Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investments, Available-for-Sale Securities |
The following tables summarize the Company's available-for-sale investments as of June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | | | Estimated Fair Value | | | | | | | | | | | | Fixed maturity securities: | in thousands | | Corporate | $ | 228,280 | | | $ | 3,338 | | | $ | (284) | | | | | $ | 231,334 | | | U.S. Treasury | 154,013 | | | 575 | | | (234) | | | | | 154,354 | | | States and municipalities | 29,849 | | | 775 | | | — | | | | | 30,624 | | | Foreign | 20,788 | | | 68 | | | (4) | | | | | 20,852 | | | Asset-backed securities | 27,571 | | | 380 | | | (50) | | | | | 27,901 | | | Mortgage-backed securities | 123,170 | | | 1,590 | | | (707) | | | | | 124,053 | | | Total fixed maturity securities | $ | 583,671 | | | $ | 6,726 | | | $ | (1,279) | | | | | $ | 589,118 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | | | | | | | | | Fixed maturity securities: | in thousands | | Corporate | $ | 230,917 | | | $ | 1,226 | | | $ | (954) | | | $ | 231,189 | | | U.S. Treasury | 146,211 | | | 424 | | | (760) | | | 145,875 | | | States and municipalities | 31,543 | | | 134 | | | (92) | | | 31,585 | | | Foreign | 21,022 | | | 59 | | | (24) | | | 21,057 | | | Asset-backed securities | 23,625 | | | 175 | | | (120) | | | 23,680 | | | Mortgage-backed securities | 125,351 | | | 396 | | | (1,445) | | | 124,302 | | | Total fixed maturity securities | $ | 578,669 | | | $ | 2,414 | | | $ | (3,395) | | | $ | 577,688 | |
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| Schedule Of Contractual Maturities Of The Company's Available-For-Sale Investments |
The following table summarizes the contractual maturities of the Company's available-for-sale investments as of June 30, 2025:
| | | | | | | | | | | | | | | Amortized Cost | | Estimated Fair Value | | | | | | in thousands | | Due in one year or less | $ | 106,666 | | | $ | 106,871 | | | Due after one year through five years | 260,297 | | | 263,595 | | | Due after five years through ten years | 65,968 | | | 66,698 | | | | | | | Mortgage-backed and asset-backed securities | 150,740 | | | 151,954 | | | Total fixed maturity securities | $ | 583,671 | | | $ | 589,118 | |
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| Schedule of Net Investment Income Component |
The following table presents the components of net investment income, which is recorded within "Interest and other income (expense), net" in the Condensed Consolidated Statements of Operations, for the three and six months ended June 30, 2025 and 2024:
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June 30, | | Six months ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | Interest income: | in thousands | | Cash and cash equivalents and restricted cash and cash equivalents | $ | 2,564 | | | $ | 7,561 | | | $ | 4,724 | | | $ | 16,640 | | | | | Fixed maturity securities | 6,943 | | | 3,648 | | | 13,928 | | | 3,794 | | | | | Total interest income | 9,507 | | | 11,209 | | | 18,652 | | | 20,434 | | | | | Dividends on equity securities | 39 | | | 24 | | | 79 | | | 24 | | | | | Gross investment income | 9,546 | | | 11,233 | | | 18,731 | | | 20,458 | | | | | Investment expenses | (130) | | | (122) | | | (257) | | | (122) | | | | | Net investment income | $ | 9,416 | | | $ | 11,111 | | | $ | 18,474 | | | $ | 20,336 | | | |
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| Schedule Of Net Realized And Unrealized Gains (Losses) On Investments |
The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below. | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended
June 30, | | Six months ended
June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | | | | | | | | Fixed maturity securities: | in thousands | | | | Net realized investment gains (losses) | $ | 16 | | | $ | (31) | | | $ | 231 | | | $ | (31) | | | | | Equity securities: | | | | | | | | | | | Total change in fair value of equity securities | 1,178 | | | 478 | | | 648 | | | 478 | | | | | Net investment gains | $ | 1,194 | | | $ | 447 | | | $ | 879 | | | $ | 447 | | | | Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss): | | | | | | | | | | | Fixed maturity securities | $ | 1,323 | | | $ | (951) | | | $ | 6,421 | | | $ | (951) | | | |
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