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Investments in debt and equity securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in debt and equity securities | Investments in debt and equity securities. As of March 31, 2025 and December 31, 2024, the net unrealized investment gains relating to investments in equity securitie s held were $25.8 million and $23.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows:
| March 31, 2025 |  | December 31, 2024
| Amortized costs |  | Fair values |  | Amortized costs |  | Fair values
| (in $ thousands)
Municipal | 14,505 |  |  | 14,401 |  |  | 14,563 |  |  | 14,415 |
Corporate | 212,348 |  |  | 206,005 |  |  | 219,015 |  |  | 210,307 |
Foreign | 317,246 |  |  | 318,070 |  |  | 316,247 |  |  | 313,619 |
U.S. Treasury Bonds | 54,445 |  |  | 54,221 |  |  | 49,462 |  |  | 48,274 |
| 598,544 |  |  | 592,697 |  |  | 599,287 |  |  | 586,615 |
Foreign debt securities consist of Canadian government, provincial and corporate bonds, United Kingdom treasury and corporate bonds, and Mexican government bonds. Gross unrealized gains and losses on investments in debt securities are as follows:
| March 31, 2025 |  | December 31, 2024
| Gains |  | Losses |  | Gains |  | Losses
| (in $ thousands)
Municipal | 5 |  |  | 109 |  |  | 1 |  |  | 149 |
Corporate | 822 |  |  | 7,165 |  |  | 524 |  |  | 9,232 |
Foreign | 4,798 |  |  | 3,974 |  |  | 2,979 |  |  | 5,607 |
U.S. Treasury Bonds | 249 |  |  | 473 |  |  | 5 |  |  | 1,193 |
| 5,874 |  |  | 11,721 |  |  | 3,509 |  |  | 16,181 |
Debt securities as of March 31, 2025 mature, according to their contractual terms, as follows (actual maturities may differ due to call or prepayment rights):
| Amortized costs |  | Fair values
| (in $ thousands)
In one year or less | 66,185 |  |  | 66,015 |
After one year through five years | 330,945 |  |  | 327,724 |
After five years through ten years | 188,984 |  |  | 187,989 |
After ten years | 12,430 |  |  | 10,969 |
| 598,544 |  |  | 592,697 |
Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2025, were:
| Less than 12 months |  | More than 12 months |  | Total
| Losses |  | Fair values |  | Losses |  | Fair values |  | Losses |  | Fair values
| (in $ thousands)
Municipal | 21 |  |  | 3,569 |  |  | 88 |  |  | 7,447 |  |  | 109 |  |  | 11,016 |
Corporate | 35 |  |  | 7,633 |  |  | 7,130 |  |  | 158,357 |  |  | 7,165 |  |  | 165,990 |
Foreign | 212 |  |  | 13,707 |  |  | 3,762 |  |  | 138,329 |  |  | 3,974 |  |  | 152,036 |
U.S. Treasury Bonds | 281 |  |  | 24,448 |  |  | 192 |  |  | 10,690 |  |  | 473 |  |  | 35,138 |
| 549 |  |  | 49,357 |  |  | 11,172 |  |  | 314,823 |  |  | 11,721 |  |  | 364,180 |
The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2025 was 254. Of these securities, 204 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at March 31, 2025 decreased compared to December 31, 2024, primarily due to lower interest rates in the first quarter 2025. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized. Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024, were:
| Less than 12 months |  | More than 12 months |  | Total
| Losses |  | Fair values |  | Losses |  | Fair values |  | Losses |  | Fair values
| (in $ thousands)
Municipal | 32 |  |  | 5,204 |  |  | 117 |  |  | 7,960 |  |  | 149 |  |  | 13,164 |
Corporate | 194 |  |  | 19,253 |  |  | 9,038 |  |  | 168,289 |  |  | 9,232 |  |  | 187,542 |
Foreign | 349 |  |  | 32,664 |  |  | 5,258 |  |  | 145,656 |  |  | 5,607 |  |  | 178,320 |
U.S. Treasury Bonds | 878 |  |  | 33,689 |  |  | 315 |  |  | 12,142 |  |  | 1,193 |  |  | 45,831 |
| 1,453 |  |  | 90,810 |  |  | 14,728 |  |  | 334,047 |  |  | 16,181 |  |  | 424,857 |
Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  | (in $ thousands)
Realized gains |  |  |  |  | 556 |  |  | 102 |
Realized losses |  |  |  |  | (678) |  |  | (291) |
Net unrealized investment gains recognized on equity securities still held |  |  |  |  | 3,175 |  |  | 7,227 |
|  |  |  |  | 3,053 |  |  | 7,038 |
Investment gains and losses recognized related to investments in equity securities are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  | (in $ thousands)
Net investment gains recognized on equity securities during the period |  |  |  |  | 2,854 |  |  | 7,234 |
Less: Net realized (losses) gains on equity securities sold during the period |  |  |  |  | (321) |  |  | 7 |
Net unrealized investment gains recognized on equity securities still held |  |  |  |  | 3,175 |  |  | 7,227 |
Proceeds from sales of investments in securities are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
|  |  |  | (in $ thousands)
Proceeds from sales of debt securities |  |  |  |  | 12,544 |  |  | 20,767 |
Proceeds from sales of equity securities |  |  |  |  | 3,465 |  |  | 107 |
Total proceeds from sales of investments in securities |  |  |  |  | 16,009 |  |  | 20,874 |

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