v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 18, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-33067  
Entity Registrant Name SELECTIVE INSURANCE GROUP, INC  
Entity Incorporation, State or Country Code NJ  
Entity Tax Identification Number 22-2168890  
Entity Address, Address Line One 40 Wantage Avenue  
Entity Address, City or Town Branchville  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07890  
City Area Code (973)  
Local Phone Number 948-3000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   60,850,304
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000230557  
Current Fiscal Year End Date --12-31  
Common Stock    
Document Information [Line Items]    
Title of 12(b) Security Common Stock, par value $2 per share  
Trading Symbol SIGI  
Security Exchange Name NASDAQ  
Depositary Shares    
Document Information [Line Items]    
Title of 12(b) Security Depositary Shares, each representing a 1/1,000th interest in a share of 4.60% Non-Cumulative Preferred Stock, Series B, without par value  
Trading Symbol SIGIP  
Security Exchange Name NASDAQ  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Investments:    
Fixed income securities, held-to-maturity – at carrying value (fair value: $24,457 – 2025; $24,735 – 2024) $ 24,552 $ 25,375
Less: allowance for credit losses 0 0
Fixed income securities, held-to-maturity, net of allowance for credit losses 24,552 25,375
Fixed income securities, available-for-sale – at fair value (allowance for credit losses: $28,733 – 2025 and $31,948 – 2024; amortized cost: $9,089,518 – 2025 and $8,476,078 – 2024) 8,876,667 8,127,334
Commercial mortgage loans – at carrying value (fair value: $266,197 – 2025 and $224,842 – 2024) 272,072 233,774
Less: allowance for credit losses (212) (66)
Commercial mortgage loans, net of allowance for credit losses 271,860 233,708
Equity securities – at fair value (cost: $311,254 – 2025; $211,486 – 2024) 318,059 213,601
Short-term investments 531,441 509,318
Alternative investments 434,995 440,896
Other investments 95,978 101,065
Total investments (Note 4 and 5) 10,553,552 9,651,297
Cash 357 91
Restricted cash 37,878 62,933
Accrued investment income 86,912 76,892
Premiums receivable 1,684,351 1,488,206
Less: allowance for credit losses (Note 6) (21,800) (20,400)
Premiums receivable, net of allowance for credit losses 1,662,551 1,467,806
Reinsurance recoverable 883,388 1,063,145
Less: allowance for credit losses (Note 7) (2,000) (2,000)
Reinsurance recoverable, net of allowance for credit losses 881,388 1,061,145
Prepaid reinsurance premiums 252,595 235,378
Current federal income tax 13,195 0
Deferred federal income tax 120,676 146,788
Property and equipment – at cost, net of accumulated depreciation and amortization of: $300,448 – 2025; $287,685 – 2024 100,019 93,303
Deferred policy acquisition costs 510,391 479,304
Goodwill 7,849 7,849
Other assets 241,070 231,403
Total assets 14,468,433 13,514,189
Liabilities:    
Reserve for loss and loss expense (Note 8) 6,811,156 6,589,801
Unearned premiums 2,815,743 2,616,268
Long-term debt 902,749 507,938
Current federal income tax 0 19,706
Accrued salaries and benefits 107,718 121,662
Other liabilities 461,688 538,738
Total liabilities 11,099,054 10,394,113
Stockholders’ Equity:    
Preferred stock 200,000 200,000
Common stock 211,832 211,219
Additional paid-in capital 580,432 557,042
Retained earnings 3,284,044 3,139,489
Accumulated other comprehensive income (loss) (Note 11) (230,642) (336,845)
Treasury stock – at cost (shares:  45,066,408 – 2025; 44,761,468 – 2024) (676,287) (650,829)
Total stockholders’ equity 3,369,379 3,120,076
Commitments and contingencies
Total liabilities and stockholders’ equity $ 14,468,433 $ 13,514,189
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Fixed income securities, held-to-maturity, fair value $ 24,457 $ 24,735
Fixed income securities, available-for-sale, allowance for credit loss 28,733 31,948
Fixed income securities, available-for-sale, amortized cost 9,089,518 8,476,078
Commercial mortgage loans, fair value 266,197 224,842
Equity securities, cost 311,254 211,486
Property and equipment, accumulated depreciation and amortization $ 300,448 $ 287,685
Preferred stock, par or stated value (in dollars per share) $ 0 $ 0
Preferred stock, authorized (in shares) 5,000,000 5,000,000
Preferred stock, issued (in shares) 8,000 8,000
Preferred stock, liquidation preference (in dollars per share) $ 25,000 $ 25,000
Common stock, par or stated value (in dollars per share) $ 2 $ 2
Common stock, authorized (in shares) 360,000,000 360,000,000
Common stock, issued (in shares) 105,915,961 105,609,364
Treasury stock, common (in shares) 45,066,408 44,761,468
v3.25.2
Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues:        
Net premiums earned $ 1,188,057 $ 1,080,231 $ 2,346,814 $ 2,131,175
Net investment income earned 127,968 108,642 248,659 216,491
Net realized and unrealized investment gains (losses) 4,172 1,297 4,401 (338)
Other income 6,548 5,835 12,057 13,636
Total revenues 1,326,745 1,196,005 2,611,931 2,360,964
Expenses:        
Loss and loss expense incurred 823,898 925,548 1,570,223 1,629,840
Amortization of deferred policy acquisition costs 250,307 226,426 497,741 445,861
Other insurance expenses 122,823 107,773 247,693 223,760
Interest expense 13,256 7,202 22,829 14,383
Corporate expenses 7,556 9,154 25,654 24,652
Total expenses 1,217,840 1,276,103 2,364,140 2,338,496
Income (loss) before federal income tax 108,905 (80,098) 247,791 22,468
Federal income tax expense (benefit):        
Current 20,501 (17,622) 54,094 3,791
Deferred 2,461 843 (2,142) (522)
Total federal income tax expense (benefit) 22,962 (16,779) 51,952 3,269
Net income (loss) 85,943 (63,319) 195,839 19,199
Preferred stock dividends 2,300 2,300 4,600 4,600
Net income (loss) available to common stockholders, basic 83,643 (65,619) 191,239 14,599
Net income (loss) available to common stockholders, diluted $ 83,643 $ (65,619) $ 191,239 $ 14,599
Earnings per common share:        
Net income (loss) available to common stockholders - Basic (in dollars per share) $ 1.37 $ (1.08) $ 3.14 $ 0.24
Net income (loss) available to common stockholders - Diluted (in dollars per share) $ 1.36 $ (1.08) $ 3.12 $ 0.24
v3.25.2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 85,943 $ (63,319) $ 195,839 $ 19,199
Unrealized gains (losses) on investment securities:        
Unrealized holding gains (losses) arising during period 33,074 (6,594) 87,789 (18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings 8,707 (2,927) 18,793 (5,401)
Amounts reclassified into net income (loss):        
Net realized (gains) losses on disposals and losses on intent-to-sell available-for-sale securities (343) 33 (559) (28)
Credit loss (benefit) expense (701) 975 (1,198) 3,068
Total unrealized gains (losses) on investment securities 40,737 (8,513) 104,825 (21,248)
Amounts reclassified into net income (loss):        
Net actuarial loss 689 764 1,378 1,528
Total defined benefit pension and post-retirement plans 689 764 1,378 1,528
Other comprehensive income (loss) 41,426 (7,749) 106,203 (19,720)
Comprehensive income (loss) $ 127,369 $ (71,068) $ 302,042 $ (521)
v3.25.2
Unaudited Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Preferred stock:
Common stock:
Additional paid-in capital:
Retained earnings:
Accumulated other comprehensive income (loss):
Treasury stock:
Beginning of period at Dec. 31, 2023   $ 200,000 $ 210,447 $ 522,748 $ 3,029,396 $ (373,001) $ (635,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of preferred stock   0          
Dividend reinvestment plan     20 972      
Stock purchase and compensation plans     565 21,543      
Net income (loss) $ 19,199       19,199    
Dividends to preferred stockholders         (4,600)    
Dividends to common stockholders         (42,941)    
Other comprehensive income (loss) (19,720)         (19,720)  
Acquisition of treasury stock - share repurchase authorization             0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans             (6,728)
End of period at Jun. 30, 2024 $ 2,922,691 $ 200,000 $ 211,032 545,263 3,001,054 (392,721) (641,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Dividends declared per preferred share (in dollars per share) $ 575.00            
Dividends declared per common share (in dollars per share) $ 0.70            
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023   8,000          
Preferred stock, shares outstanding:              
Issuance of preferred stock (in shares)   0          
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024   8,000          
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2023     60,636,437        
Common stock, shares outstanding:              
Dividend reinvestment plan (in shares)     9,959        
Stock purchase and compensation plan (in shares)     282,928        
Acquisition of treasury stock - share repurchase authorization (in shares)     0        
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)     (69,376)        
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2024     60,859,948        
Beginning of period at Mar. 31, 2024   $ 200,000 $ 210,895 534,327 3,088,150 (384,972) (641,906)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of preferred stock   0          
Dividend reinvestment plan     10 484      
Stock purchase and compensation plans     127 10,452      
Net income (loss) $ (63,319)       (63,319)    
Dividends to preferred stockholders         (2,300)    
Dividends to common stockholders         (21,477)    
Other comprehensive income (loss) (7,749)         (7,749)  
Acquisition of treasury stock - share repurchase authorization             0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans             (31)
End of period at Jun. 30, 2024 $ 2,922,691 $ 200,000 $ 211,032 545,263 3,001,054 (392,721) (641,937)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Dividends declared per preferred share (in dollars per share) $ 287.50            
Dividends declared per common share (in dollars per share) $ 0.35            
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024   8,000          
Preferred stock, shares outstanding:              
Issuance of preferred stock (in shares)   0          
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024   8,000          
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2024     60,791,439        
Common stock, shares outstanding:              
Dividend reinvestment plan (in shares)     5,153        
Stock purchase and compensation plan (in shares)     63,664        
Acquisition of treasury stock - share repurchase authorization (in shares)     0        
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)     (308)        
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2024     60,859,948        
Beginning of period at Dec. 31, 2024 $ 3,120,076 $ 200,000 $ 211,219 557,042 3,139,489 (336,845) (650,829)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of preferred stock   0          
Dividend reinvestment plan     24 1,018      
Stock purchase and compensation plans     589 22,372      
Net income (loss) 195,839       195,839    
Dividends to preferred stockholders         (4,600)    
Dividends to common stockholders         (46,684)    
Other comprehensive income (loss) 106,203         106,203  
Acquisition of treasury stock - share repurchase authorization (19,400)           (19,421)
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans             (6,037)
End of period at Jun. 30, 2025 $ 3,369,379 $ 200,000 $ 211,832 580,432 3,284,044 (230,642) (676,287)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Dividends declared per preferred share (in dollars per share) $ 575.00            
Dividends declared per common share (in dollars per share) $ 0.76            
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024   8,000          
Preferred stock, shares outstanding:              
Issuance of preferred stock (in shares)   0          
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025   8,000          
Common stock, shares outstanding, beginning of period (in shares) at Dec. 31, 2024     60,847,896        
Common stock, shares outstanding:              
Dividend reinvestment plan (in shares)     12,180        
Stock purchase and compensation plan (in shares)     294,417        
Acquisition of treasury stock - share repurchase authorization (in shares) (233,611)   (233,611)        
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)     (71,329)        
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2025     60,849,553        
Beginning of period at Mar. 31, 2025   $ 200,000 $ 211,673 571,289 3,223,731 (272,068) (676,085)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of preferred stock   0          
Dividend reinvestment plan     12 510      
Stock purchase and compensation plans     147 8,633      
Net income (loss) $ 85,943       85,943    
Dividends to preferred stockholders         (2,300)    
Dividends to common stockholders         (23,330)    
Other comprehensive income (loss) 41,426         41,426  
Acquisition of treasury stock - share repurchase authorization             0
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans             (202)
End of period at Jun. 30, 2025 $ 3,369,379 $ 200,000 $ 211,832 $ 580,432 $ 3,284,044 $ (230,642) $ (676,287)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Dividends declared per preferred share (in dollars per share) $ 287.50            
Dividends declared per common share (in dollars per share) $ 0.38            
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025   8,000          
Preferred stock, shares outstanding:              
Issuance of preferred stock (in shares)   0          
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025   8,000          
Common stock, shares outstanding, beginning of period (in shares) at Mar. 31, 2025     60,772,988        
Common stock, shares outstanding:              
Dividend reinvestment plan (in shares)     5,973        
Stock purchase and compensation plan (in shares)     73,561        
Acquisition of treasury stock - share repurchase authorization (in shares)     0        
Acquisition of treasury stock - shares acquired related to employee share-based compensation plans (in shares)     (2,969)        
Common stock, shares outstanding, end of period (in shares) at Jun. 30, 2025     60,849,553        
v3.25.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income (loss) $ 195,839 $ 19,199
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 15,733 18,915
Stock-based compensation expense 17,682 16,709
Undistributed gains of equity method investments (5,725) (14,572)
Distributions in excess of current year income of equity method investments 8,505 10,377
Net realized and unrealized (gains) losses (4,401) 338
Loss (gain) on disposal of fixed assets (72) 321
Changes in assets and liabilities:    
Increase in reserve for loss and loss expense, net of reinsurance recoverable 401,112 537,851
Increase in unearned premiums, net of prepaid reinsurance 182,258 251,547
(Increase) decrease in net federal income taxes (35,020) (45,257)
Increase in premiums receivable (194,745) (266,586)
Increase in deferred policy acquisition costs (31,087) (51,655)
Increase in accrued investment income (10,109) (5,926)
Increase (decrease) in accrued salaries and benefits (13,944) (29,418)
(Increase) decrease in other assets (4,220) (22,122)
Increase (decrease) in other liabilities (70,874) (39,385)
Net cash provided by (used in) operating activities 450,932 380,336
Investing Activities    
Purchases of fixed income securities, held-to-maturity (2,400) 0
Purchases of fixed income securities, available-for-sale (1,628,299) (1,027,136)
Purchases of commercial mortgage loans (50,785) (34,281)
Purchases of equity securities (107,094) (13,738)
Purchases of alternative investments and other investments (65,373) (34,000)
Purchases of short-term investments (7,173,300) (3,016,380)
Sales of fixed income securities, available-for-sale 463,280 451,386
Proceeds from commercial mortgage loans 9,188 3,376
Sales of short-term investments 7,151,330 2,908,653
Redemption and maturities of fixed income securities, held-to-maturity 3,224 3,204
Redemption and maturities of fixed income securities, available-for-sale 555,893 415,790
Sales of equity securities 7,125 12,252
Sales of alternative investments 44,567 0
Distributions from alternative investments and other investments 13,416 11,526
Purchases of property and equipment (20,260) (13,932)
Net cash provided by (used in) investing activities (799,488) (333,280)
Financing Activities    
Dividends to preferred stockholders (4,600) (4,600)
Dividends to common stockholders (45,189) (41,573)
Acquisition of treasury stock (25,458) (6,728)
Net proceeds from stock purchase and compensation plans 4,560 4,747
Proceeds from borrowings (net of debt issuance costs of $4.1 million) 395,857 0
Repayments of finance lease obligations (1,403) (1,266)
Net cash provided by (used in) financing activities 323,767 (49,420)
Net increase (decrease) in cash and restricted cash (24,789) (2,364)
Cash and restricted cash, beginning of period 63,024 13,272
Cash and restricted cash, end of period $ 38,235 $ 10,908
v3.25.2
Unaudited Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Statement of Cash Flows [Abstract]  
Debt issuance costs paid $ 4.1
v3.25.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The words "Company," "we," "us," or "our" refer to Selective Insurance Group, Inc. (the "Parent") and its subsidiaries, except as expressly indicated or the context requires otherwise. We have prepared our interim unaudited consolidated financial statements ("Financial Statements") in conformity with (i) United States ("U.S.") generally accepted accounting principles ("GAAP"), and (ii) the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. These require management to make estimates and assumptions that affect the reported financial statement balances and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. All significant intercompany accounts and transactions are eliminated in consolidation.

Our Financial Statements reflect all adjustments that, in our opinion, are normal, recurring, and necessary for a fair presentation of our results of operations and financial condition. Our Financial Statements cover the second quarters ended June 30, 2025 ("Second Quarter 2025") and June 30, 2024 ("Second Quarter 2024"), and the six-month periods ended June 30, 2025 ("Six Months 2025") and June 30, 2024 ("Six Months 2024"). Our Financial Statements do not include all information and disclosures required by GAAP and the SEC for audited annual financial statements. Because interim period results of operations are not necessarily indicative of full-year results, our Financial Statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024 ("2024 Annual Report") filed with the SEC.
v3.25.2
Adoption of Accounting Pronouncements
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Adoption of Accounting Pronouncements Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Six Months 2025.

Pronouncements to be effective in the future
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied prospectively. Retrospective application and early adoption are permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.
v3.25.2
Statements of Cash Flows
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Statements of Cash Flows Statements of Cash Flows
Supplemental cash flow information was as follows:

 Six Months ended
June 30,
($ in thousands)20252024
Cash paid (received) during the period for:  
Interest$14,278 14,209 
Federal income tax83,269 46,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases5,053 3,884 
Operating cash flows from financing leases139 65 
Financing cash flows from finance leases1,403 1,266 
Non-cash items:
Corporate actions related to equity securities1
— 29,250 
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
39,742 10,250 
Conversion of AFS fixed income securities to equity securities736 — 
Conversion of commercial mortgage loan ("CML") to alternative investment
3,300 — 
Assets acquired under finance lease arrangements— 5,947 
Assets acquired under operating lease arrangements2,062 10,257 
Non-cash purchase of property and equipment13 9 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2025December 31, 2024
Cash$357 91 
Restricted cash37,878 62,933 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$38,235 63,024 

Amounts in restricted cash represent cash received from the National Flood Insurance Program ("NFIP") that can only be used to pay flood claims under the Write Your Own program.
v3.25.2
Investments
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Investments Investments
(a) Information regarding our AFS securities as of June 30, 2025 and December 31, 2024, were as follows:

June 30, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$146,074 — 54 (16,687)129,441 
Foreign government11,520 (21)35 (1,011)10,523 
Obligations of states and political subdivisions490,639 (390)1,271 (32,862)458,658 
Corporate securities3,356,690 (9,571)54,889 (87,916)3,314,092 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")2,294,816 (7,230)27,345 (38,751)2,276,180 
Residential mortgage-backed securities ("RMBS")
2,029,324 (11,422)10,438 (84,773)1,943,567 
Commercial mortgage-backed securities ("CMBS")760,455 (99)3,936 (20,086)744,206 
Total AFS fixed income securities$9,089,518 (28,733)97,968 (282,086)8,876,667 
December 31, 2024Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$139,906 — 2 (19,753)120,155 
Foreign government10,656 (21)— (1,333)9,302 
Obligations of states and political subdivisions483,609 (570)550 (32,359)451,230 
Corporate securities3,181,046 (14,924)25,259 (123,201)3,068,180 
CLO and other ABS2,065,611 (4,889)22,116 (49,689)2,033,149 
RMBS1,812,744 (11,544)3,880 (112,722)1,692,358 
CMBS782,506 — 1,478 (31,024)752,960 
Total AFS fixed income securities$8,476,078 (31,948)53,285 (370,081)8,127,334 

The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$19 — — 2 — — 21 
Obligations of states and political subdivisions419 27 — (36)(20)— 390 
Corporate securities12,616 306 — (2,979)(372)— 9,571 
CLO and other ABS5,499 182 — 1,607 (58)— 7,230 
RMBS11,342 — — 185 (105)— 11,422 
CMBS280 — — (181)— — 99 
Total AFS fixed income securities$30,175 515 — (1,402)(555)— 28,733 

Quarter ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$29 — — (3)— — 26 
Obligations of states and political subdivisions695 18 — (74)— — 639 
Corporate securities15,442 846 — (126)(212)— 15,950 
CLO and other ABS2,627 271 — 126 (2)— 3,022 
RMBS11,580 — — 171 (91)— 11,660 
CMBS8 — — 4 — — 12 
Total AFS fixed income securities$30,381 1,135 — 98 (305)— 31,309 
Six Months ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — — — — 21 
Obligations of states and political subdivisions570 32 — (106)(106)— 390 
Corporate securities14,924 935 — (5,142)(1,146)— 9,571 
CLO and other ABS4,889 1,652 — 876 (187)— 7,230 
RMBS11,544 — — 138 (260)— 11,422 
CMBS— 99 — — — — 99 
Total AFS fixed income securities$31,948 2,718 — (4,234)(1,699)— 28,733 
Six Months ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$35 — — (3)(6)— 26 
Obligations of states and political subdivisions669 37 — (59)(8)— 639 
Corporate securities12,999 2,362 — 1,166 (568)(9)15,950 
CLO and other ABS2,854 427 — (255)(4)— 3,022 
RMBS11,649 — — 202 (191)— 11,660 
CMBS6 2 — 4 — — 12 
Total AFS fixed income securities$28,212 2,828 — 1,055 (777)(9)31,309 

During Six Months 2025 and Six Months 2024, we had no write-offs or recoveries of our AFS fixed income securities.

For information on our methodology and significant inputs used to measure expected credit losses, our accounting policy for recognizing write-offs of uncollectible amounts, and our treatment of accrued interest, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report. Accrued interest on AFS securities was $84.1 million as of June 30, 2025, and $74.3 million as of December 31, 2024. We did not record any material write-offs of accrued interest in Six Months 2025 and Six Months 2024.

(b) Quantitative information about unrealized losses on our AFS portfolio follows:

June 30, 2025Less than 12 months12 months or longerTotal
($ in thousands)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$6,275 (40)108,474 (16,647)114,749 (16,687)
Foreign government— — 9,592 (1,011)9,592 (1,011)
Obligations of states and political subdivisions155,940 (3,377)219,996 (29,485)375,936 (32,862)
Corporate securities243,575 (3,677)969,247 (84,239)1,212,822 (87,916)
CLO and other ABS330,552 (6,239)504,728 (32,512)835,280 (38,751)
RMBS557,024 (10,152)647,612 (74,621)1,204,636 (84,773)
CMBS58,645 (1,928)368,295 (18,158)426,940 (20,086)
Total AFS fixed income securities$1,352,011 (25,413)2,827,944 (256,673)4,179,955 (282,086)

December 31, 2024Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value		Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$14,708 (70)105,326 (19,683)120,034 (19,753)
Foreign government— — 9,302 (1,333)9,302 (1,333)
Obligations of states and political subdivisions153,996 (3,539)247,735 (28,820)401,731 (32,359)
Corporate securities684,999 (11,699)1,083,392 (111,502)1,768,391 (123,201)
CLO and other ABS349,786 (6,296)601,057 (43,393)950,843 (49,689)
RMBS714,061 (21,206)677,574 (91,516)1,391,635 (112,722)
CMBS184,394 (2,870)417,472 (28,154)601,866 (31,024)
Total AFS fixed income securities$2,101,944 (45,680)3,141,858 (324,401)5,243,802 (370,081)

We currently do not intend to sell any of the securities summarized in the tables above, nor do we believe we will be required to sell any of them. The decrease in gross unrealized losses at June 30, 2025, compared to December 31, 2024, was driven by a decrease in benchmark U.S. Treasury rates. Considering these factors and our review of these securities under our credit loss policy as described in Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report, we have concluded that no additional allowance for credit loss is required on these balances beyond the allowance for credit loss recorded as of June 30, 2025. This conclusion reflects our current judgment about the financial position and future prospects of the entities that issued the investment security and underlying collateral.
(c) AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2025, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$549,570 135 134 
Due after one year through five years3,627,442 16,082 15,985 
Due after five years through 10 years3,664,357 8,335 8,338 
Due after 10 years1,035,298 — — 
Total fixed income securities$8,876,667 24,552 24,457 

(d) The following table summarizes our alternative investment portfolio by strategy:

June 30, 2025December 31, 2024
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$325,848 170,686 496,534 346,020 182,355 528,375 
   Private credit62,133 99,121 161,254 52,100 99,185 151,285 
   Real assets47,014 36,270 83,284 42,776 38,950 81,726 
Total alternative investments$434,995 306,077 741,072 440,896 320,490 761,386 

We are contractually committed to make additional investments up to the remaining commitments stated above. We did not provide any non-contractual financial support during 2025 or 2024.

The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one-quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement InformationQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Net investment income (loss)$251.4 242.4 $652.1 (103.6)
Realized gains950.6 1,554.2 1,562.6 3,385.1 
Net change in unrealized appreciation (depreciation)975.9 2,850.2 2,855.3 6,669.2 
Net income$2,177.9 4,646.8 $5,070.0 9,950.7 
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income$4.0 10.5 $11.1 17.4 

(e) We have pledged certain AFS fixed income securities as collateral related to our borrowing relationships with the Federal Home Loan Bank of Indianapolis ("FHLBI") and the Federal Home Loan Bank of New York ("FHLBNY"). We also had certain securities on deposit with various state and regulatory agencies at June 30, 2025, to comply with insurance laws. We retain all rights regarding all securities pledged as collateral.

The following table summarizes the market value of these securities at June 30, 2025:

($ in millions)FHLBI CollateralFHLBNY CollateralState and
Regulatory Deposits		Total
U.S. government and government agencies$— — 24.3 24.3 
Obligations of states and political subdivisions— — 1.8 1.8 
RMBS65.7 20.9 0.5 87.1 
CMBS0.4 7.3 — 7.7 
Total pledged as collateral$66.1 28.2 26.6 120.9 


(f) We did not have exposure to any credit concentration risk of a single issuer greater than 10% of our stockholders' equity, other than to certain U.S. government agencies, as of June 30, 2025, or December 31, 2024.
(g) The components of pre-tax net investment income earned were as follows:

 Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Fixed income securities$115,733 93,935 $220,815 188,037 
CMLs
3,761 3,145 7,376 5,939 
Equity securities4,908 1,877 8,475 6,785 
Short-term investments5,267 4,680 11,500 8,199 
Alternative investments4,004 10,517 11,083 17,398 
Other investments163 118 394 381 
Investment expenses(5,868)(5,630)(10,984)(10,248)
Net investment income earned$127,968 108,642 $248,659 216,491 

The increase in net investment income earned in Second Quarter 2025 and Six Months 2025 compared to the same prior-year periods was primarily driven by active portfolio management, operating cash flow deployment, and net proceeds from the issuance of our 5.90% Senior Notes in the first quarter of 2025. For additional information regarding our 5.90% Senior Notes issuance, see Note 12. "Indebtedness" in Item 1. "Financial Statements" of this Form 10-Q.

(h) The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Gross gains on sales$2,154 4,387 $3,881 6,522 
Gross losses on sales(2,394)(1,251)(4,777)(3,216)
Net realized gains (losses) on disposals(240)3,136 (896)3,306 
Net unrealized gains (losses) on equity securities3,640 (93)4,690 599 
Net credit loss benefit (expense) on fixed income securities, AFS887 (1,233)1,516 (3,883)
Net credit loss benefit (expense) on CMLs
(115)(32)(150)136 
Losses on securities for which we have the intent to sell— (481)(759)(496)
Net realized and unrealized investment gains (losses)$4,172 1,297 $4,401 (338)

Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$3,018 2,617 $3,539 2,906 
On securities sold in period622 (2,710)1,151 (2,307)
Total unrealized gains (losses) recognized in income on equity securities$3,640 (93)$4,690 599 
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The financial assets in our investment portfolio are primarily measured at fair value as disclosed on the Consolidated Balance Sheets. The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2025, and December 31, 2024:

June 30, 2025December 31, 2024
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,933 56,274 49,931 54,657 
5.90% Senior Notes
399,914 408,864 — — 
6.70% Senior Notes
99,603 105,970 99,590 103,057 
5.375% Senior Notes
294,682 268,221 294,627 273,464 
3.03% borrowings from FHLBI
60,000 59,158 60,000 58,516 
Subtotal long-term debt904,132 898,487 504,148 489,694 
Unamortized debt issuance costs(6,262)(2,492)
Finance lease obligations4,879 6,282 
Total long-term debt$902,749 507,938 

For discussion regarding the fair value techniques of our financial instruments, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$129,441 38,533 90,908 — 
Foreign government10,523 — 10,523 — 
Obligations of states and political subdivisions458,658 — 451,128 7,530 
Corporate securities3,314,092 — 3,046,271 267,821 
CLO and other ABS2,276,180 — 1,795,143 481,037 
RMBS1,943,567 — 1,943,567 — 
CMBS744,206 — 743,867 339 
Total AFS fixed income securities8,876,667 38,533 8,081,407 756,727 
Equity securities:
Common stock1
316,224 99,665 — — 
Preferred stock1,835 1,835 — — 
Total equity securities318,059 101,500 — — 
Short-term investments531,441 521,542 9,899 — 
Total assets measured at fair value$9,726,167 661,575 8,091,306 756,727 
December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$120,155 35,518 84,637 — 
Foreign government9,302 — 9,302 — 
Obligations of states and political subdivisions451,230 — 443,804 7,426 
Corporate securities3,068,180 — 2,825,501 242,679 
CLO and other ABS2,033,149 — 1,665,155 367,994 
RMBS1,692,358 — 1,692,358 — 
CMBS752,960 — 752,620 340 
Total AFS fixed income securities8,127,334 35,518 7,473,377 618,439 
Equity securities:
Common stock1
211,767 41,445 — 808 
Preferred stock1,834 1,834 — — 
Total equity securities213,601 43,279 — 808 
Short-term investments509,318 474,225 35,093 — 
Total assets measured at fair value$8,850,253 553,022 7,508,470 619,247 
1Investments amounting to $216.6 million at June 30, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value.

The following tables provide a summary of Level 3 changes in Six Months 2025 and Six Months 2024:

June 30, 2025
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2024
$7,426 242,679 367,994 — 340 808 619,247 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")59 3,874 228 — (2)— 4,159 
   Net realized and unrealized gains (losses)117 141 21 — — 655 934 
Net investment income earned— 23 28 — 5 — 56 
Purchases— 12,684 62,211 — — — 74,895 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(72)(9,156)(31,732)— (4)(1,463)(42,427)
Transfers into Level 3— 17,576 85,788 — — — 103,364 
Transfers out of Level 3— — (3,501)— — — (3,501)
Fair value, June 30, 2025
$7,530 267,821 481,037 — 339 — 756,727 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end117 140 21 — — — 278 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end59 3,877 (452)— (2)— 3,482 
June 30, 2024
($ in thousands)Obligation of state and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2023
$7,834 297,332 245,313 — 356 854 551,689 
Total net gains (losses) for the period included in:
OCI(112)1,203 969 — (2)— 2,058 
   Net realized and unrealized gains (losses)— 218 39 — — 213 470 
Net investment income earned— (494)(7)— (1)— (502)
Purchases— 5,261 30,119 4,886 — — 40,266 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(68)(7,269)(4,726)— (4)— (12,067)
Transfers into Level 3— 28,896 19,537 — — — 48,433 
Transfers out of Level 3— (31,434)(27,524)— — — (58,958)
Fair value, June 30, 2024
$7,654 293,713 263,720 4,886 349 1,067 571,389 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end— 226 39 — — 213 478 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(112)850 969 — (2)— 1,705 

The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
Corporate securities$157,700 
Discounted Cash Flow
Illiquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS294,694 
Discounted Cash Flow
Illiquidity Spread
(1.8)% - 19.6%
1.9%
Total internal valuations452,394 
Other1
304,333 
Total Level 3 securities$756,727 

December 31, 2024
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$147,294 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS249,506 Discounted Cash FlowIlliquidity Spread
(0.97)% - 19.6%
1.9%
Total internal valuations396,800 
Other1
222,447 
Total Level 3 securities$619,247 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.

For the securities in the tables above valued using a discounted cash flow analysis, we apply an illiquidity spread in determining fair value. An increase in this assumption would result in a lower fair value measurement.
The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,457 — 24,457 — 
Total HTM fixed income securities24,457 — 24,457 — 
CMLs$266,197 — — 266,197 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$56,274 — 56,274 — 
5.90% Senior Notes
408,864 — 408,864 — 
6.70% Senior Notes
105,970 — 105,970 — 
5.375% Senior Notes
268,221 — 268,221 — 
3.03% borrowings from FHLBI
59,158 — 59,158 — 
Total long-term debt$898,487 — 898,487 — 

December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,735 — 24,735 — 
Total HTM fixed income securities24,735 — 24,735 — 
CMLs$224,842 — — 224,842 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$54,657 — 54,657 — 
6.70% Senior Notes
103,057 — 103,057 — 
5.375% Senior Notes
273,464 — 273,464 — 
3.03% borrowings from FHLBI
58,516 — 58,516 — 
Total long-term debt$489,694 — 489,694 — 
v3.25.2
Allowance for Credit Losses on Premiums Receivable
 6 Months Ended
Jun. 30, 2025
Premiums Receivable Disclosure [Abstract]  
Allowance for Credit Losses on Premiums Receivable Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Balance at beginning of period$21,600 20,000 $20,400 18,900 
Current period change for expected credit losses1,933 2,488 5,799 4,272 
Write-offs charged against the allowance for credit losses(2,314)(1,720)(5,203)(2,776)
Recoveries581 332 804 704 
Allowance for credit losses, end of period$21,800 21,100 $21,800 21,100 

For a discussion of the methodology used to evaluate our estimate of expected credit losses on premiums receivable, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
v3.25.2
Reinsurance
 6 Months Ended
Jun. 30, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
We evaluate and monitor the financial condition of our reinsurers under voluntary reinsurance arrangements to minimize our exposure to significant losses from reinsurer insolvencies. The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$116,797 1,057 117,854 
A+499,487 4,408 503,895 
A122,212 1,066 123,278 
A-6,342 243 6,585 
Total rated reinsurers744,838 6,774 751,612 
Non-rated reinsurers
Federal and state pools122,503 — 122,503 
Other than federal and state pools9,269 4 9,273 
Total non-rated reinsurers131,772 4 131,776 
Total reinsurance recoverable, gross$876,610 6,778 883,388 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net881,388 

December 31, 2024
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$111,481 225 111,706 
A+483,317 5,205 488,522 
A131,087 819 131,906 
A-5,421 149 5,570 
Total rated reinsurers731,306 6,398 737,704 
Non-rated reinsurers
Federal and state pools318,785 — 318,785 
Other than federal and state pools6,647 9 6,656 
Total non-rated reinsurers325,432 9 325,441 
Total reinsurance recoverable, gross$1,056,738 6,407 1,063,145 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net1,061,145 

The $196.3 million decrease in "Federal and state pools" as of June 30, 2025, compared to December 31, 2024, primarily relates to claim payments on Hurricane Helene losses reserved for at December 31, 2024. These losses relate to our participation in the NFIP Write Your Own Program, and are 100% ceded to the NFIP.

The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)
2025202420252024
Balance at beginning of period$2,000 1,700 $2,000 1,700 
Current period change for expected credit losses— — — — 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 1,700 $2,000 1,700 
For a discussion of the methodology used to evaluate our estimate of expected credit losses on our reinsurance recoverable balance, refer to Note 2. "Summary of Significant Accounting Policies" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Premiums written:    
Direct$1,490,805 1,399,738 $2,913,656 2,715,649 
Assumed5,441 6,413 11,418 12,398 
Ceded(207,617)(180,050)(396,002)(345,325)
Net1,288,629 1,226,101 2,529,072 2,382,722 
Premiums earned:    
Direct1,373,080 1,242,696 2,713,526 2,448,064 
Assumed5,922 5,779 12,073 11,970 
Ceded(190,945)(168,244)(378,785)(328,859)
Net1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred:
    
Direct929,929 1,009,819 1,760,601 1,763,386 
Assumed5,137 5,058 10,635 11,039 
Ceded(111,168)(89,329)(201,013)(144,585)
Net$823,898 925,548 $1,570,223 1,629,840 
v3.25.2
Reserve for Loss and Loss Expense
 6 Months Ended
Jun. 30, 2025
Insurance Loss Reserves [Abstract]  
Reserve for Loss and Loss Expense Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Six Months ended
June 30,
($ in thousands)20252024
Gross reserve for loss and loss expense, at beginning of period$6,589,801 5,336,911 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period1,022,245 618,601 
Net reserve for loss and loss expense, at beginning of period5,567,556 4,718,310 
Incurred loss and loss expense for claims occurring in the:  
Current year1,535,575 1,442,719 
Prior years34,648 187,121 
Total incurred loss and loss expense1,570,223 1,629,840 
Paid loss and loss expense for claims occurring in the:  
Current year320,366 347,501 
Prior years865,344 753,658 
Total paid loss and loss expense1,185,710 1,101,159 
Net reserve for loss and loss expense, at end of period5,952,069 5,246,991 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period859,087 656,534 
Gross reserve for loss and loss expense, at end of period$6,811,156 5,903,525 

Prior year reserve development in Six Months 2025 was unfavorable by $34.6 million, consisting of $50.0 million of unfavorable casualty reserve development, partially offset by $15.4 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $25.0 million in our commercial automobile line of business, related to increased severities primarily in accident years 2022 through 2024 and (ii) $20.0 million in our general liability line of business, driven by higher severities primarily in accident years 2022 and 2023. We also had unfavorable development of $5.0 million in our personal automobile line of business, primarily related to increased severities in accident year 2024.
Prior year reserve development in Six Months 2024 was unfavorable by $187.1 million, consisting of $211.0 million of unfavorable casualty reserve development, partially offset by $23.9 million of favorable property reserve development. Our Standard Commercial Lines segment drove the unfavorable casualty reserve development consisting of (i) $216.0 million in our general liability line of business, primarily driven by increased severities in accident years 2020 through 2023, (ii) $10.0 million in our commercial automobile line of business, partially offset by (iii) $15.0 million of favorable casualty reserve development in our workers compensation line of business.

Additionally in Six Months 2024, in our Standard Personal Lines segment, we had unfavorable casualty reserve development of $5.0 million in our personal automobile line of business, offset by favorable development of $5.0 million in our homeowners line of business.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We evaluate the results of our four reportable segments as follows:

•Our Standard Commercial Lines, Standard Personal Lines, and E&S Lines are evaluated on (i) before and after-tax underwriting results (net premiums earned, incurred loss and loss expense, policyholder dividends, policy acquisition costs, and other underwriting expenses), (ii) their return on equity ("ROE") contribution, and (iii) their combined ratios.

•Our Investments segment is primarily evaluated on after-tax net investment income and its ROE contribution. After-tax net realized and unrealized gains and losses are also included in our Investments segment results.

In computing each segment's results, we do not make adjustments for interest expense or corporate expenses. No segment has a separate investment portfolio or allocated assets.

(a) The following table presents revenues by segments and a reconciliation to consolidated revenue.

Revenue by SegmentQuarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Standard Commercial Lines:  
Net premiums earned:  
General liability$305,843 280,097 $600,530 553,512 
Commercial automobile288,759 260,652 572,344 512,372 
Commercial property191,027 168,511 377,557 330,064 
Workers compensation82,024 82,316 161,060 170,093 
Businessowners' policies48,416 41,641 95,309 81,562 
Bonds13,255 12,468 26,513 24,556 
Other8,311 7,808 16,532 15,444 
Miscellaneous income5,920 5,214 10,780 12,348 
Total Standard Commercial Lines revenue943,555 858,707 1,860,625 1,699,951 
Standard Personal Lines:
Net premiums earned:
Personal automobile51,287 57,544 104,255 114,504 
Homeowners48,312 46,055 96,255 90,168 
Other2,778 2,822 5,522 5,595 
Miscellaneous income577 594 1,148 1,235 
Total Standard Personal Lines revenue102,954 107,015 207,180 211,502 
E&S Lines:
Net premiums earned:
Casualty lines87,400 73,887 172,519 145,525 
Property lines60,645 46,430 118,418 87,780 
Miscellaneous income51 27 129 53 
Total E&S Lines revenue148,096 120,344 291,066 233,358 
Investments:    
Net investment income earned127,968 108,642 248,659 216,491 
Net realized and unrealized investment gains (losses)4,172 1,297 4,401 (338)
Total Investments revenue132,140 109,939 253,060 216,153 
Total revenues $1,326,745 1,196,005 $2,611,931 2,360,964 
(b) The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.

Quarter Ended June 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$943,555 102,954 148,096 1,194,605 132,140 1,326,745 
Loss and loss expense incurred:
Net catastrophe losses50,881 14,591 14,460 79,932 — 79,932 
Non-catastrophe property loss and loss expense131,883 28,271 13,085 173,239 — 173,239 
(Favorable)/unfavorable prior year casualty reserve development45,000 — — 45,000 — 45,000 
Current year casualty loss costs
439,002 27,115 59,610 525,727 — 525,727 
Total loss and loss expense incurred666,766 69,977 87,155 823,898 — 823,898 
Net underwriting expenses incurred:
Commissions to distribution partners173,406 6,522 33,769 213,697 — 213,697 
Salaries and employee benefits78,667 8,805 7,498 94,970 — 94,970 
Other segment expenses
49,709 9,100 4,503 63,312 — 63,312 
Total net underwriting expenses incurred301,782 24,427 45,770 371,979 — 371,979 
Dividends to policyholders1,151 — — 1,151 — 1,151 
Segment income (loss), before federal income tax(26,144)8,550 15,171 (2,423)132,140 129,717 
Federal income tax (expense) benefit509 (27,423)(26,914)
Segment income (loss), after federal income tax(1,914)104,717 102,803 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)129,717 
Interest expense(13,256)
Corporate expenses(7,556)
Income before federal income tax108,905 
Federal income tax (expense) benefit on segment income (loss)(26,914)
Federal income tax (expense) benefit on interest and corporate expenses3,952 
Total federal income tax (expense) benefit(22,962)
Net income85,943 
Preferred stock dividends(2,300)
Net income available to common stockholders83,643 
Quarter Ended June 30, 2024Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$858,707 107,015 120,344 1,086,066 109,939 1,196,005 
Loss and loss expense incurred:
Net catastrophe losses50,858 25,396 14,280 90,534 — 90,534 
Non-catastrophe property loss and loss expense124,505 45,350 15,633 185,488 — 185,488 
(Favorable)/unfavorable prior year casualty reserve development176,000 — — 176,000 — 176,000 
Current year casualty loss costs
396,591 30,694 46,241 473,526 — 473,526 
Total loss and loss expense incurred747,954 101,440 76,154 925,548 — 925,548 
Net underwriting expenses incurred:
Commissions to distribution partners157,351 8,124 26,870 192,345 192,345 
Salaries and employee benefits69,070 8,644 6,533 84,247 84,247 
Other segment expenses
44,159 8,108 4,286 56,553 56,553 
Total net underwriting expenses incurred270,580 24,876 37,689 333,145 — 333,145 
Dividends to policyholders1,054 — — 1,054 1,054 
Segment income (loss), before federal income tax(160,881)(19,301)6,501 (173,681)109,939 (63,742)
Federal income tax (expense) benefit36,473 (22,652)13,821 
Segment income (loss), after federal income tax(137,208)87,287 (49,921)
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)(63,742)
Interest expense(7,202)
Corporate expenses(9,154)
Income before federal income tax(80,098)
Federal income tax (expense) benefit on segment income (loss)13,821 
Federal income tax (expense) benefit on interest and corporate expenses2,958 
Total federal income tax (expense) benefit16,779 
Net income(63,319)
Preferred stock dividends(2,300)
Net income available to common stockholders(65,619)
Six Months ended June 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,860,625 207,180 291,066 2,358,871 253,060 2,611,931 
Loss and loss expense incurred:
Net catastrophe losses70,692 21,704 30,893 123,289 — 123,289 
Non-catastrophe property loss and loss expense260,675 64,759 26,501 351,935 — 351,935 
(Favorable)/unfavorable prior year casualty reserve development45,000 5,000 — 50,000 — 50,000 
Current year casualty loss costs
872,065 55,183 117,751 1,044,999 — 1,044,999 
Total loss and loss expense incurred1,248,432 146,646 175,145 1,570,223 — 1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners343,578 13,873 66,475 423,926 — 423,926 
Salaries and employee benefits158,258 17,400 15,093 190,751 — 190,751 
Other segment expenses
101,449 18,674 8,500 128,623 — 128,623 
Total net underwriting expenses incurred603,285 49,947 90,068 743,300 — 743,300 
Dividends to policyholders2,134 — — 2,134 — 2,134 
Segment income (loss), before federal income tax6,774 10,587 25,853 43,214 253,060 296,274 
Federal income tax (expense) benefit(9,075)(52,541)(61,616)
Segment income (loss), after federal income tax34,139 200,519 234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)296,274 
Interest expense(22,829)
Corporate expenses(25,654)
Income before federal income tax247,791 
Federal income tax (expense) benefit on segment income (loss)(61,616)
Federal income tax (expense) benefit on interest and corporate expenses9,664 
Total federal income tax (expense) benefit(51,952)
Net income195,839 
Preferred stock dividends(4,600)
Net income available to common stockholders191,239 
Six Months ended June 30, 2024
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,699,951 211,502 233,358 2,144,811 216,153 2,360,964 
Loss and loss expense incurred:
Net catastrophe losses89,353 37,241 19,182 145,776 — 145,776 
Non-catastrophe property loss and loss expense239,546 87,228 29,886 356,660 — 356,660 
(Favorable)/unfavorable prior year casualty reserve development211,000 — — 211,000 — 211,000 
Current year casualty loss costs
763,888 61,315 91,201 916,404 — 916,404 
Total loss and loss expense incurred1,303,787 185,784 140,269 1,629,840 — 1,629,840 
Net underwriting expenses incurred:
Commissions to distribution partners311,321 15,623 52,011 378,955 — 378,955 
Salaries and employee benefits141,344 18,083 12,298 171,725 — 171,725 
Other segment expenses
89,691 16,648 8,294 114,633 — 114,633 
Total net underwriting expenses incurred542,356 50,354 72,603 665,313 — 665,313 
Dividends to policyholders4,308 — — 4,308 — 4,308 
Segment income (loss), before federal income tax(150,500)(24,636)20,486 (154,650)216,153 61,503 
Federal income tax (expense) benefit32,476 (44,518)(12,042)
Segment income (loss), after federal income tax(122,174)171,635 49,461 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)61,503 
Interest expense(14,383)
Corporate expenses(24,652)
Income before federal income tax22,468 
Federal income tax (expense) benefit on segment income (loss)(12,042)
Federal income tax (expense) benefit on interest and corporate expenses8,773 
Total federal income tax (expense) benefit(3,269)
Net income19,199 
Preferred stock dividends(4,600)
Net income available to common stockholders14,599 
The "Other segment expenses" primarily consist of (i) fees paid for licenses, (ii) depreciation expense, and (iii) general overhead items to operate our business operations, including travel, postage, telephone, and utility expenses. "Loss and loss expense incurred" includes a portion of salaries and employee benefits related to claims personnel.

(c) The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.

ROE
Quarter Ended June 30, Six Months Ended June 30,
2025202420252024
Standard Commercial Lines segment(2.6)%(18.4)0.4 %(8.6)
Standard Personal Lines segment 0.9 (2.2)0.5 (1.4)
E&S Lines segment1.5 0.7 1.3 1.2 
Total insurance operations(0.2)(19.9)2.2 (8.8)
Net investment income earned
13.0 12.5 12.9 12.5 
Net realized and unrealized investment gains (losses)0.4 0.1 0.2 — 
Total investments segment 13.4 12.6 13.1 12.5 
Other(2.5)(2.2)(2.8)(2.6)
ROE10.7 (9.5)12.5 1.1 
Combined Ratio
Quarter ended June 30,Six Months ended June 30,
2025202420252024
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$937,635 853,493 $1,849,845 1,687,603 
Loss and loss expense incurred
666,766 71.1 
%
747,954 87.6 1,248,432 67.5 
%
1,303,787 77.2 
Net underwriting expenses incurred1
295,862 31.6 265,366 31.1 592,505 32.0 530,008 31.4 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.3 
Underwriting income (loss)
(26,144)102.8 (160,881)118.8 6,774 99.6 (150,500)108.9 
Standard Personal Lines:
Net premiums earned
102,377 106,421 206,032 210,267 
Loss and loss expense incurred69,977 68.3 101,440 95.3 146,646 71.2 185,784 88.3 
Net underwriting expenses incurred1
23,850 23.3 24,282 22.8 48,799 23.7 49,119 23.4 
Underwriting income (loss)
8,550 91.6 (19,301)118.1 10,587 94.9 (24,636)111.7 
E&S Lines:
Net premiums earned
148,045 120,317 290,937 233,305 
Loss and loss expense incurred
87,155 58.9 76,154 63.3 175,145 60.2 140,269 60.1 
Net underwriting expenses incurred1
45,719 30.9 37,662 31.3 89,939 30.9 72,550 31.1 
Underwriting income (loss)
15,171 89.8 6,501 94.6 25,853 91.1 20,486 91.2 
Total Insurance Operations:
Net premiums earned
1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred
823,898 69.3 925,548 85.7 1,570,223 66.9 1,629,840 76.5 
Net underwriting expenses incurred1
365,431 30.8 327,310 30.3 731,243 31.2 651,677 30.6 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.2 
Underwriting income (loss)
(2,423)100.2 (173,681)116.1 43,214 98.2 (154,650)107.3 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.
v3.25.2
Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
The primary pension plan for our employees is the Retirement Income Plan for Selective Insurance Company of America (the "Pension Plan"). The Pension Plan is closed to new entrants, and its benefits ceased accruing after March 31, 2016. For more information about Selective Insurance Company of America's ("SICA") retirement plans, see Note 15. "Retirement Plans" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Net Periodic Pension Cost (Benefit):
Interest cost$3,973 3,888 $7,946 7,776 
Expected return on plan assets(5,339)(5,383)(10,678)(10,765)
Amortization of unrecognized net actuarial loss868 955 1,736 1,910 
Total net periodic pension cost (benefit)1
$(498)(540)$(996)(1,079)
1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.

Pension Plan
Six Months ended June 30
20252024
Weighted-Average Expense Assumptions:
Discount rate5.69 %5.02 %
Effective interest rate for calculation of interest cost5.42 4.91 
Expected return on plan assets6.60 6.40 
v3.25.2
Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Comprehensive Income (Loss) Comprehensive Income (Loss)
The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2025 and Six Months 2025 and Second Quarter 2024 and Six Months 2024 were as follows:

Second Quarter 2025   
($ in thousands)GrossTaxNet
Net income (loss)
$108,905 22,962 85,943 
Components of OCI:   
Unrealized gains (losses) on investment securities:
   
Unrealized holding gains (losses) during the period41,864 8,790 33,074 
Unrealized gains (losses) on securities with credit loss recognized in earnings11,022 2,315 8,707 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(434)(91)(343)
Credit loss (benefit) expense(887)(186)(701)
    Total unrealized gains (losses) on investment securities51,565 10,828 40,737 
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss873 184 689 
    Total defined benefit pension and post-retirement plans873 184 689 
Other comprehensive income (loss)52,438 11,012 41,426 
Comprehensive income (loss)$161,343 33,974 127,369 
Second Quarter 2024   
($ in thousands)GrossTaxNet
Net income (loss)
$(80,098)(16,779)(63,319)
Components of OCI:   
Unrealized gains (losses) on investment securities:   
Unrealized holding gains (losses) during the period(8,347)(1,753)(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings(3,705)(778)(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities43 10 33 
Credit loss (benefit) expense1,233 258 975 
    Total unrealized gains (losses) on investment securities(10,776)(2,263)(8,513)
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss967 203 764 
    Total defined benefit pension and post-retirement plans967 203 764 
Other comprehensive income (loss)(9,809)(2,060)(7,749)
Comprehensive income (loss)$(89,907)(18,839)(71,068)
Six Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$247,791 51,952 195,839 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period111,124 23,335 87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings23,788 4,995 18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(708)(149)(559)
Credit loss (benefit) expense(1,516)(318)(1,198)
Total unrealized gains (losses) on investment securities132,688 27,863 104,825 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,745 367 1,378 
Total defined benefit pension and post-retirement plans1,745 367 1,378 
Other comprehensive income (loss)134,433 28,230 106,203 
Comprehensive income (loss)$382,224 80,182 302,042 
Six Months 2024
($ in thousands)GrossTaxNet
Net income (loss)
$22,468 3,269 19,199 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(23,907)(5,020)(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings(6,837)(1,436)(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(35)(7)(28)
Credit loss (benefit) expense3,883 815 3,068 
Total unrealized gains (losses) on investment securities(26,896)(5,648)(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,934 406 1,528 
Total defined benefit pension and post-retirement plans1,934 406 1,528 
Other comprehensive income (loss)(24,962)(5,242)(19,720)
Comprehensive income (loss)$(2,494)(1,973)(521)

The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of June 30, 2025:

June 30, 2025Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2024
$(72,206)(178,057)(250,263)(86,582)(336,845)
OCI before reclassifications18,793 87,789 106,582 — 106,582 
Amounts reclassified from AOCI(1,198)(559)(1,757)1,378 (379)
Net current period OCI17,595 87,230 104,825 1,378 106,203 
Balance, June 30, 2025
$(54,611)(90,827)(145,438)(85,204)(230,642)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
The reclassifications out of AOCI were as follows:

Quarter ended
June 30,		Six Months ended
June 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2025202420252024
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$(434)43 $(708)(35)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
91 (10)149 7 Total federal income tax expense (benefit)
Net of taxes
(343)33 (559)(28)Net income (loss)
Credit loss related
Credit loss (benefit) expense(887)1,233 (1,516)3,883 Net realized and unrealized investment gains (losses)
Tax (benefit) expense
186 (258)318 (815)Total federal income tax expense (benefit)
Net of taxes
(701)975 (1,198)3,068 Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 200 223 401 445 Loss and loss expense incurred
Net actuarial loss673 744 1,344 1,489 Other insurance expenses
Total
873 967 1,745 1,934 Income (loss) before federal income tax
Tax (benefit) expense(184)(203)(367)(406)Total federal income tax expense (benefit)
Net of taxes689 764 1,378 1,528 Net income (loss)
Total reclassifications for the period$(355)1,772 $(379)4,568 Net income (loss)
v3.25.2
Indebtedness
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
The table below provides a summary of our outstanding debt at June 30, 2025, and December 31, 2024:

Outstanding Debt Issuance DateMaturity DateInterest RateOriginal Amount2025Carry Value
($ in thousands)Unamortized Issuance CostsDebt DiscountJune 30, 2025December 31, 2024
Long-term
      FHLBI12/16/201612/16/20263.03 %60,000 — — 60,000 60,000 
      Senior Notes11/16/200411/15/20347.25 %50,000 92 67 49,841 49,831 
Senior Notes2/20/20254/15/20355.90 %400,000 3,871 86 396,043 — 
      Senior Notes11/3/200511/1/20356.70 %100,000 187 397 99,416 99,391 
Senior Notes3/1/20193/1/20495.375 %300,000 2,112 5,318 292,570 292,434 
Finance lease obligations4,879 6,282 
Total long-term debt6,262 5,868 902,749 507,938 

Short-Term Debt Activity
On June 30, 2025, the Parent entered into a Credit Agreement (the "Line of Credit") with the lenders named therein (the "Lenders") and Wells Fargo Bank, National Association, as administrative agent. Under the Line of Credit, the Lenders have agreed to provide the Parent with a $100 million revolving credit facility that can be increased to $200 million with the Lenders' consent. The Line of Credit will mature on June 30, 2028, and has a variable interest rate based on the Parent’s debt ratings. The Parent, as borrower, was a party to a credit agreement dated November 7, 2022, for a $50 million revolving credit facility, which could be increased to $125 million with the consent of the lenders (the "Prior Credit Agreement"). The Prior Credit Agreement was scheduled to mature on November 7, 2025. The Parent terminated the Prior Credit Agreement in conjunction with entering into the Line of Credit. The termination of the Prior Credit Agreement did not result in any penalties to the Parent. There were no borrowings under the Line of Credit or the Prior Credit Agreement during Six Months 2025.
Our Line of Credit contains representations, warranties, and covenants that are customary for credit facilities of this type, including, without limitation, financial covenants under which we are obligated to maintain a minimum consolidated net worth, a maximum ratio of consolidated debt to total capitalization, and covenants limiting our ability to: (i) merge or liquidate; (ii) incur debt or liens; (iii) dispose of assets; (iv) make investments and acquisitions; and (v) engage in transactions with affiliates.
The table below outlines information regarding certain covenants in the Line of Credit:

Required as ofActual as of
June 30, 2025June 30, 2025
Consolidated net worth1
Not less than$2.3 billion$3.6 billion
Debt to total capitalization ratio1
Not to exceed35%20.0%
1Calculated in accordance with the Line of Credit.

In addition to the above requirements, the Line of Credit contains a cross-default provision that provides that the Line of Credit will be in default if we fail to comply with any condition, covenant, or agreement (including payment of principal and interest when due on any debt with an aggregate principal amount of at least $30 million) that causes or permits the acceleration of principal. The Line of Credit also limits borrowings from the FHLBI and the FHLBNY to 10% of the respective member company's admitted assets for the previous year.

Long-Term Debt Activity
In the first quarter of 2025, we issued $400 million of 5.90% Senior Notes due 2035 at a discount of $0.1 million, resulting in $395.9 million of net proceeds after debt issuance costs of approximately $4.1 million. The 5.90% Senior Notes will pay interest on April 15 and October 15 of each year, beginning on October 15, 2025. The proceeds from this debt issuance are being used for general corporate purposes, including supporting organic growth.

For additional information on our indebtedness and debt covenants, see Note 11. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.
v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Equity Equity
On December 2, 2020, we announced that our Board of Directors authorized a $100 million share repurchase program, with no set expiration or termination date. Our repurchase program does not obligate us to acquire any particular common stock amount. The program grants management discretion to determine the timing and amount of any share repurchases under the authorization based on market conditions and other considerations. In Six Months 2025, we repurchased 233,611 shares of our common stock under the program for $19.4 million, including commissions. All repurchases were completed in the first quarter of 2025, and we had $56.1 million of remaining program capacity as of June 30, 2025.
v3.25.2
Earnings per Common Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Common Share Earnings per Common Share
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

Quarter ended
June 30,		Six Months ended
June 30,
(in thousands, except per share amounts)2025202420252024
Net income (loss) available to common stockholders:
$83,643 (65,619)$191,239 14,599 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic60,84460,89760,85560,862
Effect of dilutive securities - stock compensation plans439 — 421382
Weighted average common shares outstanding - diluted61,28360,89761,27661,244
EPS:
Basic$1.37 (1.08)$3.14 0.24 
Diluted1.36 (1.08)3.12 0.24 
v3.25.2
Litigation
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Litigation Litigation
As of June 30, 2025, we do not believe we are involved in any legal action that could have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.
In the ordinary course of conducting business, we are parties in various legal actions. Most are claims litigation involving our ten insurance subsidiaries (collectively referred to as "Insurance Subsidiaries") as (i) liability insurers defending or providing indemnity for third-party claims brought against our customers, (ii) insurers defending first-party coverage claims brought against them, or (iii) liability insurers seeking declaratory judgment on our insurance coverage obligations. We account for such activity by establishing unpaid loss and loss expense reserves. Considering potential losses and defense costs reserves, we expect that any potential ultimate liability for ordinary course claims litigation will not be material to our consolidated financial condition, results of operations, or cash flows.

From time to time, our Insurance Subsidiaries are named as defendants in other legal actions, some asserting claims for substantial amounts. Plaintiffs may style these actions as class actions and seek judicial certification of a state or national class for allegations involving our business practices, such as improper medical provider reimbursement under workers compensation and personal and commercial automobile insurance policies or improper reimbursement for automobile parts. Similarly, our Insurance Subsidiaries can be named defendants in individual actions seeking extra-contractual damages, punitive damages, or penalties, often alleging bad faith in handling insurance claims. We believe we have valid defenses to these allegations and account for such activity by establishing unpaid loss and loss expense reserves. Considering estimated losses and defense costs reserves, we expect that any potential ultimate liability for these other legal actions will not be material to our consolidated financial condition. Litigation outcomes are inherently unpredictable and the amounts sought in certain actions are large or indeterminate. Adverse outcomes could have a material adverse effect on our consolidated results of operations or cash flows in the quarterly or annual period in which they occur.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 4, 2025, the One Big Beautiful Bill Act (the "Act") became law. The legislation extends and modifies multiple tax provisions, some affecting our taxes in current and future years. By rule, we must reflect tax changes in the enactment period, which was July 2025. Accordingly, we are currently analyzing the Act's impact, including provisions that allow 100% bonus depreciation and full expensing of domestic research and development expenses.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income (loss) $ 85,943 $ (63,319) $ 195,839 $ 19,199
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Adoption of Accounting Pronouncements Adoption of Accounting Pronouncements 
We adopted no accounting pronouncements in Six Months 2025.

Pronouncements to be effective in the future
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends disclosure requirements to provide greater transparency on income taxes. The following additional disclosures are required annually: (i) specific required categories in the rate reconciliation, (ii) additional information for reconciling items that meet a quantitative threshold, (iii) the amount of income taxes paid disaggregated by jurisdiction, and (iv) income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Amendments can be applied prospectively. Retrospective application and early adoption are permitted. As it only requires additional disclosure, ASU 2023-09 will not have a material impact on our financial condition or results of operations.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires disaggregated disclosure of income statement expenses. This ASU does not change the expense captions on the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. This ASU can be applied prospectively. Retrospective application and early adoption are permitted. As ASU 2024-03 only requires additional disclosure, it will not have a material impact on our financial condition and results of operations.
v3.25.2
Statements of Cash Flows (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Cash Flow, Supplemental Disclosures
Supplemental cash flow information was as follows:

 Six Months ended
June 30,
($ in thousands)20252024
Cash paid (received) during the period for:  
Interest$14,278 14,209 
Federal income tax83,269 46,000 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases5,053 3,884 
Operating cash flows from financing leases139 65 
Financing cash flows from finance leases1,403 1,266 
Non-cash items:
Corporate actions related to equity securities1
— 29,250 
Corporate actions related to fixed income securities, available-for-sale ("AFS")1
39,742 10,250 
Conversion of AFS fixed income securities to equity securities736 — 
Conversion of commercial mortgage loan ("CML") to alternative investment
3,300 — 
Assets acquired under finance lease arrangements— 5,947 
Assets acquired under operating lease arrangements2,062 10,257 
Non-cash purchase of property and equipment13 9 
1Examples of corporate actions include like-kind exchanges, non-cash acquisitions, and stock splits.
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2025December 31, 2024
Cash$357 91 
Restricted cash37,878 62,933 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$38,235 63,024 
Schedule of Restrictions on Cash and Cash Equivalents
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated Balance Sheets to the amount reported in the Consolidated Statements of Cash Flows:

($ in thousands)June 30, 2025December 31, 2024
Cash$357 91 
Restricted cash37,878 62,933 
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows$38,235 63,024 
v3.25.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments [Abstract]  
Schedule of Available-for-Sale Securities Information regarding our AFS securities as of June 30, 2025 and December 31, 2024, were as follows:
June 30, 2025Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$146,074 — 54 (16,687)129,441 
Foreign government11,520 (21)35 (1,011)10,523 
Obligations of states and political subdivisions490,639 (390)1,271 (32,862)458,658 
Corporate securities3,356,690 (9,571)54,889 (87,916)3,314,092 
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")2,294,816 (7,230)27,345 (38,751)2,276,180 
Residential mortgage-backed securities ("RMBS")
2,029,324 (11,422)10,438 (84,773)1,943,567 
Commercial mortgage-backed securities ("CMBS")760,455 (99)3,936 (20,086)744,206 
Total AFS fixed income securities$9,089,518 (28,733)97,968 (282,086)8,876,667 
December 31, 2024Cost/
Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
($ in thousands)
AFS fixed income securities:
U.S. government and government agencies$139,906 — 2 (19,753)120,155 
Foreign government10,656 (21)— (1,333)9,302 
Obligations of states and political subdivisions483,609 (570)550 (32,359)451,230 
Corporate securities3,181,046 (14,924)25,259 (123,201)3,068,180 
CLO and other ABS2,065,611 (4,889)22,116 (49,689)2,033,149 
RMBS1,812,744 (11,544)3,880 (112,722)1,692,358 
CMBS782,506 — 1,478 (31,024)752,960 
Total AFS fixed income securities$8,476,078 (31,948)53,285 (370,081)8,127,334 
Schedule of Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following tables provide a roll forward of the allowance for credit losses on our AFS fixed income securities for the indicated periods:

Quarter ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$19 — — 2 — — 21 
Obligations of states and political subdivisions419 27 — (36)(20)— 390 
Corporate securities12,616 306 — (2,979)(372)— 9,571 
CLO and other ABS5,499 182 — 1,607 (58)— 7,230 
RMBS11,342 — — 185 (105)— 11,422 
CMBS280 — — (181)— — 99 
Total AFS fixed income securities$30,175 515 — (1,402)(555)— 28,733 

Quarter ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$29 — — (3)— — 26 
Obligations of states and political subdivisions695 18 — (74)— — 639 
Corporate securities15,442 846 — (126)(212)— 15,950 
CLO and other ABS2,627 271 — 126 (2)— 3,022 
RMBS11,580 — — 171 (91)— 11,660 
CMBS8 — — 4 — — 12 
Total AFS fixed income securities$30,381 1,135 — 98 (305)— 31,309 
Six Months ended June 30, 2025Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$21 — — — — — 21 
Obligations of states and political subdivisions570 32 — (106)(106)— 390 
Corporate securities14,924 935 — (5,142)(1,146)— 9,571 
CLO and other ABS4,889 1,652 — 876 (187)— 7,230 
RMBS11,544 — — 138 (260)— 11,422 
CMBS— 99 — — — — 99 
Total AFS fixed income securities$31,948 2,718 — (4,234)(1,699)— 28,733 
Six Months ended June 30, 2024Beginning BalanceCurrent Provision for Securities without Prior AllowanceInitial Allowance for Purchased Credit Deteriorated Assets with Credit DeteriorationIncrease (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell SecuritiesReductions for Securities SoldReductions for Securities Identified as Intent (or Requirement) to Sell during the PeriodEnding Balance
($ in thousands)
Foreign government$35 — — (3)(6)— 26 
Obligations of states and political subdivisions669 37 — (59)(8)— 639 
Corporate securities12,999 2,362 — 1,166 (568)(9)15,950 
CLO and other ABS2,854 427 — (255)(4)— 3,022 
RMBS11,649 — — 202 (191)— 11,660 
CMBS6 2 — 4 — — 12 
Total AFS fixed income securities$28,212 2,828 — 1,055 (777)(9)31,309 
Schedule of Quantitative Information about Unrealized Losses on AFS Quantitative information about unrealized losses on our AFS portfolio follows:
June 30, 2025Less than 12 months12 months or longerTotal
($ in thousands)
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$6,275 (40)108,474 (16,647)114,749 (16,687)
Foreign government— — 9,592 (1,011)9,592 (1,011)
Obligations of states and political subdivisions155,940 (3,377)219,996 (29,485)375,936 (32,862)
Corporate securities243,575 (3,677)969,247 (84,239)1,212,822 (87,916)
CLO and other ABS330,552 (6,239)504,728 (32,512)835,280 (38,751)
RMBS557,024 (10,152)647,612 (74,621)1,204,636 (84,773)
CMBS58,645 (1,928)368,295 (18,158)426,940 (20,086)
Total AFS fixed income securities$1,352,011 (25,413)2,827,944 (256,673)4,179,955 (282,086)

December 31, 2024Less than 12 months12 months or longerTotal
($ in thousands)Fair
Value		Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
Unrealized
Losses
AFS fixed income securities:    
U.S. government and government agencies$14,708 (70)105,326 (19,683)120,034 (19,753)
Foreign government— — 9,302 (1,333)9,302 (1,333)
Obligations of states and political subdivisions153,996 (3,539)247,735 (28,820)401,731 (32,359)
Corporate securities684,999 (11,699)1,083,392 (111,502)1,768,391 (123,201)
CLO and other ABS349,786 (6,296)601,057 (43,393)950,843 (49,689)
RMBS714,061 (21,206)677,574 (91,516)1,391,635 (112,722)
CMBS184,394 (2,870)417,472 (28,154)601,866 (31,024)
Total AFS fixed income securities$2,101,944 (45,680)3,141,858 (324,401)5,243,802 (370,081)
Schedule of Fixed Maturity Securities by Contractual Maturities AFS and held-to-maturity ("HTM") fixed income securities at June 30, 2025, by contractual maturity are shown below. The maturities of RMBS, CMBS, CLO and other ABS securities were calculated using each security's expected maturities. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
AFSHTM
($ in thousands)Fair ValueCarrying ValueFair Value
Due in one year or less$549,570 135 134 
Due after one year through five years3,627,442 16,082 15,985 
Due after five years through 10 years3,664,357 8,335 8,338 
Due after 10 years1,035,298 — — 
Total fixed income securities$8,876,667 24,552 24,457 
Schedule of Alternative Investment Portfolio by Strategy and Remaining Commitment Amount and Maximum Exposure to Loss Associated with Each Strategy The following table summarizes our alternative investment portfolio by strategy:
June 30, 2025December 31, 2024
($ in thousands)Carrying ValueRemaining CommitmentMaximum Exposure to LossCarrying ValueRemaining CommitmentMaximum Exposure to Loss
Alternative Investments  
   Private equity$325,848 170,686 496,534 346,020 182,355 528,375 
   Private credit62,133 99,121 161,254 52,100 99,185 151,285 
   Real assets47,014 36,270 83,284 42,776 38,950 81,726 
Total alternative investments$434,995 306,077 741,072 440,896 320,490 761,386 
Schedule of Aggregated Summarized Income Statement Financial Information for Partnerships in Alternative Investment Portfolio
The following table shows gross summarized financial information for our alternative investments portfolio, including the portion we do not own. As the majority of these investments report results to us on a one-quarter lag, the summarized financial statement information is for the 3- and 6-month periods ended March 31:

Income Statement InformationQuarter ended
June 30,		Six Months ended
June 30,
($ in millions)2025202420252024
Net investment income (loss)$251.4 242.4 $652.1 (103.6)
Realized gains950.6 1,554.2 1,562.6 3,385.1 
Net change in unrealized appreciation (depreciation)975.9 2,850.2 2,855.3 6,669.2 
Net income$2,177.9 4,646.8 $5,070.0 9,950.7 
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income$4.0 10.5 $11.1 17.4 
Schedule of Securities Pledged as Collateral
The following table summarizes the market value of these securities at June 30, 2025:

($ in millions)FHLBI CollateralFHLBNY CollateralState and
Regulatory Deposits		Total
U.S. government and government agencies$— — 24.3 24.3 
Obligations of states and political subdivisions— — 1.8 1.8 
RMBS65.7 20.9 0.5 87.1 
CMBS0.4 7.3 — 7.7 
Total pledged as collateral$66.1 28.2 26.6 120.9 
Schedule of Pre-Tax Net Investment Income Earned The components of pre-tax net investment income earned were as follows:
 Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Fixed income securities$115,733 93,935 $220,815 188,037 
CMLs
3,761 3,145 7,376 5,939 
Equity securities4,908 1,877 8,475 6,785 
Short-term investments5,267 4,680 11,500 8,199 
Alternative investments4,004 10,517 11,083 17,398 
Other investments163 118 394 381 
Investment expenses(5,868)(5,630)(10,984)(10,248)
Net investment income earned$127,968 108,642 $248,659 216,491 
Schedule of Realized and Unrealized Gains (Losses) on Securities The following table summarizes net realized and unrealized investment gains and losses for the periods indicated:
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Gross gains on sales$2,154 4,387 $3,881 6,522 
Gross losses on sales(2,394)(1,251)(4,777)(3,216)
Net realized gains (losses) on disposals(240)3,136 (896)3,306 
Net unrealized gains (losses) on equity securities3,640 (93)4,690 599 
Net credit loss benefit (expense) on fixed income securities, AFS887 (1,233)1,516 (3,883)
Net credit loss benefit (expense) on CMLs
(115)(32)(150)136 
Losses on securities for which we have the intent to sell— (481)(759)(496)
Net realized and unrealized investment gains (losses)$4,172 1,297 $4,401 (338)
Schedule of Unrealized Gain (Loss) on Equity Securities
Net unrealized gains and losses recognized in income on equity securities, as reflected in the table above, included the following:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Unrealized gains (losses) recognized in income on equity securities:
On securities remaining in our portfolio at end of period$3,018 2,617 $3,539 2,906 
On securities sold in period622 (2,710)1,151 (2,307)
Total unrealized gains (losses) recognized in income on equity securities$3,640 (93)$4,690 599 
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities The following table presents the carrying amounts and fair values of our financial liabilities as of June 30, 2025, and December 31, 2024:
June 30, 2025December 31, 2024
($ in thousands)Carrying AmountFair ValueCarrying AmountFair Value
Financial Liabilities
Long-term debt:
7.25% Senior Notes
$49,933 56,274 49,931 54,657 
5.90% Senior Notes
399,914 408,864 — — 
6.70% Senior Notes
99,603 105,970 99,590 103,057 
5.375% Senior Notes
294,682 268,221 294,627 273,464 
3.03% borrowings from FHLBI
60,000 59,158 60,000 58,516 
Subtotal long-term debt904,132 898,487 504,148 489,694 
Unamortized debt issuance costs(6,262)(2,492)
Finance lease obligations4,879 6,282 
Total long-term debt$902,749 507,938 
Schedule of Fair Value of Financial Assets
The following tables provide quantitative disclosures of our financial assets that were measured and recorded at fair value at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
Active Markets for
Identical Assets/
Liabilities (Level 1)		Significant Other
 Observable
Inputs
 (Level 2)		Significant Unobservable
 Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$129,441 38,533 90,908 — 
Foreign government10,523 — 10,523 — 
Obligations of states and political subdivisions458,658 — 451,128 7,530 
Corporate securities3,314,092 — 3,046,271 267,821 
CLO and other ABS2,276,180 — 1,795,143 481,037 
RMBS1,943,567 — 1,943,567 — 
CMBS744,206 — 743,867 339 
Total AFS fixed income securities8,876,667 38,533 8,081,407 756,727 
Equity securities:
Common stock1
316,224 99,665 — — 
Preferred stock1,835 1,835 — — 
Total equity securities318,059 101,500 — — 
Short-term investments531,441 521,542 9,899 — 
Total assets measured at fair value$9,726,167 661,575 8,091,306 756,727 
December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets
 Measured at
 Fair Value		Quoted Prices in
 Active Markets for
Identical Assets/Liabilities
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant Unobservable
Inputs
 (Level 3)
Description    
Measured on a recurring basis:    
AFS fixed income securities:
U.S. government and government agencies$120,155 35,518 84,637 — 
Foreign government9,302 — 9,302 — 
Obligations of states and political subdivisions451,230 — 443,804 7,426 
Corporate securities3,068,180 — 2,825,501 242,679 
CLO and other ABS2,033,149 — 1,665,155 367,994 
RMBS1,692,358 — 1,692,358 — 
CMBS752,960 — 752,620 340 
Total AFS fixed income securities8,127,334 35,518 7,473,377 618,439 
Equity securities:
Common stock1
211,767 41,445 — 808 
Preferred stock1,834 1,834 — — 
Total equity securities213,601 43,279 — 808 
Short-term investments509,318 474,225 35,093 — 
Total assets measured at fair value$8,850,253 553,022 7,508,470 619,247 
1Investments amounting to $216.6 million at June 30, 2025, and $169.5 million at December 31, 2024, were measured at fair value using the net asset value per share (or its practical expedient) and have not been classified in the fair value hierarchy. These investments are not redeemable, and the timing of liquidations of the underlying assets is unknown at each reporting period. The fair value amounts in this table are intended to permit reconciliation of the fair value hierarchy to total assets measured at fair value
Schedule of Summary of the Changes in Fair Value of Securities Using Level 3 Inputs
The following tables provide a summary of Level 3 changes in Six Months 2025 and Six Months 2024:

June 30, 2025
($ in thousands)Obligations of States and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2024
$7,426 242,679 367,994 — 340 808 619,247 
Total net gains (losses) for the period included in:
Other comprehensive income (loss) ("OCI")59 3,874 228 — (2)— 4,159 
   Net realized and unrealized gains (losses)117 141 21 — — 655 934 
Net investment income earned— 23 28 — 5 — 56 
Purchases— 12,684 62,211 — — — 74,895 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(72)(9,156)(31,732)— (4)(1,463)(42,427)
Transfers into Level 3— 17,576 85,788 — — — 103,364 
Transfers out of Level 3— — (3,501)— — — (3,501)
Fair value, June 30, 2025
$7,530 267,821 481,037 — 339 — 756,727 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end117 140 21 — — — 278 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end59 3,877 (452)— (2)— 3,482 
June 30, 2024
($ in thousands)Obligation of state and Political SubdivisionsCorporate SecuritiesCLO and Other ABSRMBSCMBSCommon StockTotal
Fair value, December 31, 2023
$7,834 297,332 245,313 — 356 854 551,689 
Total net gains (losses) for the period included in:
OCI(112)1,203 969 — (2)— 2,058 
   Net realized and unrealized gains (losses)— 218 39 — — 213 470 
Net investment income earned— (494)(7)— (1)— (502)
Purchases— 5,261 30,119 4,886 — — 40,266 
Sales— — — — — — — 
Issuances— — — — — — — 
Settlements(68)(7,269)(4,726)— (4)— (12,067)
Transfers into Level 3— 28,896 19,537 — — — 48,433 
Transfers out of Level 3— (31,434)(27,524)— — — (58,958)
Fair value, June 30, 2024
$7,654 293,713 263,720 4,886 349 1,067 571,389 
Change in unrealized gains (losses) for the period included in earnings for assets held at period end— 226 39 — — 213 478 
Change in unrealized gains (losses) for the period included in OCI for assets held at period end(112)850 969 — (2)— 1,705 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables present quantitative information about the significant unobservable inputs used in the fair value measurements of Level 3 assets at June 30, 2025, and December 31, 2024:

June 30, 2025
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRange Weighted Average
Internal valuations:
Corporate securities$157,700 
Discounted Cash Flow
Illiquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS294,694 
Discounted Cash Flow
Illiquidity Spread
(1.8)% - 19.6%
1.9%
Total internal valuations452,394 
Other1
304,333 
Total Level 3 securities$756,727 

December 31, 2024
($ in thousands)Assets Measured at Fair ValueValuation TechniquesUnobservable InputsRangeWeighted Average
Internal valuations:
Corporate securities$147,294 Discounted Cash FlowIlliquidity Spread
(4.4)% - 5.3%
1.7%
CLO and other ABS249,506 Discounted Cash FlowIlliquidity Spread
(0.97)% - 19.6%
1.9%
Total internal valuations396,800 
Other1
222,447 
Total Level 3 securities$619,247 
1Other is comprised of broker quotes or other third-party pricing for which there is a lack of transparency into the inputs used to develop the valuations. The quantitative details of these unobservable inputs are neither provided to us, nor reasonably available to us, and therefore are not included in the tables above.
Schedule of Quantitative Information of Financial Assets and Liabilities, Disclosed at Fair Value
The following tables provide quantitative information about our financial assets and liabilities that were not measured at fair value, but were disclosed as such at June 30, 2025, and December 31, 2024:

June 30, 2025 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,457 — 24,457 — 
Total HTM fixed income securities24,457 — 24,457 — 
CMLs$266,197 — — 266,197 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$56,274 — 56,274 — 
5.90% Senior Notes
408,864 — 408,864 — 
6.70% Senior Notes
105,970 — 105,970 — 
5.375% Senior Notes
268,221 — 268,221 — 
3.03% borrowings from FHLBI
59,158 — 59,158 — 
Total long-term debt$898,487 — 898,487 — 

December 31, 2024 Fair Value Measurements Using
($ in thousands)Assets/
Liabilities
Disclosed at
Fair Value		Quoted Prices in
 Active Markets for
 Identical Assets/
Liabilities
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Financial Assets    
HTM:    
Corporate securities$24,735 — 24,735 — 
Total HTM fixed income securities24,735 — 24,735 — 
CMLs$224,842 — — 224,842 
Financial Liabilities    
Long-term debt:
7.25% Senior Notes
$54,657 — 54,657 — 
6.70% Senior Notes
103,057 — 103,057 — 
5.375% Senior Notes
273,464 — 273,464 — 
3.03% borrowings from FHLBI
58,516 — 58,516 — 
Total long-term debt$489,694 — 489,694 — 
v3.25.2
Allowance for Credit Losses on Premiums Receivable (Tables)
 6 Months Ended
Jun. 30, 2025
Premiums Receivable Disclosure [Abstract]  
Schedule of Allowance for Credit Losses on Premiums Receivable
The following table provides a roll forward of the allowance for credit losses on our premiums receivable balance for the indicated periods:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Balance at beginning of period$21,600 20,000 $20,400 18,900 
Current period change for expected credit losses1,933 2,488 5,799 4,272 
Write-offs charged against the allowance for credit losses(2,314)(1,720)(5,203)(2,776)
Recoveries581 332 804 704 
Allowance for credit losses, end of period$21,800 21,100 $21,800 21,100 
v3.25.2
Reinsurance (Tables)
 6 Months Ended
Jun. 30, 2025
Reinsurance Disclosures [Abstract]  
Schedule of Reinsurance Recoverable, Credit Quality Indicator The following tables provide (i) a disaggregation of our reinsurance recoverable balance by financial strength rating and (ii) an aging analysis of our past due reinsurance recoverable balances as of June 30, 2025, and December 31, 2024:
June 30, 2025
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$116,797 1,057 117,854 
A+499,487 4,408 503,895 
A122,212 1,066 123,278 
A-6,342 243 6,585 
Total rated reinsurers744,838 6,774 751,612 
Non-rated reinsurers
Federal and state pools122,503 — 122,503 
Other than federal and state pools9,269 4 9,273 
Total non-rated reinsurers131,772 4 131,776 
Total reinsurance recoverable, gross$876,610 6,778 883,388 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net881,388 

December 31, 2024
($ in thousands)CurrentPast DueTotal Reinsurance Recoverables
Financial strength rating of rated reinsurers
A++$111,481 225 111,706 
A+483,317 5,205 488,522 
A131,087 819 131,906 
A-5,421 149 5,570 
Total rated reinsurers731,306 6,398 737,704 
Non-rated reinsurers
Federal and state pools318,785 — 318,785 
Other than federal and state pools6,647 9 6,656 
Total non-rated reinsurers325,432 9 325,441 
Total reinsurance recoverable, gross$1,056,738 6,407 1,063,145 
Less: allowance for credit losses(2,000)
Total reinsurance recoverable, net1,061,145 
Schedule of Reinsurance Recoverable, Allowance for Credit Loss
The following table provides a roll forward of the allowance for credit losses on our reinsurance recoverable balance for the periods indicated:

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)
2025202420252024
Balance at beginning of period$2,000 1,700 $2,000 1,700 
Current period change for expected credit losses— — — — 
Write-offs charged against the allowance for credit losses— — — — 
Recoveries— — — — 
Allowance for credit losses, end of period$2,000 1,700 $2,000 1,700 
Schedule of Direct, Assumed, and Ceded Reinsurance Amounts
The following table lists direct, assumed, and ceded reinsurance amounts for premiums written, premiums earned, and loss and loss expense incurred for the indicated periods. For more information about reinsurance, refer to Note 9. "Reinsurance" in Item 8. "Financial Statements and Supplementary Data." of our 2024 Annual Report.

Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Premiums written:    
Direct$1,490,805 1,399,738 $2,913,656 2,715,649 
Assumed5,441 6,413 11,418 12,398 
Ceded(207,617)(180,050)(396,002)(345,325)
Net1,288,629 1,226,101 2,529,072 2,382,722 
Premiums earned:    
Direct1,373,080 1,242,696 2,713,526 2,448,064 
Assumed5,922 5,779 12,073 11,970 
Ceded(190,945)(168,244)(378,785)(328,859)
Net1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred:
    
Direct929,929 1,009,819 1,760,601 1,763,386 
Assumed5,137 5,058 10,635 11,039 
Ceded(111,168)(89,329)(201,013)(144,585)
Net$823,898 925,548 $1,570,223 1,629,840 
v3.25.2
Reserve for Loss and Loss Expense (Tables)
 6 Months Ended
Jun. 30, 2025
Insurance Loss Reserves [Abstract]  
Schedule of Roll Forward of Reserve for Loss and Loss Expense
The table below provides a roll forward of the reserve for loss and loss expense for beginning and ending reserve balances:

Six Months ended
June 30,
($ in thousands)20252024
Gross reserve for loss and loss expense, at beginning of period$6,589,801 5,336,911 
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period1,022,245 618,601 
Net reserve for loss and loss expense, at beginning of period5,567,556 4,718,310 
Incurred loss and loss expense for claims occurring in the:  
Current year1,535,575 1,442,719 
Prior years34,648 187,121 
Total incurred loss and loss expense1,570,223 1,629,840 
Paid loss and loss expense for claims occurring in the:  
Current year320,366 347,501 
Prior years865,344 753,658 
Total paid loss and loss expense1,185,710 1,101,159 
Net reserve for loss and loss expense, at end of period5,952,069 5,246,991 
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period859,087 656,534 
Gross reserve for loss and loss expense, at end of period$6,811,156 5,903,525 
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Revenue By Segment The following table presents revenues by segments and a reconciliation to consolidated revenue.
Revenue by SegmentQuarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Standard Commercial Lines:  
Net premiums earned:  
General liability$305,843 280,097 $600,530 553,512 
Commercial automobile288,759 260,652 572,344 512,372 
Commercial property191,027 168,511 377,557 330,064 
Workers compensation82,024 82,316 161,060 170,093 
Businessowners' policies48,416 41,641 95,309 81,562 
Bonds13,255 12,468 26,513 24,556 
Other8,311 7,808 16,532 15,444 
Miscellaneous income5,920 5,214 10,780 12,348 
Total Standard Commercial Lines revenue943,555 858,707 1,860,625 1,699,951 
Standard Personal Lines:
Net premiums earned:
Personal automobile51,287 57,544 104,255 114,504 
Homeowners48,312 46,055 96,255 90,168 
Other2,778 2,822 5,522 5,595 
Miscellaneous income577 594 1,148 1,235 
Total Standard Personal Lines revenue102,954 107,015 207,180 211,502 
E&S Lines:
Net premiums earned:
Casualty lines87,400 73,887 172,519 145,525 
Property lines60,645 46,430 118,418 87,780 
Miscellaneous income51 27 129 53 
Total E&S Lines revenue148,096 120,344 291,066 233,358 
Investments:    
Net investment income earned127,968 108,642 248,659 216,491 
Net realized and unrealized investment gains (losses)4,172 1,297 4,401 (338)
Total Investments revenue132,140 109,939 253,060 216,153 
Total revenues $1,326,745 1,196,005 $2,611,931 2,360,964 
Schedule of Reconciliation of Segment Results to Income (Loss) Before Federal Income Tax The following tables present information about our segments' pre- and after-tax income, significant expenses, and reconciliations to consolidated results for the periods indicated.
Quarter Ended June 30, 2025Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$943,555 102,954 148,096 1,194,605 132,140 1,326,745 
Loss and loss expense incurred:
Net catastrophe losses50,881 14,591 14,460 79,932 — 79,932 
Non-catastrophe property loss and loss expense131,883 28,271 13,085 173,239 — 173,239 
(Favorable)/unfavorable prior year casualty reserve development45,000 — — 45,000 — 45,000 
Current year casualty loss costs
439,002 27,115 59,610 525,727 — 525,727 
Total loss and loss expense incurred666,766 69,977 87,155 823,898 — 823,898 
Net underwriting expenses incurred:
Commissions to distribution partners173,406 6,522 33,769 213,697 — 213,697 
Salaries and employee benefits78,667 8,805 7,498 94,970 — 94,970 
Other segment expenses
49,709 9,100 4,503 63,312 — 63,312 
Total net underwriting expenses incurred301,782 24,427 45,770 371,979 — 371,979 
Dividends to policyholders1,151 — — 1,151 — 1,151 
Segment income (loss), before federal income tax(26,144)8,550 15,171 (2,423)132,140 129,717 
Federal income tax (expense) benefit509 (27,423)(26,914)
Segment income (loss), after federal income tax(1,914)104,717 102,803 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)129,717 
Interest expense(13,256)
Corporate expenses(7,556)
Income before federal income tax108,905 
Federal income tax (expense) benefit on segment income (loss)(26,914)
Federal income tax (expense) benefit on interest and corporate expenses3,952 
Total federal income tax (expense) benefit(22,962)
Net income85,943 
Preferred stock dividends(2,300)
Net income available to common stockholders83,643 
Quarter Ended June 30, 2024Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
($ in thousands)
Total segment revenues
$858,707 107,015 120,344 1,086,066 109,939 1,196,005 
Loss and loss expense incurred:
Net catastrophe losses50,858 25,396 14,280 90,534 — 90,534 
Non-catastrophe property loss and loss expense124,505 45,350 15,633 185,488 — 185,488 
(Favorable)/unfavorable prior year casualty reserve development176,000 — — 176,000 — 176,000 
Current year casualty loss costs
396,591 30,694 46,241 473,526 — 473,526 
Total loss and loss expense incurred747,954 101,440 76,154 925,548 — 925,548 
Net underwriting expenses incurred:
Commissions to distribution partners157,351 8,124 26,870 192,345 192,345 
Salaries and employee benefits69,070 8,644 6,533 84,247 84,247 
Other segment expenses
44,159 8,108 4,286 56,553 56,553 
Total net underwriting expenses incurred270,580 24,876 37,689 333,145 — 333,145 
Dividends to policyholders1,054 — — 1,054 1,054 
Segment income (loss), before federal income tax(160,881)(19,301)6,501 (173,681)109,939 (63,742)
Federal income tax (expense) benefit36,473 (22,652)13,821 
Segment income (loss), after federal income tax(137,208)87,287 (49,921)
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)(63,742)
Interest expense(7,202)
Corporate expenses(9,154)
Income before federal income tax(80,098)
Federal income tax (expense) benefit on segment income (loss)13,821 
Federal income tax (expense) benefit on interest and corporate expenses2,958 
Total federal income tax (expense) benefit16,779 
Net income(63,319)
Preferred stock dividends(2,300)
Net income available to common stockholders(65,619)
Six Months ended June 30, 2025
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,860,625 207,180 291,066 2,358,871 253,060 2,611,931 
Loss and loss expense incurred:
Net catastrophe losses70,692 21,704 30,893 123,289 — 123,289 
Non-catastrophe property loss and loss expense260,675 64,759 26,501 351,935 — 351,935 
(Favorable)/unfavorable prior year casualty reserve development45,000 5,000 — 50,000 — 50,000 
Current year casualty loss costs
872,065 55,183 117,751 1,044,999 — 1,044,999 
Total loss and loss expense incurred1,248,432 146,646 175,145 1,570,223 — 1,570,223 
Net underwriting expenses incurred:
Commissions to distribution partners343,578 13,873 66,475 423,926 — 423,926 
Salaries and employee benefits158,258 17,400 15,093 190,751 — 190,751 
Other segment expenses
101,449 18,674 8,500 128,623 — 128,623 
Total net underwriting expenses incurred603,285 49,947 90,068 743,300 — 743,300 
Dividends to policyholders2,134 — — 2,134 — 2,134 
Segment income (loss), before federal income tax6,774 10,587 25,853 43,214 253,060 296,274 
Federal income tax (expense) benefit(9,075)(52,541)(61,616)
Segment income (loss), after federal income tax34,139 200,519 234,658 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)296,274 
Interest expense(22,829)
Corporate expenses(25,654)
Income before federal income tax247,791 
Federal income tax (expense) benefit on segment income (loss)(61,616)
Federal income tax (expense) benefit on interest and corporate expenses9,664 
Total federal income tax (expense) benefit(51,952)
Net income195,839 
Preferred stock dividends(4,600)
Net income available to common stockholders191,239 
Six Months ended June 30, 2024
($ in thousands)Standard Commercial LinesStandard Personal LinesE&S LinesTotal Insurance OperationsInvestmentsTotal Reportable Segments
Total segment revenues
$1,699,951 211,502 233,358 2,144,811 216,153 2,360,964 
Loss and loss expense incurred:
Net catastrophe losses89,353 37,241 19,182 145,776 — 145,776 
Non-catastrophe property loss and loss expense239,546 87,228 29,886 356,660 — 356,660 
(Favorable)/unfavorable prior year casualty reserve development211,000 — — 211,000 — 211,000 
Current year casualty loss costs
763,888 61,315 91,201 916,404 — 916,404 
Total loss and loss expense incurred1,303,787 185,784 140,269 1,629,840 — 1,629,840 
Net underwriting expenses incurred:
Commissions to distribution partners311,321 15,623 52,011 378,955 — 378,955 
Salaries and employee benefits141,344 18,083 12,298 171,725 — 171,725 
Other segment expenses
89,691 16,648 8,294 114,633 — 114,633 
Total net underwriting expenses incurred542,356 50,354 72,603 665,313 — 665,313 
Dividends to policyholders4,308 — — 4,308 — 4,308 
Segment income (loss), before federal income tax(150,500)(24,636)20,486 (154,650)216,153 61,503 
Federal income tax (expense) benefit32,476 (44,518)(12,042)
Segment income (loss), after federal income tax(122,174)171,635 49,461 
Reconciliation of segment income (loss) to consolidated income before and after federal income tax
Total segment income (loss)61,503 
Interest expense(14,383)
Corporate expenses(24,652)
Income before federal income tax22,468 
Federal income tax (expense) benefit on segment income (loss)(12,042)
Federal income tax (expense) benefit on interest and corporate expenses8,773 
Total federal income tax (expense) benefit(3,269)
Net income19,199 
Preferred stock dividends(4,600)
Net income available to common stockholders14,599 
Schedule of Income (Loss) Before and After Federal Income Tax The following tables present reconciliations of our segments' ROE contributions and combined ratios to consolidated results.
ROE
Quarter Ended June 30, Six Months Ended June 30,
2025202420252024
Standard Commercial Lines segment(2.6)%(18.4)0.4 %(8.6)
Standard Personal Lines segment 0.9 (2.2)0.5 (1.4)
E&S Lines segment1.5 0.7 1.3 1.2 
Total insurance operations(0.2)(19.9)2.2 (8.8)
Net investment income earned
13.0 12.5 12.9 12.5 
Net realized and unrealized investment gains (losses)0.4 0.1 0.2 — 
Total investments segment 13.4 12.6 13.1 12.5 
Other(2.5)(2.2)(2.8)(2.6)
ROE10.7 (9.5)12.5 1.1 
Combined Ratio
Quarter ended June 30,Six Months ended June 30,
2025202420252024
AmountRatioAmountRatioAmountRatioAmount Ratio
Standard Commercial Lines:
Net premiums earned
$937,635 853,493 $1,849,845 1,687,603 
Loss and loss expense incurred
666,766 71.1 
%
747,954 87.6 1,248,432 67.5 
%
1,303,787 77.2 
Net underwriting expenses incurred1
295,862 31.6 265,366 31.1 592,505 32.0 530,008 31.4 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.3 
Underwriting income (loss)
(26,144)102.8 (160,881)118.8 6,774 99.6 (150,500)108.9 
Standard Personal Lines:
Net premiums earned
102,377 106,421 206,032 210,267 
Loss and loss expense incurred69,977 68.3 101,440 95.3 146,646 71.2 185,784 88.3 
Net underwriting expenses incurred1
23,850 23.3 24,282 22.8 48,799 23.7 49,119 23.4 
Underwriting income (loss)
8,550 91.6 (19,301)118.1 10,587 94.9 (24,636)111.7 
E&S Lines:
Net premiums earned
148,045 120,317 290,937 233,305 
Loss and loss expense incurred
87,155 58.9 76,154 63.3 175,145 60.2 140,269 60.1 
Net underwriting expenses incurred1
45,719 30.9 37,662 31.3 89,939 30.9 72,550 31.1 
Underwriting income (loss)
15,171 89.8 6,501 94.6 25,853 91.1 20,486 91.2 
Total Insurance Operations:
Net premiums earned
1,188,057 1,080,231 2,346,814 2,131,175 
Loss and loss expense incurred
823,898 69.3 925,548 85.7 1,570,223 66.9 1,629,840 76.5 
Net underwriting expenses incurred1
365,431 30.8 327,310 30.3 731,243 31.2 651,677 30.6 
Dividends to policyholders
1,151 0.1 1,054 0.1 2,134 0.1 4,308 0.2 
Underwriting income (loss)
(2,423)100.2 (173,681)116.1 43,214 98.2 (154,650)107.3 
1"Net underwriting expenses incurred" includes "Other income" allocated to each reportable segment.
v3.25.2
Retirement Plans (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
The following tables provide information about the Pension Plan:

Pension Plan
Quarter ended
June 30,		Six Months ended
June 30,
($ in thousands)2025202420252024
Net Periodic Pension Cost (Benefit):
Interest cost$3,973 3,888 $7,946 7,776 
Expected return on plan assets(5,339)(5,383)(10,678)(10,765)
Amortization of unrecognized net actuarial loss868 955 1,736 1,910 
Total net periodic pension cost (benefit)1
$(498)(540)$(996)(1,079)
1The components of net periodic pension cost (benefit) are included within "Loss and loss expense incurred" and "Other insurance expenses" on the Consolidated Statements of Income.
Schedule of Weighted-Average Expense Assumptions
Pension Plan
Six Months ended June 30
20252024
Weighted-Average Expense Assumptions:
Discount rate5.69 %5.02 %
Effective interest rate for calculation of interest cost5.42 4.91 
Expected return on plan assets6.60 6.40 
v3.25.2
Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]  
Schedule of Components of Comprehensive Income-Gross and Net of Tax
The components of comprehensive income (loss), both gross and net of tax, for Second Quarter 2025 and Six Months 2025 and Second Quarter 2024 and Six Months 2024 were as follows:

Second Quarter 2025   
($ in thousands)GrossTaxNet
Net income (loss)
$108,905 22,962 85,943 
Components of OCI:   
Unrealized gains (losses) on investment securities:
   
Unrealized holding gains (losses) during the period41,864 8,790 33,074 
Unrealized gains (losses) on securities with credit loss recognized in earnings11,022 2,315 8,707 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(434)(91)(343)
Credit loss (benefit) expense(887)(186)(701)
    Total unrealized gains (losses) on investment securities51,565 10,828 40,737 
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss873 184 689 
    Total defined benefit pension and post-retirement plans873 184 689 
Other comprehensive income (loss)52,438 11,012 41,426 
Comprehensive income (loss)$161,343 33,974 127,369 
Second Quarter 2024   
($ in thousands)GrossTaxNet
Net income (loss)
$(80,098)(16,779)(63,319)
Components of OCI:   
Unrealized gains (losses) on investment securities:   
Unrealized holding gains (losses) during the period(8,347)(1,753)(6,594)
Unrealized gains (losses) on securities with credit loss recognized in earnings(3,705)(778)(2,927)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities43 10 33 
Credit loss (benefit) expense1,233 258 975 
    Total unrealized gains (losses) on investment securities(10,776)(2,263)(8,513)
Defined benefit pension and post-retirement plans:   
Amounts reclassified into net income (loss):
   
Net actuarial (gain) loss967 203 764 
    Total defined benefit pension and post-retirement plans967 203 764 
Other comprehensive income (loss)(9,809)(2,060)(7,749)
Comprehensive income (loss)$(89,907)(18,839)(71,068)
Six Months 2025
($ in thousands)GrossTaxNet
Net income (loss)
$247,791 51,952 195,839 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period111,124 23,335 87,789 
Unrealized gains (losses) on securities with credit loss recognized in earnings23,788 4,995 18,793 
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(708)(149)(559)
Credit loss (benefit) expense(1,516)(318)(1,198)
Total unrealized gains (losses) on investment securities132,688 27,863 104,825 
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,745 367 1,378 
Total defined benefit pension and post-retirement plans1,745 367 1,378 
Other comprehensive income (loss)134,433 28,230 106,203 
Comprehensive income (loss)$382,224 80,182 302,042 
Six Months 2024
($ in thousands)GrossTaxNet
Net income (loss)
$22,468 3,269 19,199 
Components of OCI:
Unrealized gains (losses) on investment securities:
Unrealized holding gains (losses) during the period(23,907)(5,020)(18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings(6,837)(1,436)(5,401)
Amounts reclassified into net income (loss):
Net realized (gains) losses on disposals and intent-to-sell AFS securities(35)(7)(28)
Credit loss (benefit) expense3,883 815 3,068 
Total unrealized gains (losses) on investment securities(26,896)(5,648)(21,248)
Defined benefit pension and post-retirement plans:
Amounts reclassified into net income (loss):
Net actuarial (gain) loss1,934 406 1,528 
Total defined benefit pension and post-retirement plans1,934 406 1,528 
Other comprehensive income (loss)(24,962)(5,242)(19,720)
Comprehensive income (loss)$(2,494)(1,973)(521)
Schedule of Components of Accumulated Other Comprehensive Income Net of Tax
The following table shows each component of accumulated other comprehensive income (loss) ("AOCI") (net of taxes), including balances and changes, as of June 30, 2025:

June 30, 2025Net Unrealized Gains (Losses) on Investment SecuritiesDefined Benefit Pension and Post-Retirement PlansTotal AOCI
($ in thousands)
Credit Loss Related1
All
Other		Investments
Subtotal
Balance, December 31, 2024
$(72,206)(178,057)(250,263)(86,582)(336,845)
OCI before reclassifications18,793 87,789 106,582 — 106,582 
Amounts reclassified from AOCI(1,198)(559)(1,757)1,378 (379)
Net current period OCI17,595 87,230 104,825 1,378 106,203 
Balance, June 30, 2025
$(54,611)(90,827)(145,438)(85,204)(230,642)
1Represents change in unrealized gains (losses) on securities with credit loss recognized in earnings.
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income
The reclassifications out of AOCI were as follows:

Quarter ended
June 30,		Six Months ended
June 30,		Affected Line Item in the Unaudited Consolidated Statements of Income
($ in thousands)2025202420252024
Net realized (gains) losses on disposals and intent-to-sell AFS securities
Net realized (gains) losses
$(434)43 $(708)(35)Net realized and unrealized investment gains (losses)
Tax (benefit) expense
91 (10)149 7 Total federal income tax expense (benefit)
Net of taxes
(343)33 (559)(28)Net income (loss)
Credit loss related
Credit loss (benefit) expense(887)1,233 (1,516)3,883 Net realized and unrealized investment gains (losses)
Tax (benefit) expense
186 (258)318 (815)Total federal income tax expense (benefit)
Net of taxes
(701)975 (1,198)3,068 Net income (loss)
Defined benefit pension and post-retirement life plans
Net actuarial loss 200 223 401 445 Loss and loss expense incurred
Net actuarial loss673 744 1,344 1,489 Other insurance expenses
Total
873 967 1,745 1,934 Income (loss) before federal income tax
Tax (benefit) expense(184)(203)(367)(406)Total federal income tax expense (benefit)
Net of taxes689 764 1,378 1,528 Net income (loss)
Total reclassifications for the period$(355)1,772 $(379)4,568 Net income (loss)
v3.25.2
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
The table below provides a summary of our outstanding debt at June 30, 2025, and December 31, 2024:

Outstanding Debt Issuance DateMaturity DateInterest RateOriginal Amount2025Carry Value
($ in thousands)Unamortized Issuance CostsDebt DiscountJune 30, 2025December 31, 2024
Long-term
      FHLBI12/16/201612/16/20263.03 %60,000 — — 60,000 60,000 
      Senior Notes11/16/200411/15/20347.25 %50,000 92 67 49,841 49,831 
Senior Notes2/20/20254/15/20355.90 %400,000 3,871 86 396,043 — 
      Senior Notes11/3/200511/1/20356.70 %100,000 187 397 99,416 99,391 
Senior Notes3/1/20193/1/20495.375 %300,000 2,112 5,318 292,570 292,434 
Finance lease obligations4,879 6,282 
Total long-term debt6,262 5,868 902,749 507,938 
Schedule of Line of Credit Covenant Requirements
The table below outlines information regarding certain covenants in the Line of Credit:

Required as ofActual as of
June 30, 2025June 30, 2025
Consolidated net worth1
Not less than$2.3 billion$3.6 billion
Debt to total capitalization ratio1
Not to exceed35%20.0%
1Calculated in accordance with the Line of Credit.
v3.25.2
Earnings per Common Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Common Share, Basic and Diluted
The following table presents the calculations of earnings per common share ("EPS") on a basic and diluted basis:

Quarter ended
June 30,		Six Months ended
June 30,
(in thousands, except per share amounts)2025202420252024
Net income (loss) available to common stockholders:
$83,643 (65,619)$191,239 14,599 
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic60,84460,89760,85560,862
Effect of dilutive securities - stock compensation plans439 — 421382
Weighted average common shares outstanding - diluted61,28360,89761,27661,244
EPS:
Basic$1.37 (1.08)$3.14 0.24 
Diluted1.36 (1.08)3.12 0.24 
v3.25.2
Statements of Cash Flows - Schedule of Cash Flow Supplemental Disclosures (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash paid (received) during the period for:    
Interest $ 14,278 $ 14,209
Federal income tax 83,269 46,000
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 5,053 3,884
Operating cash flows from financing leases 139 65
Financing cash flows from finance leases 1,403 1,266
Non-cash items:    
Assets acquired under finance lease arrangements 0 5,947
Assets acquired under operating lease arrangements 2,062 10,257
Non-cash purchase of property and equipment 13 9
Equity securities    
Non-cash items:    
Corporate actions related to securities 0 29,250
Conversion of AFS fixed income securities to equity securities 736 0
Fixed income securities, AFS    
Non-cash items:    
Corporate actions related to securities 39,742 10,250
Alternative investments    
Non-cash items:    
Conversion of commercial mortgage loan ("CML") to alternative investment $ 3,300 $ 0
v3.25.2
Statements of Cash Flows - Schedule of Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Supplemental Cash Flow Information [Abstract]        
Cash $ 357 $ 91    
Restricted cash 37,878 62,933    
Total cash and restricted cash shown in the Consolidated Statements of Cash Flows $ 38,235 $ 63,024 $ 10,908 $ 13,272
v3.25.2
Investments - Schedule of Available-For-Sale Securities Disclosure (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost $ 9,089,518   $ 8,476,078      
Allowance for Credit Losses (28,733) $ (30,175) (31,948) $ (31,309) $ (30,381) $ (28,212)
Unrealized Gains 97,968   53,285      
Unrealized Losses (282,086)   (370,081)      
Fair Value 8,876,667   8,127,334      
U.S. government and government agencies            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 146,074   139,906      
Allowance for Credit Losses 0   0      
Unrealized Gains 54   2      
Unrealized Losses (16,687)   (19,753)      
Fair Value 129,441   120,155      
Foreign government            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 11,520   10,656      
Allowance for Credit Losses (21) (19) (21) (26) (29) (35)
Unrealized Gains 35   0      
Unrealized Losses (1,011)   (1,333)      
Fair Value 10,523   9,302      
Obligations of states and political subdivisions            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 490,639   483,609      
Allowance for Credit Losses (390) (419) (570) (639) (695) (669)
Unrealized Gains 1,271   550      
Unrealized Losses (32,862)   (32,359)      
Fair Value 458,658   451,230      
Corporate securities            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 3,356,690   3,181,046      
Allowance for Credit Losses (9,571) (12,616) (14,924) (15,950) (15,442) (12,999)
Unrealized Gains 54,889   25,259      
Unrealized Losses (87,916)   (123,201)      
Fair Value 3,314,092   3,068,180      
Collateralized loan obligations ("CLO") and other asset-backed securities ("ABS")            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 2,294,816   2,065,611      
Allowance for Credit Losses (7,230) (5,499) (4,889) (3,022) (2,627) (2,854)
Unrealized Gains 27,345   22,116      
Unrealized Losses (38,751)   (49,689)      
Fair Value 2,276,180   2,033,149      
Residential mortgage-backed securities ("RMBS")            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 2,029,324   1,812,744      
Allowance for Credit Losses (11,422) (11,342) (11,544) (11,660) (11,580) (11,649)
Unrealized Gains 10,438   3,880      
Unrealized Losses (84,773)   (112,722)      
Fair Value 1,943,567   1,692,358      
Commercial mortgage-backed securities ("CMBS")            
Debt Securities, Available-for-sale [Line Items]            
Cost/ Amortized Cost 760,455   782,506      
Allowance for Credit Losses (99) $ (280) 0 $ (12) $ (8) $ (6)
Unrealized Gains 3,936   1,478      
Unrealized Losses (20,086)   (31,024)      
Fair Value $ 744,206   $ 752,960      
v3.25.2
Investments - Schedule of Available-for-Sale Allowance for Credit Losses Roll Forward (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance $ 30,175 $ 30,381 $ 31,948 $ 28,212
Current Provision for Securities without Prior Allowance 515 1,135 2,718 2,828
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities (1,402) 98 (4,234) 1,055
Reductions for Securities Sold (555) (305) (1,699) (777)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 (9)
Ending Balance 28,733 31,309 28,733 31,309
Foreign government        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 19 29 21 35
Current Provision for Securities without Prior Allowance 0 0 0 0
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities 2 (3) 0 (3)
Reductions for Securities Sold 0 0 0 (6)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 0
Ending Balance 21 26 21 26
Obligations of states and political subdivisions        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 419 695 570 669
Current Provision for Securities without Prior Allowance 27 18 32 37
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities (36) (74) (106) (59)
Reductions for Securities Sold (20) 0 (106) (8)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 0
Ending Balance 390 639 390 639
Corporate securities        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 12,616 15,442 14,924 12,999
Current Provision for Securities without Prior Allowance 306 846 935 2,362
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities (2,979) (126) (5,142) 1,166
Reductions for Securities Sold (372) (212) (1,146) (568)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 (9)
Ending Balance 9,571 15,950 9,571 15,950
CLO and other ABS        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 5,499 2,627 4,889 2,854
Current Provision for Securities without Prior Allowance 182 271 1,652 427
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities 1,607 126 876 (255)
Reductions for Securities Sold (58) (2) (187) (4)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 0
Ending Balance 7,230 3,022 7,230 3,022
RMBS        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 11,342 11,580 11,544 11,649
Current Provision for Securities without Prior Allowance 0 0 0 0
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities 185 171 138 202
Reductions for Securities Sold (105) (91) (260) (191)
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 0
Ending Balance 11,422 11,660 11,422 11,660
CMBS        
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward]        
Beginning Balance 280 8 0 6
Current Provision for Securities without Prior Allowance 0 0 99 2
Initial Allowance for Purchased Credit Deteriorated Assets with Credit Deterioration 0 0 0 0
Increase (Decrease) on Securities with Prior Allowance, excluding intent (or Requirement) to Sell Securities (181) 4 0 4
Reductions for Securities Sold 0 0 0 0
Reductions for Securities Identified as Intent (or Requirement) to Sell during the Period 0 0 0 0
Ending Balance $ 99 $ 12 $ 99 $ 12
v3.25.2
Investments - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Accrued Investment Income [Line Items]      
Accrued investment income $ 86,912   $ 76,892
5.90% Senior Notes      
Accrued Investment Income [Line Items]      
Interest rate (as a percent) 5.90% 5.90%  
Debt Securities, Available-For-Sale      
Accrued Investment Income [Line Items]      
Accrued investment income $ 84,100   $ 74,300
v3.25.2
Investments - Schedule of Fair Value and Gross Pre-Tax Net Unrealized Loss of Securities By Length of Time (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months $ 1,352,011 $ 2,101,944
AFS Unrealized Losses, Less than 12 months (25,413) (45,680)
AFS Fair Value, 12 months or longer 2,827,944 3,141,858
AFS Unrealized Losses, 12 months or longer (256,673) (324,401)
AFS Fair Value 4,179,955 5,243,802
AFS Unrealized Losses (282,086) (370,081)
U.S. government and government agencies    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 6,275 14,708
AFS Unrealized Losses, Less than 12 months (40) (70)
AFS Fair Value, 12 months or longer 108,474 105,326
AFS Unrealized Losses, 12 months or longer (16,647) (19,683)
AFS Fair Value 114,749 120,034
AFS Unrealized Losses (16,687) (19,753)
Foreign government    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 0 0
AFS Unrealized Losses, Less than 12 months 0 0
AFS Fair Value, 12 months or longer 9,592 9,302
AFS Unrealized Losses, 12 months or longer (1,011) (1,333)
AFS Fair Value 9,592 9,302
AFS Unrealized Losses (1,011) (1,333)
Obligations of states and political subdivisions    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 155,940 153,996
AFS Unrealized Losses, Less than 12 months (3,377) (3,539)
AFS Fair Value, 12 months or longer 219,996 247,735
AFS Unrealized Losses, 12 months or longer (29,485) (28,820)
AFS Fair Value 375,936 401,731
AFS Unrealized Losses (32,862) (32,359)
Corporate securities    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 243,575 684,999
AFS Unrealized Losses, Less than 12 months (3,677) (11,699)
AFS Fair Value, 12 months or longer 969,247 1,083,392
AFS Unrealized Losses, 12 months or longer (84,239) (111,502)
AFS Fair Value 1,212,822 1,768,391
AFS Unrealized Losses (87,916) (123,201)
CLO and other ABS    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 330,552 349,786
AFS Unrealized Losses, Less than 12 months (6,239) (6,296)
AFS Fair Value, 12 months or longer 504,728 601,057
AFS Unrealized Losses, 12 months or longer (32,512) (43,393)
AFS Fair Value 835,280 950,843
AFS Unrealized Losses (38,751) (49,689)
RMBS    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 557,024 714,061
AFS Unrealized Losses, Less than 12 months (10,152) (21,206)
AFS Fair Value, 12 months or longer 647,612 677,574
AFS Unrealized Losses, 12 months or longer (74,621) (91,516)
AFS Fair Value 1,204,636 1,391,635
AFS Unrealized Losses (84,773) (112,722)
CMBS    
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items]    
AFS Fair Value, Less than 12 Months 58,645 184,394
AFS Unrealized Losses, Less than 12 months (1,928) (2,870)
AFS Fair Value, 12 months or longer 368,295 417,472
AFS Unrealized Losses, 12 months or longer (18,158) (28,154)
AFS Fair Value 426,940 601,866
AFS Unrealized Losses $ (20,086) $ (31,024)
v3.25.2
Investments - Schedule of Fixed Income Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
AFS, Fair Value    
Due in one year or less fair value, AFS $ 549,570  
Due after one year through five years fair value, AFS 3,627,442  
Due after five years through 10 years fair value, AFS 3,664,357  
Due after 10 years fair value, AFS 1,035,298  
Total AFS fixed income securities, Fair Value 8,876,667 $ 8,127,334
HTM, Carrying Value    
Due in one year or less carrying value, HTM 135  
Due after one year through five years carrying value, HTM 16,082  
Due after five years through 10 years carrying value, HTM 8,335  
Due after 10 years carrying value, HTM 0  
Fixed income securities, held-to-maturity, net of allowance for credit losses 24,552 25,375
HTM, Fair Value    
Due in one year or less fair value, HTM 134  
Due after one year through five years fair value, HTM 15,985  
Due after five years through 10 years fair value, HTM 8,338  
Due after 10 years fair value, HTM 0  
Total HTM fixed income securities, Fair Value $ 24,457 $ 24,735
v3.25.2
Investments - Schedule of Alternative Investment Portfolio by Strategy and the Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]    
Carrying Value $ 434,995 $ 440,896
Private equity    
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]    
Carrying Value 325,848 346,020
Remaining Commitment 170,686 182,355
Maximum Exposure to Loss 496,534 528,375
Private credit    
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]    
Carrying Value 62,133 52,100
Remaining Commitment 99,121 99,185
Maximum Exposure to Loss 161,254 151,285
Real assets    
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]    
Carrying Value 47,014 42,776
Remaining Commitment 36,270 38,950
Maximum Exposure to Loss 83,284 81,726
Total alternative investments    
Other Investment Portfolio By Strategy And Remaining Commitment Amount and Maximum Exposure to Loss Associated With Each Strategy [Line Items]    
Carrying Value 434,995 440,896
Remaining Commitment 306,077 320,490
Maximum Exposure to Loss $ 741,072 $ 761,386
v3.25.2
Investments - Schedule of Aggregated Income Statement Summarized Financial Information for Partnerships in our Alternative Investment Portfolio (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 127,968 $ 108,642 $ 248,659 $ 216,491
Investments Accounted For Under The Equity Method        
Schedule of Equity Method Investments [Line Items]        
Net investment income (loss) 251,400 242,400 652,100 (103,600)
Realized gains 950,600 1,554,200 1,562,600 3,385,100
Net change in unrealized appreciation (depreciation) 975,900 2,850,200 2,855,300 6,669,200
Net income 2,177,900 4,646,800 5,070,000 9,950,700
Alternative investments        
Schedule of Equity Method Investments [Line Items]        
Alternative investment income included in "Net investment income earned" on our Consolidated Statements of Income $ 4,004 $ 10,517 $ 11,083 $ 17,398
v3.25.2
Investments - Schedule of Investments Pledged as Collateral (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral on deposit with various state and regulatory agencies $ 26.6
Securities owned and pledged as collateral, fair value 120.9
U.S. government and government agencies  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral on deposit with various state and regulatory agencies 24.3
Securities owned and pledged as collateral, fair value 24.3
Obligations of states and political subdivisions  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral on deposit with various state and regulatory agencies 1.8
Securities owned and pledged as collateral, fair value 1.8
RMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral on deposit with various state and regulatory agencies 0.5
Securities owned and pledged as collateral, fair value 87.1
CMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral on deposit with various state and regulatory agencies 0.0
Securities owned and pledged as collateral, fair value 7.7
FHLBI Collateral  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 66.1
FHLBI Collateral | U.S. government and government agencies  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 0.0
FHLBI Collateral | Obligations of states and political subdivisions  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 0.0
FHLBI Collateral | RMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 65.7
FHLBI Collateral | CMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 0.4
FHLBNY Collateral  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 28.2
FHLBNY Collateral | U.S. government and government agencies  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 0.0
FHLBNY Collateral | Obligations of states and political subdivisions  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 0.0
FHLBNY Collateral | RMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB 20.9
FHLBNY Collateral | CMBS  
Financial Instruments Owned and Pledged as Collateral [Line Items]  
Securities pledged as collateral with FHLB $ 7.3
v3.25.2
Investments - Credit Concentration Risk (Details)
Jun. 30, 2025
Dec. 31, 2024
Investments [Abstract]    
Maximum exposure to credit concentration risk of a single issuer of the Company's stockholder's equity, other than to certain U.S. government agencies 10.00% 10.00%
v3.25.2
Investments - Schedule of Pre-Tax Net Investment Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Investment Income [Line Items]        
Net investment income earned $ 127,968 $ 108,642 $ 248,659 $ 216,491
Fixed income securities        
Net Investment Income [Line Items]        
Net investment income earned 115,733 93,935 220,815 188,037
CMLs        
Net Investment Income [Line Items]        
Net investment income earned 3,761 3,145 7,376 5,939
Equity securities        
Net Investment Income [Line Items]        
Net investment income earned 4,908 1,877 8,475 6,785
Short-term investments        
Net Investment Income [Line Items]        
Net investment income earned 5,267 4,680 11,500 8,199
Alternative investments        
Net Investment Income [Line Items]        
Net investment income earned 4,004 10,517 11,083 17,398
Other investments        
Net Investment Income [Line Items]        
Net investment income earned 163 118 394 381
Investment expenses        
Net Investment Income [Line Items]        
Investment expenses $ (5,868) $ (5,630) $ (10,984) $ (10,248)
v3.25.2
Investments - Pre-Tax Net Investment Income - Narrative (Details)
Jun. 30, 2025
Mar. 31, 2025
5.90% Senior Notes    
Net Investment Income [Line Items]    
Interest rate (as a percent) 5.90% 5.90%
v3.25.2
Investments - Schedule of Net Realized and Unrealized Investment Gains and (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Gain (Loss) on Securities [Line Items]        
Gross gains on sales $ 2,154 $ 4,387 $ 3,881 $ 6,522
Gross losses on sales (2,394) (1,251) (4,777) (3,216)
Net realized gains (losses) on disposals (240) 3,136 (896) 3,306
Net unrealized gains (losses) on equity securities 3,640 (93) 4,690 599
Losses on securities for which we have the intent to sell 0 (481) (759) (496)
Net realized and unrealized investment gains (losses) 4,172 1,297 4,401 (338)
Debt Securities, Available-For-Sale        
Gain (Loss) on Securities [Line Items]        
Net credit loss benefit (expense) 887 (1,233) 1,516 (3,883)
CMLs        
Gain (Loss) on Securities [Line Items]        
Net credit loss benefit (expense) $ (115) $ (32) $ (150) $ 136
v3.25.2
Investments - Schedule of Realized and Unrealized Gains (Losses) on Equity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investments [Abstract]        
Unrealized gains (losses) recognized in income on equity securities remaining in our portfolio at end of period $ 3,018 $ 2,617 $ 3,539 $ 2,906
Unrealized gains (losses) recognized in income on equity securities sold in period 622 (2,710) 1,151 (2,307)
Total unrealized gains (losses) recognized in income on equity securities $ 3,640 $ (93) $ 4,690 $ 599
v3.25.2
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Financial Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 902,749   $ 507,938
Unamortized debt issuance costs (6,262)    
Finance lease obligations 4,879   6,282
Fair Value $ 898,487   $ 489,694
7.25% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 7.25%   7.25%
Unamortized debt issuance costs $ (92)    
Fair Value 56,274   $ 54,657
7.25% Senior Notes | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 49,933   49,931
5.90% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 5.90% 5.90%  
Unamortized debt issuance costs $ (3,871)    
Fair Value 408,864   0
5.90% Senior Notes | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 399,914   $ 0
6.70% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 6.70%   6.70%
Unamortized debt issuance costs $ (187)    
Fair Value 105,970   $ 103,057
6.70% Senior Notes | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 99,603   $ 99,590
5.375% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 5.375%   5.375%
Unamortized debt issuance costs $ (2,112)    
Fair Value 268,221   $ 273,464
5.375% Senior Notes | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount $ 294,682   $ 294,627
3.03% borrowings from FHLBI      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 3.03%   3.03%
Unamortized debt issuance costs $ 0    
Fair Value 59,158   $ 58,516
3.03% borrowings from FHLBI | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 60,000   60,000
Subtotal long-term debt      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fair Value 898,487   489,694
Subtotal long-term debt | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Carrying Amount 904,132   504,148
Unamortized debt issuance costs | Carrying Amount      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Unamortized debt issuance costs $ (6,262)   $ (2,492)
v3.25.2
Fair Value Measurements - Quantitative Disclosures of Fair Value Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
AFS fixed income securities $ 8,876,667 $ 8,127,334
Equity securities 318,059 213,601
Short-term investments 531,441 509,318
Fair Value Measured at Net Asset Value Per Share    
Equity securities 216,600 169,500
U.S. government and government agencies    
AFS fixed income securities 129,441 120,155
Foreign government    
AFS fixed income securities 10,523 9,302
Obligations of states and political subdivisions    
AFS fixed income securities 458,658 451,230
Corporate securities    
AFS fixed income securities 3,314,092 3,068,180
CLO and other ABS    
AFS fixed income securities 2,276,180 2,033,149
RMBS    
AFS fixed income securities 1,943,567 1,692,358
CMBS    
AFS fixed income securities 744,206 752,960
Fair Value, Recurring    
AFS fixed income securities 8,876,667 8,127,334
Equity securities 318,059 213,601
Short-term investments 531,441 509,318
Total assets measured at fair value 9,726,167 8,850,253
Fair Value, Recurring | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 38,533 35,518
Equity securities 101,500 43,279
Short-term investments 521,542 474,225
Total assets measured at fair value 661,575 553,022
Fair Value, Recurring | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 8,081,407 7,473,377
Equity securities 0 0
Short-term investments 9,899 35,093
Total assets measured at fair value 8,091,306 7,508,470
Fair Value, Recurring | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 756,727 618,439
Equity securities 0 808
Short-term investments 0 0
Total assets measured at fair value 756,727 619,247
Fair Value, Recurring | U.S. government and government agencies    
AFS fixed income securities 129,441 120,155
Fair Value, Recurring | U.S. government and government agencies | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 38,533 35,518
Fair Value, Recurring | U.S. government and government agencies | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 90,908 84,637
Fair Value, Recurring | U.S. government and government agencies | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 0 0
Fair Value, Recurring | Foreign government    
AFS fixed income securities 10,523 9,302
Fair Value, Recurring | Foreign government | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | Foreign government | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 10,523 9,302
Fair Value, Recurring | Foreign government | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 0 0
Fair Value, Recurring | Obligations of states and political subdivisions    
AFS fixed income securities 458,658 451,230
Fair Value, Recurring | Obligations of states and political subdivisions | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | Obligations of states and political subdivisions | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 451,128 443,804
Fair Value, Recurring | Obligations of states and political subdivisions | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 7,530 7,426
Fair Value, Recurring | Corporate securities    
AFS fixed income securities 3,314,092 3,068,180
Fair Value, Recurring | Corporate securities | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | Corporate securities | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 3,046,271 2,825,501
Fair Value, Recurring | Corporate securities | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 267,821 242,679
Fair Value, Recurring | CLO and other ABS    
AFS fixed income securities 2,276,180 2,033,149
Fair Value, Recurring | CLO and other ABS | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | CLO and other ABS | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 1,795,143 1,665,155
Fair Value, Recurring | CLO and other ABS | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 481,037 367,994
Fair Value, Recurring | RMBS    
AFS fixed income securities 1,943,567 1,692,358
Fair Value, Recurring | RMBS | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | RMBS | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 1,943,567 1,692,358
Fair Value, Recurring | RMBS | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 0 0
Fair Value, Recurring | CMBS    
AFS fixed income securities 744,206 752,960
Fair Value, Recurring | CMBS | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
AFS fixed income securities 0 0
Fair Value, Recurring | CMBS | Significant Other Observable Inputs (Level 2)    
AFS fixed income securities 743,867 752,620
Fair Value, Recurring | CMBS | Significant Unobservable Inputs (Level 3)    
AFS fixed income securities 339 340
Fair Value, Recurring | Common Stock    
Equity securities 316,224 211,767
Fair Value, Recurring | Common Stock | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
Equity securities 99,665 41,445
Fair Value, Recurring | Common Stock | Significant Other Observable Inputs (Level 2)    
Equity securities 0 0
Fair Value, Recurring | Common Stock | Significant Unobservable Inputs (Level 3)    
Equity securities 0 808
Fair Value, Recurring | Preferred stock    
Equity securities 1,835 1,834
Fair Value, Recurring | Preferred stock | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)    
Equity securities 1,835 1,834
Fair Value, Recurring | Preferred stock | Significant Other Observable Inputs (Level 2)    
Equity securities 0 0
Fair Value, Recurring | Preferred stock | Significant Unobservable Inputs (Level 3)    
Equity securities $ 0 $ 0
v3.25.2
Fair Value Measurements - Schedule of Changes in Fair Value of Securities Using Level 3 Inputs (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance $ 619,247  
Fair value, ending balance 756,727  
Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 619,247 $ 551,689
Purchases 74,895 40,266
Sales 0 0
Issuances 0 0
Settlements (42,427) (12,067)
Transfers into Level 3 103,364 48,433
Transfers out of Level 3 (3,501) (58,958)
Fair value, ending balance 756,727 571,389
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 278 478
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 3,482 1,705
Investments | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 934 470
Investments | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 56 (502)
Investments | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI 4,159 2,058
Obligations of states and political subdivisions    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 7,426 7,834
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (72) (68)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, ending balance 7,530 7,654
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 117 0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 59 (112)
Obligations of states and political subdivisions | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 117 0
Obligations of states and political subdivisions | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 0 0
Obligations of states and political subdivisions | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI 59 (112)
Corporate securities    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 242,679 297,332
Purchases 12,684 5,261
Sales 0 0
Issuances 0 0
Settlements (9,156) (7,269)
Transfers into Level 3 17,576 28,896
Transfers out of Level 3 0 (31,434)
Fair value, ending balance 267,821 293,713
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 140 226
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 3,877 850
Corporate securities | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 141 218
Corporate securities | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 23 (494)
Corporate securities | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI 3,874 1,203
CLO and other ABS    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 367,994 245,313
Purchases 62,211 30,119
Sales 0 0
Issuances 0 0
Settlements (31,732) (4,726)
Transfers into Level 3 85,788 19,537
Transfers out of Level 3 (3,501) (27,524)
Fair value, ending balance 481,037 263,720
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 21 39
Change in unrealized gains (losses) for the period included in OCI for assets held at period end (452) 969
CLO and other ABS | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 21 39
CLO and other ABS | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 28 (7)
CLO and other ABS | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI 228 969
RMBS    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 0 0
Purchases 0 4,886
Sales 0 0
Issuances 0 0
Settlements 0 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, ending balance 0 4,886
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 0 0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 0 0
RMBS | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 0 0
RMBS | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 0 0
RMBS | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI 0 0
CMBS    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 340 356
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (4) (4)
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, ending balance 339 349
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 0 0
Change in unrealized gains (losses) for the period included in OCI for assets held at period end (2) (2)
CMBS | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 0 0
CMBS | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 5 (1)
CMBS | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI (2) (2)
Common Stock    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Fair value, beginning balance 808 854
Purchases 0 0
Sales 0 0
Issuances 0 0
Settlements (1,463) 0
Transfers into Level 3 0 0
Transfers out of Level 3 0 0
Fair value, ending balance 0 1,067
Change in unrealized gains (losses) for the period included in earnings for assets held at period end 0 213
Change in unrealized gains (losses) for the period included in OCI for assets held at period end 0 0
Common Stock | Net realized and unrealized gains (losses)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 655 213
Common Stock | Net investment income earned    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in net income 0 0
Common Stock | Other Comprehensive Income (Loss)    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Total net gains (losses) for the period included in OCI $ 0 $ 0
v3.25.2
Fair Value Measurements - Schedule of Quantitative Information about Significant Unobservable Inputs in the Fair Value Measurement of Level 3 Assets (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Other investment assets measured at fair value $ 304,333 $ 222,447    
Total Level 3 securities 756,727 619,247    
Valuation Technique, Discounted Cash Flow        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total assets measured at fair value 452,394 396,800    
Corporate securities        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total Level 3 securities 267,821 242,679 $ 293,713 $ 297,332
Corporate securities | Valuation Technique, Discounted Cash Flow        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total assets measured at fair value $ 157,700 $ 147,294    
Corporate securities | Valuation Technique, Discounted Cash Flow | Minimum | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input (0.044) (0.044)    
Corporate securities | Valuation Technique, Discounted Cash Flow | Maximum | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input 0.053 0.053    
Corporate securities | Valuation Technique, Discounted Cash Flow | Weighted Average | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input 0.017 0.017    
CLO and other ABS        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total Level 3 securities $ 481,037 $ 367,994 $ 263,720 $ 245,313
CLO and other ABS | Valuation Technique, Discounted Cash Flow        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Total assets measured at fair value $ 294,694 $ 249,506    
CLO and other ABS | Valuation Technique, Discounted Cash Flow | Minimum | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input (0.018) (0.0097)    
CLO and other ABS | Valuation Technique, Discounted Cash Flow | Maximum | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input 0.196 0.196    
CLO and other ABS | Valuation Technique, Discounted Cash Flow | Weighted Average | Illiquidity Spread        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Debt securities, available-for-sale, measurement input 0.019 0.019    
v3.25.2
Fair Value Measurements - Schedule of Quantitative Information of Our Financial Assets and Liabilities That Were Disclosed at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value $ 24,457   $ 24,735
Commercial mortgage loans, fair value 266,197   224,842
Long-term debt, fair value 898,487   489,694
Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 0   0
Commercial mortgage loans, fair value 0   0
Long-term debt, fair value 0   0
Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 24,457   24,735
Commercial mortgage loans, fair value 0   0
Long-term debt, fair value 898,487   489,694
Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 0   0
Commercial mortgage loans, fair value 266,197   224,842
Long-term debt, fair value $ 0   $ 0
7.25% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 7.25%   7.25%
Long-term debt, fair value $ 56,274   $ 54,657
7.25% Senior Notes | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0   0
7.25% Senior Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 56,274   54,657
7.25% Senior Notes | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value $ 0   0
5.90% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 5.90% 5.90%  
Long-term debt, fair value $ 408,864   $ 0
5.90% Senior Notes | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0    
5.90% Senior Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 408,864    
5.90% Senior Notes | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value $ 0    
6.70% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 6.70%   6.70%
Long-term debt, fair value $ 105,970   $ 103,057
6.70% Senior Notes | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0   0
6.70% Senior Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 105,970   103,057
6.70% Senior Notes | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value $ 0   $ 0
5.375% Senior Notes      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 5.375%   5.375%
Long-term debt, fair value $ 268,221   $ 273,464
5.375% Senior Notes | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0   0
5.375% Senior Notes | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 268,221   273,464
5.375% Senior Notes | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value $ 0   $ 0
3.03% borrowings from FHLBI      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Interest Rate 3.03%   3.03%
Long-term debt, fair value $ 59,158   $ 58,516
3.03% borrowings from FHLBI | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0   0
3.03% borrowings from FHLBI | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 59,158   58,516
3.03% borrowings from FHLBI | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Long-term debt, fair value 0   0
Corporate securities      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 24,457   24,735
Corporate securities | Quoted Prices in 
Active Markets for
Identical Assets/
Liabilities (Level 1)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 0   0
Corporate securities | Significant Other Observable Inputs (Level 2)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value 24,457   24,735
Corporate securities | Significant Unobservable Inputs (Level 3)      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Fixed income securities, held-to-maturity - fair value $ 0   $ 0
v3.25.2
Allowance for Credit Losses on Premiums Receivable (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Premium Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 21,600 $ 20,000 $ 20,400 $ 18,900
Current period change for expected credit losses 1,933 2,488 5,799 4,272
Write-offs charged against the allowance for credit losses (2,314) (1,720) (5,203) (2,776)
Recoveries 581 332 804 704
Allowance for credit losses, end of period $ 21,800 $ 21,100 $ 21,800 $ 21,100
v3.25.2
Reinsurance - Schedule of Disaggregation of Reinsurance Recoverable by Financial Strength Rating and Aging Analysis (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross $ 883,388   $ 1,063,145      
Less: allowance for credit losses (2,000) $ (2,000) (2,000) $ (1,700) $ (1,700) $ (1,700)
Total reinsurance recoverable, net 881,388   1,061,145      
Federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 122,503   318,785      
Other than federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 9,273   6,656      
Total non-rated reinsurers            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 131,776   325,441      
Current | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 876,610   1,056,738      
Current | Federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 122,503   318,785      
Current | Other than federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 9,269   6,647      
Current | Total non-rated reinsurers            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 131,772   325,432      
Past Due | Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments, Gross            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 6,778   6,407      
Past Due | Federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 0   0      
Past Due | Other than federal and state pools            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 4   9      
Past Due | Total non-rated reinsurers            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 4   9      
A++            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 117,854   111,706      
A++ | Current            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 116,797   111,481      
A++ | Past Due            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 1,057   225      
A+            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 503,895   488,522      
A+ | Current            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 499,487   483,317      
A+ | Past Due            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 4,408   5,205      
A            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 123,278   131,906      
A | Current            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 122,212   131,087      
A | Past Due            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 1,066   819      
A-            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 6,585   5,570      
A- | Current            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 6,342   5,421      
A- | Past Due            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 243   149      
Total rated reinsurers            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 751,612   737,704      
Total rated reinsurers | Current            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross 744,838   731,306      
Total rated reinsurers | Past Due            
Reinsurance Recoverable, Credit Quality Indicator [Line Items]            
Total reinsurance recoverable, gross $ 6,774   $ 6,398      
v3.25.2
Reinsurance - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Effects of Reinsurance [Line Items]  
Percentage of NFIP 100.00%
Federal and state pools  
Effects of Reinsurance [Line Items]  
Change in reinsurance recoverable gross $ 196.3
v3.25.2
Reinsurance - Schedule of Allowance for Credit Losses on Reinsurance Recoverable (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Reinsurance Recoverable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 2,000 $ 1,700 $ 2,000 $ 1,700
Current period change for expected credit losses 0 0 0 0
Write-offs charged against the allowance for credit losses 0 0 0 0
Recoveries 0 0 0 0
Allowance for credit losses, end of period $ 2,000 $ 1,700 $ 2,000 $ 1,700
v3.25.2
Reinsurance - Schedule of Direct, Assumed, and Ceded Reinsurance Amounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Premiums written:        
Direct $ 1,490,805 $ 1,399,738 $ 2,913,656 $ 2,715,649
Assumed 5,441 6,413 11,418 12,398
Ceded (207,617) (180,050) (396,002) (345,325)
Net 1,288,629 1,226,101 2,529,072 2,382,722
Premiums earned:        
Direct 1,373,080 1,242,696 2,713,526 2,448,064
Assumed 5,922 5,779 12,073 11,970
Ceded (190,945) (168,244) (378,785) (328,859)
Net 1,188,057 1,080,231 2,346,814 2,131,175
Loss and loss expense incurred:        
Direct 929,929 1,009,819 1,760,601 1,763,386
Assumed 5,137 5,058 10,635 11,039
Ceded (111,168) (89,329) (201,013) (144,585)
Net $ 823,898 $ 925,548 $ 1,570,223 $ 1,629,840
v3.25.2
Reserve for Loss and Loss Expense - Schedule of Rollforward of Reserve for Loss and Loss Expense (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Gross reserve for loss and loss expense, at beginning of period $ 6,589,801 $ 5,336,911
Less: reinsurance recoverable on unpaid loss and loss expense, at beginning of period 1,022,245 618,601
Net reserve for loss and loss expense, at beginning of period 5,567,556 4,718,310
Incurred loss and loss expense for claims occurring in the:    
Current year 1,535,575 1,442,719
Prior years 34,648 187,121
Total incurred loss and loss expense 1,570,223 1,629,840
Paid loss and loss expense for claims occurring in the:    
Current year 320,366 347,501
Prior years 865,344 753,658
Total paid loss and loss expense 1,185,710 1,101,159
Net reserve for loss and loss expense, at end of period 5,952,069 5,246,991
Add: Reinsurance recoverable on unpaid loss and loss expense, at end of period 859,087 656,534
Gross reserve for loss and loss expense, at end of period $ 6,811,156 $ 5,903,525
v3.25.2
Reserve for Loss and Loss Expense - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year $ 34,648 $ 187,121
Casualty reserve    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year 50,000 211,000
Casualty reserve | Standard Commercial Lines | Commercial automobile    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year 25,000 10,000
Casualty reserve | Standard Commercial Lines | General liability    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year 20,000 216,000
Casualty reserve | Standard Commercial Lines | Workers' compensation    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year   15,000
Casualty reserve | Standard Personal Lines | Personal automobile    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year 5,000 5,000
Casualty reserve | Standard Personal Lines | Homeowners    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year   (5,000)
Property lines    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Incurred loss and loss expense for claims occurring in the prior year $ (15,400) $ (23,900)
v3.25.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
v3.25.2
Segment Information - Schedule of Revenue by Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Net premiums earned $ 1,188,057 $ 1,080,231 $ 2,346,814 $ 2,131,175
Miscellaneous income 6,548 5,835 12,057 13,636
Net investment income earned 127,968 108,642 248,659 216,491
Net realized and unrealized investment gains (losses) 4,172 1,297 4,401 (338)
Total Investments revenue 132,140 109,939 253,060 216,153
Total revenues 1,326,745 1,196,005 2,611,931 2,360,964
Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 937,635 853,493 1,849,845 1,687,603
Total revenues 943,555 858,707 1,860,625 1,699,951
Standard Personal Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 102,377 106,421 206,032 210,267
Total revenues 102,954 107,015 207,180 211,502
E&S Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 148,045 120,317 290,937 233,305
Total revenues 148,096 120,344 291,066 233,358
General liability | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 305,843 280,097 600,530 553,512
Commercial automobile | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 288,759 260,652 572,344 512,372
Commercial property | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 191,027 168,511 377,557 330,064
Workers compensation | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 82,024 82,316 161,060 170,093
Businessowners' policies | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 48,416 41,641 95,309 81,562
Bonds | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 13,255 12,468 26,513 24,556
Other | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 8,311 7,808 16,532 15,444
Miscellaneous income | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Miscellaneous income 5,920 5,214 10,780 12,348
Miscellaneous income | Standard Personal Lines        
Revenue from External Customer [Line Items]        
Miscellaneous income 577 594 1,148 1,235
Miscellaneous income | E&S Lines        
Revenue from External Customer [Line Items]        
Miscellaneous income 51 27 129 53
Personal automobile | Standard Personal Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 51,287 57,544 104,255 114,504
Homeowners | Standard Personal Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 48,312 46,055 96,255 90,168
Other | Standard Personal Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 2,778 2,822 5,522 5,595
Casualty lines | E&S Lines        
Revenue from External Customer [Line Items]        
Net premiums earned 87,400 73,887 172,519 145,525
Property lines | E&S Lines        
Revenue from External Customer [Line Items]        
Net premiums earned $ 60,645 $ 46,430 $ 118,418 $ 87,780
v3.25.2
Segment Information - Schedule of Segments Pre and After Tax Income, Significant Expenses and Reconciliations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Total revenues $ 1,326,745 $ 1,196,005 $ 2,611,931 $ 2,360,964
(Favorable)/unfavorable prior year casualty reserve development     34,648 187,121
Current year casualty loss costs     1,535,575 1,442,719
Net 823,898 925,548 1,570,223 1,629,840
Income before federal income tax 108,905 (80,098) 247,791 22,468
Total federal income tax expense (benefit) (22,962) 16,779 (51,952) (3,269)
Net income (loss) 85,943 (63,319) 195,839 19,199
Interest expense (13,256) (7,202) (22,829) (14,383)
Corporate expenses (7,556) (9,154) (25,654) (24,652)
Preferred stock dividends (2,300) (2,300) (4,600) (4,600)
Net income (loss) available to common stockholders, basic 83,643 (65,619) 191,239 14,599
Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development     50,000 211,000
Total Insurance Operations        
Revenue from External Customer [Line Items]        
Net 823,898 925,548 1,570,223 1,629,840
Dividends to policyholders 1,151 1,054 2,134 4,308
Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Total revenues 943,555 858,707 1,860,625 1,699,951
Net 666,766 747,954 1,248,432 1,303,787
Dividends to policyholders 1,151 1,054 2,134 4,308
Standard Personal Lines        
Revenue from External Customer [Line Items]        
Total revenues 102,954 107,015 207,180 211,502
Net 69,977 101,440 146,646 185,784
E&S Lines        
Revenue from External Customer [Line Items]        
Total revenues 148,096 120,344 291,066 233,358
Net 87,155 76,154 175,145 140,269
Operating Segments        
Revenue from External Customer [Line Items]        
Total revenues 1,326,745 1,196,005 2,611,931 2,360,964
Net catastrophe losses 79,932 90,534 123,289 145,776
Non-catastrophe property loss and loss expense 173,239 185,488 351,935 356,660
Net 823,898 925,548 1,570,223 1,629,840
Commissions to distribution partners 213,697 192,345 423,926 378,955
Salaries and employee benefits 94,970 84,247 190,751 171,725
Other segment expenses 63,312 56,553 128,623 114,633
Total net underwriting expenses incurred 371,979 333,145 743,300 665,313
Dividends to policyholders 1,151 1,054 2,134 4,308
Income before federal income tax 129,717 (63,742) 296,274 61,503
Total federal income tax expense (benefit) (26,914) 13,821 (61,616) (12,042)
Net income (loss) 102,803 (49,921) 234,658 49,461
Operating Segments | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 45,000 176,000 50,000 211,000
Current year casualty loss costs 525,727 473,526 1,044,999 916,404
Operating Segments | Total Insurance Operations        
Revenue from External Customer [Line Items]        
Total revenues 1,194,605 1,086,066 2,358,871 2,144,811
Net catastrophe losses 79,932 90,534 123,289 145,776
Non-catastrophe property loss and loss expense 173,239 185,488 351,935 356,660
Net 823,898 925,548 1,570,223 1,629,840
Commissions to distribution partners 213,697 192,345 423,926 378,955
Salaries and employee benefits 94,970 84,247 190,751 171,725
Other segment expenses 63,312 56,553 128,623 114,633
Total net underwriting expenses incurred 371,979 333,145 743,300 665,313
Dividends to policyholders 1,151 1,054 2,134 4,308
Income before federal income tax (2,423) (173,681) 43,214 (154,650)
Total federal income tax expense (benefit) 509 36,473 (9,075) 32,476
Net income (loss) (1,914) (137,208) 34,139 (122,174)
Operating Segments | Total Insurance Operations | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 45,000 176,000 50,000 211,000
Current year casualty loss costs 525,727 473,526 1,044,999 916,404
Operating Segments | Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Total revenues 943,555 858,707 1,860,625 1,699,951
Net catastrophe losses 50,881 50,858 70,692 89,353
Non-catastrophe property loss and loss expense 131,883 124,505 260,675 239,546
Net 666,766 747,954 1,248,432 1,303,787
Commissions to distribution partners 173,406 157,351 343,578 311,321
Salaries and employee benefits 78,667 69,070 158,258 141,344
Other segment expenses 49,709 44,159 101,449 89,691
Total net underwriting expenses incurred 301,782 270,580 603,285 542,356
Dividends to policyholders 1,151 1,054 2,134 4,308
Income before federal income tax (26,144) (160,881) 6,774 (150,500)
Operating Segments | Standard Commercial Lines | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 45,000 176,000 45,000 211,000
Current year casualty loss costs 439,002 396,591 872,065 763,888
Operating Segments | Standard Personal Lines        
Revenue from External Customer [Line Items]        
Total revenues 102,954 107,015 207,180 211,502
Net catastrophe losses 14,591 25,396 21,704 37,241
Non-catastrophe property loss and loss expense 28,271 45,350 64,759 87,228
Net 69,977 101,440 146,646 185,784
Commissions to distribution partners 6,522 8,124 13,873 15,623
Salaries and employee benefits 8,805 8,644 17,400 18,083
Other segment expenses 9,100 8,108 18,674 16,648
Total net underwriting expenses incurred 24,427 24,876 49,947 50,354
Dividends to policyholders 0 0 0 0
Income before federal income tax 8,550 (19,301) 10,587 (24,636)
Operating Segments | Standard Personal Lines | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 0 0 5,000 0
Current year casualty loss costs 27,115 30,694 55,183 61,315
Operating Segments | E&S Lines        
Revenue from External Customer [Line Items]        
Total revenues 148,096 120,344 291,066 233,358
Net catastrophe losses 14,460 14,280 30,893 19,182
Non-catastrophe property loss and loss expense 13,085 15,633 26,501 29,886
Net 87,155 76,154 175,145 140,269
Commissions to distribution partners 33,769 26,870 66,475 52,011
Salaries and employee benefits 7,498 6,533 15,093 12,298
Other segment expenses 4,503 4,286 8,500 8,294
Total net underwriting expenses incurred 45,770 37,689 90,068 72,603
Dividends to policyholders 0 0 0 0
Income before federal income tax 15,171 6,501 25,853 20,486
Operating Segments | E&S Lines | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 0 0 0 0
Current year casualty loss costs 59,610 46,241 117,751 91,201
Operating Segments | Investments        
Revenue from External Customer [Line Items]        
Total revenues 132,140 109,939 253,060 216,153
Net catastrophe losses 0 0 0 0
Non-catastrophe property loss and loss expense 0 0 0 0
Net 0 0 0 0
Commissions to distribution partners 0 0 0
Salaries and employee benefits 0 0 0
Other segment expenses 0 0 0
Total net underwriting expenses incurred 0 0 0 0
Dividends to policyholders 0 0 0
Income before federal income tax 132,140 109,939 253,060 216,153
Total federal income tax expense (benefit) (27,423) (22,652) (52,541) (44,518)
Net income (loss) 104,717 87,287 200,519 171,635
Operating Segments | Investments | Casualty lines        
Revenue from External Customer [Line Items]        
(Favorable)/unfavorable prior year casualty reserve development 0 0 0 0
Current year casualty loss costs 0 0 0 0
Other        
Revenue from External Customer [Line Items]        
Total federal income tax expense (benefit) $ 3,952 $ 2,958 $ 9,664 $ 8,773
v3.25.2
Segment Information - Schedule of Return on Equity (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
ROE 10.70% (9.50%) 12.50% 1.10%
Operating Segments | Total Insurance Operations        
Segment Reporting Information [Line Items]        
ROE (0.20%) (19.90%) 2.20% (8.80%)
Operating Segments | Standard Commercial Lines        
Segment Reporting Information [Line Items]        
ROE (2.60%) (18.40%) 0.40% (8.60%)
Operating Segments | Standard Personal Lines        
Segment Reporting Information [Line Items]        
ROE 0.90% (2.20%) 0.50% (1.40%)
Operating Segments | E&S Lines        
Segment Reporting Information [Line Items]        
ROE 1.50% 0.70% 1.30% 1.20%
Operating Segments | Investments        
Segment Reporting Information [Line Items]        
Net investment income earned 13.00% 12.50% 12.90% 12.50%
Net realized and unrealized investment gains (losses) 0.40% 0.10% 0.20% 0.00%
ROE 13.40% 12.60% 13.10% 12.50%
Other        
Segment Reporting Information [Line Items]        
ROE (2.50%) (2.20%) (2.80%) (2.60%)
v3.25.2
Segment Information - Schedule of Combined Ratio (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue from External Customer [Line Items]        
Net premiums earned $ 1,188,057 $ 1,080,231 $ 2,346,814 $ 2,131,175
Loss and loss expense incurred 823,898 925,548 1,570,223 1,629,840
Total Insurance Operations        
Revenue from External Customer [Line Items]        
Net premiums earned 1,188,057 1,080,231 2,346,814 2,131,175
Loss and loss expense incurred 823,898 925,548 1,570,223 1,629,840
Net underwriting expenses incurred 365,431 327,310 731,243 651,677
Dividends to policyholders 1,151 1,054 2,134 4,308
Underwriting income (loss) $ (2,423) $ (173,681) $ 43,214 $ (154,650)
Ratio        
Loss and loss expense incurred (as a percent) 69.30% 85.70% 66.90% 76.50%
Net underwriting expenses incurred (as a percent) 30.80% 30.30% 31.20% 30.60%
Dividends to policyholders (as a percent) 0.10% 0.10% 0.10% 0.20%
Underwriting income (loss) (as a percent) 100.20% 116.10% 98.20% 107.30%
Standard Commercial Lines        
Revenue from External Customer [Line Items]        
Net premiums earned $ 937,635 $ 853,493 $ 1,849,845 $ 1,687,603
Loss and loss expense incurred 666,766 747,954 1,248,432 1,303,787
Net underwriting expenses incurred 295,862 265,366 592,505 530,008
Dividends to policyholders 1,151 1,054 2,134 4,308
Underwriting income (loss) $ (26,144) $ (160,881) $ 6,774 $ (150,500)
Ratio        
Loss and loss expense incurred (as a percent) 71.10% 87.60% 67.50% 77.20%
Net underwriting expenses incurred (as a percent) 31.60% 31.10% 32.00% 31.40%
Dividends to policyholders (as a percent) 0.10% 0.10% 0.10% 0.30%
Underwriting income (loss) (as a percent) 102.80% 118.80% 99.60% 108.90%
Standard Personal Lines        
Revenue from External Customer [Line Items]        
Net premiums earned $ 102,377 $ 106,421 $ 206,032 $ 210,267
Loss and loss expense incurred 69,977 101,440 146,646 185,784
Net underwriting expenses incurred 23,850 24,282 48,799 49,119
Underwriting income (loss) $ 8,550 $ (19,301) $ 10,587 $ (24,636)
Ratio        
Loss and loss expense incurred (as a percent) 68.30% 95.30% 71.20% 88.30%
Net underwriting expenses incurred (as a percent) 23.30% 22.80% 23.70% 23.40%
Underwriting income (loss) (as a percent) 91.60% 118.10% 94.90% 111.70%
E&S Lines        
Revenue from External Customer [Line Items]        
Net premiums earned $ 148,045 $ 120,317 $ 290,937 $ 233,305
Loss and loss expense incurred 87,155 76,154 175,145 140,269
Net underwriting expenses incurred 45,719 37,662 89,939 72,550
Underwriting income (loss) $ 15,171 $ 6,501 $ 25,853 $ 20,486
Ratio        
Loss and loss expense incurred (as a percent) 58.90% 63.30% 60.20% 60.10%
Net underwriting expenses incurred (as a percent) 30.90% 31.30% 30.90% 31.10%
Underwriting income (loss) (as a percent) 89.80% 94.60% 91.10% 91.20%
v3.25.2
Retirement Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - Defined benefit pension plan - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]        
Interest cost $ 3,973 $ 3,888 $ 7,946 $ 7,776
Expected return on plan assets (5,339) (5,383) (10,678) (10,765)
Amortization of unrecognized net actuarial loss 868 955 1,736 1,910
Total net periodic pension cost (benefit) $ (498) $ (540) $ (996) $ (1,079)
v3.25.2
Retirement Plans - Schedule of Weighted-Average Expense Assumptions (Details) - Defined benefit pension plan
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items]    
Discount rate 5.69% 5.02%
Effective interest rate for calculation of interest cost 5.42% 4.91%
Expected return on plan assets 6.60% 6.40%
v3.25.2
Comprehensive Income (Loss) - Schedule of Components of Comprehensive Income-Gross and Net of Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Unrealized gains (losses) on investment securities:        
Net income (loss) $ 108,905 $ (80,098) $ 247,791 $ 22,468
Unrealized holding gains (losses) during the period 41,864 (8,347) 111,124 (23,907)
Unrealized gains (losses) on securities with credit loss recognized in earnings 11,022 (3,705) 23,788 (6,837)
Amounts reclassified into net income (loss):        
Net realized (gains) losses on disposals and intent-to-sell AFS securities (434) 43 (708) (35)
Credit loss (benefit) expense (887) 1,233 (1,516) 3,883
Total unrealized gains (losses) on investment securities 51,565 (10,776) 132,688 (26,896)
Defined benefit pension and post-retirement plans:        
Net actuarial (gain) loss 873 967 1,745 1,934
Total defined benefit pension and post-retirement plans 873 967 1,745 1,934
Other comprehensive income (loss) 52,438 (9,809) 134,433 (24,962)
Comprehensive income (loss) 161,343 (89,907) 382,224 (2,494)
Tax        
Net income (loss) 22,962 (16,779) 51,952 3,269
Unrealized gains (losses) on investment securities:        
Unrealized holding gains (losses) during the period 8,790 (1,753) 23,335 (5,020)
Unrealized gains (losses) on securities with credit loss recognized in earnings 2,315 (778) 4,995 (1,436)
Amounts reclassified into net income (loss):        
Net realized (gains) losses on disposals and intent-to-sell AFS securities (91) 10 (149) (7)
Credit loss (benefit) expense (186) 258 (318) 815
Total unrealized gains (losses) on investment securities 10,828 (2,263) 27,863 (5,648)
Defined benefit pension and post-retirement plans:        
Net actuarial (gain) loss 184 203 367 406
Total defined benefit pension and post-retirement plans 184 203 367 406
Other comprehensive income (loss) 11,012 (2,060) 28,230 (5,242)
Comprehensive income (loss) 33,974 (18,839) 80,182 (1,973)
Net        
Net income (loss) 85,943 (63,319) 195,839 19,199
Unrealized gains (losses) on investment securities:        
Unrealized holding gains (losses) during the period 33,074 (6,594) 87,789 (18,887)
Unrealized gains (losses) on securities with credit loss recognized in earnings 8,707 (2,927) 18,793 (5,401)
Amounts reclassified into net income (loss):        
Net realized (gains) losses on disposals and intent-to-sell AFS securities (343) 33 (559) (28)
Credit loss (benefit) expense (701) 975 (1,198) 3,068
Total unrealized gains (losses) on investment securities 40,737 (8,513) 104,825 (21,248)
Defined benefit pension and post-retirement plans:        
Net actuarial (gain) loss 689 764 1,378 1,528
Total defined benefit pension and post-retirement plans 689 764 1,378 1,528
Other comprehensive income (loss) 41,426 (7,749) 106,203 (19,720)
Comprehensive income (loss) $ 127,369 $ (71,068) $ 302,042 $ (521)