v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 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.

June 30, 2025
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,504,200 $— $5,504,200 
U.S. government-sponsored enterprises— 1,522,998 — 1,522,998 
Obligations of states, municipalities and political subdivisions— 3,650,162 — 3,650,162 
Foreign governments, agencies and supranationals
— 3,125,295 — 3,125,295 
Agency mortgage-backed securities
— 2,687,261 — 2,687,261 
Non-agency mortgage-backed securities
— 70,357 — 70,357 
Corporate and university bonds
— 212,135 — 212,135 
Total fixed maturity securities, available-for-sale— 16,772,408 — 16,772,408 
Equity securities:
Insurance, banks and other financial institutions5,102,397 — — 5,102,397 
Industrial, consumer and all other7,227,707 — — 7,227,707 
Total equity securities12,330,104 — — 12,330,104 
Short-term investments, available-for-sale1,731,758 162,766 — 1,894,524 
Total investments$14,061,862 $16,935,174 $— $30,997,036 

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