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Investments (Tables)
12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary Investment Income
Sources of net investment income were as follows for the year ended December 31:
(Amounts in thousands)202320222021
Fixed maturity securities available-for-sale$180,955 $153,649 $146,587 
Cash, cash equivalents and short-term investments32,713 7,167 74 
Gross investment income before expenses and fees213,668 160,816 146,661 
Investment expenses and fees(6,299)(5,505)(5,472)
Net investment income $207,369 $155,311 $141,189 
Summary of Net Investment Gains (Losses)
The following table sets forth net investment gains (losses) for the years ended December 31:
(Amounts in thousands)202320222021
Fixed maturity securities available-for-sale:
Gross realized gains$42 $1,997 $2,077 
Gross realized (losses)(14,064)(4,206)(1,871)
Net realized gains (losses)(14,022)(2,209)206 
Change in allowance for credit losses on fixed maturity securities— 173 (2,330)
Net investment gains (losses) $(14,022)$(2,036)$(2,124)
Schedule of Unrealized Gain (Loss) on Investments
Net unrealized gains and losses on available-for-sale securities reflected as a separate component of accumulated other comprehensive income ("AOCI”) were as follows as of December 31:
(Amounts in thousands)202320222021
Net unrealized gains (losses) on investment securities:
Fixed maturity securities $(293,745)$(486,913)$106,165 
Short-term investments— (30)— 
Unrealized gains (losses) on investment securities(293,745)(486,943)106,165 
Income taxes63,189 104,047 (22,577)
Net unrealized investment gains (losses) $(230,556)$(382,896)$83,588 
The change in net unrealized gains (losses) on available-for-sale securities reported in accumulated other comprehensive income was as follows as of and for the years ended December 31:
(Amounts in thousands)202320222021
Beginning balance $(382,896)$83,588 $208,378 
Cumulative effect of change in accounting, net of taxes— — 281 
Unrealized gains (losses) arising during the period: 
Unrealized gains (losses) on investment securities179,177 (595,317)(158,665)
Provision for income taxes(37,914)127,088 33,757 
Change in unrealized gains (losses) on investment securities141,263 (468,229)(124,908)
Reclassification adjustments to net investment (gains) losses, net of taxes of $(2,945), $(464) and $43, respectively
11,077 1,745 (163)
Change in net unrealized investment gains (losses)152,340 (466,484)(125,071)
Ending balance $(230,556)$(382,896)$83,588 
Debt Securities, Available-for-sale
As of December 31, 2023, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)Amortized
cost
Gross unrealized gainsGross unrealized lossesFair value
U.S. government, agencies and GSEs$194,824 $1,196 $(891)$195,129 
State and political subdivisions511,906 2,091 (75,783)438,214 
Non-U.S. government12,338 16 (887)11,467 
U.S. corporate2,858,445 19,839 (154,554)2,723,730 
Non-U.S. corporate725,163 4,288 (39,788)689,663 
Residential mortgage-backed10,781 38 (64)10,755 
Other asset-backed1,246,429 2,848 (52,094)1,197,183 
Total fixed maturity securities available-for-sale $5,559,886 $30,316 $(324,061)$5,266,141 
Short-term investments20,219 (1)20,219 
Total investments$5,580,105 $30,317 $(324,062)$5,286,360 
As of December 31, 2022, the amortized cost, gross unrealized gains (losses) and fair value of our investment securities were as follows:
(Amounts in thousands)Amortized
cost
Gross unrealized GainsGross unrealized lossesFair value
U.S. government, agencies and GSEs$46,319 $59 $(1,609)$44,769 
State and political subdivisions515,935 1,815 (97,894)419,856 
Non-U.S. government10,607 — (1,258)9,349 
U.S. corporate2,886,269 1,355 (240,761)2,646,863 
Non-U.S. corporate716,333 158 (63,647)652,844 
Residential mortgage-backed11,162 — (119)11,043 
Other asset-backed1,185,048 462 (85,474)1,100,036 
Total fixed maturity securities available-for-sale $5,371,673 $3,849 $(490,762)$4,884,760 
Short-term investments3,077 — (30)3,047 
Total investments
$5,374,750 $3,849 $(490,792)$4,887,807 
Schedule of Unrealized Losses on Investments
The following table presents the gross unrealized losses and fair values of our fixed maturity securities for which an allowance for credit losses has not been recorded, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2023:
Less than 12 months12 months or moreTotal

(Amounts in thousands)
Fair
value
Gross
unrealized
losses
Number of
securities
Fair
value
Gross
unrealized
losses
Number of
securities
Fair
value
Gross
unrealized
losses
Number of
securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$6,259 $(55)$27,942 $(836)13 $34,201 $(891)16 
State and political subdivisions1,457 (3)2411,133 (75,780)85 412,590 (75,783)87 
Non-U.S. government— — — 9,575 (887)9,575 (887)
U.S. corporate146,268 (4,236)372,019,843 (150,318)408 2,166,111 (154,554)445 
Non-U.S. corporate19,369 (102)5521,442 (39,686)121 540,811 (39,788)126 
Residential mortgage-backed2,060 (2)15,044 (62)7,104 (64)
Other asset-backed102,544 (424)41806,521 (51,670)192 909,065 (52,094)233 
Total for fixed maturity securities in an unrealized loss position $277,957 $(4,822)89$3,801,500 $(319,239)824 $4,079,457 $(324,061)913 
The following table presents the gross unrealized losses and fair values of our fixed maturity securities, aggregated by investment type and length of time that individual fixed maturity securities have been in a continuous unrealized loss position, as of December 31, 2022:
Less than 12 months12 months or moreTotal

(Amounts in thousands)
Fair
value
Gross
unrealized
losses
Number of
securities
Fair
value
Gross
unrealized
losses
Number of
securities
Fair
value
Gross
unrealized
losses
Number of
securities
Fixed maturity securities:         
U.S. government, agencies and GSEs$43,873 $(1,600)18 $96 $(9)$43,969 $(1,609)19 
State and political subdivisions203,752 (40,988)43 196,235 (56,906)46 399,987 (97,894)89 
Non-U.S. government— — — 9,349 (1,258)9,349 (1,258)
U.S. corporate2,033,713 (131,150)468 568,171 (109,611)92 2,601,884 (240,761)560 
Non-U.S. corporate486,117 (35,515)125 155,345 (28,132)27 641,462 (63,647)152 
Residential mortgage-backed11,043 (119)— — — 11,043 (119)
Other asset-backed655,525 (31,684)217 375,810 (53,790)71 1,031,335 (85,474)288 
Total for fixed maturity securities in an unrealized loss position $3,434,023 $(241,056)877 $1,305,006 $(249,706)238 $4,739,029 $(490,762)1,115 
Contractual Maturities of Fixed Maturity Securities Available-For-Sale
The scheduled maturity distribution of fixed maturity securities as of December 31, 2023, is set forth below. Actual maturities may differ from contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

(Amounts in thousands)
Amortized
cost
Fair value
Due one year or less$391,594 $387,047 
Due after one year through five years2,075,275 1,961,189 
Due after five years through ten years1,660,482 1,543,388 
Due after ten years175,325 166,579 
Subtotal4,302,676 4,058,203 
Residential mortgage-backed10,781 10,755 
Other asset-backed1,246,429 1,197,183 
Total fixed maturity securities available-for-sale $5,559,886 $5,266,141