v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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, 2026
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $6,001,802 $— $6,001,802 
U.S. government-sponsored enterprises— 1,664,622 — 1,664,622 
Obligations of states, municipalities, and political subdivisions— 3,672,453 — 3,672,453 
Foreign governments, agencies, and supranationals— 3,424,257 — 3,424,257 
Agency mortgage-backed securities— 2,926,764 — 2,926,764 
Non-agency mortgage-backed securities— 54,055 — 54,055 
Corporate and university bonds— 199,828 — 199,828 
Total fixed maturity securities, available-for-sale— 17,943,781 — 17,943,781 
Equity securities:
Insurance, banks, and other financial institutions4,884,952 — — 4,884,952 
Industrial, consumer, and all other7,417,720 — — 7,417,720 
Total equity securities12,302,672 — — 12,302,672 
Short-term investments, available-for-sale1,824,361 201,786 — 2,026,147 
Total investments$14,127,033 $18,145,567 $— $32,272,600 

December 31, 2025
(dollars in thousands)Level 1Level 2Level 3Total
Assets:
Investments:
Fixed maturity securities, available-for-sale:
U.S. Treasury securities$— $5,927,907 $— $5,927,907 
U.S. government-sponsored enterprises— 1,640,234 — 1,640,234 
Obligations of states, municipalities, and political subdivisions— 3,672,468 — 3,672,468 
Foreign governments, agencies, and supranationals— 3,374,915 — 3,374,915 
Agency mortgage-backed securities— 2,901,120 — 2,901,120 
Non-agency mortgage-backed securities— 65,758 — 65,758 
Corporate and university bonds— 215,584 — 215,584 
Total fixed maturity securities, available-for-sale— 17,797,986 — 17,797,986 
Equity securities:
Insurance, banks, and other financial institutions5,441,617 — — 5,441,617 
Industrial, consumer, and all other7,562,695 — — 7,562,695 
Total equity securities13,004,312 — — 13,004,312 
Short-term investments, available-for-sale1,843,163 190,499 — 2,033,662 
Total investments$14,847,475 $17,988,485 $— $32,835,960