The following tables present the balances of assets measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, by level within the fair value hierarchy:


	June 30, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	7,610	$	—	$	—	$	7,610

Obligations of states, municipalities and political subdivisions	—		137,580		—		137,580
Corporate and other securities	—		2,100,034		—		2,100,034
Asset-backed securities	—		783,907		—		783,907
Residential mortgage-backed securities	—		563,791		—		563,791
Commercial mortgage-backed securities	—		325,156		—		325,156
Total fixed-maturity securities	7,610		3,910,468		—		3,918,078

Equity securities:
Exchange-traded funds	149,441		—		—		149,441
Non-redeemable preferred stock	—		26,928		—		26,928
Common stocks	337,513		—		—		337,513
Total equity securities	486,954		26,928		—		513,882
Short-term investments	34,310		—		—		34,310
Total	$	528,874	$	3,937,396	$	—	$	4,466,270


	December 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	15,048	$	—	$	—	$	15,048
Obligations of states, municipalities and political subdivisions	—		146,304		—		146,304
Corporate and other securities	—		1,989,490		—		1,989,490
Asset-backed securities	—		732,742		—		732,742
Residential mortgage-backed securities	—		448,874		—		448,874
Commercial mortgage-backed securities	—		205,105		—		205,105
Total fixed-maturity securities	15,048		3,522,515		—		3,537,563

Equity securities:
Exchange-traded funds	129,731		—		—		129,731
Non-redeemable preferred stock	—		26,433		—		26,433
Common stocks	242,195		—		—		242,195
Total equity securities	371,926		26,433		—		398,359
Short-term investments	3,714		—		—		3,714
Total	$	390,688	$	3,548,948	$	—	$	3,939,636