Investments in Fixed Maturity Securities (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of 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 Unrealized				Fair Value		Carrying Value
					Gains		Losses
June 30, 2026
Held to maturity:
State and municipal	$	14,363	$	—	$	397	$	—	$	14,760	$	14,363
Residential mortgage-backed	1,620		—		39		—		1,659		1,620
Total held to maturity	15,983		—		436		—		16,419		15,983
Available for sale:
U.S. government and government agency	4,427,552		—		20,690		(45,246)		4,402,996		4,402,996
State and municipal:
Special revenue	1,047,316		—		3,294		(25,253)		1,025,357		1,025,357
State general obligation	200,210		—		1,545		(4,165)		197,590		197,590
Pre-refunded	105,873		—		338		(1,650)		104,561		104,561
Corporate backed	135,432		—		915		(3,099)		133,248		133,248
Local general obligation	184,186		—		684		(3,270)		181,600		181,600
Total state and municipal	1,673,017		—		6,776		(37,437)		1,642,356		1,642,356
Mortgage-backed:
Residential	4,388,433		(84)		32,329		(143,610)		4,277,068		4,277,068
Commercial	204,907		—		2,032		(155)		206,784		206,784
Total mortgage-backed	4,593,340		(84)		34,361		(143,765)		4,483,852		4,483,852
Asset-backed	4,090,646		(356)		8,365		(22,127)		4,076,528		4,076,528
Corporate:
Industrial	3,754,054		—		26,731		(37,844)		3,742,941		3,742,941
Financial	3,644,516		—		25,526		(23,056)		3,646,986		3,646,986
Utilities	1,700,715		—		8,980		(16,749)		1,692,946		1,692,946
Other	194,685		—		1,183		(646)		195,222		195,222
Total corporate	9,293,970		—		62,420		(78,295)		9,278,095		9,278,095
Foreign government	2,171,129		—		19,421		(190,368)		2,000,182		2,000,182
Total available for sale	26,249,654		(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

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(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 Unrealized				Fair Value		Carrying Value
					Gains		Losses
December 31, 2025
Held to maturity:
State and municipal	$	28,777	$	(9)	$	796	$	—	$	29,564	$	28,768
Residential mortgage-backed	1,838		—		76		—		1,914		1,838

Total held to maturity	30,615		(9)		872		—		31,478		30,606
Available for sale:
U.S. government and government agency	3,964,375		—		48,820		(15,157)		3,998,038		3,998,038
State and municipal:
Special revenue	1,206,387		—		6,002		(27,943)		1,184,446		1,184,446
State general obligation	203,543		—		3,465		(3,848)		203,160		203,160
Pre-refunded	74,276		—		619		(111)		74,784		74,784
Corporate backed	159,876		—		1,958		(3,459)		158,375		158,375
Local general obligation	218,022		—		1,459		(3,052)		216,429		216,429
Total state and municipal	1,862,104		—		13,503		(38,413)		1,837,194		1,837,194
Mortgage-backed:
Residential	4,584,970		(65)		71,048		(132,645)		4,523,308		4,523,308
Commercial	281,573		—		3,632		(35)		285,170		285,170
Total mortgage-backed	4,866,543		(65)		74,680		(132,680)		4,808,478		4,808,478
Asset-backed	3,807,393		—		20,196		(17,243)		3,810,346		3,810,346
Corporate:
Industrial	3,627,567		—		57,466		(36,499)		3,648,534		3,648,534
Financial	3,438,348		—		61,180		(16,460)		3,483,068		3,483,068
Utilities	1,300,506		—		22,593		(8,878)		1,314,221		1,314,221
Other	240,374		—		2,356		(1,142)		241,588		241,588
Total corporate	8,606,795		—		143,595		(62,979)		8,687,411		8,687,411
Foreign government	2,032,543		—		20,906		(177,860)		1,875,589		1,875,589
Total available for sale	25,139,753		(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

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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)	2026		2025
Balance, beginning of period	$	9	$	25

Provision for expected credit losses	(9)		(11)
Balance, end of period	$	—	$	14

Debt Securities, Available-for-sale, Allowance for Credit Loss

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:


	2026								2025
(In thousands)	Foreign Government		Mortgage-backed		Asset-backed		State and Municipal		Total		Foreign Government		Mortgage-backed		Asset-backed		State and Municipal		Total
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:


	2026								2025
(In thousands)	Foreign Government		Mortgage-backed		Asset-backed		State and Municipal		Total		Foreign Government		Mortgage-backed		Asset-backed		State and Municipal		Total
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.

Amortized cost and fair value of fixed maturity securities by contractual maturity

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 years	8,051,862		7,894,090
Due after five years through ten years	4,419,675		4,403,306
Due after ten years	7,469,359		7,418,231
Mortgage-backed securities	4,594,960		4,485,511
Total	$	26,265,637	$	25,900,428

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