XML 25 R10.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments in debt and equity securities | 3 Months Ended
--- | ---
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments in debt and equity securities | Investments in debt and equity securities. As of March 31, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securitie s held were $18.1 million and $14.8 million, respectively (refer to Note 5). The amortized costs and fair values of investments in debt securities are as follows:
| March 31, 2026 |  | December 31, 2025
| Amortized costs |  | Fair values |  | Amortized costs |  | Fair values
| (in $ thousands)
Municipal | 9,878 |  |  | 9,870 |  |  | 12,292 |  |  | 12,274 |
Corporate | 145,789 |  |  | 143,285 |  |  | 144,571 |  |  | 143,621 |
Foreign | 340,382 |  |  | 339,350 |  |  | 347,588 |  |  | 348,084 |
U.S. Treasury Bonds | 58,726 |  |  | 58,656 |  |  | 54,093 |  |  | 54,509 |
| 554,775 |  |  | 551,161 |  |  | 558,544 |  |  | 558,488 |
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, 2026 |  | December 31, 2025
| Gains |  | Losses |  | Gains |  | Losses
| (in $ thousands)
Municipal | 6 |  |  | 14 |  |  | 5 |  |  | 23 |
Corporate | 833 |  |  | 3,337 |  |  | 1,646 |  |  | 2,596 |
Foreign | 2,814 |  |  | 3,846 |  |  | 3,645 |  |  | 3,149 |
U.S. Treasury Bonds | 260 |  |  | 330 |  |  | 543 |  |  | 127 |
| 3,913 |  |  | 7,527 |  |  | 5,839 |  |  | 5,895 |
Debt securities as of March 31, 2026 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 | 74,177 |  |  | 74,065 |
After one year through five years | 280,783 |  |  | 279,233 |
After five years through ten years | 186,074 |  |  | 185,330 |
After ten years | 13,741 |  |  | 12,533 |
| 554,775 |  |  | 551,161 |
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, 2026, were:
| Less than 12 months |  | More than 12 months |  | Total
| Losses |  | Fair values |  | Losses |  | Fair values |  | Losses |  | Fair values
| (in $ thousands)
Municipal | 3 |  |  | 2,432 |  |  | 11 |  |  | 2,499 |  |  | 14 |  |  | 4,931 |
Corporate | 243 |  |  | 25,258 |  |  | 3,094 |  |  | 70,236 |  |  | 3,337 |  |  | 95,494 |
Foreign | 901 |  |  | 89,000 |  |  | 2,945 |  |  | 113,451 |  |  | 3,846 |  |  | 202,451 |
U.S. Treasury Bonds | 216 |  |  | 29,526 |  |  | 114 |  |  | 5,808 |  |  | 330 |  |  | 35,334 |
| 1,363 |  |  | 146,216 |  |  | 6,164 |  |  | 191,994 |  |  | 7,527 |  |  | 338,210 |
The number of specific debt investment holdings held in an unrealized loss position as of March 31, 2026 was 205. Of these securities, 101 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at March 31, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. 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, 2025, were:
| Less than 12 months |  | More than 12 months |  | Total
| Losses |  | Fair values |  | Losses |  | Fair values |  | Losses |  | Fair values
| (in $ thousands)
Municipal | 4 |  |  | 2,621 |  |  | 19 |  |  | 5,918 |  |  | 23 |  |  | 8,539 |
Corporate | 9 |  |  | 10,284 |  |  | 2,587 |  |  | 71,989 |  |  | 2,596 |  |  | 82,273 |
Foreign | 364 |  |  | 43,539 |  |  | 2,785 |  |  | 119,970 |  |  | 3,149 |  |  | 163,509 |
U.S. Treasury Bonds | 36 |  |  | 8,720 |  |  | 91 |  |  | 6,425 |  |  | 127 |  |  | 15,145 |
| 413 |  |  | 65,164 |  |  | 5,482 |  |  | 204,302 |  |  | 5,895 |  |  | 269,466 |
Net realized and unrealized gains. Realized and unrealized gains and losses are detailed as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | (in $ thousands)
Realized gains |  |  |  |  | 2 |  |  | 556 |
Realized losses |  |  |  |  | (446) |  |  | (678) |
Net unrealized investment gains recognized on equity securities still held |  |  |  |  | 3,346 |  |  | 3,175 |
|  |  |  |  | 2,902 |  |  | 3,053 |
Investment gains and losses recognized related to investments in equity securities are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | (in $ thousands)
Net investment gains recognized on equity securities during the period |  |  |  |  | 3,345 |  |  | 2,854 |
Less: Net realized losses on equity securities sold during the period |  |  |  |  | (1) |  |  | (321) |
Net unrealized investment gains recognized on equity securities still held |  |  |  |  | 3,346 |  |  | 3,175 |
Proceeds from sales of investments in securities are as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2026 |  | 2025
|  |  |  |  | (in $ thousands)
Proceeds from sales of debt securities |  |  |  |  | 939 |  |  | 12,544 |
Proceeds from sales of equity securities |  |  |  |  | 67 |  |  | 3,465 |
Total proceeds from sales of investments in securities |  |  |  |  | 1,006 |  |  | 16,009 |

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration