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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Amortized cost, gross unrealized gains and losses and fair value of fixed income securities
Our fixed income securities classified as available-for-sale at September 30, 2024 and December 31, 2023 are shown in tables 7.1a and 7.1b below.
Details of fixed income securities by category as of September 30, 2024
Table7.1a
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$257,572 $741 $(4,019)$254,294 
Obligations of U.S. states and political subdivisions2,066,711 7,881 (144,890)1,929,702 
Corporate debt securities2,774,109 40,041 (84,005)2,730,145 
ABS156,008 3,339 (1,397)157,950 
RMBS379,184 9,467 (18,216)370,435 
CMBS270,014 449 (6,927)263,536 
CLOs236,816 221 (53)236,984 
Foreign government debt4,487 — (537)3,950 
Commercial paper17,069 — — 17,069 
Total fixed income securities
$6,161,970 $62,139 $(260,044)$5,964,065 
Details of fixed income securities by category as of December 31, 2023
Table7.1b
(In thousands)Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
U.S. Treasury securities and obligations of U.S. government corporations and agencies$167,995 $51 $(6,364)$161,682 
Obligations of U.S. states and political subdivisions2,092,754 5,159 (189,835)1,908,078 
Corporate debt securities2,626,401 17,391 (128,211)2,515,581 
ABS173,256 1,292 (3,275)171,273 
RMBS347,132 4,297 (20,656)330,773 
CMBS293,204 5 (15,752)277,457 
CLOs327,467 37 (1,408)326,096 
Foreign government debt4,486 — (643)3,843 
Commercial paper28,327 3 — 28,330 
Total fixed income securities
$6,061,022 $28,235 $(366,144)$5,723,113 
Amortized cost and fair values of fixed income securities by contractual maturity
The amortized cost and fair values of fixed income securities at September 30, 2024, by contractual maturity, are shown in table 7.2 below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most mortgage and asset-backed securities provide periodic payments throughout their lives, they are listed in separate categories.
Fixed income securities maturity schedule
Table7.2
September 30, 2024
(In thousands)Amortized costFair Value
Due in one year or less$728,611 $727,027 
Due after one year through five years1,567,925 1,554,767 
Due after five years through ten years1,816,994 1,744,159 
Due after ten years1,006,418 909,207 
5,119,948 4,935,160 
ABS156,008 157,950 
RMBS379,184 370,435 
CMBS270,014 263,536 
CLOs236,816 236,984 
Total$6,161,970 $5,964,065 
Cost and fair value of investments in equity securities
The cost and fair value of investments in equity securities at September 30, 2024 and December 31, 2023 are shown in tables 7.3a and 7.3b below.
Details of equity security investments as of September 30, 2024
Table7.3a
(In thousands)Cost
Fair Value Gains
Fair Value Losses
Fair Value
Equity securities$16,115 $34 $(975)$15,174 
Details of equity security investments as of December 31, 2023
Table7.3b
(In thousands)CostFair Value GainsFair Value LossesFair Value
Equity securities$16,025 $5 $(1,259)$14,771 
Schedule of realized gains (losses) and proceeds from sale of securities
The net gains (losses) on investments and other financial instruments and the proceeds from the sale of fixed income securities classified as available-for-sale securities are shown in table 7.4 below.

Details of net gains (losses) on investments and other financial instruments
Table7.4Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Fixed income securities
Gains on sales$28 $2,581 $508 $2,747 
Losses on sales(946)(2,814)(7,693)(13,362)
Equity securities gains (losses)
Changes in fair value
507 (462)312 (266)
Change in embedded derivative on Home Re Transactions
994 (7)(1,336)(2,486)
Other
Gains (losses) on sales— (4)17 (4)
Market adjustment— 11 (10)(9)
Net gains (losses) on investments and other financial instruments$583 $(695)$(8,202)$(13,380)
Proceeds from sales of fixed income securities$14,856 $24,434 $29,742 $293,392 
Aging of the fair values of securities in an unrealized loss position
Tables 7.5a and 7.5b below summarize, for all available-for-sale investments in an unrealized loss position at September 30, 2024 and December 31, 2023, the aggregate fair value and gross unrealized loss by the length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in tables 7.5a and 7.5b are estimated using the process described in Note 8 - “Fair Value Measurements” to these consolidated financial statements and in Note 3 - “Significant Accounting Policies” to the consolidated financial statements in our 2023 Annual Report on Form 10-K.
Unrealized loss aging for securities by type and length of time as of September 30, 2024
Table7.5a
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$11,859 $(42)$78,089 $(3,977)$89,948 $(4,019)
Obligations of U.S. states and political subdivisions94,516 (1,481)1,235,787 (143,409)1,330,303 (144,890)
Corporate debt securities240,691 (4,040)1,152,482 (79,965)1,393,173 (84,005)
ABS43,761 (852)26,459 (545)70,220 (1,397)
RMBS53,033 (4,602)168,955 (13,614)221,988 (18,216)
CMBS4,829 (76)220,234 (6,851)225,063 (6,927)
CLOs82,196 (53)— — 82,196 (53)
Foreign government debt— — 3,950 (537)3,950 (537)
Total$530,885 $(11,146)$2,885,956 $(248,898)$3,416,841 $(260,044)
Unrealized loss aging for securities by type and length of time as of December 31, 2023
Table7.5b
Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair Value
Unrealized
 Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
 Losses
U.S. Treasury securities and obligations of U.S. government corporations and agencies$26,550 $(75)$98,359 $(6,289)$124,909 $(6,364)
Obligations of U.S. states and political subdivisions275,727 (3,622)1,200,533 (186,213)1,476,260 (189,835)
Corporate debt securities270,956 (6,060)1,604,021 (122,151)1,874,977 (128,211)
ABS41,549 (1,234)62,611 (2,041)104,160 (3,275)
RMBS44,867 (872)176,349 (19,784)221,216 (20,656)
CMBS35,249 (391)244,216 (15,361)279,465 (15,752)
CLOs— — 274,729 (1,408)274,729 (1,408)
Foreign government debt— — 3,843 (643)3,843 (643)
Total$694,898 $(12,254)$3,664,661 $(353,890)$4,359,559 $(366,144)