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Fair value (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Summary of Significant Inputs used for Fair Value Measurement of Fixed Maturity Securities | The following table presents a summary of the significant inputs used by our pricing services for certain fair value measurements of fixed maturity securities that are classified as Level 2 as of March 31, 2025:
(Amounts in thousands) | Fair value |  | Primary methodologies |  | Significant inputs
U.S. government, agencies and GSEs | $ | 289,008 |  |  | Price quotes from trading desk, broker feeds |  | Bid side prices, trade prices, Option Adjusted Spread (“OAS”) to swap curve, Bond Market Association OAS, Treasury Curve, Agency Bullet Curve, maturity to issuer spread
State and political subdivisions | $ | 476,141 |  |  | Multi-dimensional attribute-based modeling systems, third-party pricing vendors |  | Trade prices, material event notices, Municipal Market Data benchmark yields, broker quotes
Non-U.S. government | $ | 113,153 |  |  | Matrix pricing, spread priced to benchmark curves, price quotes from market makers |  | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
U.S. corporate | $ | 2,483,692 |  |  | Multi-dimensional attribute-based modeling systems, broker quotes, price quotes from market makers, internal models, OAS-based models |  | Bid side prices to Treasury Curve, Issuer Curve, which includes sector, quality, duration, OAS percentage and change for spread matrix, trade prices, comparative transactions, Trade Reporting and Compliance Engine (“TRACE”) reports
Non-U.S. corporate | $ | 644,100 |  |  | Multi-dimensional attribute-based modeling systems, OAS-based models, price quotes from market makers |  | Benchmark yields, trade prices, broker quotes, comparative transactions, issuer spreads, bid-offer spread, market research publications, third-party pricing sources
Residential mortgage-backed | $ | 111,683 |  |  | OAS-based models, single factor binomial models, internally priced |  | Prepayment and default assumptions, aggregation of bonds with similar characteristics, including collateral type, vintage, tranche type, weighted-average life, weighted-average loan age, issuer program and delinquency ratio, pay up and pay down factors, TRACE reports
Commercial mortgage-backed | $ | 20,702 |  |  | Multi-dimensional attribute-based modeling systems, pricing matrix, spread matrix priced to swap curves, Trepp commercial mortgage-backed securities analytics model |  | Credit risk, interest rate risk, prepayment speeds, new issue data, collateral performance, origination year, tranche type, original credit ratings, weighted-average life, cash flows, spreads derived from broker quotes, bid side prices, spreads to daily updated swaps curves, TRACE reports
Other asset-backed | $ | 1,132,232 |  |  | Multi-dimensional attribute-based modeling systems, spread matrix priced to swap curves, price quotes from market makers |  | Spreads to daily updated swap curves, spreads derived from trade prices and broker quotes, bid side prices, new issue data, collateral performance, analysis of prepayment speeds, cash flows, collateral loss analytics, historical issue analysis, trade data from market makers, TRACE reports
Schedule of Fair Value Assets Measured on Recurring Basis | The following tables set forth our assets by class of instrument that are measured at fair value on a recurring basis as of the dates indicated:
| March 31, 2025
(Amounts in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity securities: |  |  |  |  |  |  |
U.S. government, agencies and GSEs | $ | 289,008 |  |  | $ | — |  |  | $ | 289,008 |  |  | $ | — |
State and political subdivisions | 476,141 |  |  | — |  |  | 476,141 |  |  | — |
Non-U.S. government | 113,153 |  |  | — |  |  | 113,153 |  |  | — |
U.S. corporate | 2,900,205 |  |  | — |  |  | 2,674,235 |  |  | 225,970 |
Non-U.S. corporate | 768,953 |  |  | — |  |  | 718,479 |  |  | 50,474 |
Residential mortgage-backed | 111,683 |  |  | — |  |  | 111,683 |  |  | — |
Commercial mortgage-backed | 20,702 |  |  | — |  |  | 20,702 |  |  | — |
Other asset-backed | 1,135,492 |  |  | — |  |  | 1,132,232 |  |  | 3,260 |
Total fixed maturity securities | 5,815,337 |  |  | — |  |  | 5,535,633 |  |  | 279,704 |
Short-term investments | 3,696 |  |  | — |  |  | 3,696 |  |  | — |
Total | $ | 5,819,033 |  |  | $ | — |  |  | $ | 5,539,329 |  |  | $ | 279,704 |
| December 31, 2024
(Amounts in thousands) | Total |  | Level 1 |  | Level 2 |  | Level 3
Fixed maturity securities: |  |  |  |  |  |  |
U.S. government, agencies and GSEs | $ | 277,363 |  |  | $ | — |  |  | $ | 277,363 |  |  | $ | — |
State and political subdivisions | 467,476 |  |  | — |  |  | 467,476 |  |  | — |
Non-U.S. government | 83,802 |  |  | — |  |  | 83,802 |  |  | — |
U.S. corporate | 2,825,679 |  |  | — |  |  | 2,602,893 |  |  | 222,786 |
Non-U.S. corporate | 772,624 |  |  | — |  |  | 716,071 |  |  | 56,553 |
Residential mortgage-backed | 8,364 |  |  | — |  |  | 8,364 |  |  | — |
Other asset-backed | 1,189,465 |  |  | — |  |  | 1,187,263 |  |  | 2,202 |
Total fixed maturity securities | 5,624,773 |  |  | — |  |  | 5,343,232 |  |  | 281,541 |
Short-term investments | 3,367 |  |  | — |  |  | 3,367 |  |  | — |
Total | $ | 5,628,140 |  |  | $ | — |  |  | $ | 5,346,599 |  |  | $ | 281,541 |
Schedule of Fair Value Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present additional information about assets measured at fair value on a recurring basis and for which we have utilized significant unobservable (Level 3) inputs to determine fair value as of or for the dates indicated:
| Beginning balance as of January 1, 2025 |  | Total realized and unrealized gains (losses) |  | Purchases |  | Sales |  |  |  | Settlements |  | Transfer into Level 3 (1) |  | Transfer out of Level 3 (1) |  | Ending balance as of March 31, 2025 |  | Total gains (losses) attributable to assets still held
(Amounts in thousands) |  | Included in net income |  | Included in OCI |  |  |  |  |  |  |  |  | Included in net income |  | Included in OCI
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate | $ | 222,786 |  |  | $ | 239 |  |  | $ | 3,167 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (222) |  |  | $ | — |  |  | $ | — |  |  | $ | 225,970 |  |  | $ | 239 |  |  | $ | 3,167 |
Non-U.S. corporate | 56,553 |  |  | (6) |  |  | 232 |  |  | 1,800 |  |  | — |  |  |  |  | (8,105) |  |  | — |  |  | — |  |  | 50,474 |  |  | (6) |  |  | 223 |
Other asset-backed | 2,202 |  |  | 9 |  |  | (36) |  |  | 986 |  |  | — |  |  |  |  | (1) |  |  | 100 |  |  | — |  |  | 3,260 |  |  | 9 |  |  | (35) |
Total | $ | 281,541 |  |  | $ | 242 |  |  | $ | 3,363 |  |  | $ | 2,786 |  |  | $ | — |  |  |  |  | $ | (8,328) |  |  | $ | 100 |  |  | $ | — |  |  | $ | 279,704 |  |  | $ | 242 |  |  | $ | 3,355 |
| Beginning balance as of January 1, 2024 |  | Total realized and unrealized gains (losses) |  | Purchases |  | Sales |  |  |  | Settlements |  | Transfer into Level 3 (1) |  | Transfer out of Level 3 (1) |  | Ending balance as of March 31, 2024 |  | Total gains (losses) attributable to assets still held
(Amounts in thousands) |  | Included in net income |  | Included in OCI |  |  |  |  |  |  |  |  | Included in net income |  | Included in OCI
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. corporate | $ | 247,205 |  |  | $ | (7) |  |  | $ | (1,892) |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | (358) |  |  | $ | 4,651 |  |  | $ | — |  |  | $ | 249,599 |  |  | $ | (7) |  |  | $ | (1,892) |
Non-U.S. corporate | 81,321 |  |  | 7 |  |  | (669) |  |  | — |  |  | — |  |  |  |  | (105) |  |  | — |  |  | — |  |  | 80,554 |  |  | 7 |  |  | (669) |
Other asset-backed | 2,958 |  |  | 8 |  |  | 38 |  |  | 3,935 |  |  | — |  |  |  |  | (60) |  |  | — |  |  | (2,088) |  |  | 4,791 |  |  | 8 |  |  | 13 |
Total | $ | 331,484 |  |  | $ | 8 |  |  | $ | (2,523) |  |  | $ | 3,935 |  |  | $ | — |  |  |  |  | $ | (523) |  |  | $ | 4,651 |  |  | $ | (2,088) |  |  | $ | 334,944 |  |  | $ | 8 |  |  | $ | (2,548) |
______________ (1)The transfers into and out of Level 3 for fixed maturity securities were related to changes in the primary pricing source and changes in the observability of external information used in determining the fair value, such as external ratings or credit spreads. The following table presents a summary of the significant unobservable inputs used for certain asset fair value measurements that are based on internal models and classified as Level 3 as of March 31, 2025:
(Amounts in thousands) | Valuation technique |  | Fair value (1) |  | Unobservable input |  | Range (bps) |  | Weighted- average (2) (bps)
Fixed maturity securities: |  |  |  |  |  |  |  |  |
U.S. corporate | Internal models |  | $ | 225,970 |  |  | Credit spreads |  | 14 - 174 |  | 102
Non-U.S. corporate | Internal models |  | $ | 38,603 |  |  | Credit spreads |  | 90 - 143 |  | 118
______________ (1)Certain classes of instruments classified as Level 3 may be excluded as a result of not being material or due to limitations in being able to obtain the underlying inputs used by certain third-party sources, such as broker quotes, used as an input in determining fair value. (2)Unobservable inputs weighted by the relative fair value of the associated instrument.
Schedule of Estimated Fair Value Liabilities | The following represents our estimated fair value of financial liabilities that are not required to be carried at fair value, classified as Level 2, as of the dates indicated:
| March 31, 2025 |  | December 31, 2024
(Amounts in thousands) | Carrying amount |  | Fair value |  | Carrying amount |  | Fair value
Long-term borrowings | $ | 743,399 |  |  | $ | 769,943 |  |  | $ | 743,050 |  |  | $ | 764,070 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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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