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Investments In Equity Securities
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments in Equity Securities Investments in Fixed Maturity Securities
At December 31, 2023 and 2022, investments in fixed maturity securities were as follows:
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2023
Held to maturity:
State and municipal$50,547 $(43)$3,132 $— $53,636 $50,504 
Residential mortgage-backed2,868 — 107 — 2,975 2,868 
Total held to maturity53,415 (43)3,239 — 56,611 53,372 
Available for sale:
U.S. government and government agency1,762,997 — 11,403 (57,669)1,716,731 1,716,731 
State and municipal:
                 Special revenue1,682,550 — 5,651 (82,006)1,606,195 1,606,195 
                 State general obligation394,429 — 3,550 (16,405)381,574 381,574 
                 Pre-refunded103,029 — 1,634 (185)104,478 104,478 
                 Corporate backed166,873 (757)696 (11,973)154,839 154,839 
                 Local general obligation396,041 — 3,188 (11,893)387,336 387,336 
       Total state and municipal2,742,922 (757)14,719 (122,462)2,634,422 2,634,422 
Mortgage-backed securities:
Residential1,773,206 — 12,780 (163,844)1,622,142 1,622,142 
Commercial657,157 (158)626 (13,312)644,313 644,313 
Total mortgage-backed securities2,430,363 (158)13,406 (177,156)2,266,455 2,266,455 
Asset-backed securities4,252,883 (1,164)8,527 (73,206)4,187,040 4,187,040 
Corporate:
                 Industrial3,679,219 (40)24,312 (143,936)3,559,555 3,559,555 
                 Financial2,838,220 (4,986)14,681 (68,681)2,779,234 2,779,234 
                 Utilities701,865 — 6,471 (23,412)684,924 684,924 
                 Other635,975 — 1,605 (7,234)630,346 630,346 
Total corporate7,855,279 (5,026)47,069 (243,263)7,654,059 7,654,059 
Foreign government1,817,386 (29,603)15,865 (137,419)1,666,229 1,666,229 
Total available for sale20,861,830 (36,708)110,989 (811,175)20,124,936 20,124,936 
Total investments in fixed maturity securities$20,915,245 $(36,751)$114,228 $(811,175)$20,181,547 $20,178,308 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2022
Held to maturity:
State and municipal$47,802 $(114)$4,239 $— $51,927 $47,688 
Residential mortgage-backed3,608 — 38 — 3,646 3,608 
Total held to maturity51,410 (114)4,277 — 55,573 51,296 
Available for sale:
U.S. government and government agency960,479 — 937 (69,158)892,258 892,258 
State and municipal:
                 Special revenue1,837,309 — 3,662 (119,474)1,721,497 1,721,497 
                 State general obligation387,709 — 2,651 (21,335)369,025 369,025 
                 Pre-refunded156,106 — 2,741 (7)158,840 158,840 
                 Corporate backed210,228 — 334 (10,923)199,639 199,639 
                 Local general obligation454,983 — 2,967 (16,853)441,097 441,097 
       Total state and municipal3,046,335 — 12,355 (168,592)2,890,098 2,890,098 
Mortgage-backed securities:
Residential1,308,019 (18)395 (171,595)1,136,801 1,136,801 
Commercial547,757 — 215 (19,363)528,609 528,609 
Total mortgage-backed securities1,855,776 (18)610 (190,958)1,665,410 1,665,410 
Asset-backed securities4,132,365 — 2,730 (152,322)3,982,773 3,982,773 
Corporate:
                 Industrial3,491,645 (1,704)4,439 (241,381)3,252,999 3,252,999 
                 Financial2,585,247 (2,997)5,505 (117,383)2,470,372 2,470,372 
                 Utilities586,066 — 1,307 (36,325)551,048 551,048 
                 Other441,230 — — (11,657)429,573 429,573 
Total corporate7,104,188 (4,701)11,251 (406,746)6,703,992 6,703,992 
Foreign government1,564,930 (32,633)4,283 (135,058)1,401,522 1,401,522 
Total available for sale18,664,073 (37,352)32,166 (1,122,834)17,536,053 17,536,053 
Total investments in fixed maturity securities$18,715,483 $(37,466)$36,443 $(1,122,834)$17,591,626 $17,587,349 
——————————
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the years ended December 31, 2023 and 2022:
State and Municipal
(In thousands)20232022
Allowance for expected credit losses, beginning of period$114 $387 
Change in allowance for expected credit losses(71)(273)(273)
Allowance for expected credit losses, end of period$43 $114 

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the years ended December 31, 2023 and 2022:
20232022
(In thousands)Foreign GovernmentCorporateMortgage- BackedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage- BackedTotal
Allowance for expected credit losses, beginning of period$32,633 $4,701 $18 $— $— $37,352 $22,222 $16 $— $22,238 
Expected credit losses on securities for which credit losses were not previously recorded— 982 1,766 1,444 821 5,013 1,910 2,648 21 4,579 
Expected credit (gains) losses on securities for which credit losses were previously recorded(3,030)(650)(1,624)(280)(64)(5,648)8,534 2,042 (3)10,573 
Reduction due to disposals— (7)(2)— — (9)(33)(5)— (38)
Allowance for expected credit losses, end of period$29,603 $5,026 $158 $1,164 $757 $36,708 $32,633 $4,701 $18 $37,352 
During the year ended December 31, 2023, the Company decreased the allowance for expected credit losses for available for sale securities utilizing its credit loss assessment process and inputs used in its credit loss model due to a reduction in unrealized losses primarily associated with foreign government securities. During the year ended December 31, 2022, the Company increased the allowance for expected credit losses for available for sale securities due to an increase in unrealized losses primarily associated with foreign government securities.
The amortized cost and fair value of fixed maturity securities at December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
(In thousands)Amortized
Cost (1)		Fair Value
Due in one year or less$1,937,329 $1,860,397 
Due after one year through five years9,608,345 9,327,652 
Due after five years through ten years4,368,259 4,260,217 
Due after ten years2,568,038 2,463,851 
Mortgage-backed securities2,433,231 2,269,430 
Total$20,915,202 $20,181,547 
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(1) Amortized cost is reduced by the allowance for expected credit losses of $43 thousand related to held to maturity securities.    
At December 31, 2023 and 2022, there were no investments, other than investments in United States government and government agency securities, which exceeded 10% of common stockholders’ equity. At December 31, 2023, investments with a carrying value of $2,162 million were on deposit in custodial or trust accounts, of which $1,180 million was on deposit with insurance regulators, $921 million was on deposit in support of the Company’s underwriting activities at Lloyd’s, $32 million was on deposit as security for reinsurance clients and $29 million was on deposit as security for letters of credit issued in support of the Company’s reinsurance operations.
Investments in Equity Securities
At December 31, 2023 and 2022, investments in equity securities were as follows:
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2023     
Common stocks$664,997 $191,806 $(18,749)$838,054 $838,054 
Preferred stocks284,335 3,075 (35,117)252,293 252,293 
Total$949,332 $194,881 $(53,866)$1,090,347 $1,090,347 
December 31, 2022    
Common stocks$855,987 $192,165 $(65,401)$982,751 $982,751 
Preferred stocks259,341 1,053 (57,251)203,143 203,143 
Total$1,115,328 $193,218 $(122,652)$1,185,894 $1,185,894