We hold all investments on an available-for-sale basis at fair value on our condensed consolidated balance sheets and evaluate each position quarterly for impairment. We recognize an impairment on a security through the statement of operations if (i) we intend to sell the impaired security; or (ii) it is more likely than not that we will be required to sell the impaired security prior to recovery of its amortized cost basis. If a sale is intended or likely to be required, we recognize an impairment loss equivalent to the difference of the amortized cost basis of the security and its fair value through the condensed consolidated statements of operations and comprehensive income as a “Net Realized Investment Loss.” In the event of an impairment of a security that we intend to and have the ability to hold to maturity, we evaluate the drivers of the impairment to determine the portion that is credit related and the portion that is non-credit related. The portion of impairment loss that is attributed to credit related factors is recognized through the statement of operations as a provision for credit loss and the portion that is attributed to non-credit related factors is recognized in other comprehensive income, net of taxes.


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of June 30, 2025	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	113,564	$	2,645	$	(221)	$	115,988
Municipal debt securities	669,223		2,145		(36,406)		634,962
Corporate debt securities	2,073,047		18,202		(71,916)		2,019,333
Asset-backed securities	39,905		—		(1,348)		38,557
Total bonds	2,895,739		22,992		(109,891)		2,808,840

Short-term investments	120,293		—		(16)		120,277
Total investments	$	3,016,032	$	22,992	$	(109,907)	$	2,929,117


	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
As of December 31, 2024	(In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	$	115,342	$	1,207	$	(489)	$	116,060
Municipal debt securities	684,523		589		(49,867)		635,245
Corporate debt securities	1,949,800		3,981		(106,141)		1,847,640
Asset-backed securities	44,104		1		(2,125)		41,980
Total bonds	2,793,769		5,778		(158,622)		2,640,925

Short-term investments	82,574		42		—		82,616
Total investments	$	2,876,343	$	5,820	$	(158,622)	$	2,723,541

As of June 30, 2025 and December 31, 2024, approximately $5.4 million and $5.3 million, respectively, of our cash and investments were held in the form of U.S. Treasury securities on deposit with various state insurance departments to satisfy regulatory requirements.

The amortized cost and fair value of available-for-sale securities as of June 30, 2025 and December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Because most asset-backed securities provide for periodic payments throughout their lives, they are listed below in a separate category.


As of June 30, 2025	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	339,885	$	338,500
Due after one through five years	1,706,517		1,655,362
Due after five through ten years	922,939		889,975
Due after ten years	6,786		6,723
Asset-backed securities	39,905		38,557
Total investments	$	3,016,032	$	2,929,117


As of December 31, 2024	Amortized Cost		Fair Value
	(In Thousands)
Due in one year or less	$	261,492	$	260,132
Due after one through five years	1,549,468		1,479,220
Due after five through ten years	995,717		916,885
Due after ten years	25,562		25,324
Asset-backed securities	44,104		41,980
Total investments	$	2,876,343	$	2,723,541

As of June 30, 2025, the investment portfolio had gross unrealized losses of $109.9 million, of which $108.5 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer. As of December 31, 2024, the investment portfolio had gross unrealized losses of $158.6 million, of which $150.8 million were associated with securities that had been in an unrealized loss position for a period of twelve months or longer. For those securities in an unrealized loss position, the length of time the securities were in such a position is as follows:


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of June 30, 2025		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	2	$	2,859	$	(1)	7	$	10,760	$	(220)	9	$	13,619	$	(221)
Municipal debt securities	3	12,776		(92)		224	475,672		(36,314)		227	488,448		(36,406)
Corporate debt securities	28	138,522		(1,273)		182	919,380		(70,643)		210	1,057,902		(71,916)
Asset-backed securities	1	233		*		16	38,324		(1,348)		17	38,557		(1,348)
Short-term investments	16	111,046		(16)		—	—		—		16	111,046		(16)
Total	50	$	265,436	$	(1,382)	429	$	1,444,136	$	(108,525)	479	$	1,709,572	$	(109,907)


	Less Than Twelve Months					Twelve Months or Greater					Total
	# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses		# of Securities	Fair Value		Unrealized Losses
As of December 31, 2024		($ In Thousands)
U.S. Treasury securities and obligations of U.S. government agencies	4	$	8,002	$	(98)	9	$	11,510	$	(391)	13	$	19,512	$	(489)
Municipal debt securities	25	110,648		(1,928)		220	471,770		(47,939)		245	582,418		(49,867)
Corporate debt securities	68	366,113		(5,822)		226	1,053,862		(100,319)		294	1,419,975		(106,141)
Asset-backed securities	—	—		—		19	41,559		(2,125)		19	41,559		(2,125)
Short-term investments	1	1,551		*		—	—		—		1	1,551		*
Total	98	$	486,314	$	(7,848)	474	$	1,578,701	$	(150,774)	572	$	2,065,015	$	(158,622)

As of June 30, 2025 and December 31, 2024, we did not recognize an allowance for credit loss for any security in the investment portfolio and we did not record any provision for credit loss for investment securities during the three or six months ended June 30, 2025 or 2024.

We evaluated the securities in an unrealized loss position as of June 30, 2025, assessing their credit ratings as well as any adverse conditions specifically related to the security. Based upon our assessment of the amount and timing of cash flows to be collected over the remaining life of each instrument, we believe the unrealized losses as of June 30, 2025 are not indicative of the ultimate collectability of the current amortized cost of the securities. Rather, the unrealized losses on securities held as of June 30, 2025 were primarily driven by fluctuations in interest rates, and to a lesser extent, movements in credit spreads following the purchase of those securities.


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
	(In Thousands)
Investment income (1)	$	25,263	$	20,954	$	49,298	$	40,651
Investment expenses	(314)		(266)		(663)		(527)
Net investment income	$	24,949	$	20,688	$	48,635	$	40,124

(1) Includes interest income recognized on cash and cash equivalents of $1.1 million and $2.0 million during the three and six months ended June 30, 2025, respectively, and $1.8 million and $2.9 million during the three and six months ended June 30, 2024, respectively.


	For the three months ended June 30,				For the six months ended June 30,
	2025		2024		2025		2024
	(In Thousands)
Gross realized investment gains	$	—	$	—	$	24	$	—
Gross realized investment losses	(400)		—		(400)		—
Net realized investment gains (losses)	$	(400)	$	—	$	(376)	$	—