v3.25.2
INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cost or Amortized Cost and Fair Value of Securities Available for Sale
The following table provides the amortized cost and fair value of available-for-sale debt securities as of the dates presented (in thousands):
June 30, 2025
Amortized
Cost		Allowance for Expected Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Debt Securities:
  U.S. government obligations and agencies$24,327 $— $166 $(304)$24,189 
  Corporate bonds980,061 (712)5,251 (34,947)949,653 
  Mortgage-backed and asset-backed securities419,884 — 2,226 (24,838)397,272 
  Municipal bonds15,872 (1)4 (1,106)14,769 
  Redeemable preferred stock9,480 (114)41 (261)9,146 
Total$1,449,624 $(827)$7,688 $(61,456)$1,395,029 
December 31, 2024
Amortized
Cost		Allowance for Expected Credit LossesGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Debt Securities:
  U.S. government obligations and agencies$20,284 $— $35 $(572)$19,747 
  Corporate bonds920,337 (894)1,580 (52,075)868,948 
  Mortgage-backed and asset-backed securities387,538 — 1,041 (31,549)357,030 
  Municipal bonds15,893 (3)— (1,536)14,354 
  Redeemable preferred stock9,480 (121)23 (382)9,000 
Total$1,353,532 $(1,018)$2,679 $(86,114)$1,269,079 
Schedule of Credit Quality of Investment Securities
The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):
June 30, 2025December 31, 2024
Average Credit RatingsFair Value% of Total
 Fair Value		Fair Value% of Total
 Fair Value
AAA$410,713 29.4 %$378,732 29.9 %
AA192,208 13.8 %146,456 11.5 %
A437,964 31.4 %425,503 33.5 %
BBB345,858 24.8 %313,265 24.7 %
No Rating Available8,286 0.6 %5,123 0.4 %
   Total$1,395,029 100.0 %$1,269,079 100.0 %
Schedule of Amortized Cost and Fair Value on Mortgage-Backed and Asset-Backed Securities
The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):
June 30, 2025December 31, 2024
Amortized
Cost		Fair ValueAmortized
Cost		Fair Value
Mortgage-backed securities:
Agency$215,261 $197,451 $194,400 $171,531 
Non-agency66,749 61,946 58,722 51,940 
Asset-backed securities:
Auto loan receivables67,409 67,849 60,087 60,326 
Credit card receivables7,513 7,583 9,702 9,769 
Other receivables62,952 62,443 64,627 63,464 
Total$419,884 $397,272 $387,538 $357,030 
Schedule of Fair Value and Gross Unrealized Losses on Securities Available for Sale
The following tables summarize available-for-sale debt securities, aggregated by major security type and the length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):
June 30, 2025
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$— $— $2,362 $(279)
Corporate bonds— — 258,174 (18,072)
Mortgage-backed and asset-backed securities1,504 (3)174,079 (24,243)
Municipal bonds— — 10,024 (809)
Redeemable preferred stock— — 829 (80)
Total$1,504 $(3)$445,468 $(43,483)
December 31, 2024
Less Than 12 Months12 Months or Longer
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Debt Securities:
U.S. government obligations and agencies$12,962 $(193)$2,727 $(379)
Corporate bonds44,049 (1,780)283,877 (25,336)
Mortgage-backed and asset-backed securities64,516 (1,567)179,865 (29,935)
Municipal bonds1,244 (53)9,624 (1,099)
Redeemable preferred stock— — 825 (84)
Total$122,771 $(3,593)$476,918 $(56,833)
Schedule of Debt Securities, Available-for-sale, Allowance for Credit Loss
The table of expected credit losses below presents the beginning and ending balances, along with the provision for or reversal of credit loss expenses, categorized by security type. This information pertains to available-for-sale debt securities that are in an unrealized loss position, necessitating a credit allowance (in thousands):
Corporate BondsMunicipal BondsRedeemable
 Preferred Stock		Total
Balance, December 31, 2023
$469 $4 $93 $566 
Provision for (or reversal of) credit loss expense425 (1)28 452 
Balance, December 31, 2024
894 3 121 1,018 
Provision for (or reversal of) credit loss expense(182)(2)(7)(191)
Balance, June 30, 2025
$712 $1 $114 $827 
Schedule of Amortized Cost and Fair Value of Investments With Contractual Maturities
The following table presents the amortized cost and fair value of investments with maturities as of the date presented (in thousands):
June 30, 2025
Amortized CostFair Value
Due in one year or less$195,000 $193,273 
Due after one year through five years747,300 728,880 
Due after five years through ten years483,313 452,790 
Due after ten years20,909 17,061 
Perpetual maturity securities3,102 3,025 
Total$1,449,624 $1,395,029 
Schedule of Securities Available for Sale
The following table provides certain information related to available-for-sale debt securities, equity securities, and other investments during the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Proceeds from sales and maturities (fair value):
  Available-for-sale debt securities $78,569 $28,717 $115,254 $65,265 
  Equity securities$3,446 $8,042 $3,446 $10,952 
Other investments
$11,463 $— $11,463 $— 
Gross realized gains on sale of securities:
  Available-for-sale debt securities $33 $580 $57 $585 
  Equity securities$984 $725 $984 $794 
Other investments
$6,669 $— $6,669 $— 
Gross realized losses on sale of securities:
  Available-for-sale debt securities$(342)$(489)$(380)$(563)
  Equity securities $(2,065)$(1,109)$(2,065)$(1,186)
Schedule of Investment Income (Expense) Comprised Primarily of Interest and Dividends
The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Available-for-sale debt securities$11,615 $8,390 $22,334 $15,604 
Equity securities933 842 1,729 1,736 
Cash and cash equivalents (1)5,331 5,885 10,453 11,708 
Other (2)158 150 324 327 
  Total investment income18,037 15,267 34,840 29,375 
Less: Investment expenses (3)(779)(607)(1,522)(1,192)
  Net investment income$17,258 $14,660 $33,318 $28,183 
(1)
Includes interest earned on restricted cash and cash equivalents.
(2)
Includes investment income earned on real estate investments.
(3)
Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.
Schedule of Details on Unrealized Gains and Losses Related to Equity Securities
The following table provides the unrealized gains and (losses) recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period$(45)$980 $180 $3,885 
Schedule of Real Estate Investment
Investment in real estate consisted of the following as of the dates presented (in thousands):
June 30,December 31,
20252024
Income Producing:
Investment in real estate$10,109 $10,102 
Less: Accumulated depreciation(1,930)(1,780)
Investment in real estate, net
$8,179 $8,322 
Schedule of Depreciation Expense Related to Investment Real Estate
The following table provides the depreciation expense related to investment in real estate for the periods presented (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Depreciation expense on investment in real estate$75 $47 $150 $93 
Schedule of Fair Value of the Other Investments Reported at Net Asset Value
The fair value of the other investments reported at net asset value consisted of the following as of the date presented (in thousands):
As of June 30, 2025
Fair Value
Unfunded Commitments
Redemption Frequency (if Currently Eligible)
Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)
$3,932 $— 
N/A
N/A
Total$3,932 $— 
(a)This class includes private equity funds that invest in cybersecurity companies which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.
As of December 31, 2024
Fair Value
Unfunded Commitments
Redemption Frequency (if Currently Eligible)
Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)
$3,921 $— 
N/A
N/A
Total$3,921 $— 
(a)This class includes private equity funds that invest in cybersecurity companies which are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.
Schedule of Other Investments
Other investments consisted of the following as of the dates presented (in thousands):
June 30,
December 31,
20252024
Investments in private equity limited partnerships reported at fair value
$— $12,202 
Investments in private equity limited partnerships reported at net asset value
3,932 3,921 
Total Investments in private equity partnerships
$3,932 $16,123 
Schedule of Realized and Unrealized Gain (Loss) on Investments
The following table provides the realized and unrealized gains recognized for the periods presented on investment in private equity limited partnerships still held at the end of the reported period (in thousands):
Three Months Ended
June 30,
Three Months Ended
June 30,
20252024
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period
$1 $— 
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period
$1 $— 
Six Months Ended
June 30,
Six Months Ended
June 30,
20252024
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of reported period
$11 $— 
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period
$11 $—