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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q
(Mark one)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2024
or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the Transition Period from                      to                     .
Commission File Number
1-15202

W. R. BERKLEY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware22-1867895
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer Identification No.)
  
475 Steamboat RoadGreenwichConnecticut06830
(Address of principal executive offices)(Zip Code)
(203)629-3000
(Registrant’s telephone number, including area code)
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title Trading SymbolName
 
Common Stock, par value $.20 per shareWRBNew York Stock Exchange
5.700% Subordinated Debentures due 2058WRB-PENew York Stock Exchange
5.100% Subordinated Debentures due 2059WRB-PFNew York Stock Exchange
4.250% Subordinated Debentures due 2060WRB-PGNew York Stock Exchange
4.125% Subordinated Debentures due 2061WRB-PHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒     No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 ☒
Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒
Number of shares of common stock, $.20 par value, outstanding as of October 28, 2024: 381,069,120
2
TABLE OF CONTENTS
3
Part I — FINANCIAL INFORMATION
Item 1.     Financial Statements
W. R. BERKLEY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
September 30,
2024		December 31,
2023
(Unaudited)(Audited)
Assets  
Investments:  
Fixed maturity securities (amortized cost of $23,003,148 and $20,915,245; allowance for expected credit losses of $6,983 and $36,751 at September 30, 2024 and December 31, 2023, respectively)
$22,663,878 $20,178,308 
Investment funds1,607,381 1,621,655 
Real estate1,297,314 1,249,874 
Equity securities1,048,126 1,090,347 
Arbitrage trading account820,928 938,049 
Loans receivable (net of allowance for expected credit losses of $1,425 and $3,004 at September 30, 2024 and December 31, 2023, respectively)
389,869 201,271 
Total investments27,827,496 25,279,504 
Cash and cash equivalents1,573,238 1,363,195 
Premiums and fees receivable (net of allowance for expected credit losses of $38,071 and $35,110 at September 30, 2024 and December 31, 2023, respectively)
3,414,385 3,109,334 
Due from reinsurers (net of allowance for expected credit losses of $8,332 and $8,404 at September 30, 2024 and December 31, 2023, respectively)
3,478,354 3,534,527 
Deferred policy acquisition costs957,997 861,609 
Prepaid reinsurance premiums830,797 758,927 
Trading account receivables from brokers and clearing organizations410,756 303,614 
Property, furniture and equipment478,361 426,803 
Goodwill184,089 174,597 
Accrued investment income234,084 213,408 
Current and deferred federal and foreign income taxes131,209 220,756 
Other assets838,532 865,556 
Total assets$40,359,298 $37,111,830 
Liabilities and Equity  
Liabilities:  
Reserves for losses and loss expenses$20,155,310 $18,739,652 
Unearned premiums6,489,597 5,922,326 
Due to reinsurers727,074 631,164 
Trading account securities sold but not yet purchased36,093 9,357 
Other liabilities1,674,405 1,503,053 
Senior notes and other debt1,827,788 1,827,951 
Subordinated debentures1,009,629 1,009,090 
Total liabilities31,919,896 29,642,593 
Equity:  
Preferred stock, par value $.10 per share:
  
Authorized 5,000,000 shares; issued and outstanding - none
— — 
Common stock, par value $.20 per share:
  
Authorized 1,250,000,000 shares; issued and outstanding, net of treasury shares, 381,189,906 and 384,817,136 shares, respectively
158,705 158,705 
Additional paid-in capital973,032 964,789 
Retained earnings11,909,408 11,040,908 
Accumulated other comprehensive loss(603,144)(925,838)
Treasury stock, at cost, 412,331,903 and 408,704,807 shares, respectively
(4,011,737)(3,783,133)
Total stockholders’ equity8,426,264 7,455,431 
Noncontrolling interests13,138 13,806 
Total equity8,439,402 7,469,237 
Total liabilities and equity$40,359,298 $37,111,830 
See accompanying notes to interim consolidated financial statements.
1
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2024202320242023
REVENUES:  
Net premiums written$3,057,276 $2,848,459 $9,035,346 $8,234,799 
Change in net unearned premiums(130,453)(206,545)(497,761)(548,726)
Net premiums earned2,926,823 2,641,914 8,537,585 7,686,073 
Net investment income323,756 270,944 1,015,723 739,494 
Net investment (losses) gains:
Net realized and unrealized (losses) gains on investments(23,362)(40,855)(72,165)50,403 
Change in allowance for expected credit losses on investments15,276 (1,571)31,347 (11,164)
Net investment (losses) gains(8,086)(42,426)(40,818)39,239 
Revenues from non-insurance businesses128,610 137,116 375,307 375,225 
Insurance service fees28,666 22,962 81,583 81,290 
Other income610 128 1,804 235 
Total revenues3,400,379 3,030,638 9,971,184 8,921,556 
OPERATING COSTS AND EXPENSES:  
Losses and loss expenses1,825,960 1,636,193 5,270,334 4,744,602 
Other operating costs and expenses943,365 808,669 2,704,890 2,457,925 
Expenses from non-insurance businesses124,885 133,939 364,612 370,244 
Interest expense31,720 31,888 95,156 95,580 
Total operating costs and expenses2,925,930 2,610,689 8,434,992 7,668,351 
Income before income taxes474,449 419,949 1,536,192 1,253,205 
Income tax expense(109,135)(86,519)(356,958)(268,322)
Net income before noncontrolling interests365,314 333,430 1,179,234 984,883 
Noncontrolling interests320 156 780 (863)
Net income to common stockholders$365,634 $333,586 $1,180,014 $984,020 
NET INCOME PER SHARE:  
Basic$0.92 $0.83 $2.95 $2.41 
Diluted$0.91 $0.82 $2.92 $2.39 

See accompanying notes to interim consolidated financial statements.






2
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(In thousands)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2024202320242023
Net income before noncontrolling interests$365,314 $333,430 $1,179,234 $984,883 
Other comprehensive income (loss):  
Change in unrealized currency translation adjustments49,503 (22,781)25,160 (7,387)
Change in unrealized investment gains (losses), net of taxes380,993 (118,365)297,533 (50,850)
Other comprehensive income (loss)430,496 (141,146)322,693 (58,237)
Comprehensive income795,810 192,284 1,501,927 926,646 
Noncontrolling interests320 156 779 (862)
Comprehensive income to common stockholders$796,130 $192,440 $1,502,706 $925,784 

See accompanying notes to interim consolidated financial statements.
3
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)
(In thousands, except per share data)
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
2024202320242023
COMMON STOCK:  
Beginning and end of period$158,705 $158,705 $158,705 $158,705 
ADDITIONAL PAID-IN CAPITAL:  
Beginning of period$986,892 $967,916 $964,789 $944,632 
Restricted stock units issued(26,930)(25,226)(30,075)(25,228)
Restricted stock units expensed13,070 12,709 38,318 35,995 
End of period$973,032 $955,399 $973,032 $955,399 
RETAINED EARNINGS:  
Beginning of period$11,669,567 $10,624,518 $11,040,908 $10,161,005 
Net income to common stockholders365,634 333,586 1,180,014 984,020 
Dividends ($0.33, $0.41, $0.81 and $0.88 per share, respectively)
(125,793)(157,407)(311,514)(344,328)
End of period$11,909,408 $10,800,697 $11,909,408 $10,800,697 
ACCUMULATED OTHER COMPREHENSIVE LOSS:  
Unrealized investment losses:  
Beginning of period$(669,813)$(825,391)$(586,354)$(892,905)
Change in unrealized gains (losses) on securities without an allowance for expected credit losses369,827 (108,121)293,064 (47,757)
Change in unrealized gains (losses) on securities with an allowance for expected credit losses11,166 (10,244)4,470 (3,094)
End of period(288,820)(943,756)(288,820)(943,756)
Currency translation adjustments:  
Beginning of period(363,827)(356,282)(339,484)(371,676)
Net change in period49,503 (22,781)25,160 (7,387)
End of period(314,324)(379,063)(314,324)(379,063)
Total accumulated other comprehensive loss$(603,144)$(1,322,819)$(603,144)$(1,322,819)
TREASURY STOCK:  
Beginning of period$(4,007,742)$(3,682,281)$(3,783,133)$(3,251,429)
Stock exercised/vested8,164 8,469 9,488 9,461 
Stock repurchased(12,480)(2,917)(236,243)(430,536)
Other321 326 (1,849)(3,899)
End of period$(4,011,737)$(3,676,403)$(4,011,737)$(3,676,403)
NONCONTROLLING INTERESTS:  
Beginning of period$13,269 $21,167 $13,806 $19,829 
Contributions (distribution) 189 (6,681)111 (6,361)
Net (loss) income(320)(156)(780)863 
Other comprehensive income (loss), net of tax— — 1 (1)
End of period$13,138 $14,330 $13,138 $14,330 
See accompanying notes to interim consolidated financial statements.
4
W. R. BERKLEY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In thousands)
For the Nine Months
Ended September 30,
 20242023
CASH FROM OPERATING ACTIVITIES:  
Net income to common stockholders$1,180,014 $984,020 
Adjustments to reconcile net income to net cash from operating activities:  
Net investment losses (gains)40,818 (39,239)
Depreciation and (accretion) amortization (156,993)3,294 
Noncontrolling interests(780)863 
Investment funds(868)(5,444)
Stock incentive plans40,319 37,796 
Change in:
Arbitrage trading account36,714 (41,399)
Premiums and fees receivable(311,827)(340,056)
Reinsurance accounts85,226 (194,610)
Deferred policy acquisition costs(94,393)(93,270)
Income taxes16,825 49,722 
Reserves for losses and loss expenses1,402,623 1,288,975 
Unearned premiums569,416 608,300 
Other61,241 (27,790)
Net cash from operating activities2,868,335 2,231,162 
CASH USED IN INVESTING ACTIVITIES:  
Proceeds from sale of fixed maturity securities1,688,623 877,019 
Proceeds from sale of equity securities288,366 161,470 
Distributions from investment funds15,533 8,385 
Proceeds from maturities and prepayments of fixed maturity securities3,483,326 2,654,140 
Purchase of fixed maturity securities(7,177,379)(5,091,866)
Purchase of equity securities(186,382)(63,815)
Real estate purchased(66,813)(15,158)
Change in loans receivable(173,548)12,796 
Net purchases of property, furniture and equipment(91,670)(42,127)
Change in balances due to security brokers122,519 8,224 
Cash received in connection with business disposition— 94,076 
Other— 320 
Net cash used in investing activities(2,097,425)(1,396,536)
CASH USED IN FINANCING ACTIVITIES:  
Repayment of senior notes and other debt(240)(1,954)
Net proceeds from issuance of debt— 1,100 
Cash dividends to common stockholders(311,514)(186,921)
Purchase of common treasury shares(236,243)(430,536)
Other, net(13,944)(20,545)
Net cash used in financing activities(561,941)(638,856)
Net impact on cash due to change in foreign exchange rates1,074 959 
Net change in cash and cash equivalents210,043 196,728 
Cash and cash equivalents at beginning of period1,363,195 1,449,346 
Cash and cash equivalents at end of period$1,573,238 $1,646,074 
See accompanying notes to interim consolidated financial statements.
5

W. R. Berkley Corporation and Subsidiaries

NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(1) General
    The unaudited consolidated financial statements, which include the accounts of W. R. Berkley Corporation and its subsidiaries (the “Company”), have been prepared on the basis of U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by GAAP for annual financial statements. The unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring items, which are necessary to present fairly the Company’s financial position and results of operations on a basis consistent with the prior audited consolidated financial statements. Operating results for interim periods are not necessarily indicative of the results that may be expected for the year. All significant intercompany accounts and transactions have been eliminated.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the revenues and expenses reflected during the reporting period. For further information related to areas of judgment and estimates and other information necessary to understand the Company’s financial position and results of operations, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Reclassifications have been made in the 2023 financial statements as originally reported to conform to the presentation of the 2024 financial statements. The Company reclassified a program management business from the Insurance segment to the Reinsurance & Monoline Excess segment. The reclassified business is a program management business offering support on a nationwide basis for commercial casualty and property program administrators. In addition, share and per share amounts have been adjusted to reflect the 3-for-2 common stock split effected on July 10, 2024.
The income tax provision has been computed based on the Company’s estimated annual effective tax rate. The effective income tax rate differs from the federal income tax rate of 21% primarily due to the geographical mix of earnings and larger amounts being subject to tax at a rate greater than the U.S. statutory rate, which was partially offset by tax benefits related to equity-based compensation and tax-exempt investment income.

(2) Per Share Data
    The Company presents both basic and diluted net income per share (“EPS”) amounts. Basic EPS is calculated by dividing net income by the weighted average number of common shares outstanding during the period (including 17,495,175 and 17,125,284 common shares held in a grantor trust as of September 30, 2024 and 2023, respectively). The common shares held in the grantor trust are for delivery upon settlement of vested but mandatorily deferred restricted stock units ("RSUs"). Shares held by the grantor trust do not affect diluted shares outstanding since the shares deliverable under vested RSUs were already included in diluted shares outstanding. Diluted EPS is based upon the weighted average number of basic and common equivalent shares outstanding during the period and is calculated using the treasury stock method for stock incentive plans. Common equivalent shares are excluded from the computation in periods in which they have an anti-dilutive effect.
    The weighted average number of common shares used in the computation of basic and diluted earnings per share was as follows:
For the Three Months
Ended September 30,		For the Nine Months
Ended September 30,
(In thousands)2024202320242023
Basic398,338 403,787 400,302 407,484 
Diluted401,817 407,158 404,053 411,219 


(3) Recent Accounting Pronouncements and Accounting Policies
Recently adopted accounting pronouncements:
    All accounting and reporting standards that became effective in 2024 were either not applicable to the Company or their adoption did not have a material impact on the Company.
6

Accounting and reporting standards that are not yet effective:
    All recently issued but not yet effective accounting and reporting standards are either not applicable to the Company or are not expected to have a material impact on the Company.
7
(4) Consolidated Statements of Comprehensive Income (Loss)

    The following table presents the components of the changes in accumulated other comprehensive income (loss) ("AOCI"):

(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
 Income (Loss)
As of and for the nine months ended September 30, 2024
Changes in AOCI
Beginning of period$(586,354)$(339,484)$(925,838)
Other comprehensive income before reclassifications218,087 25,160 243,247 
Amounts reclassified from AOCI79,446 — 79,446 
Other comprehensive income297,533 25,160 322,693 
Unrealized investment gain related to noncontrolling interest1 — 1 
End of period$(288,820)$(314,324)$(603,144)
Amounts reclassified from AOCI
Pre-tax$100,565 (1)$— $100,565 
Tax effect (21,119)(2)— (21,119)
After-tax amounts reclassified$79,446 $— $79,446 
Other comprehensive income
Pre-tax$370,831 $25,160 $395,991 
Tax effect(73,298)— (73,298)
Other comprehensive income$297,533 $25,160 $322,693 
As of and for the three months ended September 30, 2024
Changes in AOCI
Beginning of period$(669,813)$(363,827)$(1,033,640)
Other comprehensive income before reclassifications374,110 49,503 423,613 
Amounts reclassified from AOCI6,883 — 6,883 
Other comprehensive income380,993 49,503 430,496 
Unrealized investment gain to noncontrolling interest— — — 
Ending balance$(288,820)$(314,324)$(603,144)
Amounts reclassified from AOCI
Pre-tax$8,713 (1)$— $8,713 
Tax effect (1,830)(2)— (1,830)
After-tax amounts reclassified$6,883 $— $6,883 
Other comprehensive income
Pre-tax$480,768 $49,503 $530,271 
Tax effect(99,775)— (99,775)
Other comprehensive income$380,993 $49,503 $430,496 


8
(In thousands)Unrealized Investment (Losses) GainsCurrency Translation AdjustmentsAccumulated Other Comprehensive
(Loss) Income
As of and for the nine months ended September 30, 2023
Changes in AOCI
Beginning of period$(892,905)$(371,676)$(1,264,581)
Other comprehensive loss before reclassifications(103,087)(7,387)(110,474)
Amounts reclassified from AOCI52,237 — 52,237 
Other comprehensive loss(50,850)(7,387)(58,237)
Unrealized investment loss related to noncontrolling interest(1)— (1)
End of period$(943,756)$(379,063)$(1,322,819)
Amounts reclassified from AOCI
Pre-tax$66,123 (1)$— $66,123 
Tax effect (13,886)(2)— (13,886)
After-tax amounts reclassified$52,237 $— $52,237 
Other comprehensive loss
Pre-tax$(62,476)$(7,387)$(69,863)
Tax effect11,626 — 11,626 
Other comprehensive income$(50,850)$(7,387)$(58,237)
As of and for the three months ended September 30, 2023
Changes in AOCI
Beginning of period$(825,391)$(356,282)$(1,181,673)
Other comprehensive loss before reclassifications(133,018)(22,781)(155,799)
Amounts reclassified from AOCI14,653 — 14,653 
Other comprehensive loss(118,365)(22,781)(141,146)
Unrealized investment loss related to noncontrolling interest— — — 
Ending balance$(943,756)$(379,063)$(1,322,819)
Amounts reclassified from AOCI
Pre-tax$18,548 (1)$— $18,548 
Tax effect (3,895)(2)— (3,895)
After-tax amounts reclassified$14,653 $— $14,653 
Other comprehensive loss
Pre-tax$(150,455)$(22,781)$(173,236)
Tax effect32,090 — 32,090 
Other comprehensive loss$(118,365)$(22,781)$(141,146)
____________
(1) Net investment (losses) gains in the consolidated statements of income.
(2) Income tax expense in the consolidated statements of income.



(5) Statements of Cash Flows
    Interest payments were $116,462,000 and $79,336,000 for the nine months ended September 30, 2024 and 2023, respectively. Income taxes paid were $271,739,000 and $180,000,000 for the nine months ended September 30, 2024 and 2023, respectively.
9
(6) Investments in Fixed Maturity Securities
    At September 30, 2024 and December 31, 2023, investments in fixed maturity securities were as follows:
 
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
September 30, 2024
Held to maturity:
State and municipal$41,561 $(30)$1,944 $— $43,475 $41,531 
Residential mortgage-backed2,398 — 109 — 2,507 2,398 
Total held to maturity43,959 (30)2,053 — 45,982 43,929 
Available for sale:
U.S. government and government agency2,083,085 — 23,974 (36,074)2,070,985 2,070,985 
State and municipal:
Special revenue1,732,996 — 8,414 (51,652)1,689,758 1,689,758 
State general obligation273,232 — 4,565 (7,375)270,422 270,422 
Pre-refunded85,683 — 1,260 (90)86,853 86,853 
Corporate backed168,276 — 1,847 (4,968)165,155 165,155 
Local general obligation307,754 — 2,483 (6,123)304,114 304,114 
Total state and municipal2,567,941 — 18,569 (70,208)2,516,302 2,516,302 
Mortgage-backed:
Residential2,736,493 — 31,527 (130,929)2,637,091 2,637,091 
Commercial600,597 (52)3,254 (2,918)600,881 600,881 
Total mortgage-backed3,337,090 (52)34,781 (133,847)3,237,972 3,237,972 
Asset-backed4,118,052 (546)26,592 (36,777)4,107,321 4,107,321 
Corporate:
Industrial3,980,058 — 55,042 (80,692)3,954,408 3,954,408 
Financial3,326,838 — 54,929 (33,205)3,348,562 3,348,562 
Utilities774,956 — 13,319 (13,877)774,398 774,398 
Other774,274 — 4,715 (3,593)775,396 775,396 
Total corporate8,856,126 — 128,005 (131,367)8,852,764 8,852,764 
Foreign government1,996,895 (6,355)23,701 (179,636)1,834,605 1,834,605 
Total available for sale22,959,189 (6,953)255,622 (587,909)22,619,949 22,619,949 
Total investments in fixed maturity securities$23,003,148 $(6,983)$257,675 $(587,909)$22,665,931 $22,663,878 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.
















10
(In thousands)Amortized
Cost		Allowance for Expected Credit Losses (1)Gross UnrealizedFair
Value		Carrying
Value
GainsLosses
December 31, 2023
Held to maturity:
State and municipal$50,547 $(43)$3,132 $— $53,636 $50,504 
Residential mortgage-backed2,868 — 107 — 2,975 2,868 
Total held to maturity53,415 (43)3,239 — 56,611 53,372 
Available for sale:
U.S. government and government agency1,762,997 — 11,403 (57,669)1,716,731 1,716,731 
State and municipal:
Special revenue1,682,550 — 5,651 (82,006)1,606,195 1,606,195 
State general obligation394,429 — 3,550 (16,405)381,574 381,574 
Pre-refunded103,029 — 1,634 (185)104,478 104,478 
Corporate backed166,873 (757)696 (11,973)154,839 154,839 
Local general obligation396,041 — 3,188 (11,893)387,336 387,336 
Total state and municipal2,742,922 (757)14,719 (122,462)2,634,422 2,634,422 
Mortgage-backed:
Residential1,773,206 — 12,780 (163,844)1,622,142 1,622,142 
Commercial657,157 (158)626 (13,312)644,313 644,313 
Total mortgage-backed2,430,363 (158)13,406 (177,156)2,266,455 2,266,455 
Asset-backed4,252,883 (1,164)8,527 (73,206)4,187,040 4,187,040 
Corporate:
Industrial3,679,219 (40)24,312 (143,936)3,559,555 3,559,555 
Financial2,838,220 (4,986)14,681 (68,681)2,779,234 2,779,234 
Utilities701,865 — 6,471 (23,412)684,924 684,924 
Other635,975 — 1,605 (7,234)630,346 630,346 
Total corporate7,855,279 (5,026)47,069 (243,263)7,654,059 7,654,059 
Foreign government1,817,386 (29,603)15,865 (137,419)1,666,229 1,666,229 
Total available for sale20,861,830 (36,708)110,989 (811,175)20,124,936 20,124,936 
Total investments in fixed maturity securities$20,915,245 $(36,751)$114,228 $(811,175)$20,181,547 $20,178,308 
____________
(1) Represents the amount of impairment that has resulted from credit-related factors. The change in the allowance for expected credit losses is recognized in the consolidated statements of income. Amount excludes unrealized losses relating to non-credit factors.

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the nine months ended September 30, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$43 $114 
Change in expected credit losses(13)(66)
Allowance for expected credit losses, end of period$30 $48 

The following table presents the rollforward of the allowance for expected credit losses for held to maturity securities for the three months ended September 30, 2024 and 2023:
(In thousands)20242023
Allowance for expected credit losses, beginning of period$34 $53 
Change in expected credit losses(4)(5)
Allowance for expected credit losses, end of period$30 $48 

11
The following table presents the rollforward of the allowance for expected credit losses for available for sale securities for the nine months ended September 30, 2024 and 2023:
20242023
(In thousands)Foreign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotalForeign GovernmentCorporateMortgage-backedAsset-backedState and MunicipalTotal
Balance, beginning of period$29,603 $5,026 $158 $1,164 $757 $36,708 $32,633 $4,701 $18 $— $— $37,352 
Change on securities for which credit losses were not previously recorded347 — 1,701 — — 2,048 — 942 1,766 1,444 821 4,973 
Change on securities for which credit losses were previously recorded(23,216)(5,026)(1,246)(618)(757)(30,863)3,538 134 316 58 — 4,046 
Reduction due to disposals(379)— (561)— — (940)— (7)— — — (7)
Balance, end of period$6,355 $— $52 $546 $— $