| Investments |
The amortized cost and estimated fair value of securities are as follows:
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|
|
|
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|
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|
|
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| |
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|
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and U.S. government agencies |
|
$ |
56,560 |
|
|
$ |
— |
|
|
$ |
6 |
|
|
$ |
(86 |
) |
|
$ |
56,480 |
|
Corporate debt securities |
|
|
129,481 |
|
|
|
— |
|
|
|
326 |
|
|
|
(239 |
) |
|
|
129,568 |
|
Asset-backed securities |
|
|
20,055 |
|
|
|
— |
|
|
|
165 |
|
|
|
(36 |
) |
|
|
20,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity securities |
|
|
206,096 |
|
|
|
— |
|
|
|
497 |
|
|
|
(361 |
) |
|
|
206,232 |
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|
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|
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|
|
|
|
|
|
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|
|
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|
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|
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| |
|
|
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and U.S. government agencies |
|
$ |
75,532 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(298 |
) |
|
$ |
75,234 |
|
Corporate debt securities |
|
|
109,174 |
|
|
|
— |
|
|
|
164 |
|
|
|
(548 |
) |
|
|
108,790 |
|
Asset-backed securities |
|
|
29,799 |
|
|
|
— |
|
|
|
262 |
|
|
|
(40 |
) |
|
|
30,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total fixed maturity securities |
|
|
214,505 |
|
|
|
— |
|
|
|
426 |
|
|
|
(886 |
) |
|
|
214,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
| A summary of the aggregate estimated fair values of securities with unrealized losses segregated by time period in an unrealized loss position is as follows:
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|
|
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|
|
|
|
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| |
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and U.S. government agencies |
|
$ |
33,998 |
|
|
$ |
(52 |
) |
|
$ |
22,482 |
|
|
$ |
(35 |
) |
|
$ |
56,480 |
|
|
$ |
(86 |
) |
Corporate debt securities |
|
|
93,693 |
|
|
|
(43 |
) |
|
|
35,875 |
|
|
|
(196 |
) |
|
|
129,568 |
|
|
|
(239 |
) |
Asset-backed securities |
|
|
13,099 |
|
|
|
(19 |
) |
|
|
7,085 |
|
|
|
(17 |
) |
|
|
20,184 |
|
|
|
(36 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Total |
|
$ |
140,790 |
|
|
|
(114 |
) |
|
|
65,442 |
|
|
|
(248 |
) |
|
|
206,232 |
|
|
|
(361 |
) |
|
|
|
|
|
|
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|
|
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|
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|
|
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|
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|
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|
|
|
|
|
|
|
|
|
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| |
|
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| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and U.S. government agencies |
|
$ |
21,209 |
|
|
$ |
(145 |
) |
|
$ |
41,355 |
|
|
$ |
(153 |
) |
|
$ |
62,564 |
|
|
$ |
(298 |
) |
Corporate debt securities |
|
|
60,993 |
|
|
|
(198 |
) |
|
|
47,797 |
|
|
|
(350 |
) |
|
|
108,790 |
|
|
|
(548 |
) |
Asset-backed securities |
|
|
13,869 |
|
|
|
(11 |
) |
|
|
16,152 |
|
|
|
(29 |
) |
|
|
30,021 |
|
|
|
(40 |
) |
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Total |
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|
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|
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|
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| A summary of the amortized cost and estimated fair value of securities at March 31, 2025, by contractual maturity is as follows. The expected maturities may differ from the contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.
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| |
|
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|
Years to maturity |
|
|
|
|
|
|
|
|
Government and corporate securities: |
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
45,721 |
|
|
$ |
45,709 |
|
Due after one year through five years |
|
|
133,889 |
|
|
|
133,895 |
|
Due after five years through 10 years |
|
|
6,431 |
|
|
|
6,444 |
|
Due after 10 years |
|
|
— |
|
|
|
— |
|
Other securities, which provide for periodic payments: |
|
|
|
|
|
|
|
|
Asset-backed securities |
|
|
20,055 |
|
|
|
20,184 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
206,096 |
|
|
$ |
206,232 |
|
|
|
|
|
|
|
|
|
| The following table presents components of the Company’s net investment income for the three month period ended:
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|
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|
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| |
|
Three Months Ended March 31, |
|
| |
|
|
|
|
|
|
|
|
$ |
2,131 |
|
|
$ |
2,091 |
|
Cash and cash equivalents |
|
|
2,115 |
|
|
|
1,193 |
|
|
|
|
|
|
|
|
|
|
Gross investment income |
|
|
4,246 |
|
|
|
3,284 |
|
Investment expenses |
|
|
(143 |
) |
|
|
(36 |
) |
|
|
|
|
|
|
|
|
|
Net investment income |
|
$ |
4,103 |
|
|
$ |
3,248 |
|
|
|
|
|
|
|
|
|
| Proceeds from sales or maturities of fixed maturity securities for the three months ended March 31, 2025 were $59,870 with $111 and $93 of gross realized gains and losses, respectively. Proceeds from sales of fixed maturity securities for the three months ended March 31, 2024 were $3,532 with $8 and $2 of gross realized gains and losses, respectively. The Company did not record any activity pertaining to the allowance for credit losses, as of March 31, 2025 or December 31, 2024.
|