v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments [Abstract]  
Schedule of Available-for-Sale Securities Information regarding our AFS securities as of June 30, 2026 and December 31, 2025, were as follows:
June 30, 2026Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
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 government17,113 (79)26 (890)16,170 
Obligations of states and political subdivisions558,518 (305)6,924 (22,450)542,687 
Corporate securities3,699,163 (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$10,131,816 (39,102)69,241 (252,202)9,909,753 
December 31, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$177,877 — 108 (14,778)163,207 
Foreign government10,768 (16)47 (797)10,002 
Obligations of states and political subdivisions567,757 (259)6,342 (23,883)549,957 
Corporate securities3,409,875 (7,691)73,842 (71,862)3,404,164 
CLO and other ABS2,570,451 (11,902)26,596 (34,859)2,550,286 
RMBS2,127,004 (11,284)21,547 (61,334)2,075,933 
CMBS713,146 (135)5,221 (14,605)703,627 
Total AFS fixed income securities$9,576,878 (31,287)133,703 (222,118)9,457,176 
Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$12 68 — (1)— — 79 
Obligations of states and political subdivisions305 — — — — — 305 
Corporate securities13,065 1,767 — (1,624)(810)— 12,398 
CLO and other ABS14,029 190 — 787 (89)— 14,917 
RMBS11,393 — — 74 (73)— 11,394 
CMBS15 — — (6)— — 9 
Total AFS fixed income securities$38,819 2,025 — (770)(972)— 39,102 

Quarter ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$19 — — 2 — — 21 
Obligations of states and political subdivisions419 27 — (36)(20)— 390 
Corporate securities12,616 306 — (2,979)(372)— 9,571 
CLO and other ABS5,499 182 — 1,607 (58)— 7,230 
RMBS11,342 — — 185 (105)— 11,422 
CMBS280 — — (181)— — 99 
Total AFS fixed income securities$30,175 515 — (1,402)(555)— 28,733 

Six Months ended June 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$16 68 — (5)— — 79 
Obligations of states and political subdivisions259 61 — (12)(3)— 305 
Corporate securities7,691 5,371 — 656 (1,320)— 12,398 
CLO and other ABS11,902 499 — 2,606 (90)— 14,917 
RMBS11,284 37 — 254 (181)— 11,394 
CMBS135 — — (126)— — 9 
Total AFS fixed income securities$31,287 6,036 — 3,373 (1,594)— 39,102 
Six Months ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — — — — 21 
Obligations of states and political subdivisions570 32 — (106)(106)— 390 
Corporate securities14,924 935 — (5,142)(1,146)— 9,571 
CLO and other ABS4,889 1,652 — 876 (187)— 7,230 
RMBS11,544 — — 138 (260)— 11,422 
CMBS— 99 — — — — 99 
Total AFS fixed income securities$31,948 2,718 — (4,234)(1,699)— 28,733 
Schedule of Quantitative Information about Unrealized Losses on AFS Quantitative information about unrealized losses on our AFS portfolio follows:
June 30, 2026Less than 12 months12 months or longerTotal
($ 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 government7,412 (26)7,836 (864)15,248 (890)
Obligations of states and political subdivisions73,677 (860)182,590 (21,590)256,267 (22,450)
Corporate securities755,727 (10,554)641,057 (68,396)1,396,784 (78,950)
CLO and other ABS1,056,123 (15,205)384,607 (27,179)1,440,730 (42,384)
RMBS944,556 (11,813)569,997 (64,204)1,514,553 (76,017)
CMBS193,428 (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, 2025Less than 12 months12 months or longerTotal
($ 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 subdivisions53,076 (604)230,441 (23,279)283,517 (23,883)
Corporate securities128,218 (3,070)830,001 (68,792)958,219 (71,862)
CLO and other ABS573,832 (6,993)462,469 (27,866)1,036,301 (34,859)
RMBS283,926 (1,913)672,455 (59,421)956,381 (61,334)
CMBS53,716 (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)
Schedule of Fixed Maturity Securities by Contractual Maturities 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.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$541,089 — — 
Due after one year through five years3,618,127 20,107 19,540 
Due after five years through ten years4,120,238 — — 
Due after ten years1,630,299 — — 
Total fixed income securities$9,909,753 20,107 19,540 
Schedule of Alternative Investment Portfolio by Strategy and Remaining Commitment Amount and Maximum Exposure to Loss Associated with Each Strategy The following table summarizes our alternative investment portfolio by strategy:
June 30, 2026December 31, 2025
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$383,798 196,058 579,856 335,415 194,275 529,690 
   Private credit40,491 89,688 130,179 37,029 133,639 170,668 
   Real assets49,575 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 
Schedule of Securities Pledged as Collateral
The following table summarizes the market value of these securities at June 30, 2026:

($ in millions)FHLBI CollateralFHLBNY 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 
RMBS64.0 18.4 0.5 82.9 
CMBS— 5.2 — 5.2 
Total pledged as collateral$64.0 23.6 25.7 113.3 
Schedule of Pre-Tax Net Investment Income Earned The components of pre-tax net investment income earned were as follows:
 Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
Fixed income securities$134,641 115,733 $261,268 220,815 
Commercial mortgage loans ("CMLs")
4,086 3,761 8,315 7,376 
Equity securities5,520 4,908 9,722 8,475 
Short-term investments3,157 5,267 8,697 11,500 
Alternative investments8,608 4,004 15,483 11,083 
Other investments446 163 486 394 
Investment expenses(6,291)(5,868)(11,421)(10,984)
Net investment income earned$150,167 127,968 $292,550 248,659 
Schedule of Realized and Unrealized Gains (Losses) on Securities The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
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 securities19,845 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 
Schedule of Unrealized Gain (Loss) on Equity Securities
Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2026202520262025
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