
June 30, 2026	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	175,656	—	21	(15,984)	159,693
Foreign government	17,113		(79)	26	(890)	16,170
Obligations of states and political subdivisions	558,518		(305)	6,924	(22,450)	542,687
Corporate securities	3,699,163		(12,398)	34,161	(78,950)	3,641,976
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	2,656,921		(14,917)	15,754	(42,384)	2,615,374
Residential mortgage-backed securities ("RMBS")	2,361,588		(11,394)	10,522	(76,017)	2,284,699
Commercial mortgage-backed securities ("CMBS")	662,857		(9)	1,833	(15,527)	649,154
Total AFS fixed income securities	$	10,131,816	(39,102)	69,241	(252,202)	9,909,753


December 31, 2025	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	177,877	—	108	(14,778)	163,207
Foreign government	10,768		(16)	47	(797)	10,002
Obligations of states and political subdivisions	567,757		(259)	6,342	(23,883)	549,957
Corporate securities	3,409,875		(7,691)	73,842	(71,862)	3,404,164
CLO and other ABS	2,570,451		(11,902)	26,596	(34,859)	2,550,286
RMBS	2,127,004		(11,284)	21,547	(61,334)	2,075,933
CMBS	713,146		(135)	5,221	(14,605)	703,627
Total AFS fixed income securities	$	9,576,878	(31,287)	133,703	(222,118)	9,457,176


Quarter ended June 30, 2026	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	12	68	—	(1)	—	—	79
Obligations of states and political subdivisions	305		—	—	—	—	—	305
Corporate securities	13,065		1,767	—	(1,624)	(810)	—	12,398
CLO and other ABS	14,029		190	—	787	(89)	—	14,917
RMBS	11,393		—	—	74	(73)	—	11,394
CMBS	15		—	—	(6)	—	—	9
Total AFS fixed income securities	$	38,819	2,025	—	(770)	(972)	—	39,102


Quarter ended June 30, 2025	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	19	—	—	2	—	—	21
Obligations of states and political subdivisions	419		27	—	(36)	(20)	—	390
Corporate securities	12,616		306	—	(2,979)	(372)	—	9,571
CLO and other ABS	5,499		182	—	1,607	(58)	—	7,230
RMBS	11,342		—	—	185	(105)	—	11,422
CMBS	280		—	—	(181)	—	—	99
Total AFS fixed income securities	$	30,175	515	—	(1,402)	(555)	—	28,733



Six Months ended June 30, 2026	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	16	68	—	(5)	—	—	79
Obligations of states and political subdivisions	259		61	—	(12)	(3)	—	305
Corporate securities	7,691		5,371	—	656	(1,320)	—	12,398
CLO and other ABS	11,902		499	—	2,606	(90)	—	14,917
RMBS	11,284		37	—	254	(181)	—	11,394
CMBS	135		—	—	(126)	—	—	9
Total AFS fixed income securities	$	31,287	6,036	—	3,373	(1,594)	—	39,102



Six Months ended June 30, 2025	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	21	—	—	—	—	—	21
Obligations of states and political subdivisions	570		32	—	(106)	(106)	—	390
Corporate securities	14,924		935	—	(5,142)	(1,146)	—	9,571
CLO and other ABS	4,889		1,652	—	876	(187)	—	7,230
RMBS	11,544		—	—	138	(260)	—	11,422
CMBS	—		99	—	—	—	—	99
Total AFS fixed income securities	$	31,948	2,718	—	(4,234)	(1,699)	—	28,733

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report. Accrued interest on AFS securities was $99.1 million as of June 30, 2026, and $88.9 million as of December 31, 2025. We did not record any material write-offs of accrued interest in Six Months 2026 or Six Months 2025.


June 30, 2026	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	52,769	(686)	96,350	(15,298)	149,119	(15,984)
Foreign government	7,412		(26)	7,836	(864)	15,248	(890)
Obligations of states and political subdivisions	73,677		(860)	182,590	(21,590)	256,267	(22,450)
Corporate securities	755,727		(10,554)	641,057	(68,396)	1,396,784	(78,950)
CLO and other ABS	1,056,123		(15,205)	384,607	(27,179)	1,440,730	(42,384)
RMBS	944,556		(11,813)	569,997	(64,204)	1,514,553	(76,017)
CMBS	193,428		(2,451)	222,544	(13,076)	415,972	(15,527)
Total AFS fixed income securities	$	3,083,692	(41,595)	2,104,981	(210,607)	5,188,673	(252,202)


December 31, 2025	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	28,710	(57)	110,826	(14,721)	139,536	(14,778)
Foreign government	—		—	9,058	(797)	9,058	(797)
Obligations of states and political subdivisions	53,076		(604)	230,441	(23,279)	283,517	(23,883)
Corporate securities	128,218		(3,070)	830,001	(68,792)	958,219	(71,862)
CLO and other ABS	573,832		(6,993)	462,469	(27,866)	1,036,301	(34,859)
RMBS	283,926		(1,913)	672,455	(59,421)	956,381	(61,334)
CMBS	53,716		(1,009)	304,054	(13,596)	357,770	(14,605)
Total AFS fixed income securities	$	1,121,478	(13,646)	2,619,304	(208,472)	3,740,782	(222,118)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses at June 30, 2026, compared to December 31, 2025, was primarily driven by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2025 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2026. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2026, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.


	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	541,089	—	—
Due after one year through five years	3,618,127		20,107	19,540
Due after five years through ten years	4,120,238		—	—
Due after ten years	1,630,299		—	—
Total fixed income securities	$	9,909,753	20,107	19,540


	June 30, 2026				December 31, 2025
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	383,798	196,058	579,856	335,415	194,275	529,690
Private credit	40,491		89,688	130,179	37,029	133,639	170,668
Real assets	49,575		45,987	95,562	46,081	48,385	94,466
Total alternative investments	$	473,864	331,733	805,597	418,525	376,299	794,824

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2026 or 2025.

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at June 30, 2026, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.


($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	24.5	24.5
Obligations of states and political subdivisions	—		—	0.7	0.7



RMBS	64.0		18.4	0.5	82.9
CMBS	—		5.2	—	5.2


Total pledged as collateral	$	64.0	23.6	25.7	113.3

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2026, or December 31, 2025.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025	2026		2025
Fixed income securities	$	134,641	115,733	$	261,268	220,815
Commercial mortgage loans ("CMLs")	4,086		3,761	8,315		7,376
Equity securities	5,520		4,908	9,722		8,475
Short-term investments	3,157		5,267	8,697		11,500
Alternative investments	8,608		4,004	15,483		11,083
Other investments	446		163	486		394
Investment expenses	(6,291)		(5,868)	(11,421)		(10,984)
Net investment income earned	$	150,167	127,968	$	292,550	248,659

The increase in net investment income earned in Second Quarter 2026 and Six Months 2026 compared to the same prior-year periods was primarily driven by active portfolio management resulting in higher after-tax portfolio yield and operating cash flow deployment.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025	2026		2025
Gross gains on sales	$	2,592	2,154	$	5,906	3,881
Gross losses on sales	(5,811)		(2,394)	(10,358)		(4,777)
Net realized gains (losses) on disposals	(3,219)		(240)	(4,452)		(896)
Net unrealized gains (losses) on equity securities	19,845		3,640	21,315		4,690



Net credit loss benefit (expense) on fixed income investments	(4,651)		772	(12,805)		1,366
Losses on securities for which we have the intent to sell	(4)		—	(388)		(759)

Net realized and unrealized investment gains (losses)	$	11,971	4,172	$	3,670	4,401


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2026		2025		2026		2025
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	19,845	3,018		$	21,315	3,539
On securities sold in period	—		622		—		1,151
Total unrealized gains (losses) recognized in income on equity securities	$	19,845	3,640		$	21,315	4,690