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Fixed Maturity Securities in an Unrealized Loss Position
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities in an Unrealized Loss Position Fixed Maturity Securities in an Unrealized Loss Position
The following tables summarize all fixed maturity securities in an unrealized loss position at December 31, 2023 and 2022 by the length of time those securities have been continuously in an unrealized loss position.
 Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
December 31, 2023      
U.S. government and government agency$384,392 $6,655 $614,623 $51,014 $999,015 $57,669 
State and municipal264,273 3,013 1,680,034 119,449 1,944,307 122,462 
Mortgage-backed securities278,819 2,025 1,360,748 175,131 1,639,567 177,156 
Asset-backed securities413,511 2,070 2,176,035 71,136 2,589,546 73,206 
Corporate874,754 11,975 4,418,309 231,288 5,293,063 243,263 
Foreign government204,908 1,758 794,174 135,661 999,082 137,419 
Fixed maturity securities$2,420,657 $27,496 $11,043,923 $783,679 $13,464,580 $811,175 
December 31, 2022     
U.S. government and government agency$285,391 $10,219 $453,520 $58,939 $738,911 $69,158 
State and municipal1,720,443 89,272 598,797 79,320 2,319,240 168,592 
Mortgage-backed securities1,099,549 75,430 473,318 115,528 1,572,867 190,958 
Asset-backed securities1,569,647 48,390 2,176,638 103,932 3,746,285 152,322 
Corporate3,690,856 150,115 2,349,281 256,631 6,040,137 406,746 
Foreign government477,672 29,815 711,786 105,243 1,189,458 135,058 
Fixed maturity securities$8,843,558 $403,241 $6,763,340 $719,593 $15,606,898 $1,122,834 
Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates.
Fixed Maturity Securities — A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at December 31, 2023 is presented in the table below:
($ in thousands)Number of
Securities		Aggregate
Fair Value		Gross
Unrealized
Loss
Foreign government33 $102,689 $107,301 
State and municipal5 22,830 6,469 
Corporate16 21,424 1,928 
Mortgage-backed securities15 4,393 185 
Asset-backed securities5 197 148 
Total74 $151,533 $116,031 
For fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income.
The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.