Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Disposition of Fixed Income and Equity Securities |
| | | | | | | | | | | | | Sales | | Proceeds | | Gross Realized | | Net Realized | (in thousands) | | From Sales | | Gains | | Losses | | Gain (Loss) | 2025 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 29,579 | | $ | 188 | | $ | (1,000) | | $ | (812) | Equity securities | | | 55,251 | | | 30,034 | | | (562) | | | 29,472 | 2024 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 41,543 | | $ | 357 | | $ | (1,139) | | $ | (782) | Equity securities | | | 31,473 | | | 13,344 | | | (340) | | | 13,004 | | | | | | | | | | | | | | Calls/Maturities | | | | | Gross Realized | | Net Realized | (in thousands) | | Proceeds | | Gains | | Losses | | Gain (Loss) | 2025 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 241,380 | | $ | 62 | | $ | (72) | | $ | (10) | 2024 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 158,472 | | $ | 79 | | $ | (856) | | $ | (777) |
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| Fair Value, Assets Measured on Recurring Basis |
| | | | | | | | | | | | | | | As of June 30, 2025 | | | Quoted Prices in | | Significant Other | | Significant | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | Identical Assets | | Inputs | | Inputs | | | | (in thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Fixed income securities - available-for-sale | | | | | | | | | | | | | U.S. government | | $ | — | | $ | 702,072 | | $ | — | | $ | 702,072 | U.S. agency | | | — | | | 55,998 | | | — | | | 55,998 | Non-U.S. government & agency | | | — | | | 11,089 | | | 999 | | | 12,088 | Agency MBS | | | — | | | 398,548 | | | — | | | 398,548 | ABS/CMBS/MBS* | | | — | | | 418,389 | | | — | | | 418,389 | Corporate | | | — | | | 1,309,630 | | | 96,297 | | | 1,405,927 | Municipal | | | — | | | 427,739 | | | — | | | 427,739 | Total fixed income securities - available-for-sale | | $ | — | | $ | 3,323,465 | | $ | 97,296 | | $ | 3,420,761 | Equity securities | | | 806,721 | | | — | | | 4,238 | | | 810,959 | Total | | $ | 806,721 | | $ | 3,323,465 | | $ | 101,534 | | $ | 4,231,720 |
| | | | | | | | | | | | | | | As of December 31, 2024 | | | Quoted Prices in | | Significant Other | | Significant | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | Identical Assets | | Inputs | | Inputs | | | | (in thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Fixed income securities - available-for-sale | | | | | | | | | | | | | U.S. government | | $ | — | | $ | 515,635 | | $ | — | | $ | 515,635 | U.S. agency | | | — | | | 54,338 | | | — | | | 54,338 | Non-U.S. government & agency | | | — | | | 6,898 | | | 973 | | | 7,871 | Agency MBS | | | — | | | 396,223 | | | — | | | 396,223 | ABS/CMBS/MBS* | | | — | | | 410,248 | | | — | | | 410,248 | Corporate | | | — | | | 1,256,991 | | | 89,530 | | | 1,346,521 | Municipal | | | — | | | 444,960 | | | — | | | 444,960 | Total fixed income securities - available-for-sale | | $ | — | | $ | 3,085,293 | | $ | 90,503 | | $ | 3,175,796 | Equity securities | | | 731,569 | | | — | | | 4,622 | | | 736,191 | Total | | $ | 731,569 | | $ | 3,085,293 | | $ | 95,125 | | $ | 3,911,987 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Summary of Changes in Balance of Level 3 Securities |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Beginning balance | | $ | 98,945 | | $ | 64,169 | | $ | 95,125 | | $ | 62,096 | Net realized and unrealized gains (losses) | | | | | | | | | | | | | Included in other comprehensive earnings (loss) | | | 899 | | | (44) | | | 1,792 | | | (315) | Purchases | | | 3,028 | | | 9,575 | | | 8,098 | | | 12,310 | Sales / Calls / Maturities | | | (1,338) | | | (1,020) | | | (3,481) | | | (1,411) | Transfers into Level 3 | | | — | | | — | | | — | | | — | Transfers out of Level 3 | | | — | | | — | | | — | | | — | Balance as of June 30, | | $ | 101,534 | | $ | 72,680 | | $ | 101,534 | | $ | 72,680 | Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss) | | $ | 899 | | $ | (44) | | $ | 1,792 | | $ | (315) |
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| Schedule of Contractual Maturity of Securities |
| | | | | | | | | June 30, 2025 | (in thousands) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 246,543 | | $ | 244,682 | Due after one year through five years | | | 819,878 | | | 812,427 | Due after five years through 10 years | | | 1,085,099 | | | 1,078,613 | Due after 10 years | | | 556,171 | | | 468,102 | ABS/CMBS/MBS* | | | 865,988 | | | 816,937 | Total available-for-sale | | $ | 3,573,679 | | $ | 3,420,761 |
* | Asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Amortized Cost and Fair Value of Available-for-sale Securities |
| | | | | | | | | | | | | | | | | | June 30, 2025 | | | Cost or | | Allowance | | Gross | | Gross | | | | | | Amortized | | for Credit | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Losses | | Gains | | Losses | | Value | U.S. government | | $ | 698,528 | | $ | — | | $ | 6,173 | | $ | (2,629) | | $ | 702,072 | U.S. agency | | | 56,151 | | | — | | | 780 | | | (933) | | | 55,998 | Non-U.S. government & agency | | | 12,729 | | | — | | | 135 | | | (776) | | | 12,088 | Agency MBS | | | 431,849 | | | — | | | 2,268 | | | (35,569) | | | 398,548 | ABS/CMBS/MBS* | | | 434,139 | | | (77) | | | 3,008 | | | (18,681) | | | 418,389 | Corporate | | | 1,430,965 | | | (168) | | | 11,450 | | | (36,320) | | | 1,405,927 | Municipal | | | 509,318 | | | — | | | 328 | | | (81,907) | | | 427,739 | Total Fixed Income | | $ | 3,573,679 | | $ | (245) | | $ | 24,142 | | $ | (176,815) | | $ | 3,420,761 | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Cost or | | Allowance | | Gross | | Gross | | | | | | Amortized | | for Credit | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Losses | | Gains | | Losses | | Value | U.S. government | | $ | 525,608 | | $ | — | | $ | 309 | | $ | (10,282) | | $ | 515,635 | U.S. agency | | | 55,921 | | | — | | | 261 | | | (1,844) | | | 54,338 | Non-U.S. government & agency | | | 8,959 | | | — | | | — | | | (1,088) | | | 7,871 | Agency MBS | | | 438,545 | | | — | | | 927 | | | (43,249) | | | 396,223 | ABS/CMBS/MBS* | | | 430,973 | | | (8) | | | 2,208 | | | (22,925) | | | 410,248 | Corporate | | | 1,397,676 | | | (189) | | | 4,737 | | | (55,703) | | | 1,346,521 | Municipal | | | 533,477 | | | — | | | 1,003 | | | (89,520) | | | 444,960 | Total Fixed Income | | $ | 3,391,159 | | $ | (197) | | $ | 9,445 | | $ | (224,611) | | $ | 3,175,796 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Debt Securities Available-for-sale Allowance for Credit Loss |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2025 | | 2024 | | 2025 | | 2024 | Beginning balance | | $ | 157 | | $ | 237 | | $ | 197 | | $ | 306 | Increase to allowance from securities for which credit losses were not previously recorded | | | 16 | | | — | | | 16 | | | — | Reduction from securities sold during the period | | | (2) | | | (27) | | | — | | | (89) | Reductions from intent to sell securities | | | (15) | | | — | | | — | | | — | Net increase (decrease) from securities that had an allowance at the beginning of the period | | | 89 | | | 18 | | | 32 | | | 11 | Balance as of June 30, | | $ | 245 | | $ | 228 | | $ | 245 | | $ | 228 |
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| Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position |
| | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | (in thousands) | | < 12 Mos. | | 12 Mos. &
Greater | | Total | | < 12 Mos. | | 12 Mos. &
Greater | | Total | U.S. government | | | | | | | | | | | | | | | | | | | Fair value | | $ | 60,991 | | $ | 120,340 | | $ | 181,331 | | $ | 303,226 | | $ | 157,418 | | $ | 460,644 | Amortized cost | | | 61,484 | | | 122,476 | | | 183,960 | | | 309,836 | | | 161,090 | | | 470,926 | Unrealized loss | | $ | (493) | | $ | (2,136) | | $ | (2,629) | | $ | (6,610) | | $ | (3,672) | | $ | (10,282) | U.S. agency | | | | | | | | | | | | | | | | | | | Fair value | | $ | 14,696 | | $ | 18,686 | | $ | 33,382 | | $ | 24,024 | | $ | 18,330 | | $ | 42,354 | Amortized cost | | | 15,031 | | | 19,284 | | | 34,315 | | | 24,910 | | | 19,288 | | | 44,198 | Unrealized loss | | $ | (335) | | $ | (598) | | $ | (933) | | $ | (886) | | $ | (958) | | $ | (1,844) | Non-U.S. government | | | | | | | | | | | | | | | | | | | Fair value | | $ | 2,392 | | $ | 4,028 | | $ | 6,420 | | $ | 4,075 | | $ | 3,796 | | $ | 7,871 | Amortized cost | | | 2,395 | | | 4,801 | | | 7,196 | | | 4,158 | | | 4,801 | | | 8,959 | Unrealized Loss | | $ | (3) | | $ | (773) | | $ | (776) | | $ | (83) | | $ | (1,005) | | $ | (1,088) | Agency MBS | | | | | | | | | | | | | | | | | | | Fair value | | $ | 68,809 | | $ | 227,415 | | $ | 296,224 | | $ | 108,772 | | $ | 233,625 | | $ | 342,397 | Amortized cost | | | 70,136 | | | 261,657 | | | 331,793 | | | 111,674 | | | 273,972 | | | 385,646 | Unrealized loss | | $ | (1,327) | | $ | (34,242) | | $ | (35,569) | | $ | (2,902) | | $ | (40,347) | | $ | (43,249) | ABS/CMBS/MBS* | | | | | | | | | | | | | | | | | | | Fair value | | $ | 17,352 | | $ | 157,095 | | $ | 174,447 | | $ | 43,027 | | $ | 164,433 | | $ | 207,460 | Amortized cost | | | 17,402 | | | 175,726 | | | 193,128 | | | 43,395 | | | 186,990 | | | 230,385 | Unrealized loss | | $ | (50) | | $ | (18,631) | | $ | (18,681) | | $ | (368) | | $ | (22,557) | | $ | (22,925) | Corporate | | | | | | | | | | | | | | | | | | | Fair value | | $ | 215,519 | | $ | 593,018 | | $ | 808,537 | | $ | 378,305 | | $ | 700,574 | | $ | 1,078,879 | Amortized cost | | | 221,224 | | | 623,633 | | | 844,857 | | | 389,299 | | | 745,283 | | | 1,134,582 | Unrealized loss | | $ | (5,705) | | $ | (30,615) | | $ | (36,320) | | $ | (10,994) | | $ | (44,709) | | $ | (55,703) | Municipal | | | | | | | | | | | | | | | | | | | Fair value | | $ | 26,009 | | $ | 360,306 | | $ | 386,315 | | $ | 48,514 | | $ | 355,475 | | $ | 403,989 | Amortized cost | | | 26,703 | | | 441,519 | | | 468,222 | | | 49,491 | | | 444,018 | | | 493,509 | Unrealized loss | | $ | (694) | | $ | (81,213) | | $ | (81,907) | | $ | (977) | | $ | (88,543) | | $ | (89,520) | Total fixed income | | | | | | | | | | | | | | | | | | | Fair value | | $ | 405,768 | | $ | 1,480,888 | | $ | 1,886,656 | | $ | 909,943 | | $ | 1,633,651 | | $ | 2,543,594 | Amortized cost | | | 414,375 | | | 1,649,096 | | | 2,063,471 | | | 932,763 | | | 1,835,442 | | | 2,768,205 | Unrealized loss | | $ | (8,607) | | $ | (168,208) | | $ | (176,815) | | $ | (22,820) | | $ | (201,791) | | $ | (224,611) |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions |
| | | | | | | | | | | | | | | | | | | Equivalent | | Equivalent | | (dollars in thousands) | | | | NAIC | | S&P | | Moody’s | | Amortized | | | | | Unrealized | | Percent | | Rating | | Rating | | Rating | | Cost | | Fair Value | | Loss | | to Total | | 1 | | AAA/AA/A | | Aaa/Aa/A | | $ | 1,693,968 | | $ | 1,534,547 | | $ | (159,421) | | 90.2 | % | 2 | | BBB | | Baa | | | 321,576 | | | 306,145 | | | (15,431) | | 8.7 | % | 3 | | BB | | Ba | | | 18,928 | | | 18,533 | | | (395) | | 0.2 | % | 4 | | B | | B | | | 24,173 | | | 23,343 | | | (830) | | 0.5 | % | 5 | | CCC | | Caa | | | 4,006 | | | 3,601 | | | (405) | | 0.2 | % | 6 | | CC or lower | | Ca or lower | | | 820 | | | 487 | | | (333) | | 0.2 | % | | | | | Total | | $ | 2,063,471 | | $ | 1,886,656 | | $ | (176,815) | | 100.0 | % |
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