
June 30, 2024	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	170,819	—	56	(19,907)	150,968
Foreign government	10,687		(26)	—	(1,427)	9,234
Obligations of states and political subdivisions	558,455		(639)	770	(33,151)	525,435
Corporate securities	2,987,824		(15,950)	17,803	(143,725)	2,845,952
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")	1,972,687		(3,022)	16,359	(69,904)	1,916,120
Residential mortgage-backed securities ("RMBS")	1,624,078		(11,660)	2,954	(111,420)	1,503,952
Commercial mortgage-backed securities ("CMBS")	755,948		(12)	814	(39,378)	717,372
Total AFS fixed income securities	$	8,080,498	(31,309)	38,756	(418,912)	7,669,033


December 31, 2023	Cost/ Amortized Cost		Allowance for Credit Losses	Unrealized Gains	Unrealized Losses	Fair Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies	$	223,157	—	139	(18,261)	205,035
Foreign government	11,140		(35)	—	(1,302)	9,803
Obligations of states and political subdivisions	612,938		(669)	2,623	(28,927)	585,965
Corporate securities	2,834,048		(12,999)	28,078	(137,888)	2,711,239
CLO and other ABS	1,911,831		(2,854)	11,855	(86,005)	1,834,827
RMBS	1,568,960		(11,649)	6,023	(85,851)	1,477,483
CMBS	718,623		(6)	1,358	(45,130)	674,845
Total AFS fixed income securities	$	7,880,697	(28,212)	50,076	(403,364)	7,499,197


Quarter ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	29	—	—	(3)	—	—	26
Obligations of states and political subdivisions	695		18	—	(74)	—	—	639
Corporate securities	15,442		846	—	(126)	(212)	—	15,950
CLO and other ABS	2,627		271	—	126	(2)	—	3,022
RMBS	11,580		—	—	171	(91)	—	11,660
CMBS	8		—	—	4	—	—	12
Total AFS fixed income securities	$	30,381	1,135	—	98	(305)	—	31,309


Quarter ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	36	—	—	(2)	—	—	34
Obligations of states and political subdivisions	737		67	—	(35)	—	—	769
Corporate securities	16,756		1,438	—	(1,070)	(939)	(36)	16,149
CLO and other ABS	3,895		622	—	(1,595)	(7)	—	2,915
RMBS	11,740		1	—	(50)	(141)	—	11,550
CMBS	390		—	—	(240)	(142)	—	8
Total AFS fixed income securities	$	33,554	2,128	—	(2,992)	(1,229)	(36)	31,425



Six Months ended June 30, 2024	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	35	—	—	(3)	(6)	—	26
Obligations of states and political subdivisions	669		37	—	(59)	(8)	—	639
Corporate securities	12,999		2,362	—	1,166	(568)	(9)	15,950
CLO and other ABS	2,854		427	—	(255)	(4)	—	3,022
RMBS	11,649		—	—	202	(191)	—	11,660
CMBS	6		2	—	4	—	—	12
Total AFS fixed income securities	$	28,212	2,828	—	1,055	(777)	(9)	31,309



Six Months ended June 30, 2023	Beginning Balance		Current Provision for Securities without Prior Allowance	Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration	Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities	Reductions for Securities Sold	Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period	Ending Balance
($ in thousands)
Foreign government	$	284	—	—	(250)	—	—	34
Obligations of states and political subdivisions	1,024		67	—	(239)	(83)	—	769
Corporate securities	30,330		4,141	—	(14,884)	(3,387)	(51)	16,149
CLO and other ABS	2,375		677	—	(127)	(10)	—	2,915
RMBS	11,597		8	—	174	(229)	—	11,550
CMBS	111		1	—	39	(143)	—	8
Total AFS fixed income securities	$	45,721	4,894	—	(15,287)	(3,852)	(51)	31,425

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report. Accrued interest on AFS securities was $70.1 million as of June 30, 2024, and $64.6 million as of December 31, 2023. We did not record any write-offs of accrued interest in Six Months 2024 and Six Months 2023.


June 30, 2024	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	33,667	(52)	107,306	(19,855)	140,973	(19,907)
Foreign government	—		—	9,234	(1,427)	9,234	(1,427)
Obligations of states and political subdivisions	128,665		(1,644)	329,528	(31,507)	458,193	(33,151)
Corporate securities	358,779		(3,477)	1,477,738	(140,248)	1,836,517	(143,725)
CLO and other ABS	368,307		(6,432)	798,783	(63,472)	1,167,090	(69,904)
RMBS	385,794		(6,133)	878,915	(105,287)	1,264,709	(111,420)
CMBS	75,052		(779)	550,901	(38,599)	625,953	(39,378)
Total AFS fixed income securities	$	1,350,264	(18,517)	4,152,405	(400,395)	5,502,669	(418,912)


December 31, 2023	Less than 12 months			12 months or longer		Total
($ in thousands)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
AFS fixed income securities:
U.S. government and government agencies	$	77,698	(188)	108,578	(18,073)	186,276	(18,261)
Foreign government	1,552		(87)	8,251	(1,215)	9,803	(1,302)
Obligations of states and political subdivisions	137,031		(962)	290,964	(27,965)	427,995	(28,927)
Corporate securities	263,423		(6,369)	1,439,422	(131,519)	1,702,845	(137,888)
CLO and other ABS	278,940		(7,120)	984,175	(78,885)	1,263,115	(86,005)
RMBS	351,976		(4,765)	757,914	(81,086)	1,109,890	(85,851)
CMBS	130,189		(2,995)	471,256	(42,135)	601,445	(45,130)
Total AFS fixed income securities	$	1,240,809	(22,486)	4,060,560	(380,878)	5,301,369	(403,364)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2023 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2024. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.

(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2024, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's estimated average life. 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.


	AFS		HTM
($ in thousands)	Fair Value		Carrying Value	Fair Value
Due in one year or less	$	587,352	820	810
Due after one year through five years	3,507,774		14,209	13,662
Due after five years through 10 years	2,827,999		4,467	4,084
Due after 10 years	745,908		—	—
Total fixed income securities	$	7,669,033	19,496	18,556


	June 30, 2024				December 31, 2023
($ in thousands)	Carrying Value		Remaining Commitment	Maximum Exposure to Loss	Carrying Value	Remaining Commitment	Maximum Exposure to Loss
Alternative Investments
Private equity	$	319,236	148,558	467,794	301,759	131,885	433,644
Private credit	52,106		98,417	150,523	54,500	89,401	143,901
Real assets	43,438		42,336	85,774	39,520	33,040	72,560
Total alternative investments	$	414,780	289,311	704,091	395,779	254,326	650,105

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2024 or 2023.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one quarter lag, the summarized financial statement information is for 3- and 6-month periods ended March 31:


Income Statement Information	Quarter ended June 30,			Six Months ended June 30,
($ in millions)	2024		2023	2024		2023
Net investment income (loss)	$	242.4	(70.6)	$	(103.6)	(141.3)
Realized gains	1,554.2		922.0	3,385.1		2,644.3
Net change in unrealized appreciation (depreciation)	2,850.2		3,754.0	6,669.2		5,197.8
Net income	$	4,646.8	4,605.4	$	9,950.7	7,700.8
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income	$	10.5	11.4	$	17.4	19.2

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). In addition, we had certain securities on deposit with various state and regulatory agencies at June 30, 2024 to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.


($ in millions)	FHLBI Collateral		FHLBNY Collateral	State and Regulatory Deposits	Total
U.S. government and government agencies	$	—	—	19.9	19.9
Obligations of states and political subdivisions	—		—	4.2	4.2



RMBS	64.2		23.2	—	87.4
CMBS	2.1		8.3	—	10.4


Total pledged as collateral	$	66.3	31.5	24.1	121.9

(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2024, or December 31, 2023.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Fixed income securities	$	93,935	83,916	$	188,037	164,003
Commercial mortgage loans ("CMLs")	3,145		2,199	5,939		4,164
Equity securities	1,877		2,236	6,785		3,441
Short-term investments	4,680		2,892	8,199		7,542
Alternative investments	10,517		11,396	17,398		19,164
Other investments	118		188	381		231
Investment expenses	(5,630)		(5,131)	(10,248)		(9,343)
Net investment income earned	$	108,642	97,696	$	216,491	189,202

The increase in net investment income earned in Second Quarter 2024 and Six Months 2024 compared to the same prior-year periods was primarily driven by higher interest rates, active portfolio management, and operating and investing cash flow deployment.


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Gross gains on sales	$	4,387	1,156	$	6,522	4,940
Gross losses on sales	(1,251)		(11,952)	(3,216)		(24,882)
Net realized gains (losses) on disposals	3,136		(10,796)	3,306		(19,942)
Net unrealized gains (losses) on equity securities	(93)		4,925	599		8,173
Net credit loss benefit (expense) on fixed income securities, AFS	(1,233)		864	(3,883)		10,393

Net credit loss benefit (expense) on CMLs	(32)		(78)	136		(61)
Losses on securities for which we have the intent to sell	(481)		(341)	(496)		(645)
Net realized and unrealized investment gains (losses)	$	1,297	(5,426)	$	(338)	(2,082)


	Quarter ended June 30,			Six Months ended June 30,
($ in thousands)	2024		2023	2024		2023
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period	$	2,617	2,784	$	2,906	2,685
On securities sold in period	(2,710)		2,141	(2,307)		5,488
Total unrealized gains (losses) recognized in income on equity securities	$	(93)	4,925	$	599	8,173