Net realized and unrealized gains

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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 securities 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.


	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