v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Assets And Liabilities Measured At Fair value, On A Recurring Basis The following tables present the assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025 by level:
(In thousands)TotalLevel 1Level 2Level 3
June 30, 2026
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency$4,402,996 $— $4,402,996 $— 
State and municipal1,642,356 — 1,642,356 — 
Mortgage-backed4,483,852 — 4,483,852 — 
Asset-backed4,076,528 — 4,076,528 — 
Corporate9,278,095 — 9,258,311 19,784 
Foreign government2,000,182 — 2,000,182 — 
Total fixed maturity securities available for sale25,884,009 — 25,864,225 19,784 
Equity securities:
Common stocks883,940 880,946 925 2,069 
Preferred stocks618,297 — 609,622 8,675 
Total equity securities1,502,237 880,946 610,547 10,744 
Arbitrage trading account1,292,382 1,199,119 93,150 113 
Total$28,678,628 $2,080,065 $26,567,922 $30,641 
Liabilities:
Trading account securities sold but not yet purchased$6,576 $6,576 $— $— 
December 31, 2025
Assets:
Fixed maturity securities available for sale:
U.S. government and government agency$3,998,038 $— $3,998,038 $— 
State and municipal1,837,194 — 1,837,194 — 
Mortgage-backed4,808,478 — 4,808,478 — 
Asset-backed3,810,346 — 3,810,346 — 
Corporate8,687,411 — 8,667,410 20,001 
Foreign government1,875,589 — 1,875,589 — 
Total fixed maturity securities available for sale25,017,056 — 24,997,055 20,001 
Equity securities:
Common stocks742,113 739,186 786 2,141 
Preferred stocks616,088 — 607,414 8,674 
Total equity securities1,358,201 739,186 608,200 10,815 
Arbitrage trading account1,221,103 1,139,447 81,543 113 
Total$27,596,360 $1,878,633 $25,686,798 $30,929 
Liabilities:
Trading account securities sold but not yet purchased$66,285 $66,285 $— $— 
Summarize Changes In Level 3 Assets The following tables summarize changes in Level 3 assets and liabilities for the six months ended June 30, 2026 and for the year ended December 31, 2025:
(Losses) Gains Included In:
(In thousands)Beginning
Balance		(Losses) Earnings Other
Comprehensive (Losses) Income 		PurchasesSalesTransfers In / (Out)Ending
Balance
Six Months Ended June 30, 2026
Assets:
Fixed maturity securities available for sale:
Corporate$20,001 $— $(217)$— $— $— $19,784 
Total20,001 — (217)— — — 19,784 
Equity securities:
Common stocks2,141 (72)— — — — 2,069 
Preferred stocks8,674 — — — 1 — 8,675 
Total10,815 (72)— — 1 — 10,744 
Arbitrage trading account113 — — — — — 113 
Total$30,929 $(72)$(217)$— $1 $— $30,641 
Year Ended December 31, 2025
Assets:
Fixed maturity securities available for sale:
Corporate$19,667 $— $334 $— $— $— $20,001 
Total19,667 — 334 — — — 20,001 
Equity securities:
Common stocks2,041 226 — — (126)— 2,141 
Preferred stocks3,674 — — 6,160 (1,160)— 8,674 
Total5,715 226 — 6,160 (1,286)— 10,815 
Arbitrage trading account3,510 1,745 — — (5,143)1 113 
Total$28,892 $1,971 $334 $6,160 $(6,429)$1 $30,929