v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments [Abstract]  
Schedule of Available-for-Sale Securities Information regarding our AFS securities as of September 30, 2026 and December 31, 2025, was as follows:
September 30, 2026Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$207,774 — — (25,658)182,116 
Foreign government17,109 (75)8 (1,679)15,363 
Obligations of states and political subdivisions540,579 (619)162 (48,207)491,915 
Corporate securities3,959,528 (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$10,382,993 (51,561)25,053 (546,427)9,810,058 
December 31, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$177,877 — 108 (14,778)163,207 
Foreign government10,768 (16)47 (797)10,002 
Obligations of states and political subdivisions567,757 (259)6,342 (23,883)549,957 
Corporate securities3,409,875 (7,691)73,842 (71,862)3,404,164 
CLO and other ABS2,570,451 (11,902)26,596 (34,859)2,550,286 
RMBS2,127,004 (11,284)21,547 (61,334)2,075,933 
CMBS713,146 (135)5,221 (14,605)703,627 
Total AFS fixed income securities$9,576,878 (31,287)133,703 (222,118)9,457,176 
Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended September 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$79 — — (4)— — 75 
Obligations of states and political subdivisions305 333 — (19)— — 619 
Corporate securities12,398 10,550 — 2,281 (336)— 24,893 
CLO and other ABS14,917 161 — (654)(7)— 14,417 
RMBS11,394 — — 223 (74)— 11,543 
CMBS9 — — 5 — — 14 
Total AFS fixed income securities$39,102 11,044 — 1,832 (417)— 51,561 

Quarter ended September 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — (2)— — 19 
Obligations of states and political subdivisions390 13 — (77)— — 326 
Corporate securities9,571 369 — (1,568)(352)— 8,020 
CLO and other ABS7,230 333 1,938 68 (335)— 9,234 
RMBS11,422 — — 25 (79)— 11,368 
CMBS99 — — 10 — — 109 
Total AFS fixed income securities$28,733 715 1,938 (1,544)(766)— 29,076 

Nine Months ended September 30, 2026Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$16 65 — (6)— — 75 
Obligations of states and political subdivisions259 420 — (57)(3)— 619 
Corporate securities7,691 18,179 — 679 (1,656)— 24,893 
CLO and other ABS11,902 512 — 2,100 (97)— 14,417 
RMBS11,284 37 — 477 (255)— 11,543 
CMBS135 — — (121)— — 14 
Total AFS fixed income securities$31,287 19,213 — 3,072 (2,011)— 51,561 
Nine Months ended September 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — (2)— — 19 
Obligations of states and political subdivisions570 18 — (156)(106)— 326 
Corporate securities14,924 957 — (6,363)(1,498)— 8,020 
CLO and other ABS4,889 2,177 1,938 752 (522)— 9,234 
RMBS11,544 — — 163 (339)— 11,368 
CMBS— 109 — — — — 109 
Total AFS fixed income securities$31,948 3,261 1,938 (5,606)(2,465)— 29,076 
Schedule of Quantitative Information about Unrealized Losses on AFS Quantitative information about unrealized losses on our AFS portfolio follows:
September 30, 2026Less than 12 months12 months or longerTotal
($ 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 government6,897 (544)7,561 (1,135)14,458 (1,679)
Obligations of states and political subdivisions302,778 (14,193)161,130 (34,014)463,908 (48,207)
Corporate securities2,466,362 (102,586)572,314 (87,106)3,038,676 (189,692)
CLO and other ABS1,421,402 (40,216)328,580 (30,686)1,749,982 (70,902)
RMBS1,677,296 (91,274)523,639 (93,197)2,200,935 (184,471)
CMBS366,333 (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, 2025Less than 12 months12 months or longerTotal
($ 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 subdivisions53,076 (604)230,441 (23,279)283,517 (23,883)
Corporate securities128,218 (3,070)830,001 (68,792)958,219 (71,862)
CLO and other ABS573,832 (6,993)462,469 (27,866)1,036,301 (34,859)
RMBS283,926 (1,913)672,455 (59,421)956,381 (61,334)
CMBS53,716 (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)
Schedule of Fixed Maturity Securities by Contractual Maturities 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.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$432,032 — — 
Due after one year through five years3,420,422 19,705 18,807 
Due after five years through ten years3,876,752 2,200 2,177 
Due after ten years2,080,852 — — 
Total fixed income securities$9,810,058 21,905 20,984 
Schedule of Alternative Investment Portfolio by Strategy and Remaining Commitment Amount and Maximum Exposure to Loss Associated with Each Strategy The following table summarizes our alternative investment portfolio by strategy:
September 30, 2026December 31, 2025
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments
   Private equity$410,628 222,436 633,064 335,415 194,275 529,690 
   Private credit45,349 89,378 134,727 37,029 133,639 170,668 
   Real assets49,260 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 
Schedule of Securities Pledged as Collateral
The following table summarizes the market value of these securities at September 30, 2026:

($ in millions)FHLBI CollateralFHLBNY 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 
RMBS63.8 17.0 0.4 81.2 
CMBS— 5.0 — 5.0 
Total pledged as collateral$63.8 22.0 25.7 111.5 
Schedule of Pre-Tax Net Investment Income Earned The components of pre-tax net investment income earned were as follows:
Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Fixed income securities$137,589 117,242 $398,857 338,057 
Commercial mortgage loans (“CMLs”)4,148 3,999 12,463 11,375 
Equity securities5,376 5,164 15,098 13,639 
Short-term investments3,384 5,712 12,081 17,212 
Alternative investments15,187 11,769 30,670 22,852 
Other investments139 171 625 565 
Investment expenses(5,342)(5,402)(16,763)(16,386)
Net investment income earned$160,481 138,655 $453,031 387,314 
Schedule of Realized and Unrealized Gains (Losses) on Securities The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:
Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
Gross gains on sales$16,471 8,311 $22,377 12,192 
Gross losses on sales(5,890)(8,886)(16,248)(13,663)
Net realized gains (losses) on disposals10,581 (575)6,129 (1,471)
Net unrealized gains (losses) on equity securities(17,691)7,802 3,624 12,492 
Net credit loss benefit (expense) on fixed income investments(12,318)830 (25,123)2,196 
Losses on securities for which we have the intent to sell(18)— (406)(759)
Net realized and unrealized investment gains (losses)$(19,446)8,057 $(15,776)12,458 
Schedule of Unrealized Gain (Loss) on Equity Securities
Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
September 30,		Nine Months ended
September 30,
($ in thousands)2026202520262025
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