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Net realized and unrealized gains | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Net realized and unrealized gains | Investments in debt and equity securities. As of September 30, 2025 and December 31, 2024, the net unrealized investment gains relating to investments in equity securitie s held were $32.4 million and $23.2 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows:
| September 30, 2025 |  | December 31, 2024
| Amortized costs |  | Fair values |  | Amortized costs |  | Fair values
| (in $ thousands)
Municipal | 12,342 |  |  | 12,314 |  |  | 14,563 |  |  | 14,415 |
Corporate | 198,097 |  |  | 195,396 |  |  | 219,015 |  |  | 210,307 |
Foreign | 340,150 |  |  | 342,146 |  |  | 316,247 |  |  | 313,619 |
U.S. Treasury Bonds | 55,857 |  |  | 56,162 |  |  | 49,462 |  |  | 48,274 |
| 606,446 |  |  | 606,018 |  |  | 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:
| September 30, 2025 |  | December 31, 2024
| Gains |  | Losses |  | Gains |  | Losses
| (in $ thousands)
Municipal | 5 |  |  | 33 |  |  | 1 |  |  | 149 |
Corporate | 1,766 |  |  | 4,467 |  |  | 524 |  |  | 9,232 |
Foreign | 5,100 |  |  | 3,104 |  |  | 2,979 |  |  | 5,607 |
U.S. Treasury Bonds | 507 |  |  | 202 |  |  | 5 |  |  | 1,193 |
| 7,378 |  |  | 7,806 |  |  | 3,509 |  |  | 16,181 |
Debt securities as of September 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 | 87,696 |  |  | 87,210 |
After one year through five years | 303,659 |  |  | 302,941 |
After five years through ten years | 199,697 |  |  | 201,510 |
After ten years | 15,394 |  |  | 14,357 |
| 606,446 |  |  | 606,018 |
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 September 30, 2025, were:
| Less than 12 months |  | More than 12 months |  | Total
| Losses |  | Fair values |  | Losses |  | Fair values |  | Losses |  | Fair values
| (in $ thousands)
Municipal | 5 |  |  | 3,613 |  |  | 28 |  |  | 5,246 |  |  | 33 |  |  | 8,859 |
Corporate | 35 |  |  | 6,782 |  |  | 4,432 |  |  | 130,568 |  |  | 4,467 |  |  | 137,350 |
Foreign | 172 |  |  | 27,729 |  |  | 2,932 |  |  | 121,462 |  |  | 3,104 |  |  | 149,191 |
U.S. Treasury Bonds | 67 |  |  | 12,170 |  |  | 135 |  |  | 8,130 |  |  | 202 |  |  | 20,300 |
| 279 |  |  | 50,294 |  |  | 7,527 |  |  | 265,406 |  |  | 7,806 |  |  | 315,700 |
The number of specific debt investment holdings held in an unrealized loss position as of September 30, 2025 was 193. Of these securities, 150 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses at September 30, 2025 decreased compared to December 31, 2024, primarily due to lower interest rates in the first nine 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. 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in $ thousands)
Realized gains | 1,432 |  |  | 322 |  |  | 2,031 |  |  | 540 |
Realized losses | (158) |  |  | (108) |  |  | (2,550) |  |  | (488) |
Net unrealized investment gains recognized on equity securities still held | 4,340 |  |  | 4,500 |  |  | 9,913 |  |  | 11,186 |
| 5,614 |  |  | 4,714 |  |  | 9,394 |  |  | 11,238 |
Realized gains in the third quarter and first nine months of 2025 included a $1.2 million gain from a sale of real property, while realized losses during the first nine 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 September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in $ thousands)
Net investment gains recognized on equity securities during the period | 4,317 |  |  | 4,796 |  |  | 9,569 |  |  | 11,489 |
Less: Net realized (losses) gains on equity securities sold during the period | (23) |  |  | 296 |  |  | (344) |  |  | 303 |
Net unrealized investment gains recognized on equity securities still held | 4,340 |  |  | 4,500 |  |  | 9,913 |  |  | 11,186 |
Proceeds from sales of investments in securities are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in $ thousands)
Proceeds from sales of debt securities | 7,109 |  |  | 12,361 |  |  | 40,620 |  |  | 33,129 |
Proceeds from sales of equity securities | 213 |  |  | 944 |  |  | 3,686 |  |  | 1,147 |
Total proceeds from sales of investments in securities | 7,322 |  |  | 13,305 |  |  | 44,306 |  |  | 34,276 |

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