Net realized and unrealized gains (losses)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Net realized and unrealized gains (losses)

Investments in debt and equity securities. As of June 30, 2025 and December 31, 2024, the net unrealized investment gains relating to investments in equity securities held were $28.2 million and $23.2 million, respectively (refer to Note 5).

The amortized costs and fair values of investments in debt securities are as follows:


	June 30, 2025		December 31, 2024
	Amortized costs	Fair values	Amortized costs	Fair values
	(in $ thousands)
Municipal	12,322	12,248	14,563	14,415
Corporate	199,623	195,174	219,015	210,307
Foreign	345,501	345,388	316,247	313,619
U.S. Treasury Bonds	52,151	52,238	49,462	48,274

	609,597	605,048	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:


	June 30, 2025		December 31, 2024
	Gains	Losses	Gains	Losses
	(in $ thousands)
Municipal	1	75	1	149
Corporate	1,319	5,768	524	9,232
Foreign	3,849	3,962	2,979	5,607
U.S. Treasury Bonds	373	286	5	1,193

	5,542	10,091	3,509	16,181

Debt securities as of June 30, 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	93,080	92,360
After one year through five years	296,715	294,674
After five years through ten years	207,210	206,811
After ten years	12,592	11,203
	609,597	605,048

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 June 30, 2025, were:


	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	13	3,561	62	7,436	75	10,997
Corporate	12	5,375	5,756	136,474	5,768	141,849
Foreign	311	58,642	3,651	131,194	3,962	189,836
U.S. Treasury Bonds	136	19,452	150	6,745	286	26,197

	472	87,030	9,619	281,849	10,091	368,879

The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2025 was 221. Of these securities, 168 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at June 30, 2025 decreased compared to December 31, 2024, primarily due to lower interest rates in the first six months of 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 (losses). Realized and unrealized gains and losses are detailed as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(in $ thousands)
Realized gains	42	116	598	218
Realized losses	(1,714)	(89)	(2,392)	(380)
Net unrealized investment gains (losses) recognized on equity securities still held	2,399	(541)	5,574	6,686
	727	(514)	3,780	6,524

Realized losses during the second quarter and first six months of 2025 included a $1.2 million loss related to an acquisition contingent liability adjustment.

Investment gains and losses recognized related to investments in equity securities are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(in $ thousands)
Net investment gains (losses) recognized on equity securities during the period	2,399	(541)	5,253	6,693
Less: Net realized (losses) gains on equity securities sold during the period	—	—	(321)	7
Net unrealized investment gains (losses) recognized on equity securities still held	2,399	(541)	5,574	6,686

Proceeds from sales of investments in securities are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
	(in $ thousands)
Proceeds from sales of debt securities	20,967	1	33,511	20,768
Proceeds from sales of equity securities	8	96	3,473	203
Total proceeds from sales of investments in securities	20,975	97	36,984	20,971