v3.25.2
Summary of Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Fair Value of Investments
A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, presented on a consolidated basis, as of June 30, 2025 and December 31, 2024, is provided below:
June 30, 2025
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$121,660 $477 $7,077 $— $115,060 
States, municipalities and political subdivisions290,496 527 4,445 — 286,578 
Corporate696,014 5,802 28,869 — 672,947 
Residential mortgage-backed624,896 4,169 30,555 — 598,510 
Commercial mortgage-backed139,623 1,804 69 — 141,358 
Other asset-backed138,506 896 561 — 138,841 
Total Available-for-Sale Fixed Maturities$2,011,195 $13,675 $71,576 $— $1,953,294 

December 31, 2024
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$126,402 $153 $9,255 $— $117,301 
States, municipalities and political subdivisions252,936 52 5,084 — 247,904 
Corporate728,662 1,354 40,633 — 689,382 
Residential mortgage-backed623,431 864 40,884 — 583,411 
Commercial mortgage-backed102,975 624 44 — 103,554 
Other asset-backed127,125 593 940 — 126,779 
Total Available-for-Sale Fixed Maturities$1,961,531 $3,640 $96,840 $— $1,868,331 
Summary of Maturities
Available-For-Sale
June 30, 2025Amortized Cost Fair Value
Due in one year or less$106,062  $105,515 
Due after one year through five years320,649  318,454 
Due after five years through 10 years443,216  429,827 
Due after 10 years238,243  220,789 
Asset-backed securities903,025 878,709 
 $2,011,195  $1,953,294 
Summary of Unrealized Gain and Loss A summary of changes in net unrealized investment gain (loss), net of taxes, during the reporting period is as follows:
 Six months ended June 30,
2025 2024
Change in net unrealized investment gain (loss)   
Available-for-sale fixed maturities(1)
$34,815 $(13,958)
Income tax effect(7,311)2,931 
Total change in net unrealized investment gain (loss), net of tax$27,504  $(11,027)
(1) As a member of Lloyd's, the Company participates in the syndicate results which include unrealized gains and losses on investments. The change in net unrealized gains and losses on Lloyd's syndicate investments included above was $0.5 million as of June 30, 2025.
Summary of Fixed Maturities Unrealized Loss
The following tables summarize our fixed maturity securities that were in an unrealized loss position at June 30, 2025 and December 31, 2024. The securities are presented by the length of time they have been continuously in an unrealized loss position.
June 30, 2025Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies— $— $— 25 $76,051 $7,077 $76,051 $7,077 
States, municipalities and political subdivisions4964,214 733 74139,392 3,712 203,606 4,445 
Corporate49115,090 1,468 115299,518 27,401 414,609 28,869 
Residential mortgage-backed47 125,225 1,717 118 143,046 28,838 268,271 30,555 
Commercial mortgage-backed5 20,441 69 — — — 20,441 69 
Other asset-backed12 39,603 111 3 3,548 450 43,150 561 
Total Available-for-Sale162 $364,573 $4,098 $335 $661,555 $67,478 $1,026,128 $71,576 
December 31, 2024Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies5 $16,006 $67 28 $83,386 $9,188 $99,392 $9,255 
States, municipalities and political subdivisions67 92,003 1,159 72 135,350 3,925 227,353 5,084 
Corporate73 203,142 4,474 154 370,211 36,159 573,352 40,633 
Residential mortgage-backed79 318,810 4,549 131 151,879 36,335 470,689 40,884 
Commercial mortgage-backed4 8,198 44 — — — 8,198 44 
Other asset-backed14 32,645 804 2 3,915 136 36,560 940 
Total Available-for-Sale242 $670,804 $11,097 387 $744,741 $85,743 $1,415,544 $96,840 
Summary of Carrying Value of Commercial Mortgage Loans and Additional Information The following tables present the carrying value of our commercial mortgage loans and additional information at June 30, 2025 and December 31, 2024:
Commercial Mortgage Loans
June 30, 2025December 31, 2024
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$32,273 $32,499 
65%-75%8,370 8,468 
Total amortized cost$40,643 $40,967 
Allowance for mortgage loan losses(1,147)(45)
Mortgage loans, net$39,496 $40,922 

Commercial Mortgage Loans by Region
June 30, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,190 7.8 %$3,218 7.9 %
Southern Atlantic16,919 41.7 17,021 41.4 
East South Central7,119 17.5 7,257 17.7 
New England6,588 16.2 6,588 16.1 
Middle Atlantic2,053 5.1 2,078 5.1 
Mountain1,992 4.9 1,992 4.9 
West North Central2,782 6.8 2,813 6.9 
Total mortgage loans at amortized cost$40,643 100.0 %$40,967 100.0 %
Commercial Mortgage Loans by Property Type
June 30, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,274 20.4 %$8,362 20.4 %
Office10,442 25.6 10,615 25.9 
Industrial
9,874 24.3 9,912 24.2 
Retail
10,000 24.6 10,000 24.4 
Mixed use/Other
2,053 5.1 2,078 5.1 
Total mortgage loans at amortized cost$40,643 100.0 %$40,967 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator The table below shows mortgage loans by year of origination as of June 30, 2025.
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
20232022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$8,133 $97 5,083 $7,671 $13,071 $34,055 
3-4 internal grade— — — — 6,588 6,588 
5 internal grade— — — — — — 
6 internal grade— — — — — — 
7 internal grade— — — — — — 
Total commercial mortgage loans$8,133 $97 $5,083 $7,671 $19,659 $40,643 
Summary of Rollforward of Allowance for Mortgage Loan Losses
As of June 30, 2025, the Company had a credit loss allowance of $1,147, summarized in the following rollforward:

Beginning balance, January 1, 2025$45 
Current-period provision for expected credit losses1,106 
Write-off charged against the allowance, if any— 
Recoveries of amounts previously written off, if any(4)
Ending balance, June 30, 2025
$1,147 
Summary of Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
Three months ended June 30,Six months ended June 30,
2025 202420252024
Net investment gains (losses):   
Fixed maturities:
Available-for-sale$— $(1,382)$(797)$(4,045)
Allowance for credit losses— 1 — 1 
Equity securities
Net gains (losses) recognized on equity securities sold during the period— — — 1,362 
Unrealized gains (losses) recognized during the period on equity securities held at reporting date— — — — 
Net gains (losses) recognized during the reporting period on equity securities— — — 1,362 
Mortgage loans allowance for credit losses(1,106)— (1,102)10 
Other long-term investments104  152 143 241 
Total net investment gains (losses)$(1,002) $(1,229)$(1,756)$(2,431)
Summary of Proceeds and Gross Realized Gains (Losses)
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities are as follows:

 Three months ended June 30,Six months ended June 30,
2025 202420252024
Proceeds from sales$—  $145,621 $24,318 $233,999 
Gross realized gains—  133 24 1,498 
Gross realized losses—  1,515 (821)5,542 
Summary of Net Investment Income
Net investment income is comprised of the following:

Investment Results
Three months ended June 30,Six months ended June 30,
(In thousands)2025202420252024
Investment income:
Interest on fixed maturities21,302 $15,947 42,426 $31,107 
Dividends on equity securities— — — 341 
Income on other long-term investments136 623 1,929 381 
Other3,415 4,188 7,034 8,086 
Total investment income24,853 $20,758 51,389 $39,915 
Less investment expenses3,180 2,729 6,258 5,544 
Net investment income21,673 $18,029 45,131 $34,371