v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Balances Of Assets Measured At Fair Value On A Recurring Basis
The following tables present the balances of assets measured at fair value on a recurring basis by level within the fair value hierarchy.

March 31, 2025
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,263,681 $— $5,263,681 
U.S. government-sponsored enterprises— 1,429,318 — 1,429,318 
Obligations of states, municipalities and political subdivisions— 3,639,372 — 3,639,372 
Foreign governments, agencies and supranationals
— 2,932,803 — 2,932,803 
Agency mortgage-backed securities
— 2,698,872 — 2,698,872 
Non-agency mortgage-backed securities
— 101,954 — 101,954 
Corporate and university bonds
— 211,629 — 211,629 
Total fixed maturity securities, available-for-sale— 16,277,629 — 16,277,629 
Equity securities:
Insurance, banks and other financial institutions5,116,230 — — 5,116,230 
Industrial, consumer and all other6,581,413 — — 6,581,413 
Total equity securities11,697,643 — — 11,697,643 
Short-term investments, available-for-sale1,949,450 149,583 — 2,099,033 
Total investments$13,647,093 $16,427,212 $— $30,074,305 

December 31, 2024
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,087,858 $— $5,087,858 
U.S. government-sponsored enterprises— 1,346,236 — 1,346,236 
Obligations of states, municipalities and political subdivisions— 3,619,492 — 3,619,492 
Foreign governments, agencies and supranationals
— 2,706,523 — 2,706,523 
Agency mortgage-backed securities
— 2,649,813 — 2,649,813 
Non-agency mortgage-backed securities
— 118,030 — 118,030 
Corporate and university bonds
— 217,587 — 217,587 
Total fixed maturity securities, available-for-sale— 15,745,539 — 15,745,539 
Equity securities:
Insurance, banks and other financial institutions4,968,736 — 1,384 4,970,120 
Industrial, consumer and all other6,814,401 — — 6,814,401 
Total equity securities11,783,137 — 1,384 11,784,521 
Short-term investments, available-for-sale2,363,736 161,174 — 2,524,910 
Total investments$14,146,873 $15,906,713 $1,384 $30,054,970