v3.26.1
Investments in Equity Securities
 6 Months Ended
Jun. 30, 2026
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Fixed Maturity Securities
    At June 30, 2026 and December 31, 2025, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2026
Held to maturity:
State and municipal$14,363 $— $397 $— $14,760 $14,363 
Residential mortgage-backed1,620 — 39 — 1,659 1,620 
Total held to maturity15,983 — 436 — 16,419 15,983 
Available for sale:
U.S. government and government agency4,427,552 — 20,690 (45,246)4,402,996 4,402,996 
State and municipal:
Special revenue1,047,316 — 3,294 (25,253)1,025,357 1,025,357 
State general obligation200,210 — 1,545 (4,165)197,590 197,590 
Pre-refunded105,873 — 338 (1,650)104,561 104,561 
Corporate backed135,432 — 915 (3,099)133,248 133,248 
Local general obligation184,186 — 684 (3,270)181,600 181,600 
Total state and municipal1,673,017 — 6,776 (37,437)1,642,356 1,642,356 
Mortgage-backed:
Residential4,388,433 (84)32,329 (143,610)4,277,068 4,277,068 
Commercial204,907 — 2,032 (155)206,784 206,784 
Total mortgage-backed4,593,340 (84)34,361 (143,765)4,483,852 4,483,852 
Asset-backed4,090,646 (356)8,365 (22,127)4,076,528 4,076,528 
Corporate:
Industrial3,754,054 — 26,731 (37,844)3,742,941 3,742,941 
Financial3,644,516 — 25,526 (23,056)3,646,986 3,646,986 
Utilities1,700,715 — 8,980 (16,749)1,692,946 1,692,946 
Other194,685 — 1,183 (646)195,222 195,222 
Total corporate9,293,970 — 62,420 (78,295)9,278,095 9,278,095 
Foreign government2,171,129 — 19,421 (190,368)2,000,182 2,000,182 
Total available for sale26,249,654 (440)152,033 (517,238)25,884,009 25,884,009 
Total investments in fixed maturity securities$26,265,637 $(440)$152,469 $(517,238)$25,900,428 $25,899,992 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2025
Held to maturity:
State and municipal$28,777 $(9)$796 $— $29,564 $28,768 
Residential mortgage-backed1,838 — 76 — 1,914 1,838 
Total held to maturity30,615 (9)872 — 31,478 30,606 
Available for sale:
U.S. government and government agency3,964,375 — 48,820 (15,157)3,998,038 3,998,038 
State and municipal:
Special revenue1,206,387 — 6,002 (27,943)1,184,446 1,184,446 
State general obligation203,543 — 3,465 (3,848)203,160 203,160 
Pre-refunded74,276 — 619 (111)74,784 74,784 
Corporate backed159,876 — 1,958 (3,459)158,375 158,375 
Local general obligation218,022 — 1,459 (3,052)216,429 216,429 
Total state and municipal1,862,104 — 13,503 (38,413)1,837,194 1,837,194 
Mortgage-backed:
Residential4,584,970 (65)71,048 (132,645)4,523,308 4,523,308 
Commercial281,573 — 3,632 (35)285,170 285,170 
Total mortgage-backed4,866,543 (65)74,680 (132,680)4,808,478 4,808,478 
Asset-backed3,807,393 — 20,196 (17,243)3,810,346 3,810,346 
Corporate:
Industrial3,627,567 — 57,466 (36,499)3,648,534 3,648,534 
Financial3,438,348 — 61,180 (16,460)3,483,068 3,483,068 
Utilities1,300,506 — 22,593 (8,878)1,314,221 1,314,221 
Other240,374 — 2,356 (1,142)241,588 241,588 
Total corporate8,606,795 — 143,595 (62,979)8,687,411 8,687,411 
Foreign government2,032,543 — 20,906 (177,860)1,875,589 1,875,589 
Total available for sale25,139,753 (65)321,700 (444,332)25,017,056 25,017,056 
Total investments in fixed maturity securities$25,170,368 $(74)$322,572 $(444,332)$25,048,534 $25,047,662 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the six months ended June 30, 2026 and 2025:
(In thousands)20262025
Balance, beginning of period$9 $25 
Provision for expected credit losses(9)(11)
Balance, end of period$— $14 
The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended June 30, 2026 and 2025:
(In thousands)20262025
Balance, beginning of period$— $20 
Provision for expected credit losses— (6)
Balance, end of period$— $14 
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the six months ended June 30, 2026 and 2025:
20262025
(In thousands)Foreign GovernmentMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentMortgage-backedAsset-backedState and MunicipalTotal
Balance, beginning of period$— $65 $— $— $65 $216 $430 $— $— $646 
Change on securities for which credit losses were not previously recorded— — 229 — 229 — — — 10 10 
Change on securities for which credit losses were previously recorded— 19 127 — 146 102 (430)— (10)(338)
Balance, end of period$— $84 $356 $— $440 $318 $— $— $— $318 

The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the three months ended June 30, 2026 and 2025:
20262025
(In thousands)Foreign GovernmentMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentMortgage-backedAsset-backedState and MunicipalTotal
Balance, beginning of period$— $77 $229 $— $306 $323 $— $— $10 $333 
Change on securities for which credit losses were not previously recorded— — — — — — — — — — 
Change on securities for which credit losses were previously recorded— 7 127 — 134 (5)— — (10)(15)
Balance, end of period$— $84 $356 $— $440 $318 $— $— $— $318 
During the six months ended June 30, 2026, the Company increased the allowance for expected credit losses for available for sale securities primarily due to a decrease in the fair value of one investment in the asset-backed category. During the six months ended June 30, 2025, the Company decreased the allowance for expected credit losses for available for sale securities primarily due to improved pricing related to mortgage-backed securities.
The amortized cost and fair value of fixed maturity securities at June 30, 2026, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.  
(In thousands)Amortized
Cost 		Fair
Value
Due in one year or less$1,729,781 $1,699,290 
Due after one year through five years8,051,862 7,894,090 
Due after five years through ten years4,419,675 4,403,306 
Due after ten years7,469,359 7,418,231 
Mortgage-backed securities4,594,960 4,485,511 
Total$26,265,637 $25,900,428 
________________    
At June 30, 2026 and December 31, 2025, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
Equity securities  
Debt Securities, Available-for-sale [Line Items]  
Investments in Equity Securities Investments in Equity Securities
    At June 30, 2026 and December 31, 2025, investments in equity securities were as follows:
 
(In thousands)CostGross UnrealizedFair
Value		Carrying
Value
GainsLosses
June 30, 2026
Common stocks$641,956 $251,133 $(9,149)$883,940 $883,940 
Preferred stocks524,634 98,391 (4,728)618,297 618,297 
Total$1,166,590 $349,524 $(13,877)$1,502,237 $1,502,237 
December 31, 2025
Common stocks$566,577 $181,120 $(5,584)$742,113 $742,113 
Preferred stocks433,472 187,891 (5,275)616,088 616,088 
Total$1,000,049 $369,011 $(10,859)$1,358,201 $1,358,201