v3.26.1
Fixed Maturity Securities In An Unrealized Loss Position
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Fixed Maturity Securities In An Unrealized Loss Position Fixed Maturity Securities in an Unrealized Loss Position
    The following tables summarize all fixed maturity securities in an unrealized loss position at June 30, 2026 and December 31, 2025 by the length of time those securities have been continuously in an unrealized loss position:
  Less Than 12 Months12 Months or GreaterTotal
(In thousands)Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses		Fair
Value		Gross
Unrealized Losses
June 30, 2026
U.S. government and government agency$2,154,637 $37,852 $157,648 $7,394 $2,312,285 $45,246 
State and municipal224,424 2,075 882,149 35,362 1,106,573 37,437 
Mortgage-backed1,332,386 17,449 664,655 126,316 1,997,041 143,765 
Asset-backed1,377,150 7,857 419,348 14,270 1,796,498 22,127 
Corporate2,663,342 29,546 1,267,870 48,749 3,931,212 78,295 
Foreign government1,029,973 12,368 221,743 178,000 1,251,716 190,368 
Fixed maturity securities$8,781,912 $107,147 $3,613,413 $410,091 $12,395,325 $517,238 
December 31, 2025
U.S. government and government agency$790,077 $8,902 $183,896 $6,255 $973,973 $15,157 
State and municipal141,680 1,520 1,053,168 36,893 1,194,848 38,413 
Mortgage-backed251,861 2,265 839,061 130,415 1,090,922 132,680 
Asset-backed644,346 1,643 503,876 15,600 1,148,222 17,243 
Corporate494,240 4,308 1,786,925 58,671 2,281,165 62,979 
Foreign government666,054 9,770 285,640 168,090 951,694 177,860 
Fixed maturity securities$2,988,258 $28,408 $4,652,566 $415,924 $7,640,824 $444,332 
    Substantially all of the securities in an unrealized loss position are rated investment grade, except for the securities in the foreign government classification. A significant amount of the unrealized loss on foreign government securities is the result of changes in currency exchange rates. 
    A summary of the Company’s non-investment grade fixed maturity securities that were in an unrealized loss position at June 30, 2026 is presented in the table below:
($ in thousands)Number of
Securities		Aggregate
Fair Value		Gross
Unrealized Loss
Foreign government56 $167,337 $172,029 
State and municipal2 9,159 839 
Corporate6 8,417 311 
Mortgage-backed13 1,524 122 
Total77 $186,437 $173,301 
    
For fixed maturity securities that management does not intend to sell or to be required to sell, the portion of the decline in value that is considered to be due to credit factors is recognized in earnings, and the portion of the decline in value that is considered to be due to non-credit factors is recognized in other comprehensive income (loss).
     The Company has evaluated its fixed maturity securities in an unrealized loss position and believes the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on its assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.