v3.25.4
Allowance for Expected Credit Losses
 12 Months Ended
Dec. 31, 2025
Allowance for Expected Credit Losses [Abstract]  
Allowance for Expected Credit Losses
20 - Allowance for Expected Credit Losses

Pursuant to new accounting guidance we adopted on January 1, 2023, we make estimates with respect to the potential impairment of financial instruments and recognize expected credit losses as an allowance rather than impairments as credit losses are incurred. We refer to Note 2 - Impact of New Accounting Standards for more information regarding the new accounting guidance. We have established allowances for expected credit losses with respect to held-to-maturity debt securities and reinsurance receivable.

Held-to-Maturity Debt Securities

For held-to-maturity debt securities, we make estimates concerning expected credit losses at an aggregated level rather that monitoring individual debt securities for credit losses. We establish an allowance for expected credit losses based on an ongoing review of securities held, historical loss data, changes in issuer credit standing and other relevant factors. We utilize a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses and recognize changes to the allowance in our results of operations.

The following table presents the balances for fixed maturities classified as held-to-maturity, net of the allowance for expected credit losses, at December 31, 2025 and 2024 and changes in the allowance for expected credit losses for 2025 and 2024.

   
At and For the Year Ended December 31, 2025
    
At and For the Year Ended December 31, 2024
  
   
Held-to-
Maturity, Net
of Allowance
for Expected
Credit Losses
    
Allowance for
Expected
Credit Losses
    
Held-to-
Maturity, Net of
Allowance for
Expected
Credit Losses
    
Allowance for
Expected
Credit Losses
  
   
(in thousands)
  
Balance at beginning of period
  
$
705,714
    
$
1,388
    
$
679,497
    
$
1,326
  
Current period change for expected credit losses
            
(75
)
            
62
  
Balance at end of period
  
$
776,447
    
$
1,313
    
$
705,714
    
$
1,388
  
 
Reinsurance Receivable

For reinsurance receivable, we establish an allowance for expected credit losses based upon our ongoing review of amounts outstanding, historical loss data, changes in reinsurer credit standing and other relevant factors. We utilize a probability-of-default methodology, which reflects current and forecasted economic conditions, to estimate the allowance for expected credit losses and recognize changes to the allowance in our results of operations.
The following table presents the balances for reinsurance receivable, net of the allowance for expected credit losses, at December 31, 2025 and 2024 and changes in the allowance for expected credit losses for 2025 and 2024.

   
At and For the Year Ended December 31, 2025
    
At and For the Year Ended December 31, 2024
  
   
Reinsurance
Receivable, Net
of Allowance
for Expected
Credit Losses
    
Allowance for
Expected
Credit Losses
    
Reinsurance
Receivable, Net
of Allowance
for Expected
Credit Losses
    
Allowance for
Expected Credit
Losses
  
   
(in thousands)
  
Balance at beginning of period
  
$
420,742
    
$
391
    
$
441,431
    
$
1,394
  
Current period change for expected credit losses
            
(16
)
            
(1,003
)
Balance at end of period
  
$
398,582
    
$
375
    
$
420,742
    
$
391