244					$	(10,207)					$	341,466					$	(10,403)
U.S. agency mortgage-backed securities						306,077						(4,678)						604,998						(86,735)						911,075						(91,413)
Municipal debt securities						185,865						(4,408)						287,275						(38,798)						473,140						(43,206)
Non-U.S. government securities						—						—						61,870						(10,468)						61,870						(10,468)
Corporate debt securities						762,984						(13,455)						665,362						(68,024)						1,428,346						(81,479)
Residential and commercial mortgage securities						29,793						(569)						410,962						(35,379)						440,755						(35,948)
Asset-backed securities						231,532						(2,071)						145,933						(7,398)						377,465						(9,469)
Total						$	1,579,473					$	(25,377)					$	2,454,644					$	(257,009)					$	4,034,117					$	(282,386)

						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)

Schedule of Net Investment Income

Net investment income consists of: 

						Three Months Ended March 31,
(In thousands)						2025						2024
Fixed maturities						$	52,485					$	46,288
Short-term investments						7,475						7,143
Gross investment income						59,960						53,431
Investment expenses						(1,750)						(1,346)
Net investment income						$	58,210					$	52,085

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