Net realized and unrealized gains

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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 securities 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.


	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