v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary Investment Income
Sources of net investment income were as follows for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20262025
Fixed maturity securities available-for-sale$67,895 $58,452 
Cash, cash equivalents and short-term investments5,325 6,623 
Gross investment income before expenses and fees73,220 65,075 
Investment expenses and fees(2,314)(2,038)
Net investment income$70,906 $63,037 
Summary of Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20262025
Fixed maturity securities available-for-sale:
Gross realized gains$354 $369 
Gross realized (losses)(6,164)(3,497)
Net realized gains (losses)(5,810)(3,128)
Change in allowance for credit losses on fixed maturity securities— (273)
Other(13)158 
Net investment gains (losses)$(5,823)$(3,243)
Schedule of Unrealized Gain (Loss) on Investments
Net unrealized gains and losses on available-for-sale securities reflected as a separate component of accumulated other comprehensive income (“AOCI”) were as follows as of the dates indicated:
(Amounts in thousands)
March 31, 2026December 31, 2025
Net unrealized gains (losses) on investment securities:
Fixed maturity securities$(96,015)$(31,455)
Income taxes20,704 6,864 
Net unrealized investment gains (losses)$(75,311)$(24,591)
The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the periods indicated:
Three months ended
March 31,
(Amounts in thousands)
20262025
Beginning balance$(24,591)$(207,624)
Unrealized gains (losses) arising during the period:
Unrealized gains (losses) on investment securities(70,370)71,848 
Provision for income taxes15,060 (15,425)
Change in unrealized gains (losses) on investment securities(55,310)56,423 
Reclassification adjustments to net investment (gains) losses, net of taxes of $(1,220) and $(657), respectively
4,590 2,471 
Change in net unrealized investment gains (losses)(50,720)58,894 
Ending balance$(75,311)$(148,730)
Summary of Fixed Maturity Securities Classified as Available-for-Sale
As of March 31, 2026, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)
Amortized
cost
Gross unrealized gainsGross unrealized losses
Fair
value
U.S. government, agencies and GSEs$268,060 $2,941 $(2,279)$268,722 
State and political subdivisions521,242 1,633 (53,043)469,832 
Non-U.S. government179,045 2,178 (1,680)179,543 
U.S. corporate2,855,124 29,156 (60,284)2,823,996 
Non-U.S. corporate821,423 9,127 (14,226)816,324 
Residential mortgage-backed338,304 3,889 (709)341,484 
Commercial mortgage-backed199,514 866 (1,748)198,632 
Other asset-backed1,047,090 3,806 (15,640)1,035,256 
Total fixed maturity securities available-for-sale$6,229,802 $53,596 $(149,609)$6,133,789 
As of December 31, 2025, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)
Amortized
cost
Gross unrealized gains
Gross unrealized losses
Fair
value
U.S. government, agencies and GSEs$253,706 $4,893 $(1,292)$257,307 
State and political subdivisions527,584 1,914 (50,526)478,972 
Non-U.S. government180,669 5,176 (383)185,462 
U.S. corporate2,806,747 54,322 (50,342)2,810,727 
Non-U.S. corporate778,640 17,020 (12,604)783,056 
Residential mortgage-backed342,915 6,496 (78)349,333 
Commercial mortgage-backed128,692 1,355 (485)129,562 
Other asset-backed1,063,044 6,295 (13,216)1,056,123 
Total fixed maturity securities available-for-sale$6,081,997 $97,471 $(128,926)$6,050,542 
Schedule of Unrealized Losses and FV of Fixed Maturity Securities Available for Sale
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of March 31, 2026:
 
Less than 12 months 
12 months or more
Total
(Dollar amounts in thousands)
Fair value 
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$73,162 $(1,151)17 $19,544 $(1,128)6 $92,706 $(2,279)23 
State and political subdivisions30,838 (1,808)14 405,008 (51,235)80 435,846 (53,043)94 
Non-U.S. government58,513 (1,444)70 9,892 (236)1 68,405 (1,680)71 
U.S. corporate713,576 (11,733)194 802,476 (48,551)148 1,516,052 (60,284)342 
Non-U.S. corporate199,918 (3,742)73 188,776 (10,484)39 388,694 (14,226)112 
Residential mortgage-backed73,911 (709)33 — — — 73,911 (709)33 
Commercial mortgage-backed116,575 (1,748)33 — — — 116,575 (1,748)33 
Other asset-backed398,032 (2,823)116 257,896 (12,817)73 655,928 (15,640)189 
Total for fixed maturity securities in an unrealized loss position$1,664,525 $(25,158)550 $1,683,592 $(124,451)347 $3,348,117 $(149,609)897 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2025:
 
Less than 12 months 
12 months or more
Total
(Dollar amounts in thousands)
Fair value 
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fair value
Gross unrealized losses
Number of securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$34,142 $(384)6 $22,664 $(908)7 $56,806 $(1,292)13 
State and political subdivisions18,053 (1,483)9 422,895 (49,043)83 440,948 (50,526)92 
Non-U.S. government15,323 (146)20 10,525 (237)2 25,848 (383)22 
U.S. corporate182,483 (2,790)49 908,852 (47,552)163 1,091,335 (50,342)212 
Non-U.S. corporate38,506 (1,800)16 230,778 (10,804)50 269,284 (12,604)66 
Residential mortgage-backed24,879 (78)11 — — — 24,879 (78)11 
Commercial mortgage-backed56,000 (485)14 — — — 56,000 (485)14 
Other asset-backed114,991 (568)41 312,575 (12,648)84 427,566 (13,216)125 
Total for fixed maturity securities in an unrealized loss position$484,377 $(7,734)166 $1,908,289 $(121,192)389 $2,392,666 $(128,926)555 
The scheduled maturity distribution of fixed maturity securities as of March 31, 2026, is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.
(Amounts in thousands)
Amortized
cost
Fair
value
Due one year or less$343,393 $341,767 
Due after one year through five years1,185,756 1,151,219 
Due after five years through ten years2,546,363 2,507,986 
Due after ten years569,382 557,445 
Subtotal4,644,894 4,558,417 
Residential mortgage-backed338,304 341,484 
Commercial mortgage-backed199,514 198,632 
Other asset-backed1,047,090 1,035,256 
Total fixed maturity securities available-for-sale$6,229,802 $6,133,789