| Fair value measurements for items measured at fair value |
Assets measured at fair value, by hierarchy level, as of June 30, 2026 and December 31, 2025 are shown in tables 6.1a and 6.1b below. The fair value of the assets is estimated using the process described above, and in Note 2 - “Significant Accounting Policies” to the consolidated financial statements in our 2025 Annual Report on Form 10-K. | | | | | | | | | | | | | | | | | | | | | | | | | | Assets Carried at Fair Value by Hierarchy Level as of June 30, 2026 | | Table | 6.1a | | | | | | | | | | (In thousands) | | Total Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | | $ | 281,188 | | | $ | 242,076 | | | $ | 39,112 | | | | | Obligations of U.S. states and political subdivisions | | 1,720,565 | | | — | | | 1,720,565 | | | | | Corporate debt securities | | 2,674,673 | | | — | | | 2,674,673 | | | | | ABS | | 288,121 | | | — | | | 288,121 | | | | | RMBS | | 361,596 | | | — | | | 361,596 | | | | | CMBS | | 233,480 | | | — | | | 233,480 | | | | | CLOs | | 124,249 | | | — | | | 124,249 | | | | | Foreign government debt | | 4,057 | | | — | | | 4,057 | | | | | Commercial paper | | 13,129 | | | — | | | 13,129 | | | | | Total fixed income securities | | 5,701,058 | | | 242,076 | | | 5,458,982 | | | | | Equity securities | | 15,274 | | | 15,274 | | | — | | | | Cash equivalents (1) | | 211,718 | | | 204,685 | | | 7,033 | | | | | Total | | $ | 5,928,050 | | | $ | 462,035 | | | $ | 5,466,015 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Assets Carried at Fair Value by Hierarchy Level as of December 31, 2025 | | Table | 6.1b | | | | | | | | | | (In thousands) | | Total Fair Value | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Other Observable Inputs (Level 2) | | | | U.S. Treasury securities and obligations of U.S. government corporations and agencies | | $ | 277,812 | | | $ | 241,056 | | | $ | 36,756 | | | | | Obligations of U.S. states and political subdivisions | | 1,838,764 | | | — | | | 1,838,764 | | | | | Corporate debt securities | | 2,691,272 | | | — | | | 2,691,272 | | | | | ABS | | 226,561 | | | — | | | 226,561 | | | | | RMBS | | 358,024 | | | — | | | 358,024 | | | | | CMBS | | 238,783 | | | — | | | 238,783 | | | | | CLOs | | 99,287 | | | — | | | 99,287 | | | | | Foreign government debt | | 4,067 | | | — | | | 4,067 | | | | | Commercial paper | | 56,661 | | | — | | | 56,661 | | | | | Total fixed income securities | | 5,791,231 | | | 241,056 | | | 5,550,175 | | | | | Equity securities | | 15,322 | | | 15,322 | | | — | | | | Cash equivalents (1) | | 371,219 | | | 363,423 | | | 7,796 | | | | | Total | | $ | 6,177,772 | | | $ | 619,801 | | | $ | 5,557,971 | | | | | (1) Includes restricted cash equivalents | | | | |
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| Carrying value and fair value of financial assets and liabilities |
Table 6.2 presents the carrying value and fair value of our financial assets and liabilities disclosed, but not carried, at fair value at June 30, 2026 and December 31, 2025. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Assets and Liabilities Not Measured at Fair Value | | Table | 6.2 | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (In thousands) | | Carrying Value | | Fair Value | | Carrying Value | | Fair Value | | Financial assets | | | | | | | | | | Other invested assets | | $ | 1,109 | | | $ | 1,109 | | | $ | 1,109 | | | $ | 1,109 | | | | | | | | | | | | Financial liabilities | | | | | | | | | | 5.25% Senior Notes | | 646,874 | | | 649,604 | | | 646,138 | | | 650,442 | |
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