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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary Investment Income
Sources of net investment income were as follows for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20252024
Fixed maturity securities available-for-sale$58,452 $51,156 
Cash, cash equivalents and short-term investments6,623 7,645 
Gross investment income before expenses and fees65,075 58,801 
Investment expenses and fees(2,038)(1,690)
Net investment income$63,037 $57,111 
Summary of Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20252024
Fixed maturity securities available-for-sale:
Gross realized gains$369 $203 
Gross realized (losses)(3,497)(6,876)
Net realized gains (losses)(3,128)(6,673)
Change in allowance for credit losses on fixed maturity securities(273)— 
Change in allowance for credit losses on commitment158 (11)
Net investment gains (losses)$(3,243)$(6,684)
Schedule of Unrealized Gain (Loss) on Investments
Net unrealized gains and losses on available-for-sale securities reflected as a separate component of accumulated other comprehensive income (“AOCI”) were as follows as of the dates indicated:
(Amounts in thousands)
March 31, 2025December 31, 2024
Net unrealized gains (losses) on investment securities:
Fixed maturity securities$(176,760)$(251,729)
Short-term investments4 (3)
Unrealized gains (losses) on investment securities(176,756)(251,732)
Income taxes28,026 44,108 
Net unrealized investment gains (losses)$(148,730)$(207,624)
The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20252024
Beginning balance$(207,624)$(230,556)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities71,848 (15,665)
Provision for income taxes(15,425)3,314 
Change in unrealized gains (losses) on investment securities56,423 (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)
Summary of Fixed Maturity Securities Classified as Available-for-Sale
As of March 31, 2025, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)
Amortized
cost
Gross unrealized gainsGross 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 subdivisions540,495 1,571 (65,925)— 476,141 
Non-U.S. government113,342 780 (969)— 113,153 
U.S. corporate2,978,401 20,555 (98,751)— 2,900,205 
Non-U.S. corporate786,865 5,589 (23,228)(273)768,953 
Residential mortgage-backed111,660 505 (482)— 111,683 
Commercial mortgage-backed20,597 105 — — 20,702 
Other asset-backed1,153,367 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 investments3,692 4 — — 3,696 
Total investments$5,996,062 $37,422 $(214,178)$(273)$5,819,033 
As of December 31, 2024, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(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 subdivisions541,715 1,388 (75,627)467,476 
Non-U.S. government85,566 94 (1,858)83,802 
U.S. corporate2,943,900 11,363 (129,584)2,825,679 
Non-U.S. corporate800,141 2,533 (30,050)772,624 
Residential mortgage-backed8,394 27 (57)8,364 
Other asset-backed1,214,928 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 investments3,370 1 (4)3,367 
Total investments$5,879,872 $20,712 $(272,444)$5,628,140 
Schedule of Unrealized Losses and FV of Fixed Maturity Securities Available for Sale
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 subdivisions47,020 (2,623)11 392,765 (63,302)81 439,785 (65,925)92 
Non-U.S. government30,832 (467)45 9,776 (502)1 40,608 (969)46 
U.S. corporate649,982 (11,504)177 1,246,554 (87,247)232 1,896,536 (98,751)409 
Non-U.S. corporate123,572 (2,410)52 313,493 (20,818)61 437,065 (23,228)113 
Residential mortgage-backed75,399 (468)26 2,433 (14)4 77,832 (482)30 
Other asset-backed156,138 (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 
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 subdivisions48,280 (2,366)17 396,638 (73,261)84 444,918 (75,627)101 
Non-U.S. government56,631 (1,236)76 9,692 (622)1 66,323 (1,858)77 
U.S. corporate881,643 (20,844)265 1,379,860 (108,740)264 2,261,503 (129,584)529 
Non-U.S. corporate195,648 (4,015)102 385,508 (26,035)74 581,156 (30,050)176 
Residential mortgage-backed3,313 (31)3 2,822 (26)4 6,135 (57)7 
Other asset-backed101,549 (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 years1,709,680 1,646,604 
Due after five years through ten years2,261,321 2,171,249 
Due after ten years471,074 465,758 
Subtotal4,706,746 4,547,460 
Residential mortgage-backed111,660 111,683 
Commercial mortgage-backed20,597 20,702 
Other asset-backed1,153,367 1,135,492 
Total fixed maturity securities available-for-sale$5,992,370 $5,815,337