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Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Values and Gross Unrealized Gains and Losses
Fair Values and Gross Unrealized Gains and Losses on Investments
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of September 30, 2025(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$100,950 $2,710 $(165)$103,495 
Municipal debt securities658,725 2,603 (30,964)630,364 
Corporate debt securities2,148,007 27,454 (61,582)2,113,879 
Asset-backed securities52,559 — (2,796)49,763 
Total bonds2,960,241 32,767 (95,507)2,897,501 
Short-term investments118,053 8 (2)118,059 
Total investments$3,078,294 $32,775 $(95,509)$3,015,560 
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of December 31, 2024(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$115,342 $1,207 $(489)$116,060 
Municipal debt securities684,523 589 (49,867)635,245 
Corporate debt securities1,949,800 3,981 (106,141)1,847,640 
Asset-backed securities44,104 1 (2,125)41,980 
Total bonds2,793,769 5,778 (158,622)2,640,925 
Short-term investments82,574 42 — 82,616 
Total investments$2,876,343 $5,820 $(158,622)$2,723,541 
Schedule of Corporate Debt Securities by Industry Group
The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Financial39 %40 %
Consumer28 26 
Utilities11 11 
Industrial9 9 
Communications6 7 
Technology6 7 
Basic materials1 — 
Total100 %100 %
Schedule of Investments by Maturity
The amortized cost and fair value of available-for-sale securities as of September 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities provide for periodic payments throughout their lives, they are listed below in a separate category.
As of September 30, 2025Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$327,073 $325,628 
Due after one through five years1,767,053 1,721,568 
Due after five through ten years924,819 911,763 
Due after ten years6,790 6,838 
Asset-backed securities52,559 49,763 
Total investments$3,078,294 $3,015,560 
As of December 31, 2024Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$261,492 $260,132 
Due after one through five years1,549,468 1,479,220 
Due after five through ten years995,717 916,885 
Due after ten years25,562 25,324 
Asset-backed securities44,104 41,980 
Total investments$2,876,343 $2,723,541 
Schedule of Aging Unrealized Losses For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:
Less Than Twelve MonthsTwelve Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of September 30, 2025($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies1 $125 *7 $10,819 $(165)8 $10,944 $(165)
Municipal debt securities1 893 (3)221 478,460 (30,961)222 479,353 (30,964)
Corporate debt securities15 64,253 (378)170 866,782 (61,204)185 931,035 (61,582)
Asset-backed securities3 13,133 (37)16 36,630 (2,759)19 49,763 (2,796)
Short-term investments3 31,149 (2)— — — 3 31,149 (2)
Total 23 $109,553 $(420)414 $1,392,691 $(95,089)437 $1,502,244 $(95,509)
Less Than Twelve MonthsTwelve Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of December 31, 2024($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies4 $8,002 $(98)9 $11,510 $(391)13 $19,512 $(489)
Municipal debt securities25 110,648 (1,928)220 471,770 (47,939)245 582,418 (49,867)
Corporate debt securities68 366,113 (5,822)226 1,053,862 (100,319)294 1,419,975 (106,141)
Asset-backed securities— — — 19 41,559 (2,125)19 41,559 (2,125)
Short-term investments1 1,551 *— — — 1 1,551 *
Total98 $486,314 $(7,848)474 $1,578,701 $(150,774)572 $2,065,015 $(158,622)
*    Amounts not identifiable due to rounding.
Schedule of Net Investment Income
The following table presents the components of net investment income:
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
(In Thousands)
Investment income (1)
$27,127 $22,772 $76,425 $63,423 
Investment expenses(354)(298)(1,017)(825)
Net investment income$26,773 $22,474 $75,408 $62,598 
(1)    Includes interest income recognized on cash and cash equivalents of $0.9 million and $2.9 million during the three and nine months ended September 30, 2025, respectively, and $1.3 million and $4.2 million during the three and nine months ended September 30, 2024, respectively.
Schedule of Net Realized Investment Gains (Losses)
The following table presents the components of net realized investment gains (losses):
For the three months ended September 30,For the nine months ended September 30,
2025202420252024
(In Thousands)
Gross realized investment gains$390 $— $414 $— 
Gross realized investment losses(69)(10)(469)(10)
Net realized investment gains (losses)
$321 $(10)$(55)$(10)