
	Three months ended March 31,
(Amounts in thousands)	2025		2024
Fixed maturity securities available-for-sale	$	58,452	$	51,156
Cash, cash equivalents and short-term investments	6,623		7,645
Gross investment income before expenses and fees	65,075		58,801
Investment expenses and fees	(2,038)		(1,690)
Net investment income	$	63,037	$	57,111


	Three months ended March 31,
(Amounts in thousands)	2025		2024
Fixed maturity securities available-for-sale:
Gross realized gains	$	369	$	203
Gross realized (losses)	(3,497)		(6,876)
Net realized gains (losses)	(3,128)		(6,673)

Change in allowance for credit losses on fixed maturity securities	(273)		—
Change in allowance for credit losses on commitment	158		(11)

Net investment gains (losses)	$	(3,243)	$	(6,684)


(Amounts in thousands)	March 31, 2025		December 31, 2024
Net unrealized gains (losses) on investment securities:
Fixed maturity securities	$	(176,760)	$	(251,729)
Short-term investments	4		(3)
Unrealized gains (losses) on investment securities	(176,756)		(251,732)
Income taxes	28,026		44,108
Net unrealized investment gains (losses)	$	(148,730)	$	(207,624)


	Three months ended March 31,
(Amounts in thousands)	2025		2024
Beginning balance	$	(207,624)	$	(230,556)

Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities	71,848		(15,665)
Provision for income taxes	(15,425)		3,314
Change in unrealized gains (losses) on investment securities	56,423		(12,351)
Reclassification adjustments to net investment (gains) losses, net of taxes of $(657) and $(1,401), respectively	2,471		5,272
Change in net unrealized investment gains (losses)	58,894		(7,079)
Ending balance	$	(148,730)	$	(237,635)

Amounts reclassified out of accumulated other comprehensive income to net investment gains (losses) include realized gains (losses) on sales of securities, which are determined on a specific identification basis.


(Amounts in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Allowance for credit losses		Fair value
U.S. government, agencies and GSEs	$	287,643	$	2,800	$	(1,435)	$	—	$	289,008
State and political subdivisions	540,495		1,571		(65,925)		—		476,141
Non-U.S. government	113,342		780		(969)		—		113,153
U.S. corporate	2,978,401		20,555		(98,751)		—		2,900,205
Non-U.S. corporate	786,865		5,589		(23,228)		(273)		768,953
Residential mortgage-backed	111,660		505		(482)		—		111,683
Commercial mortgage-backed	20,597		105		—		—		20,702
Other asset-backed	1,153,367		5,513		(23,388)		—		1,135,492
Total fixed maturity securities available-for-sale	$	5,992,370	$	37,418	$	(214,178)	$	(273)	$	5,815,337
Short-term investments	3,692		4		—		—		3,696
Total investments	$	5,996,062	$	37,422	$	(214,178)	$	(273)	$	5,819,033


(Amounts in thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. government, agencies and GSEs	$	281,858	$	590	$	(5,085)	$	277,363
State and political subdivisions	541,715		1,388		(75,627)		467,476
Non-U.S. government	85,566		94		(1,858)		83,802
U.S. corporate	2,943,900		11,363		(129,584)		2,825,679
Non-U.S. corporate	800,141		2,533		(30,050)		772,624
Residential mortgage-backed	8,394		27		(57)		8,364
Other asset-backed	1,214,928		4,716		(30,179)		1,189,465
Total fixed maturity securities available-for-sale	$	5,876,502	$	20,711	$	(272,440)	$	5,624,773
Short-term investments	3,370		1		(4)		3,367
Total investments	$	5,879,872	$	20,712	$	(272,444)	$	5,628,140

The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2025:


	Less than 12 months					12 months or more					Total
(Dollar amounts in thousands)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Fixed maturity securities:
U.S. government, agencies and GSEs	$	75,658	$	(1,180)	12	$	18,126	$	(255)	7	$	93,784	$	(1,435)	19
State and political subdivisions	47,020		(2,623)		11	392,765		(63,302)		81	439,785		(65,925)		92
Non-U.S. government	30,832		(467)		45	9,776		(502)		1	40,608		(969)		46
U.S. corporate	649,982		(11,504)		177	1,246,554		(87,247)		232	1,896,536		(98,751)		409
Non-U.S. corporate	123,572		(2,410)		52	313,493		(20,818)		61	437,065		(23,228)		113
Residential mortgage-backed	75,399		(468)		26	2,433		(14)		4	77,832		(482)		30
Other asset-backed	156,138		(919)		69	449,391		(22,469)		116	605,529		(23,388)		185
Total for fixed maturity securities in an unrealized loss position	$	1,158,601	$	(19,571)	392	$	2,432,538	$	(194,607)	502	$	3,591,139	$	(214,178)	894

We did not recognize an allowance for credit losses on securities in an unrealized loss position included in the table above. Based on a qualitative and quantitative review of the issuers of the securities, we believe the unrealized losses are largely due to changes in interest rates and recent market volatility and are not indicative of credit losses. The issuers continue to make timely principal and interest payments.

For all securities in an unrealized loss position without an allowance for credit losses, we expect to recover the amortized cost based on our estimate of the amount and timing of cash flows to be collected. We do not intend to sell, nor do we expect that we will be required to sell these securities prior to recovering our amortized cost.

The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2024:


	Less than 12 months					12 months or more					Total
(Dollar amounts in thousands)	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities	Fair value		Gross unrealized losses		Number of securities
Fixed maturity securities:
U.S. government, agencies and GSEs	$	157,596	$	(4,704)	32	$	19,998	$	(381)	9	$	177,594	$	(5,085)	41
State and political subdivisions	48,280		(2,366)		17	396,638		(73,261)		84	444,918		(75,627)		101
Non-U.S. government	56,631		(1,236)		76	9,692		(622)		1	66,323		(1,858)		77
U.S. corporate	881,643		(20,844)		265	1,379,860		(108,740)		264	2,261,503		(129,584)		529
Non-U.S. corporate	195,648		(4,015)		102	385,508		(26,035)		74	581,156		(30,050)		176
Residential mortgage-backed	3,313		(31)		3	2,822		(26)		4	6,135		(57)		7
Other asset-backed	101,549		(1,168)		49	527,531		(29,011)		130	629,080		(30,179)		179
Total for fixed maturity securities in an unrealized loss position	$	1,444,660	$	(34,364)	544	$	2,722,049	$	(238,076)	566	$	4,166,709	$	(272,440)	1,110

The scheduled maturity distribution of fixed maturity securities as of March 31, 2025, is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.


(Amounts in thousands)	Amortized cost		Fair value
Due one year or less	$	264,671	$	263,849
Due after one year through five years	1,709,680		1,646,604
Due after five years through ten years	2,261,321		2,171,249
Due after ten years	471,074		465,758
Subtotal	4,706,746		4,547,460
Residential mortgage-backed	111,660		111,683
Commercial mortgage-backed	20,597		20,702
Other asset-backed	1,153,367		1,135,492
Total fixed maturity securities available-for-sale	$	5,992,370	$	5,815,337

As of March 31, 2025, securities issued by the finance and insurance, utilities, technology and communications, consumer—non-cyclical, and energy industry groups represented approximately 30%, 13%, 12%, 11%, and 10% respectively, of our domestic and foreign corporate fixed maturity securities portfolio. No other industry group comprised more than 9% of our investment portfolio.

As of March 31, 2025, and December 31, 2024, $23.3 million and $25.7 million, respectively, of securities in our portfolio were on deposit with various state insurance commissioners in order to comply with relevant insurance regulations.

In connection with its reinsurance activities, the Company is required to maintain assets in trusts for the benefit of its contractual counterparties. As of March 31, 2025 and December 31, 2024, the fair value of the assets on deposit in these trusts was $200.9 million and $141.9 million, respectively, of which $27.5 million and $6.3 million, respectively, related to cash and cash equivalents.