
	June 30, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	7,839	$	12	$	(241)	$	—	$	7,610
Obligations of states, municipalities and political subdivisions	158,963		190		(21,570)		(3)		137,580
Corporate and other securities	2,114,850		21,041		(35,818)		(39)		2,100,034
Asset-backed securities	777,402		7,113		(608)		—		783,907
Residential mortgage-backed securities	607,220		2,461		(45,890)		—		563,791
Commercial mortgage-backed securities	325,597		2,574		(3,015)		—		325,156
Total fixed-maturity securities	$	3,991,871	$	33,391	$	(107,142)	$	(42)	$	3,918,078


	December 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	15,465	$	—	$	(417)	$	—	$	15,048
Obligations of states, municipalities and political subdivisions	168,894		46		(22,633)		(3)		146,304
Corporate and other securities	2,037,372		5,779		(53,638)		(23)		1,989,490
Asset-backed securities	729,658		4,606		(1,522)		—		732,742
Residential mortgage-backed securities	502,121		747		(53,994)		—		448,874
Commercial mortgage-backed securities	209,521		423		(4,838)		(1)		205,105
Total fixed-maturity securities	$	3,663,031	$	11,601	$	(137,042)	$	(27)	$	3,537,563

The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.

For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.

The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.

At June 30, 2025, the Company's credit loss review resulted in an allowance for credit losses on three securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Beginning balance	$	47	$	543	$	27	$	553
Increase to allowance from securities for which credit losses were not previously recorded	—		—		—		—
Reduction from securities sold during the period	(2)		(479)		(14)		(479)
Net increase (decrease) from securities that had an allowance at the beginning of the period	(3)		3		29		(7)
Ending balance	$	42	$	67	$	42	$	67


	June 30, 2025
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of the U.S. government agencies	$	293	$	(3)	$	6,746	$	(238)	$	7,039	$	(241)
Obligations of states, municipalities and political subdivisions	7,184		(115)		117,383		(21,455)		124,567		(21,570)
Corporate and other securities	155,805		(1,145)		376,847		(34,673)		532,652		(35,818)
Asset-backed securities	97,455		(171)		12,589		(437)		110,044		(608)
Residential mortgage-backed securities	48,856		(358)		231,602		(45,532)		280,458		(45,890)
Commercial mortgage-backed securities	52,417		(200)		51,096		(2,815)		103,513		(3,015)
Total fixed-maturity securities	$	362,010	$	(1,992)	$	796,263	$	(105,150)	$	1,158,273	$	(107,142)

At June 30, 2025, the Company held 676 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $1.2 billion and gross unrealized losses of $107.1 million. Of these securities, 555 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2025, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At June 30, 2025, 79.2% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities.


	December 31, 2024
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	838	$	(13)	$	14,210	$	(404)	$	15,048	$	(417)
Obligations of states, municipalities and political subdivisions	27,049		(417)		114,620		(22,216)		141,669		(22,633)
Corporate and other securities	667,645		(9,139)		493,598		(44,499)		1,161,243		(53,638)
Asset-backed securities	121,371		(943)		24,656		(579)		146,027		(1,522)
Residential mortgage-backed securities	144,955		(1,934)		237,514		(52,060)		382,469		(53,994)
Commercial mortgage-backed securities	92,024		(960)		53,812		(3,878)		145,836		(4,838)
Total fixed-maturity securities	$	1,053,882	$	(13,406)	$	938,410	$	(123,636)	$	1,992,292	$	(137,042)


	June 30, 2025
	Amortized		Estimated
	Cost		Fair Value
	(in thousands)
Due in one year or less	$	293,096	$	292,850
Due after one year through five years	1,193,332		1,198,056
Due after five years through ten years	575,575		573,679
Due after ten years	219,649		180,639
Asset-backed securities	777,402		783,907
Residential mortgage-backed securities	607,220		563,791
Commercial mortgage-backed securities	325,597		325,156
Total fixed-maturity securities	$	3,991,871	$	3,918,078

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.

Real estate investments represents directly owned property held for investment purposes and consisted of land with a carrying value of $15.0 million at June 30, 2025 and December 31, 2024, respectively. There was no accumulated depreciation on real estate investments at June 30, 2025 and December 31, 2024.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Interest:
Taxable bonds	$	43,497	$	34,471	$	84,979	$	65,862
Tax exempt municipal bonds	355		395		711		834
Cash equivalents and short-term investments	1,896		568		3,026		1,111
Dividends on equity securities	2,011		1,461		3,964		2,837
Real estate investment income	—		—		—		153
Gross investment income	47,759		36,895		92,680		70,797
Investment expenses	(1,286)		(1,048)		(2,388)		(2,017)
Net investment income	$	46,473	$	35,847	$	90,292	$	68,780


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)
Fixed-maturity securities:
Realized gains	$	532	$	846	$	1,305	$	941
Realized losses	(396)		(933)		(1,187)		(1,039)
Net realized gains (losses) from fixed-maturity securities	136		(87)		118		(98)

Equity securities:
Realized gains	—		3,390		2,465		7,271
Realized losses	—		(424)		(1,910)		(424)
Net realized gains from equity securities	—		2,966		555		6,847
Realized gains from the sales of short-term investments	—		1		—		1
Realized losses on sale of real estate investments	—		(1)		—		(5)
Net realized investment gains	$	136	$	2,879	$	673	$	6,745

The net realized gains or losses on sales of equity securities represent the total gains or losses from the purchase dates of the equity securities. The change in unrealized gains (losses) in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.

For the three months ended June 30, 2025 and 2024, the change in net unrealized gains (losses) for fixed-maturity securities was $18.3 million and $(7.2) million respectively. For the six months ended June 30, 2025 and 2024, the change in net unrealized gains (losses) for fixed-maturity securities was $51.7 million and $(19.7) million, respectively.

The Company recorded a payable for investments purchased, not yet settled, of $21.7 million at June 30, 2025. The Company did not have a payable for investments purchased at December 31, 2024, respectively. The payable balance was included in the "other liabilities" line item of the consolidated balance sheet.