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Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments Debt And Equity Securities [Abstract]

Schedule of Disposition of Fixed Income and Equity Securities


Sales		Proceeds			Gross Realized						Net Realized
(in thousands)		From Sales			Gains			Losses			Gain (Loss)
2024
Fixed income securities - available-for-sale		$	41,543		$	357		$	(1,139)		$	(782)
Equity securities			31,473			13,344			(340)			13,004
2023
Fixed income securities - available-for-sale		$	20,729		$	99		$	(910)		$	(811)
Equity securities			22,029			8,841			(101)			8,740

Calls/Maturities					Gross Realized						Net Realized
(in thousands)		Proceeds			Gains			Losses			Gain (Loss)
2024
Fixed income securities - available-for-sale		$	158,472		$	79		$	(856)		$	(777)
2023
Fixed income securities - available-for-sale		$	349,734		$	37		$	(43)		$	(6)

Fair Value, Assets Measured on Recurring Basis

		As of June 30, 2024
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	434,800		$	—		$	434,800
U.S. agency			—			58,309			—			58,309
Non-U.S. government & agency			—			3,828			—			3,828
Agency MBS			—			414,675			—			414,675
ABS/CMBS/MBS*			—			320,061			—			320,061
Corporate			—			1,182,685			68,095			1,250,780
Municipal			—			507,074			—			507,074
Total fixed income securities - available-for-sale		$	—		$	2,921,432		$	68,095		$	2,989,527
Equity securities			661,978			—			4,585			666,563
Total		$	661,978		$	2,921,432		$	72,680		$	3,656,090


		As of December 31, 2023
		Quoted Prices in			Significant Other			Significant
		Active Markets for			Observable			Unobservable
		Identical Assets			Inputs			Inputs
(in thousands)		(Level 1)			(Level 2)			(Level 3)			Total
Fixed income securities - available-for-sale
U.S. government		$	—		$	308,031		$	—		$	308,031
U.S. agency			—			59,826			—			59,826
Non-U.S. government & agency			—			3,882			—			3,882
Agency MBS			—			425,285			—			425,285
ABS/CMBS/MBS*			—			281,182			—			281,182
Corporate			—			1,164,548			60,471			1,225,019
Municipal			—			552,624			—			552,624
Total fixed income securities - available-for-sale		$	—		$	2,795,378		$	60,471		$	2,855,849
Equity securities			588,416			—			1,625			590,041
Total		$	588,416		$	2,795,378		$	62,096		$	3,445,890

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Summary of Changes in Balance of Level 3 Securities


(in thousands)		Level 3 Securities
Balance as of January 1, 2024		$	62,096
Net realized and unrealized gains (losses)
Included in other comprehensive earnings (loss)			(315)
Purchases			12,310
Sales / Calls / Maturities			(1,411)
Balance as of June 30, 2024		$	72,680
Change in unrealized gains (losses) during the period for Level 3 assets held at period-end - included in other comprehensive earnings (loss)		$	(315)

Schedule of Contractual Maturity of Securities


		June 30, 2024
(in thousands)		Amortized Cost			Fair Value
Due in one year or less		$	242,522		$	239,183
Due after one year through five years			847,005			815,300
Due after five years through 10 years			775,964			745,887
Due after 10 years			548,359			454,421
ABS/CMBS/MBS*			804,016			734,736
Total available-for-sale		$	3,217,866		$	2,989,527

*	Asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Amortized Cost and Fair Value of Available-for-sale Securities


		June 30, 2024
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	442,734		$	—		$	258		$	(8,192)		$	434,800
U.S. agency			60,058			—			326			(2,075)			58,309
Non-U.S. government & agency			4,800			—			—			(972)			3,828
Agency MBS			458,944			—			915			(45,184)			414,675
ABS/CMBS/MBS*			345,072			(2)			1,367			(26,376)			320,061
Corporate			1,310,888			(226)			3,620			(63,502)			1,250,780
Municipal			595,370			—			1,069			(89,365)			507,074
Total Fixed Income		$	3,217,866		$	(228)		$	7,555		$	(235,666)		$	2,989,527

		December 31, 2023
		Cost or			Allowance			Gross			Gross
		Amortized			for Credit			Unrealized			Unrealized			Fair
(in thousands)		Cost			Losses			Gains			Losses			Value
U.S. government		$	312,632		$	—		$	1,257		$	(5,858)		$	308,031
U.S. agency			60,763			—			652			(1,589)			59,826
Non-U.S. government & agency			4,800			—			—			(918)			3,882
Agency MBS			460,551			—			2,636			(37,902)			425,285
ABS/CMBS/MBS*			308,458			(3)			611			(27,884)			281,182
Corporate			1,273,187			(303)			8,766			(56,631)			1,225,019
Municipal			634,000			—			2,238			(83,614)			552,624
Total Fixed Income		$	3,054,391		$	(306)		$	16,160		$	(214,396)		$	2,855,849

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Debt Securities Available-for-sale Allowance for Credit Loss


		Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)		2024			2023			2024			2023
Beginning balance		$	237		$	465		$	306		$	339
Increase to allowance from securities for which credit losses were not previously recorded			—			2			—			25
Reduction from securities sold during the period			(27)			—			(89)			—
Net increase (decrease) from securities that had an allowance at the beginning of the period			18			(33)			11			70
Balance as of June 30,		$	228		$	434		$	228		$	434

Schedule of Securities in an Unrealized Loss Position Segregated by Type and Length of Time in an Unrealized Loss Position


		June 30, 2024									December 31, 2023
(in thousands)		< 12 Mos.			12 Mos. & Greater			Total			< 12 Mos.			12 Mos. & Greater			Total
U.S. government
Fair value		$	157,918		$	227,774		$	385,692		$	37,718		$	204,556		$	242,274
Amortized cost			159,088			234,796			393,884			37,950			210,182			248,132
Unrealized loss		$	(1,170)		$	(7,022)		$	(8,192)		$	(232)		$	(5,626)		$	(5,858)
U.S. agency
Fair value		$	11,369		$	35,039		$	46,408		$	8,736		$	29,632		$	38,368
Amortized cost			11,507			36,976			48,483			8,790			31,167			39,957
Unrealized loss		$	(138)		$	(1,937)		$	(2,075)		$	(54)		$	(1,535)		$	(1,589)
Non-U.S. government
Fair value		$	—		$	3,828		$	3,828		$	—		$	3,882		$	3,882
Amortized cost			—			4,800			4,800			—			4,800			4,800
Unrealized Loss		$	—		$	(972)		$	(972)		$	—		$	(918)		$	(918)
Agency MBS
Fair value		$	47,461		$	312,936		$	360,397		$	61,196		$	275,707		$	336,903
Amortized cost			47,832			357,749			405,581			61,714			313,091			374,805
Unrealized loss		$	(371)		$	(44,813)		$	(45,184)		$	(518)		$	(37,384)		$	(37,902)
ABS/CMBS/MBS*
Fair value		$	20,533		$	178,161		$	198,694		$	12,240		$	211,436		$	223,676
Amortized cost			20,571			204,499			225,070			12,367			239,193			251,560
Unrealized loss		$	(38)		$	(26,338)		$	(26,376)		$	(127)		$	(27,757)		$	(27,884)
Corporate
Fair value		$	228,328		$	801,030		$	1,029,358		$	67,402		$	822,731		$	890,133
Amortized cost			233,642			859,218			1,092,860			68,345			878,419			946,764
Unrealized loss		$	(5,314)		$	(58,188)		$	(63,502)		$	(943)		$	(55,688)		$	(56,631)
Municipal
Fair value		$	54,876		$	416,438		$	471,314		$	61,218		$	391,361		$	452,579
Amortized cost			55,562			505,117			560,679			61,697			474,496			536,193
Unrealized loss		$	(686)		$	(88,679)		$	(89,365)		$	(479)		$	(83,135)		$	(83,614)
Total fixed income
Fair value		$	520,485		$	1,975,206		$	2,495,691		$	248,510		$	1,939,305		$	2,187,815
Amortized cost			528,202			2,203,155			2,731,357			250,863			2,151,348			2,402,211
Unrealized loss		$	(7,717)		$	(227,949)		$	(235,666)		$	(2,353)		$	(212,043)		$	(214,396)

*	Non-agency asset-backed, commercial mortgage-backed and mortgage-backed securities

Schedule of Credit Quality Indicators for Investments in Unrealized Loss Positions


		Equivalent		Equivalent		(dollars in thousands)
NAIC		S&P		Moody’s		Amortized						Unrealized			Percent
Rating		Rating		Rating		Cost			Fair Value			Loss			to Total
1		AAA/AA/A		Aaa/Aa/A		$	2,292,580		$	2,086,894		$	(205,686)		87.3	%
2		BBB		Baa			388,103			361,830			(26,273)		11.1	%
3		BB		Ba			30,171			28,674			(1,497)		0.6	%
4		B		B			16,562			15,259			(1,303)		0.6	%
5		CCC		Caa			3,121			2,646			(475)		0.2	%
6		CC or lower		Ca or lower			820			388			(432)		0.2	%
				Total		$	2,731,357		$	2,495,691		$	(235,666)		100.0	%

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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