v3.26.1
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Income
Net investment income was attributable to the following:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2026202520262025
Fixed maturity securities$32,323 $30,250 $59,768 $57,350 
Cash equivalents51,040 23,653 84,673 42,212 
Other (1)
46 397 97 1,031 
Gross Investment income83,409 54,300 144,538 100,593 
Investment expenses
(342)(309)(862)(608)
Net investment income (excluding net realized capital gains (losses)83,067 53,991 143,676 99,985 
Net realized capital gains1,727 13 1,732 131 
Net investment income$84,794 $54,004 $145,408 $100,116 
(1) Represents the net interest earned on funds withheld.
Schedule of Investments
The following tables provide summaries of the Company's carrying amounts and fair values of available-for-sale securities by major security type as of June 30, 2026 and December 31, 2025:
June 30, 2026
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. treasury and agency securities
$3,209,908 $1,465 $(8,343)$3,203,030 
Corporate notes
772,961 192 (1,854)771,299 
Certificates of deposit
1,965,000 — — 1,965,000 
Commercial paper
99,721 — — 99,721 
Asset-backed securities38,715 39 (37)38,717 
Other (1)
2,909 — — 2,909 
Total
$6,089,214 $1,696 $(10,234)$6,080,676 
(1) Includes equity securities without a readily determinable market value.
December 31, 2025
(in thousands)Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. treasury and agency securities
$2,076,112 $15,433 $(565)$2,090,980 
Corporate notes
557,413 3,051 (50)560,414 
Asset-backed securities33,497 148 — 33,645 
Other (1)
2,409 — — 2,409 
Total
$2,669,431 $18,632 $(615)$2,687,448 
(1) Includes equity securities without a readily determinable market value.
Schedule of Investments in a Gross Unrealized Loss Position
The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position, by the length of time in which the securities have continuously been in that position, as of June 30, 2026 and December 31, 2025:
June 30, 2026
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities298 $2,659,228 $(8,033)2 $19,821 $(310)
Corporate notes289 634,759 (1,855)— — — 
Asset-backed securities18 24,402 (36)— — — 
Total605 $3,318,389 $(9,924)2 $19,821 $(310)

December 31, 2025
Less than 12 Months12 Months or Longer
(in thousands, except no. of securities)Number of SecuritiesFair ValueGross
Unrealized Losses		Number of SecuritiesFair ValueGross
Unrealized Losses
U.S. treasury and agency securities48 $265,431 $(445)5 $40,784 $(120)
Corporate notes59 82,246 (50)— — — 
Total107 $347,677 $(495)5 $40,784 $(120)
Schedule of Contractual Maturities of Available-For-Sale Securities
The amortized cost and fair value of the Company's fixed maturity securities as of June 30, 2026 and December 31, 2025 by contractual maturity are shown below. Actual maturities of these securities could differ from their contractual maturities because issuers may have the right to call or prepay obligations, with or without penalties.

June 30, 2026December 31, 2025
(in thousands)
Amortized Cost
Fair Value
Amortized CostFair Value
Due in one year or less$4,481,630 $4,479,906 $1,213,011 $1,216,461 
Due after one year through five years1,534,582 1,528,255 1,372,038 1,385,735 
Due after five years through ten years70,093 69,606 81,973 82,843 
Total
$6,086,305 $6,077,767 $2,667,022 $2,685,039