The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:


	June 30, 2025
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	63,680	$	—	$	—	$	63,680
Municipal securities	—		3,116,543		—		3,116,543
Mortgage-backed securities	—		293,169		—		293,169
Corporate securities	—		763,253		—		763,253
Collateralized loan obligations	—		650,081		—		650,081
Other asset-backed securities	—		107,103		—		107,103
Total fixed maturity securities	63,680		4,930,149		—		4,993,829
Equity securities:
Common stock	549,027		—		—		549,027
Non-redeemable preferred stock	—		41,458		—		41,458
Private equity funds measured at net asset value (1)							97,167
Total equity securities	549,027		41,458		—		687,652
Short-term investments:
Short-term bonds	—		9,000		—		9,000
Money market instruments	272,750		—		—		272,750
Other	16		—		—		16
Total short-term investments	272,766		9,000		—		281,766
Other assets:
Notes receivable	—		31,831		—		31,831
Total assets at fair value	$	885,473	$	5,012,438	$	—	$	5,995,078
Liabilities
Other liabilities:
Options sold	$	1,397	$	—	$	—	$	1,397
Total liabilities at fair value	$	1,397	$	—	$	—	$	1,397


	December 31, 2024
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds and agencies	$	75,874	$	17,963	$	—	$	93,837
Municipal securities	—		2,987,054		—		2,987,054
Mortgage-backed securities	—		259,421		—		259,421
Corporate securities	—		841,715		—		841,715
Collateralized loan obligations	—		626,255		—		626,255
Other asset-backed securities	—		105,096		—		105,096
Total fixed maturity securities	75,874		4,837,504		—		4,913,378
Equity securities:
Common stock	741,369		—		—		741,369
Non-redeemable preferred stock	—		42,603		—		42,603
Private equity funds measured at net asset value (1)							95,203
Total equity securities	741,369		42,603		—		879,175
Short-term investments:
Short-term bonds	—		1,655		—		1,655
Money market instruments	282,141		—		—		282,141
Other	21		—		—		21
Total short-term investments	282,162		1,655		—		283,817
Other assets:
Notes receivable	—		31,231		—		31,231
Total assets at fair value	$	1,099,405	$	4,912,993	$	—	$	6,107,601
Liabilities
Other liabilities:
Options sold	$	213	$	—	$	—	$	213
Total liabilities at fair value	$	213	$	—	$	—	$	213

(1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:


	June 30, 2025
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,327	$	371,854	$	—	$	371,854	$	—
Unsecured credit facility	200,000		200,009		—		200,009		—
Total	$	574,327	$	571,863	$	—	$	571,863	$	—


	December 31, 2024
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,128	$	367,504	$	—	$	367,504	$	—
Unsecured credit facility	200,000		199,308		—		199,308		—
Total	$	574,128	$	566,812	$	—	$	566,812	$	—