Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Fixed Maturities and Equity Securities Available for Sale by Component

Summaries of fixed maturities available for sale by amortized cost, fair value, and allowance for credit losses at March 31, 2026 and December 31, 2025, and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) are as follows. Redeemable preferred stock is included within "Corporates, by sector."


	At March 31, 2026
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	417,459	$	—	$	70	$	(28,378)	$	389,151	2
States, municipalities, and political subdivisions	3,403,657		—		27,574		(546,601)		2,884,630		16
Foreign governments	48,051		—		19		(9,235)		38,835		—
Corporates, by sector:
Industrials	7,919,363		—		125,412		(747,376)		7,297,399		42
Financial	5,056,081		—		91,401		(400,765)		4,746,717		27

Utilities	2,170,151		—		50,658		(113,923)		2,106,886		12
Total corporates	15,145,595		—		267,471		(1,262,064)		14,151,002		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	118,623		(3,297)		699		(267)		115,758		1
Total fixed maturities	$	19,133,385	$	(3,297)	$	295,833	$	(1,846,545)	$	17,579,376	100

(1)Amount reported in the balance sheet.

(2)At fair value.


	At December 31, 2025
	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value(1)		% of Total Fixed Maturities(2)
Fixed maturities available for sale:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	409,170	$	—	$	161	$	(25,478)	$	383,853	2
States, municipalities, and political subdivisions	3,385,433		—		26,955		(531,762)		2,880,626		16
Foreign governments	47,448		—		138		(8,040)		39,546		—
Corporates, by sector:
Industrials	7,787,885		—		175,164		(645,363)		7,317,686		42
Financial	4,982,187		—		134,105		(333,966)		4,782,326		27

Utilities	2,093,010		—		71,582		(93,086)		2,071,506		12
Total corporates	14,863,082		—		380,851		(1,072,415)		14,171,518		81
Collateralized debt obligations	—		—		—		—		—		—
Other asset-backed securities	115,331		(3,297)		1,877		(112)		113,799		1
Total fixed maturities	$	18,820,464	$	(3,297)	$	409,982	$	(1,637,807)	$	17,589,342	100

(1)Amount reported in the balance sheet.

(2)At fair value.

Schedule of Fixed Maturities by Contractual Maturity

A schedule of fixed maturities available for sale by contractual maturity date at March 31, 2026, is shown below on an amortized cost basis, net of allowance for credit losses, and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.


	At March 31, 2026
	Amortized Cost, net		Fair Value
Fixed maturities available for sale:
Due in one year or less	$	183,363	$	184,567
Due after one year through five years	787,608		809,454
Due after five years through ten years	1,887,933		1,925,841
Due after ten years through twenty years	8,972,605		8,356,265
Due after twenty years	7,183,244		6,187,481
Mortgage-backed and asset-backed securities	115,335		115,768
	$	19,130,088	$	17,579,376

Schedule of Analysis of Investment Operations

"Net investment income" for the three month periods ended March 31, 2026 and 2025 is summarized as follows:


	Three Months Ended March 31,
		2026		2025		% Change
Fixed maturities available for sale		$	245,819	$	242,210	1
Policy loans		14,281		13,658		5
Mortgage loans		7,586		6,668		14
Other long-term investments(1)		26,080		23,079		13
Short-term investments		2,869		1,476
		296,635		287,091		3
Less investment expense		(6,811)		(6,477)		5
Net investment income		$	289,824	$	280,614	3

(1)For the three months ended March 31, 2026 and 2025 the investment funds, accounted for under the fair value option method, recorded $21.3 million and $19.2 million in net investment income, respectively, in net investment income. Refer to Other Long-Term Investments below for further discussion on the investment funds.

Schedule of Realized Gains (Losses) on Investments

Selected information about sales of fixed maturities available for sale is as follows:


	Three Months Ended March 31,
		2026		2025
Fixed maturities available for sale:
Proceeds from sales(1)		$	14,766	$	53,911
Gross realized gains		249		1,478
Gross realized losses		—		(1,464)

(1)As of March 31, 2026, the Company had $0 unsettled trades. There were $0 unsettled trades for the same period in 2025.

An analysis of "realized gains (losses)" is as follows:


	Three Months Ended March 31,
		2026		2025
Realized investment gains (losses):
Fixed maturities available for sale:
Sales and other(1)		$	(717)	$	788

Provision for credit losses		—		40
Fair value option—change in fair value		5,571		2,371
Mortgage loans		(141)		433
Other investments		(1,324)		(1,078)
Realized gains (losses) from investments		3,389		2,554

Other gains (losses)		(4,867)		(2,469)
Total realized gains (losses)		(1,478)		85
Applicable tax		311		(18)
Realized gains (losses), net of tax		$	(1,167)	$	67

(1)During the three months ended March 31, 2026 and 2025, the Company recorded $281.5 thousand and $55.7 million of issuer-initiated exchanges of fixed maturities (noncash transactions) that resulted in $0 and $0 net realized gains (losses), respectively.

Schedule of Fair Value of Fixed Maturities Measured on a Recurring Basis

The following tables represent the fair value of fixed maturities measured on a recurring basis at March 31, 2026 and December 31, 2025:


	Fair Value Measurement at March 31, 2026:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	389,151		$	—		$	389,151
States, municipalities, and political subdivisions	—			2,881,653			2,977			2,884,630
Foreign governments	—			38,835			—			38,835
Corporates, by sector:

Financial	—			4,627,718			118,999			4,746,717

Utilities	—			1,995,488			111,398			2,106,886
Other corporate sectors	—			7,217,293			80,106			7,297,399
Total corporates	—			13,840,499			310,503			14,151,002
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			16,134			99,624			115,758
Total fixed maturities	$	—		$	17,166,272		$	413,104		$	17,579,376
Percentage of total	—		%	98		%	2		%	100		%


	Fair Value Measurement at December 31, 2025:
	Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Total Fair Value
Fixed maturities available for sale
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	—		$	383,853		$	—		$	383,853
States, municipalities, and political subdivisions	—			2,880,626			—			2,880,626
Foreign governments	—			39,546			—			39,546
Corporates, by sector:
Industrials	—			7,232,179			85,507			7,317,686
Financial	—			4,661,175			121,151			4,782,326

Utilities	—			1,968,840			102,666			2,071,506
Total corporates	—			13,862,194			309,324			14,171,518
Collateralized debt obligations	—			—			—			—
Other asset-backed securities	—			27,898			85,901			113,799
Total fixed maturities	$	—		$	17,194,117		$	395,225		$	17,589,342
Percentage of total	—		%	98		%	2		%	100		%

The following tables disclose unrealized investment losses by class and major sector of fixed maturities available for sale at March 31, 2026 and December 31, 2025.

Analysis of Gross Unrealized Investment Losses


	At March 31, 2026
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	12,947	$	(185)	$	366,139	$	(28,193)	$	379,086	$	(28,378)
States, municipalities, and political subdivisions	420,682		(9,520)		1,647,106		(536,830)		2,067,788		(546,350)
Foreign governments	11,087		(227)		24,784		(9,008)		35,871		(9,235)
Corporates, by sector:
Industrials	1,232,612		(40,881)		3,461,668		(660,477)		4,694,280		(701,358)
Financial	953,591		(47,721)		1,774,944		(335,824)		2,728,535		(383,545)

Utilities	495,550		(14,627)		546,119		(92,791)		1,041,669		(107,418)
Total corporates	2,681,753		(103,229)		5,782,731		(1,089,092)		8,464,484		(1,192,321)

Other asset-backed securities	28,369		(182)		1,311		(57)		29,680		(239)
Total investment grade securities	3,154,838		(113,343)		7,822,071		(1,663,180)		10,976,909		(1,776,523)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,709		(251)		1,709		(251)


Industrials	31,189		(6,090)		129,820		(39,928)		161,009		(46,018)
Financial	11,943		(102)		84,670		(17,118)		96,613		(17,220)

Utilities	13,738		(283)		37,958		(6,222)		51,696		(6,505)
Total corporates	56,870		(6,475)		252,448		(63,268)		309,318		(69,743)

Other asset-backed securities	13,573		(28)		—		—		13,573		(28)
Total below investment grade securities	70,443		(6,503)		254,157		(63,519)		324,600		(70,022)
Total fixed maturities	$	3,225,281	$	(119,846)	$	8,076,228	$	(1,726,699)	$	11,301,509	$	(1,846,545)


	At December 31, 2025
	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Fixed maturities available for sale:
Investment grade securities:
U.S. Government direct, guaranteed, and government-sponsored enterprises	$	4,894	$	(454)	$	368,750	$	(25,024)	$	373,644	$	(25,478)
States, municipalities, and political subdivisions	535,186		(12,491)		1,731,104		(519,061)		2,266,290		(531,552)
Foreign governments	5,616		(26)		25,370		(8,014)		30,986		(8,040)
Corporates, by sector:
Industrials	680,126		(14,131)		3,667,956		(591,006)		4,348,082		(605,137)
Financial	469,436		(29,118)		1,806,739		(294,440)		2,276,175		(323,558)

Utilities	302,325		(4,274)		555,085		(82,694)		857,410		(86,968)
Total corporates	1,451,887		(47,523)		6,029,780		(968,140)		7,481,667		(1,015,663)

Other asset-backed securities	18,217		(62)		1,379		(50)		19,596		(112)
Total investment grade securities	2,015,800		(60,556)		8,156,383		(1,520,289)		10,172,183		(1,580,845)

Below investment grade securities:
States, municipalities, and political subdivisions	—		—		1,751		(210)		1,751		(210)

Corporates, by sector:
Industrials	35,564		(6,631)		141,446		(33,595)		177,010		(40,226)
Financial	6,185		(36)		101,427		(10,372)		107,612		(10,408)

Utilities	5,025		(60)		38,121		(6,058)		43,146		(6,118)
Total corporates	46,774		(6,727)		280,994		(50,025)		327,768		(56,752)

Other asset-backed securities	—		—		—		—		—		—
Total below investment grade securities	46,774		(6,727)		282,745		(50,235)		329,519		(56,962)
Total fixed maturities	$	2,062,574	$	(67,283)	$	8,439,128	$	(1,570,524)	$	10,501,702	$	(1,637,807)

Schedule of Fair Value, Assets Measured on Recurring Basis Using Significant Unobservable Inputs

The following tables represent changes in fixed maturities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2026	$	85,901		$	—		$	—		$	309,324		$	395,225

Included in realized gains / losses	—			—			—			757			757
Included in other comprehensive income	251			—			—			(2,215)			(1,964)
Acquisitions	13,472			—			2,977			10,000			26,449
Sales	—			—			—			(4,480)			(4,480)
Amortization	—			—			—			(1)			(1)
Other(1)	—			—			—			(2,882)			(2,882)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at March 31, 2026	$	99,624		$	—		$	2,977		$	310,503		$	413,104
Percent of total fixed maturities	—		%	—		%	—		%	2		%	2		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

(2)Considered to be transferred at the end of the period. Transfers into Level 3 occur when observable inputs are no longer available. Transfers out of Level 3 occur when observable inputs become available.


	Analysis of Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Asset- backed Securities			Collateralized Debt Obligations			States, Municipalities and Political Subdivisions Debt Obligations			Corporates			Total
Balance at January 1, 2025	$	11,183		$	42,866		$	—		$	420,065		$	474,114

Included in realized gains / losses	—			—			—			(1)			(1)
Included in other comprehensive income	30			5,046			—			(7,000)			(1,924)
Acquisitions	12,380			—			—			9,200			21,580
Sales	—			—			—			—			—
Amortization	—			1,136			—			(3)			1,133
Other(1)	—			(7,393)			—			3,925			(3,468)
Transfers into Level 3(2)	—			—			—			—			—
Transfers out of Level 3(2)	—			—			—			—			—
Balance at March 31, 2025	$	23,593		$	41,655		$	—		$	426,186		$	491,434
Percent of total fixed maturities	—		%	—		%	—		%	3		%	3		%

(1)Includes capitalized interest, foreign exchange adjustments, and principal repayments.

The following table presents changes in unrealized gains and losses for the period included in accumulated other comprehensive income for assets held at the end of the reporting period for Level 3 classification:


	Changes in Unrealized Gains (Losses) included in Accumulated Other Comprehensive Income for Assets Held at the End of the Period
	Asset- backed Securities		Collateralized Debt Obligations		States, Municipalities and Political Subdivisions Debt Obligations		Corporates		Total
At March 31, 2026	$	251	$	—	$	—	$	(2,215)	$	(1,964)
At March 31, 2025	30		5,046		—		(7,000)		(1,924)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table represents quantitative information about Level 3 fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

March 31, 2026

Fair Value

Valuation Technique

Significant Unobservable
Input

Range

Weighted-

Average(1)

Corporates

310,503

Discounted cash flow

Credit rating

BB- to AA

BBB+

States, municipalities and political subdivisions

2,977

Discounted cash flow

Credit rating

AAA

Asset-backed securities

99,624

Discounted cash flow

Credit rating

CC to A-

BBB-

413,104

(1)Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule of Additional Information about Investments in Unrealized Loss Position

The following table discloses information about fixed maturities available for sale in an unrealized loss position.


	Less than Twelve Months	Twelve Months or Longer	Total
Number of issues (CUSIPs) held:
As of March 31, 2026	570	1,556	2,126
As of December 31, 2025	395	1,583	1,978

Schedule of Fixed Maturities, Allowance for Credit Loss

A summary of the activity in the allowance for credit losses is as follows.


	Three Months Ended March 31,
		2026		2025
Allowance for credit losses beginning balance		$	3,297	$	10,395
Additions to allowance for which credit losses were not previously recorded		—		—
Additions (reductions) to allowance for fixed maturities that previously had an allowance		—		(40)
Reduction of allowance for which the Company intends to sell or more likely than not will be required to sell or sold during the period		—		—
Allowance for credit losses ending balance		$	3,297	$	10,355

Schedule of Commercial Mortgage Loan Participations

Summaries of commercial mortgage loans by property type and geographical location at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Property type:
Industrial	$	167,327	36	$	155,208	36
Hospitality	100,857		22	99,492		23
Multi-family	118,852		26	99,212		23
Retail	75,558		16	76,059		18
Office	3,087		1	3,061		1


Total recorded investment	465,681		101	433,032		101
Less allowance for credit losses	(4,656)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	461,025	100	$	428,517	100


	March 31, 2026			December 31, 2025
	Carrying Value		% of Total	Carrying Value		% of Total
Geographic location:
Florida	$	90,028	19	$	88,681	21
Texas	67,119		15	66,597		15
North Carolina	42,455		9	42,358		10
New Jersey	37,194		8	37,130		9
Alabama	36,869		8	36,750		9
New York	31,410		7	31,948		7
Other	160,606		35	129,568		30
Total recorded investment	465,681		101	433,032		101
Less allowance for credit losses	(4,656)		(1)	(4,515)		(1)
Carrying value, net of allowance for credit losses	$	461,025	100	$	428,517	100

Schedule of Commercial Loan Participations, Credit Quality Indicators

The following tables are reflective of the key factors, debt service coverage ratios, and loan-to-value ("LTV") ratios that are utilized by management to monitor the performance of the portfolios. The Company only makes new investments in commercial mortgage loans that have a LTV ratio less than or equal to 80%. LTV ratios that exceed 80% are generally a result of decreases in the valuation of the underlying property. Generally, a higher LTV ratio and a lower debt service coverage ratio equates to higher risk of loss.


	March 31, 2026
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	84,886	$	49,091	$	324,042	$	458,019	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	7,662		—		—		7,662		2
Total	$	92,548	$	49,091	$	324,042	465,681		100
Less allowance for credit losses							(4,656)
Total, net of allowance for credit losses							$	461,025

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

(2)Loan balance divided by stabilized appraised value at origination, including planned renovations and stabilized occupancy. Updated internal valuations are used when a loan is materially underperforming.


	December 31, 2025
	Recorded Investment
	Debt Service Coverage Ratios(1)
	<1.00x		1.00x—1.20x		>1.20x		Total		% of Gross Total
Loan-to-value ratio(2):
Less than 70%	$	61,159	$	50,009	$	313,634	$	424,802	98
70% to 80%	—		—		—		—		—
81% to 90%	—		—		—		—		—
Greater than 90%	8,230		—		—		8,230		2
Total	$	69,389	$	50,009	$	313,634	433,032		100
Less allowance for credit losses							(4,515)
Total, net of allowance for credit losses							$	428,517

(1)Annual net operating income divided by annual mortgage debt service (principal and interest).

Schedule of Commercial Loan Participations, Allowance for Credit Loss


	Three Months Ended March 31,
		2026		2025
Allowance for credit losses beginning balance		$	4,515	$	7,644

Provision (reversal) for credit losses		141		(248)
Reduction in allowance due to dispositions		—		(665)
Allowance for credit losses ending balance		$	4,656	$	6,731

Schedule of Other Long-Term Investments

Other long-term investments consist of the following assets:



	March 31, 2026		December 31, 2025
Investment funds	$	1,070,296	$	1,109,719
Company-owned life insurance(1)	323,014		243,721
Other	41,789		42,624
Total	$	1,435,099	$	1,396,064

(1) Company-owned life insurance is reported at cash surrender value.

Schedule of Investment Funds

The following table presents additional information about the Company's investment funds as of March 31, 2026 and December 31, 2025 at fair value:


	Fair Value				Unfunded Commitments(2)
Investment Category	March 31, 2026		December 31, 2025		March 31, 2026		Redemption Term/Notice(1)






Commercial mortgage loans	$	579,280	$	614,080	$	512,426	Fully redeemable and non-redeemable with varying terms.
Opportunistic and private credit	209,523		223,665		227,688		Fully redeemable and non-redeemable with varying terms.


Infrastructure	194,367		187,964		19,372		Fully redeemable and non-redeemable with varying terms.


Other	87,126		84,010		51,037		Non-redeemable with varying terms
Total investment funds	$	1,070,296	$	1,109,719	$	810,523

(1) Non-redeemable funds generally have an expected life of 7 to 12 years from fund closing with extension options of 1 to 4 years. Redemptions are paid out throughout the life of the funds at the General Partner's discretion. Redeemable funds can generally be redeemed over 6 to 36 months upon request from limited partners.

(2) Unfunded commitments include unfunded balances during the investment period. After an investment period ends, the fund can call capital based on limited and specified reasons. As of March 31, 2026, unfunded commitments totaled $983 million, including funds past the investment period.