(a) Net unrealized gains and losses on investments included in "Other comprehensive income (loss)" ("OCI") in the Consolidated Statements of Stockholders' Equity by asset class were as follows for the years ended December 31, 2024, 2023, and 2022:


($ in thousands)	2024		2023	2022
AFS securities:
Fixed income securities	$	(316,796)	(353,288)	(527,926)

Total AFS securities	(316,796)		(353,288)	(527,926)





Short-term securities	8		35	35

Total net unrealized gains (losses)	(316,788)		(353,253)	(527,891)
Deferred income tax	66,526		74,184	110,857
Net unrealized gains (losses), net of deferred income tax	(250,262)		(279,069)	(417,034)



Increase (decrease) in net unrealized gains (losses) in OCI, net of deferred income tax	$	28,807	137,965	(597,915)


December 31, 2024
	Cost/
	Amortized		Allowance for	Unrealized	Unrealized	Fair
($ in thousands)	Cost		Credit Losses	Gains	Losses	Value
AFS fixed income securities:
U.S. government and government agencies	$	139,906	—	2	(19,753)	120,155
Foreign government	10,656		(21)	—	(1,333)	9,302
Obligations of states and political subdivisions	483,609		(570)	550	(32,359)	451,230
Corporate securities	3,181,046		(14,924)	25,259	(123,201)	3,068,180
CLO and other ABS	2,065,611		(4,889)	22,116	(49,689)	2,033,149
RMBS	1,812,744		(11,544)	3,880	(112,722)	1,692,358
CMBS	782,506		—	1,478	(31,024)	752,960
Total AFS fixed income securities	$	8,476,078	(31,948)	53,285	(370,081)	8,127,334


December 31, 2023
	Cost/
	Amortized		Allowance for		Unrealized	Unrealized	Fair
($ in thousands)	Cost		Credit Losses		Gains	Losses	Value
AFS fixed income securities:
U.S. government and government agencies	$	223,157	—		139	(18,261)	205,035
Foreign government	11,140		(35)		—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)		2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)		28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)		11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)		6,023	(85,851)	1,477,483
CMBS	718,623		(6)		1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	$	(28,212)	50,076	(403,364)	7,499,197


2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	35	—	—	(7)	(7)	—	21
Obligations of states and political subdivisions	669		222	—	(275)	(46)	—	570
Corporate securities	12,999		4,952	—	(1,861)	(1,157)	(9)	14,924
CLO and other ABS	2,854		1,376	—	846	(187)	—	4,889
RMBS	11,649		11	—	370	(486)	—	11,544
CMBS	6		—	—	(6)	—	—	—
Total AFS fixed income securities	$	28,212	6,561	—	(933)	(1,883)	(9)	31,948


2023	Beginning Balance		Current Provisions for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirements) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(249)	—	—	35
Obligations of states and political subdivisions	1,024		48	—	(281)	(122)	—	669
Corporate securities	30,330		3,457	—	(16,879)	(3,638)	(271)	12,999
CLO and other ABS	2,375		619	—	(116)	(24)	—	2,854
RMBS	11,597		17	—	447	(412)	—	11,649
CMBS	111		1	—	38	(144)	—	6
Total AFS fixed income securities	$	45,721	4,142	—	(17,040)	(4,340)	(271)	28,212

As disclosed in Note 2. "Summary of Significant Accounting Policies," we do not evaluate accrued interest on our AFS securities for expected credit loss as we write-off these balances in a timely manner. Accrued interest on AFS securities was $74.3 million as of December 31, 2024, and $64.6 million as of December 31, 2023. We did not record any material write-offs of accrued interest during 2024 or 2023.


December 31, 2024	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	14,708	(70)	105,326	(19,683)	120,034	(19,753)
Foreign government	—		—	9,302	(1,333)	9,302	(1,333)
Obligations of states and political subdivisions	153,996		(3,539)	247,735	(28,820)	401,731	(32,359)
Corporate securities	684,999		(11,699)	1,083,392	(111,502)	1,768,391	(123,201)
CLO and other ABS	349,786		(6,296)	601,057	(43,393)	950,843	(49,689)
RMBS	714,061		(21,206)	677,574	(91,516)	1,391,635	(112,722)
CMBS	184,394		(2,870)	417,472	(28,154)	601,866	(31,024)
Total AFS fixed income securities	$	2,101,944	(45,680)	3,141,858	(324,401)	5,243,802	(370,081)


December 31, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses at December 31, 2024, compared to December 31, 2023, was driven by a tightening of credit spreads, partially offset by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. “Summary of Significant Accounting Policies” of this Form 10-K, we have concluded that no ACL is required on these balances beyond the ACL recorded as of December 31, 2024. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(d) AFS and held-to-maturity ("HTM") fixed income securities at December 31, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	593,487	1,152	1,176
Due after one year through five years	3,556,760		15,767	15,461
Due after five years through 10 years	3,024,602		8,456	8,098
Due after 10 years	952,485		—	—
Total fixed income securities	$	8,127,334	25,375	24,735


	December 31, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative investments
Private equity	$	346,020	182,355	528,375	301,759	131,885	433,644
Private credit	52,100		99,185	151,285	54,500	89,401	143,901
Real assets	42,776		38,950	81,726	39,520	33,040	72,560




Total alternative investments	$	440,896	320,490	761,386	395,779	254,326	650,105

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2024 or 2023.

•Private Equity: This strategy makes private equity investments, primarily in established large and middle market companies across diverse industries globally, with an emphasis on North America.

•Venture Capital: In general, these investments are made principally by investing in equity securities of startup companies and small-to-medium sized privately-held corporations with strong long-term growth potential. This strategy makes private equity investments in seed stage, early stage, late stage, and growth equity partnerships.

•Direct Lending: This strategy provides privately negotiated loans to U.S. middle market companies. Typically, these are floating rate, senior secured loans diversified across industries. Loans are made to companies that may or may not have private equity sponsors to finance leveraged buyouts ("LBOs"), recapitalizations, and acquisitions.

•Mezzanine Financing: This strategy provides privately-negotiated fixed income securities, generally with an equity component, to LBO firms and private and publicly-traded large, mid, and small-cap companies to finance LBOs, recapitalizations, and acquisitions.

•Opportunistic and Distressed Debt: This strategy makes investments in debt and equity securities of companies that are experiencing financial distress, operational issues, or dislocated pricing of publicly-traded securities. Investments include buying indebtedness of bankrupt or financially-troubled companies, small balance loan portfolios, special situations and capital structure arbitrage trades, commercial real estate mortgages, and similar non-U.S. securities and debt obligations.

•Infrastructure: This strategy invests in the equity or debt of cash flow generating assets, diversified across a variety of industries, including transportation, energy infrastructure, renewable power, such as wind and solar, social infrastructure, power generation, water, telecom, and other regulated entities principally located in North America and Western Europe.

•Real Estate: This strategy invests in real estate in North America, Europe, and Asia via direct property ownership, joint ventures, mortgages, and investments in equity and debt instruments.

Our alternative investment strategies may employ leverage and may use hedging to reduce foreign exchange or interest rate volatility. At this time, our alternative investment strategies do not include hedge funds. We typically cannot redeem our investments with the general partners of these investments; however, occasionally these partnership positions can be sold on the secondary market. Once liquidation is triggered by clauses within the limited partnership agreements or at the funds’ stated end date, we receive our final allocation of capital and any earned appreciation of the underlying investments, assuming we have not divested ourselves of our partnership interests prior to that time. We currently receive distributions from these alternative investments through the realization of the underlying investments of, or income generated by, the limited partnerships.

The following tables show gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is as of, and for the 12-month period ended, September 30:


Balance Sheet Information
December 31,
($ in millions)	2024		2023
Investments	$	165,301	142,411
Total assets	173,694		146,844
Total liabilities	26,713		15,854
Total partners’ capital	146,981		130,990


Income Statement Information
($ in millions)	2024		2023	2022
Net investment income (loss)	$	186	178	765
Realized gains	7,099		5,845	12,590
Net change in unrealized appreciation (depreciation)	9,745		5,810	(5,215)
Net income	$	17,030	11,833	8,140
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	37.1		26.8	23.0

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of December 31, 2024, or December 31, 2023.

(g) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at December 31, 2024 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.


($ in millions)	FHLBI Collateral		FHLBNY Collateral	Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	21.4	21.4
Obligations of states and political subdivisions	—		—	3.0	3.0

RMBS	63.6		21.7	—	85.3
CMBS	1.5		8.1	—	9.6
Total pledged as collateral	$	65.1	29.8	24.4	119.3


($ in thousands)	2024		2023	2022
Fixed income securities	$	389,198	345,886	259,918
CMLs	12,448		9,336	5,555
Equity securities	18,295		9,395	13,554
Short-term investments	20,274		14,818	3,997
Alternative investments	37,053		26,777	23,003
Other investments	864		650	258
Investment expenses	(21,081)		(18,212)	(18,130)
Net investment income earned	$	457,051	388,650	288,155


($ in thousands)	2024		2023	2022
Gross gains on sales	$	12,839	5,896	28,419
Gross losses on sales	(6,563)		(30,760)	(60,055)
Net realized gains (losses) on disposals	6,276		(24,864)	(31,636)
Net unrealized gains (losses) on equity securities	(1,964)		9,510	(32,127)
Net credit loss benefit (expense) on fixed income securities, AFS	(5,628)		12,898	(39,169)
Net credit loss benefit (expense) on fixed income securities, HTM	—		—	63
Net credit loss benefit (expense) on CMLs	217		(175)	(116)
Losses on securities for which we have the intent to sell	(1,248)		(921)	(11,823)
Other realized gains (losses)	(602)		—	—
Net realized and unrealized investment gains (losses)	$	(2,949)	(3,552)	(114,808)

The decrease in net realized and unrealized investment losses in 2023 compared to 2022 was primarily due to (i) a credit loss benefit recorded on our AFS fixed income securities portfolio in 2023 compared to credit loss expense recorded in 2022, and (ii) an increase in valuations in the public equities market. The credit loss benefit in 2023 reflected a decrease in benchmark U.S. Treasury rates and a tightening of credit spreads, with the decrease in interest rates having the most significant impact.


($ in thousands)	2024		2023	2022
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	(66)	3,593	(10,454)
On securities sold in period	(1,898)		5,917	(21,673)
Total unrealized gains (losses) recognized in income on equity securities	$	(1,964)	9,510	(32,127)

Proceeds from the sales of AFS fixed income securities were $917.3 million, $1,221.9 million, and $1,211.7 million in 2024, 2023, and 2022, respectively. Proceeds from the sales of equity securities were $19.4 million, $53.3 million, and $186.1 million in 2024, 2023, and 2022, respectively.