| Summary of Financial Instruments Measured at Fair Value on Recurring Basis |
The following tables present the categorization for our financial instruments measured at fair value on a recurring basis at June 30, 2025 and December 31, 2024:
| | | | | | | | | | | | | | | | June 30, 2025 | | Fair Value Measurements | | Description | Total | Level 1 | Level 2 | Level 3 | | Fixed Maturity, Available-for-Sale: | | | | | | US Treasury and government agencies | $ | 115,060 | | $ | 29,720 | | $ | 85,340 | | $ | — | | | | | | | | States, municipalities and political subdivisions | 286,578 | | — | | 286,578 | | — | | | Corporate | 672,947 | | — | | 672,947 | | — | | | Residential mortgage-backed | 598,510 | | — | | 598,510 | | — | | | Commercial mortgage-backed | 141,358 | | — | | 141,358 | | — | | | Other asset-backed | 138,841 | | — | | 138,841 | | — | | | Total Fixed Maturity, Available-for-Sale | $ | 1,953,294 | | $ | 29,720 | | $ | 1,923,574 | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-Term Investments | 249 | | 100 | | 149 | | — | | | Money Market Accounts | 39,092 | | 39,092 | | — | | — | | | Corporate-Owned Life Insurance | 12,710 | | — | | 12,710 | | — | | | Total Assets Measured at Fair Value | $ | 2,005,345 | | $ | 68,912 | | $ | 1,936,433 | | $ | — | |
| | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value Measurements | | Description | Total | Level 1 | Level 2 | Level 3 | | Fixed Maturity, Available-for-Sale: | | | | | | US Treasury and government agencies | $ | 117,301 | | $ | 30,914 | | $ | 86,387 | | $ | — | | | | | | | | States, municipalities and political subdivisions | 247,904 | | — | | 247,904 | | — | | | Corporate | 689,382 | | | 689,382 | | — | | | Residential mortgage-backed | 583,411 | | — | | 583,411 | | — | | | Commercial mortgage-backed | 103,554 | | — | | 103,554 | | — | | | Other asset-backed | 126,779 | | | 126,779 | | — | | | Total Fixed Maturity, Available-for-Sale | $ | 1,868,331 | | $ | 30,914 | | $ | 1,837,417 | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Short-Term Investments | 100 | | 100 | | — | | — | | | Money Market Accounts | 23,098 | | 23,098 | | — | | — | | | Corporate-Owned Life Insurance | 13,003 | | — | | 13,003 | | — | | | Total Assets Measured at Fair Value | $ | 1,904,532 | | $ | 54,112 | | $ | 1,850,420 | | $ | — | |
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| Summary of Financial Instruments Not Carried at Fair Value on Recurring Basis |
The fair value of financial instruments that are not carried at fair value on a recurring basis in the financial statements at June 30, 2025 and December 31, 2024 are summarized below: | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Description | Fair Value Total | Level 1 | Level 2 | Level 3 | Net Asset Value | | Financial assets: | | | | | | | Cash and cash equivalents | $ | 163,057 | | $ | 163,057 | | $ | — | | $ | — | | $ | — | | Other Long Term Investments(1) | 206,858 | | — | | 1,409 | | — | | 205,449 | | | Mortgage Loans | 38,204 | | — | | — | | 38,204 | | — | | | Total | $ | 408,119 | | $ | 163,057 | | $ | 1,409 | | $ | 38,204 | | $ | 205,449 | | | | | | | | | Financial Liabilities: | | | | | | | Long Term Debt | $ | 110,220 | | $ | — | | $ | 110,220 | | $ | — | | $ | — | | | Total | $ | 110,220 | | $ | — | | $ | 110,220 | | $ | — | | $ | — | | | | | | | |
(1) As a member of Lloyd's, the Company participates in the syndicate results which include the fair value of the investments. As of December 31, 2024, these investments are included in other long-term investments. The fair value of Lloyd's syndicate investments included in other long-term investments was $108.1 million as of June 30, 2025. Also included in our other long term investments on the Consolidated Balance Sheets is our interest in limited liability partnerships with a current fair value of $97.3 million at June 30, 2025. | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Description | Fair Value Total | Level 1 | Level 2 | Level 3 | Net Asset Value | | Financial assets: | | | | | | | Cash and cash equivalents | $ | 177,851 | | $ | 177,851 | | $ | — | | $ | — | | $ | — | | Other Long Term Investments(1) | 183,741 | | — | | 1,277 | | — | | 182,464 | | | Mortgage Loans | 38,879 | | — | | — | | 38,879 | | — | | | Total | $ | 400,471 | | $ | 177,851 | | $ | 1,277 | | $ | 38,879 | | $ | 182,464 | | | | | | | | | Financial Liabilities: | | | | | | | Long Term Debt | $ | 108,353 | | $ | — | | $ | 108,353 | | $ | — | | $ | — | | | Total | $ | 108,353 | | $ | — | | $ | 108,353 | | $ | — | | $ | — | | | | | | | |
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