Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Disposition of Fixed Income and Equity Securities |
| | | | | | | | | | | | | Sales | | Proceeds | | Gross Realized | | Net Realized | (in thousands) | | From Sales | | Gains | | Losses | | Gain (Loss) | 2026 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 127,366 | | $ | 1,430 | | $ | (2,445) | | $ | (1,015) | Equity securities | | | 38,426 | | | 21,494 | | | (1,399) | | | 20,095 | 2025 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 29,579 | | $ | 188 | | $ | (1,000) | | $ | (812) | Equity securities | | | 55,251 | | | 30,034 | | | (562) | | | 29,472 | | | | | | | | | | | | | | Calls/Maturities | | | | | Gross Realized | | Net Realized | (in thousands) | | Proceeds | | Gains | | Losses | | Gain (Loss) | 2026 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 230,684 | | $ | 458 | | $ | — | | $ | 458 | 2025 | | | | | | | | | | | | | Fixed income securities - available-for-sale | | $ | 241,380 | | $ | 62 | | $ | (72) | | $ | (10) |
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| Fair Value, Assets Measured on Recurring Basis |
| | | | | | | | | | | | | | | As of June 30, 2026 | | | Quoted Prices in | | Significant Other | | Significant | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | Identical Assets | | Inputs | | Inputs | | | | (in thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Fixed income securities - available-for-sale | | | | | | | | | | | | | U.S. government | | $ | — | | $ | 281,707 | | $ | — | | $ | 281,707 | U.S. agency | | | — | | | 26,194 | | | — | | | 26,194 | Non-U.S. government & agency | | | — | | | 14,349 | | | 2,122 | | | 16,471 | Agency MBS | | | — | | | 594,335 | | | — | | | 594,335 | ABS/CMBS/MBS* | | | — | | | 758,032 | | | — | | | 758,032 | Corporate | | | — | | | 1,449,400 | | | 133,143 | | | 1,582,543 | Municipal | | | — | | | 358,660 | | | — | | | 358,660 | Total fixed income securities - available-for-sale | | $ | — | | $ | 3,482,677 | | $ | 135,265 | | $ | 3,617,942 | Equity securities | | | 950,058 | | | — | | | 9,319 | | | 959,377 | Total | | $ | 950,058 | | $ | 3,482,677 | | $ | 144,584 | | $ | 4,577,319 |
| | | | | | | | | | | | | | | As of December 31, 2025 | | | Quoted Prices in | | Significant Other | | Significant | | | | | | Active Markets for | | Observable | | Unobservable | | | | | | Identical Assets | | Inputs | | Inputs | | | | (in thousands) | | (Level 1) | | (Level 2) | | (Level 3) | | Total | Fixed income securities - available-for-sale | | | | | | | | | | | | | U.S. government | | $ | — | | $ | 335,223 | | $ | — | | $ | 335,223 | U.S. agency | | | — | | | 37,927 | | | — | | | 37,927 | Non-U.S. government & agency | | | — | | | 11,417 | | | 2,130 | | | 13,547 | Agency MBS | | | — | | | 610,675 | | | — | | | 610,675 | ABS/CMBS/MBS* | | | — | | | 672,984 | | | — | | | 672,984 | Corporate | | | — | | | 1,383,329 | | | 108,177 | | | 1,491,506 | Municipal | | | — | | | 371,474 | | | — | | | 371,474 | Total fixed income securities - available-for-sale | | $ | — | | $ | 3,423,029 | | $ | 110,307 | | $ | 3,533,336 | Equity securities | | | 890,622 | | | — | | | 8,254 | | | 898,876 | Total | | $ | 890,622 | | $ | 3,423,029 | | $ | 118,561 | | $ | 4,432,212 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Summary of Changes in Balance of Level 3 Securities |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Beginning balance | | $ | 131,981 | | $ | 98,945 | | $ | 118,561 | | $ | 95,125 | Net realized and unrealized gains (losses) | | | | | | | | | | | | | Included in other comprehensive earnings (loss) | | | 214 | | | 899 | | | (1,332) | | | 1,792 | Purchases | | | 13,289 | | | 3,028 | | | 32,585 | | | 8,098 | Sales / Calls / Maturities | | | (900) | | | (1,338) | | | (5,230) | | | (3,481) | Transfers into Level 3 | | | — | | | — | | | — | | | — | Transfers out of Level 3 | | | — | | | — | | | — | | | — | Balance as of June 30, | | $ | 144,584 | | $ | 101,534 | | $ | 144,584 | | $ | 101,534 | Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss) | | $ | 214 | | $ | 899 | | $ | (1,333) | | $ | 1,792 |
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| Schedule of Contractual Maturity of Securities |
| | | | | | | | | June 30, 2026 | (in thousands) | | Amortized Cost | | Fair Value | Due in one year or less | | $ | 181,011 | | $ | 180,052 | Due after one year through five years | | | 761,392 | | | 749,675 | Due after five years through 10 years | | | 886,609 | | | 876,525 | Due after 10 years | | | 530,564 | | | 459,323 | ABS/CMBS/MBS* | | | 1,401,300 | | | 1,352,367 | Total available-for-sale | | $ | 3,760,876 | | $ | 3,617,942 |
* | Asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Amortized Cost and Fair Value of Available-for-sale Securities |
| | | | | | | | | | | | | | | | | | June 30, 2026 | | | Cost or | | Allowance | | Gross | | Gross | | | | | | Amortized | | for Credit | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Losses | | Gains | | Losses | | Value | U.S. government | | $ | 282,536 | | $ | — | | $ | 735 | | $ | (1,564) | | $ | 281,707 | U.S. agency | | | 26,313 | | | — | | | 163 | | | (282) | | | 26,194 | Non-U.S. government & agency | | | 16,884 | | | — | | | 157 | | | (570) | | | 16,471 | Agency MBS | | | 625,626 | | | — | | | 1,714 | | | (33,005) | | | 594,335 | ABS/CMBS/MBS* | | | 775,674 | | | (288) | | | 1,549 | | | (18,903) | | | 758,032 | Corporate | | | 1,609,863 | | | (175) | | | 8,176 | | | (35,321) | | | 1,582,543 | Municipal | | | 423,980 | | | — | | | 1,186 | | | (66,506) | | | 358,660 | Total Fixed Income | | $ | 3,760,876 | | $ | (463) | | $ | 13,680 | | $ | (156,151) | | $ | 3,617,942 | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Cost or | | Allowance | | Gross | | Gross | | | | | | Amortized | | for Credit | | Unrealized | | Unrealized | | Fair | (in thousands) | | Cost | | Losses | | Gains | | Losses | | Value | U.S. government | | $ | 331,233 | | $ | — | | $ | 4,909 | | $ | (919) | | $ | 335,223 | U.S. agency | | | 37,379 | | | — | | | 677 | | | (129) | | | 37,927 | Non-U.S. government & agency | | | 13,831 | | | — | | | 274 | | | (558) | | | 13,547 | Agency MBS | | | 634,349 | | | — | | | 4,718 | | | (28,392) | | | 610,675 | ABS/CMBS/MBS* | | | 685,126 | | | (470) | | | 3,640 | | | (15,312) | | | 672,984 | Corporate | | | 1,502,843 | | | (358) | | | 16,951 | | | (27,930) | | | 1,491,506 | Municipal | | | 437,601 | | | — | | | 1,068 | | | (67,195) | | | 371,474 | Total Fixed Income | | $ | 3,642,362 | | $ | (828) | | $ | 32,237 | | $ | (140,435) | | $ | 3,533,336 |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Debt Securities Available-for-sale Allowance for Credit Loss |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Beginning balance | | $ | 538 | | $ | 157 | | $ | 828 | | $ | 197 | Increase to allowance from securities for which credit losses were not previously recorded | | | 57 | | | 16 | | | 96 | | | 16 | Reduction from securities sold during the period | | | (9) | | | (2) | | | (67) | | | — | Reductions from intent to sell securities | | | | | | (15) | | | (180) | | | — | Net increase (decrease) from securities that had an allowance at the beginning of the period | | | (123) | | | 89 | | | (214) | | | 32 | Balance as of June 30, | | $ | 463 | | $ | 245 | | $ | 463 | | $ | 245 |
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| Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position |
| | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | (in thousands) | | < 12 Mos. | | 12 Mos. &
Greater | | Total | | < 12 Mos. | | 12 Mos. &
Greater | | Total | U.S. government | | | | | | | | | | | | | | | | | | | Fair value | | $ | 116,625 | | $ | 45,281 | | $ | 161,906 | | $ | 8,610 | | $ | 80,088 | | $ | 88,698 | Amortized cost | | | 117,338 | | | 46,132 | | | 163,470 | | | 8,620 | | | 80,997 | | | 89,617 | Unrealized loss | | $ | (713) | | $ | (851) | | $ | (1,564) | | $ | (10) | | $ | (909) | | $ | (919) | U.S. agency | | | | | | | | | | | | | | | | | | | Fair value | | $ | 7,723 | | $ | 7,927 | | $ | 15,650 | | $ | — | | $ | 19,797 | | $ | 19,797 | Amortized cost | | | 7,924 | | | 8,008 | | | 15,932 | | | — | | | 19,926 | | | 19,926 | Unrealized loss | | $ | (201) | | $ | (81) | | $ | (282) | | $ | — | | $ | (129) | | $ | (129) | Non-U.S. government | | | | | | | | | | | | | | | | | | | Fair value | | $ | 4,411 | | $ | 4,268 | | $ | 8,679 | | $ | — | | $ | 4,244 | | $ | 4,244 | Amortized cost | | | 4,447 | | | 4,802 | | | 9,249 | | | — | | | 4,802 | | | 4,802 | Unrealized Loss | | $ | (36) | | $ | (534) | | $ | (570) | | $ | — | | $ | (558) | | $ | (558) | Agency MBS | | | | | | | | | | | | | | | | | | | Fair value | | $ | 291,449 | | $ | 190,635 | | $ | 482,084 | | $ | 34,783 | | $ | 239,581 | | $ | 274,364 | Amortized cost | | | 295,278 | | | 219,811 | | | 515,089 | | | 34,917 | | | 267,839 | | | 302,756 | Unrealized loss | | $ | (3,829) | | $ | (29,176) | | $ | (33,005) | | $ | (134) | | $ | (28,258) | | $ | (28,392) | ABS/CMBS/MBS* | | | | | | | | | | | | | | | | | | | Fair value | | $ | 398,451 | | $ | 133,375 | | $ | 531,826 | | $ | 110,600 | | $ | 142,903 | | $ | 253,503 | Amortized cost | | | 401,832 | | | 148,897 | | | 550,729 | | | 110,826 | | | 157,989 | | | 268,815 | Unrealized loss | | $ | (3,381) | | $ | (15,522) | | $ | (18,903) | | $ | (226) | | $ | (15,086) | | $ | (15,312) | Corporate | | | | | | | | | | | | | | | | | | | Fair value | | $ | 604,882 | | $ | 436,738 | | $ | 1,041,620 | | $ | 146,177 | | $ | 545,897 | | $ | 692,074 | Amortized cost | | | 612,223 | | | 464,718 | | | 1,076,941 | | | 148,444 | | | 571,560 | | | 720,004 | Unrealized loss | | $ | (7,341) | | $ | (27,980) | | $ | (35,321) | | $ | (2,267) | | $ | (25,663) | | $ | (27,930) | Municipal | | | | | | | | | | | | | | | | | | | Fair value | | $ | 21,547 | | $ | 297,023 | | $ | 318,570 | | $ | 3,759 | | $ | 324,235 | | $ | 327,994 | Amortized cost | | | 22,065 | | | 363,011 | | | 385,076 | | | 3,789 | | | 391,400 | | | 395,189 | Unrealized loss | | $ | (518) | | $ | (65,988) | | $ | (66,506) | | $ | (30) | | $ | (67,165) | | $ | (67,195) | Total fixed income | | | | | | | | | | | | | | | | | | | Fair value | | $ | 1,445,088 | | $ | 1,115,247 | | $ | 2,560,335 | | $ | 303,929 | | $ | 1,356,745 | | $ | 1,660,674 | Amortized cost | | | 1,461,107 | | | 1,255,379 | | | 2,716,486 | | | 306,596 | | | 1,494,513 | | | 1,801,109 | Unrealized loss | | $ | (16,019) | | $ | (140,132) | | $ | (156,151) | | $ | (2,667) | | $ | (137,768) | | $ | (140,435) |
* | Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities |
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| Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions |
| | | | | | | | | | | | | | | | | | | Equivalent | | Equivalent | | (dollars in thousands) | | | | NAIC | | S&P | | Moody’s | | Amortized | | | | | Unrealized | | Percent | | Rating | | Rating | | Rating | | Cost | | Fair Value | | Loss | | to Total | | 1 | | AAA/AA/A | | Aaa/Aa/A | | $ | 2,206,673 | | $ | 2,067,119 | | $ | (139,554) | | 89.4 | % | 2 | | BBB | | Baa | | | 432,377 | | | 418,772 | | | (13,605) | | 8.7 | % | 3 | | BB | | Ba | | | 45,804 | | | 44,506 | | | (1,298) | | 0.8 | % | 4 | | B | | B | | | 28,810 | | | 27,443 | | | (1,367) | | 0.9 | % | 5 | | CCC | | Caa | | | 2,822 | | | 2,495 | | | (327) | | 0.2 | % | 6 | | CC or lower | | Ca or lower | | | — | | | — | | | — | | 0.0 | % | | | | | Total | | $ | 2,716,486 | | $ | 2,560,335 | | $ | (156,151) | | 100.0 | % |
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