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INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Summary of investment income
Net investment income was attributable to the following:
Three Months Ended March 31,
(in thousands)20242023
Fixed maturity securities$14,277 $14,338 
Cash equivalents28,880 21,897 
Investment income43,157 36,235 
Investment expense
(168)(179)
Total
$42,989 $36,056 
Summary of investments
The following tables provide summaries of the Company's investments by major security type as of March 31, 2024 and December 31, 2023:
March 31, 2024
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$1,034,662 $215 $(2,231)$1,032,646 
Corporate notes
281,821 210 (784)281,247 
Certificates of deposit
38,865 — — 38,865 
Total
$1,355,348 $425 $(3,015)$1,352,758 

December 31, 2023
(in thousands)
Amortized Cost
Unrealized Gains
Unrealized Losses
Fair Value
U.S. treasury and agency securities
$802,288 $1,689 $(1,062)$802,915 
Corporate notes
234,908 854 (198)235,564 
Certificates of deposit
16,663 — — 16,663 
Total
$1,053,859 $2,543 $(1,260)$1,055,142 
Summary 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 March 31, 2024 and December 31, 2023:
March 31, 2024
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 securities190 $875,332 $(2,231)— $— $— 
Corporate notes112 160,333 (719)6 16,297 (65)
Total302 $1,035,665 $(2,950)$6 $16,297 $(65)

December 31, 2023
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 securities69 $480,312 $(995)4 $24,551 $(67)
Corporate notes64 79,024 (166)19 5,545 (32)
Total133 $559,336 $(1,161)23 $30,096 $(99)
Summary of contractual maturities of available-for-sale securities
The amortized cost and fair value of the Company's fixed maturity securities as of March 31, 2024 and December 31, 2023 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.

March 31, 2024December 31, 2023
(in thousands)
Amortized Cost
Fair Value
Amortized CostFair Value
Due in one year or less$617,204 $616,134 $690,694 $689,833 
Due after one year through five years738,144 736,624 363,165 365,309 
Total
$1,355,348 $1,352,758 $1,053,859 $1,055,142