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Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Disposition of Fixed Income and Equity Securities


Sales		Proceeds			Gross Realized						Net Realized
(in thousands)		From Sales			Gains			Losses			Gain (Loss)
2026
Fixed income securities - available-for-sale		$	64,810		$	1,022		$	(1,466)		$	(444)
Equity securities			18,205			10,355			(102)			10,253
2025
Fixed income securities - available-for-sale		$	10,473		$	62		$	(205)		$	(143)
Equity securities			26,679			15,140			(62)			15,078

Calls/Maturities					Gross Realized						Net Realized
(in thousands)		Proceeds			Gains			Losses			Gain (Loss)
2026
Fixed income securities - available-for-sale		$	118,547		$	385		$	—		$	385
2025
Fixed income securities - available-for-sale		$	101,454		$	9		$	(71)		$	(62)

Fair Value, Assets Measured on Recurring Basis


		As of March 31, 2026
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	307,140		$	—		$	307,140
U.S. agency			—			27,288			—			27,288
Non-U.S. government & agency			—			14,191			2,095			16,286
Agency MBS			—			600,802			—			600,802
ABS/CMBS/MBS*			—			710,301			—			710,301
Corporate			—			1,382,742			121,663			1,504,405
Municipal			—			362,470			—			362,470
Total fixed income securities - available-for-sale		$	—		$	3,404,934		$	123,758		$	3,528,692
Equity securities			856,689			—			8,223			864,912
Total		$	856,689		$	3,404,934		$	131,981		$	4,393,604

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities


		As of December 31, 2025
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	335,223		$	—		$	335,223
U.S. agency			—			37,927			—			37,927
Non-U.S. government & agency			—			11,417			2,130			13,547
Agency MBS			—			610,675			—			610,675
ABS/CMBS/MBS*			—			672,984			—			672,984
Corporate			—			1,383,329			108,177			1,491,506
Municipal			—			371,474			—			371,474
Total fixed income securities - available-for-sale		$	—		$	3,423,029		$	110,307		$	3,533,336
Equity securities			890,622			—			8,254			898,876
Total		$	890,622		$	3,423,029		$	118,561		$	4,432,212

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Summary of Changes in Balance of Level 3 Securities


		Three Months Ended March 31,
(in thousands)		2026			2025
Beginning balance		$	118,561		$	95,125
Net realized and unrealized gains (losses)
Included in other comprehensive earnings (loss)			(1,546)			893
Purchases			15,296			5,070
Sales / Calls / Maturities			(330)			(2,143)
Transfers into Level 3			—			—
Transfers out of Level 3			—			—
Balance as of March 31,		$	131,981		$	98,945
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)		$	(1,550)		$	893

Schedule of Contractual Maturity of Securities


		March 31, 2026
(in thousands)		Amortized Cost			Fair Value
Due in one year or less		$	197,626		$	196,770
Due after one year through five years			737,002			726,768
Due after five years through 10 years			855,922			845,397
Due after 10 years			523,694			448,654
ABS/CMBS/MBS*			1,355,677			1,311,103
Total available-for-sale		$	3,669,921		$	3,528,692

*	Asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Amortized Cost and Fair Value of Available-for-sale Securities


		March 31, 2026
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	305,863		$	—		$	2,333		$	(1,056)		$	307,140
U.S. agency			27,280			—			264			(256)			27,288
Non-U.S. government & agency			16,882			—			102			(698)			16,286
Agency MBS			629,029			—			2,587			(30,814)			600,802
ABS/CMBS/MBS*			726,648			(377)			1,684			(17,654)			710,301
Corporate			1,535,290			(161)			7,861			(38,585)			1,504,405
Municipal			428,929			—			687			(67,146)			362,470
Total Fixed Income		$	3,669,921		$	(538)		$	15,518		$	(156,209)		$	3,528,692

		December 31, 2025
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	331,233		$	—		$	4,909		$	(919)		$	335,223
U.S. agency			37,379			—			677			(129)			37,927
Non-U.S. government & agency			13,831			—			274			(558)			13,547
Agency MBS			634,349			—			4,718			(28,392)			610,675
ABS/CMBS/MBS*			685,126			(470)			3,640			(15,312)			672,984
Corporate			1,502,843			(358)			16,951			(27,930)			1,491,506
Municipal			437,601			—			1,068			(67,195)			371,474
Total Fixed Income		$	3,642,362		$	(828)		$	32,237		$	(140,435)		$	3,533,336

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Debt Securities Available-for-sale Allowance for Credit Loss


		Three Months Ended March 31,
(in thousands)		2026			2025
Beginning balance		$	828		$	197
Increase to allowance from securities for which credit losses were not previously recorded			24			21
Reduction from securities sold during the period			(65)			—
Reductions from intent to sell securities			(180)			—
Net increase (decrease) from securities that had an allowance at the beginning of the period			(69)			(61)
Balance as of March 31,		$	538		$	157

Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position


		March 31, 2026									December 31, 2025
(in thousands)		< 12 Mos.			12 Mos. & Greater			Total			< 12 Mos.			12 Mos. & Greater			Total
U.S. government
Fair value		$	13,965		$	61,176		$	75,141		$	8,610		$	80,088		$	88,698
Amortized cost			14,113			62,084			76,197			8,620			80,997			89,617
Unrealized loss		$	(148)		$	(908)		$	(1,056)		$	(10)		$	(909)		$	(919)
U.S. agency
Fair value		$	7,741		$	8,934		$	16,675		$	—		$	19,797		$	19,797
Amortized cost			7,923			9,008			16,931			—			19,926			19,926
Unrealized loss		$	(182)		$	(74)		$	(256)		$	—		$	(129)		$	(129)
Non-U.S. government
Fair value		$	7,210		$	4,204		$	11,414		$	—		$	4,244		$	4,244
Amortized cost			7,310			4,802			12,112			—			4,802			4,802
Unrealized Loss		$	(100)		$	(598)		$	(698)		$	—		$	(558)		$	(558)
Agency MBS
Fair value		$	238,880		$	197,811		$	436,691		$	34,783		$	239,581		$	274,364
Amortized cost			241,035			226,470			467,505			34,917			267,839			302,756
Unrealized loss		$	(2,155)		$	(28,659)		$	(30,814)		$	(134)		$	(28,258)		$	(28,392)
ABS/CMBS/MBS*
Fair value		$	354,186		$	136,541		$	490,727		$	110,600		$	142,903		$	253,503
Amortized cost			356,597			151,784			508,381			110,826			157,989			268,815
Unrealized loss		$	(2,411)		$	(15,243)		$	(17,654)		$	(226)		$	(15,086)		$	(15,312)
Corporate
Fair value		$	517,300		$	477,322		$	994,622		$	146,177		$	545,897		$	692,074
Amortized cost			525,093			508,114			1,033,207			148,444			571,560			720,004
Unrealized loss		$	(7,793)		$	(30,792)		$	(38,585)		$	(2,267)		$	(25,663)		$	(27,930)
Municipal
Fair value		$	26,282		$	301,492		$	327,774		$	3,759		$	324,235		$	327,994
Amortized cost			26,625			368,295			394,920			3,789			391,400			395,189
Unrealized loss		$	(343)		$	(66,803)		$	(67,146)		$	(30)		$	(67,165)		$	(67,195)
Total fixed income
Fair value		$	1,165,564		$	1,187,480		$	2,353,044		$	303,929		$	1,356,745		$	1,660,674
Amortized cost			1,178,696			1,330,557			2,509,253			306,596			1,494,513			1,801,109
Unrealized loss		$	(13,132)		$	(143,077)		$	(156,209)		$	(2,667)		$	(137,768)		$	(140,435)

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions


		Equivalent		Equivalent		(dollars in thousands)
NAIC		S&P		Moody’s		Amortized						Unrealized			Percent
Rating		Rating		Rating		Cost			Fair Value			Loss			to Total
1		AAA/AA/A		Aaa/Aa/A		$	1,987,281		$	1,850,834		$	(136,447)		87.3	%
2		BBB		Baa			423,761			407,998			(15,763)		10.1	%
3		BB		Ba			50,929			49,650			(1,279)		0.8	%
4		B		B			43,657			41,522			(2,135)		1.4	%
5		CCC		Caa			3,625			3,040			(585)		0.4	%
6		CC or lower		Ca or lower			—			—			—		0.0	%
				Total		$	2,509,253		$	2,353,044		$	(156,209)		100.0	%

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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