v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Values and Gross Unrealized Gains and Losses
Fair Values and Gross Unrealized Gains and Losses on Investments
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of June 30, 2026(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$219,938 $343 $(5,481)$214,800 
Municipal debt securities593,325 760 (28,261)565,824 
Corporate debt securities2,251,283 9,065 (61,801)2,198,547 
U.S. agency mortgage-backed securities (1)
39,399 — (492)38,907 
Other asset-backed securities
153,714 40 (3,033)150,721 
Total bonds3,257,659 10,208 (99,068)3,168,799 
Short-term investments89,179 — (38)89,141 
Total investments$3,346,838 $10,208 $(99,106)$3,257,940 
Amortized
Cost		Gross UnrealizedFair
Value
GainsLosses
As of December 31, 2025(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies$306,168 $2,544 $(1,684)$307,028 
Municipal debt securities635,396 3,052 (26,879)611,569 
Corporate debt securities2,047,122 27,504 (55,015)2,019,611 
U.S. agency mortgage-backed securities (1)
42,109 10 (48)42,071 
Other asset-backed securities
72,774 — (2,649)70,125 
Total bonds3,103,569 33,110 (86,275)3,050,404 
Short-term investments86,605 15 (1)86,619 
Total investments$3,190,174 $33,125 $(86,276)$3,137,023 
(1)    100% of our U.S. agency mortgage-backed securities at June 30, 2026 and December 31, 2025 were guaranteed by Ginnie Mae, which has the full faith and credit of the U.S. federal government.
Schedule of Corporate Debt Securities by Industry Group
The following table presents a breakdown of the fair value of our corporate debt securities by issuer industry group as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
Financial41 %39 %
Consumer27 28 
Industrial10 9 
Utilities9 11 
Technology6 6 
Communications5 6 
Basic Materials2 1 
Total100 %100 %
Schedule of Investments by Maturity
The amortized cost and fair value of available-for-sale securities as of June 30, 2026 and December 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most U.S. agency mortgage-backed securities and other asset-backed securities provide for periodic payments throughout their lives, they are listed below in separate categories.
As of June 30, 2026Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$367,919 $365,515 
Due after one through five years1,562,455 1,501,354 
Due after five through ten years1,161,537 1,140,487 
Due after ten years61,814 60,956 
U.S. agency mortgage-backed securities39,399 38,907 
Other asset-backed securities
153,714 150,721 
Total investments$3,346,838 $3,257,940 
As of December 31, 2025Amortized
Cost		Fair
Value
(In Thousands)
Due in one year or less$292,846 $292,232 
Due after one through five years1,713,613 1,672,123 
Due after five through ten years1,062,039 1,053,628 
Due after ten years6,793 6,844 
U.S. agency mortgage-backed securities42,109 42,071 
Other asset-backed securities
72,774 70,125 
Total investments$3,190,174 $3,137,023 
Schedule of Aging Unrealized Losses For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:
Less Than Twelve MonthsTwelve Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of June 30, 2026($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies18 $192,601 $(5,474)1 $534 $(7)19 $193,135 $(5,481)
Municipal debt securities6 32,254 (98)200 436,770 (28,163)206 469,024 (28,261)
Corporate debt securities126 654,587 (7,645)143 730,591 (54,156)269 1,385,178 (61,801)
U.S. agency mortgage-backed securities3 38,907 (492)— — — 3 38,907 (492)
Other asset-backed securities
12 83,725 (104)14 19,930 (2,929)26 103,655 (3,033)
Short-term investments7 88,755 (38)— — — 7 88,755 (38)
Total 172 $1,090,829 $(13,851)358 $1,187,825 $(85,255)530 $2,278,654 $(99,106)
Less Than Twelve MonthsTwelve Months or GreaterTotal
# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses# of SecuritiesFair ValueUnrealized Losses
As of December 31, 2025($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies11 $204,062 $(1,673)5 $1,993 $(11)16 $206,055 $(1,684)
Municipal debt securities— — — 215 477,095 (26,879)215 477,095 (26,879)
Corporate debt securities13 43,546 (209)159 836,050 (54,806)172 879,596 (55,015)
U.S. agency mortgage-backed securities2 27,109 (48)— — — 2 27,109 (48)
Other asset-backed securities
7 33,836 (53)16 36,289 (2,596)23 70,125 (2,649)
Short-term investments1 24,778 (1)— — — 1 24,778 (1)
Total34 $333,331 $(1,984)395 $1,351,427 $(84,292)429 $1,684,758 $(86,276)
Schedule of Net Investment Income
The following table presents the components of net investment income:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
(In Thousands)
Investment income (1)
$30,682 $25,263 $59,635 $49,298 
Investment expenses(351)(314)(700)(663)
Net investment income$30,331 $24,949 $58,935 $48,635 
(1)    Includes interest income recognized on cash and cash equivalents of $0.8 million and $1.7 million during the three and six months ended June 30, 2026, respectively, and $1.1 million and $2.0 million during the three and six months ended June 30, 2025, respectively.
Schedule of Net Realized Investment Gains (Losses)
The following table presents the components of net realized investment losses:
For the three months ended June 30,For the six months ended June 30,
2026202520262025
(In Thousands)
Gross realized investment gains$722 $— $1,768 $24 
Gross realized investment losses(951)(400)(2,144)(400)
Net realized investment losses$(229)$(400)$(376)$(376)