
September 30, 2026	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	207,774	—	—	(25,658)	182,116
Foreign government	17,109		(75)	8	(1,679)	15,363
Obligations of states and political subdivisions	540,579		(619)	162	(48,207)	491,915
Corporate securities	3,959,528		(24,893)	8,882	(189,692)	3,753,825
Collateralized loan obligations (“CLO”) and other asset-backed securities (“ABS”)	2,576,294		(14,417)	14,427	(70,902)	2,505,402
Residential mortgage-backed securities (“RMBS”)	2,447,862		(11,543)	1,345	(184,471)	2,253,193
Commercial mortgage-backed securities (“CMBS”)	633,847		(14)	229	(25,818)	608,244
Total AFS fixed income securities	$	10,382,993	(51,561)	25,053	(546,427)	9,810,058


December 31, 2025	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized 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 government	10,768		(16)	47	(797)	10,002
Obligations of states and political subdivisions	567,757		(259)	6,342	(23,883)	549,957
Corporate securities	3,409,875		(7,691)	73,842	(71,862)	3,404,164
CLO and other ABS	2,570,451		(11,902)	26,596	(34,859)	2,550,286
RMBS	2,127,004		(11,284)	21,547	(61,334)	2,075,933
CMBS	713,146		(135)	5,221	(14,605)	703,627
Total AFS fixed income securities	$	9,576,878	(31,287)	133,703	(222,118)	9,457,176


Quarter ended September 30, 2026	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	79	—	—	(4)	—	—	75
Obligations of states and political subdivisions	305		333	—	(19)	—	—	619
Corporate securities	12,398		10,550	—	2,281	(336)	—	24,893
CLO and other ABS	14,917		161	—	(654)	(7)	—	14,417
RMBS	11,394		—	—	223	(74)	—	11,543
CMBS	9		—	—	5	—	—	14
Total AFS fixed income securities	$	39,102	11,044	—	1,832	(417)	—	51,561


Quarter ended September 30, 2025	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	21	—	—	(2)	—	—	19
Obligations of states and political subdivisions	390		13	—	(77)	—	—	326
Corporate securities	9,571		369	—	(1,568)	(352)	—	8,020
CLO and other ABS	7,230		333	1,938	68	(335)	—	9,234
RMBS	11,422		—	—	25	(79)	—	11,368
CMBS	99		—	—	10	—	—	109
Total AFS fixed income securities	$	28,733	715	1,938	(1,544)	(766)	—	29,076



Nine Months ended September 30, 2026	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	16	65	—	(6)	—	—	75
Obligations of states and political subdivisions	259		420	—	(57)	(3)	—	619
Corporate securities	7,691		18,179	—	679	(1,656)	—	24,893
CLO and other ABS	11,902		512	—	2,100	(97)	—	14,417
RMBS	11,284		37	—	477	(255)	—	11,543
CMBS	135		—	—	(121)	—	—	14
Total AFS fixed income securities	$	31,287	19,213	—	3,072	(2,011)	—	51,561



Nine Months ended September 30, 2025	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	21	—	—	(2)	—	—	19
Obligations of states and political subdivisions	570		18	—	(156)	(106)	—	326
Corporate securities	14,924		957	—	(6,363)	(1,498)	—	8,020
CLO and other ABS	4,889		2,177	1,938	752	(522)	—	9,234
RMBS	11,544		—	—	163	(339)	—	11,368
CMBS	—		109	—	—	—	—	109
Total AFS fixed income securities	$	31,948	3,261	1,938	(5,606)	(2,465)	—	29,076

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report. Accrued interest on AFS securities was $101.6 million as of September 30, 2026, and $88.9 million as of December 31, 2025. We did not record any material write-offs of accrued interest in Nine Months 2026 or Nine Months 2025.


September 30, 2026	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	93,042	(5,474)	89,010	(20,184)	182,052	(25,658)
Foreign government	6,897		(544)	7,561	(1,135)	14,458	(1,679)
Obligations of states and political subdivisions	302,778		(14,193)	161,130	(34,014)	463,908	(48,207)
Corporate securities	2,466,362		(102,586)	572,314	(87,106)	3,038,676	(189,692)
CLO and other ABS	1,421,402		(40,216)	328,580	(30,686)	1,749,982	(70,902)
RMBS	1,677,296		(91,274)	523,639	(93,197)	2,200,935	(184,471)
CMBS	366,333		(9,863)	190,087	(15,955)	556,420	(25,818)
Total AFS fixed income securities	$	6,334,110	(264,150)	1,872,321	(282,277)	8,206,431	(546,427)


December 31, 2025	Less than 12 months			12 months or longer		Total
($ 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 subdivisions	53,076		(604)	230,441	(23,279)	283,517	(23,883)
Corporate securities	128,218		(3,070)	830,001	(68,792)	958,219	(71,862)
CLO and other ABS	573,832		(6,993)	462,469	(27,866)	1,036,301	(34,859)
RMBS	283,926		(1,913)	672,455	(59,421)	956,381	(61,334)
CMBS	53,716		(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)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The increase in gross unrealized losses at September 30, 2026, compared to December 31, 2025, was primarily driven by an increase in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. “Summary of Significant Accounting Policies” in Item 8. “Financial Statements and Supplementary Data.” of our 2025 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of September 30, 2026. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity (“HTM”) fixed income securities at September 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.


	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	432,032	—	—
Due after one year through five years	3,420,422		19,705	18,807
Due after five years through ten years	3,876,752		2,200	2,177
Due after ten years	2,080,852		—	—
Total fixed income securities	$	9,810,058	21,905	20,984


	September 30, 2026				December 31, 2025
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	410,628	222,436	633,064	335,415	194,275	529,690
Private credit	45,349		89,378	134,727	37,029	133,639	170,668
Real assets	49,260		52,727	101,987	46,081	48,385	94,466
Total alternative investments	$	505,237	364,541	869,778	418,525	376,299	794,824

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during Nine Months 2026 or 2025.

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis (“FHLBI”) and the Federal Home Loan Bank of New York (“FHLBNY”). We also had certain securities on deposit with various state and regulatory agencies at September 30, 2026, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.


($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	25.1	25.1
Obligations of states and political subdivisions	—		—	0.2	0.2



RMBS	63.8		17.0	0.4	81.2
CMBS	—		5.0	—	5.0


Total pledged as collateral	$	63.8	22.0	25.7	111.5

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of September 30, 2026, or December 31, 2025.


	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025	2026		2025
Fixed income securities	$	137,589	117,242	$	398,857	338,057
Commercial mortgage loans (“CMLs”)	4,148		3,999	12,463		11,375
Equity securities	5,376		5,164	15,098		13,639
Short-term investments	3,384		5,712	12,081		17,212
Alternative investments	15,187		11,769	30,670		22,852
Other investments	139		171	625		565
Investment expenses	(5,342)		(5,402)	(16,763)		(16,386)
Net investment income earned	$	160,481	138,655	$	453,031	387,314

The increase in net investment income earned in Third Quarter 2026 and Nine Months 2026 compared to the same prior-year periods was primarily driven by active portfolio management resulting in higher after-tax portfolio yield and operating cash flow deployment.


	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025	2026		2025
Gross gains on sales	$	16,471	8,311	$	22,377	12,192
Gross losses on sales	(5,890)		(8,886)	(16,248)		(13,663)
Net realized gains (losses) on disposals	10,581		(575)	6,129		(1,471)
Net unrealized gains (losses) on equity securities	(17,691)		7,802	3,624		12,492



Net credit loss benefit (expense) on fixed income investments	(12,318)		830	(25,123)		2,196
Losses on securities for which we have the intent to sell	(18)		—	(406)		(759)

Net realized and unrealized investment gains (losses)	$	(19,446)	8,057	$	(15,776)	12,458


	Quarter ended September 30,			Nine Months ended September 30,
($ in thousands)	2026		2025		2026		2025
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	(1,969)	7,802		$	11,720	11,341
On securities sold in period	(15,722)		—		(8,096)		1,151
Total unrealized gains (losses) recognized in income on equity securities	$	(17,691)	7,802		$	3,624	12,492