Investments (Tables)

6 Months Ended

Jun. 30, 2025

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	June 30, 2025
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	24,251	$	153	$	1,818	$	—	$	25,916
Loan backed and structured securities		22,209		51		2,179		—		24,337
Obligations of states and political subdivisions		7,318		15		1,464		—		8,767
Corporate securities:
Utilities and telecom		22,280		86		2,828		—		25,022
Financial services		60,141		731		3,888		—		63,298
Other business – diversified		33,724		96		3,507		—		37,135
Other consumer – diversified		43,194		46		5,340		—		48,488
Total corporate securities		159,339		959		15,563		—		173,943
Redeemable preferred stocks:
Other consumer – diversified		206		13		—		—		193
Total redeemable preferred stocks		206		13		—		—		193
Total fixed maturities	$	213,323	$	1,191	$	21,024	$	—	$	233,156

	December 31, 2024
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	22,251	$	24	$	2,144	$	—	$	24,371
Loan backed and structured securities		22,290		17		2,457		—		24,730
Obligations of states and political subdivisions		7,623		9		1,517		—		9,131
Corporate securities:
Utilities and telecom		24,623		108		3,206		—		27,721
Financial services		59,564		563		4,768		—		63,769
Other business – diversified		34,117		160		3,919		—		37,876
Other consumer – diversified		41,957		33		6,585		—		48,509
Total corporate securities		160,261		864		18,478		—		177,875
Redeemable preferred stocks:
Other consumer – diversified		187		—		5		—		192
Total redeemable preferred stocks		187		—		5		—		192
Total fixed maturities	$	212,612	$	914	$	24,601	$	—	$	236,299

Equity securities were comprised of the following:

	June 30, 2025
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,240	$	930	$	—	$	310
Communications		10,040		5,407		—		4,633
Total equity securities	$	11,280	$	6,337	$	—	$	4,943

	December 31, 2024
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,149	$	843	$	—	$	306
Communications		6,751		2,118		—		4,633
Total equity securities	$	7,900	$	2,961	$	—	$	4,939

Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at June 30, 2025 and December 31, 2024 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	June 30, 2025				December 31, 2024
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	7,425	$	7,502	$	7,484	$	7,497
Due after one year through five years		66,745		68,104		62,722		64,703
Due after five years through ten years		25,966		27,395		32,820		35,552
Due after ten years		82,742		96,475		80,199		95,466
Asset backed securities		30,445		33,680		29,387		33,081
Totals	$	213,323	$	233,156	$	212,612	$	236,299

Investment Securities with Continuous Unrealized Loss Position

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024.

	June 30, 2025
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	2,570	$	19	$	14,071	$	1,799	$	16,641	$	1,818
Loan backed and structured securities		543		3		15,392		2,176		15,935		2,179
Obligations of states and political subdivisions		—		—		5,891		1,464		5,891		1,464
Corporate securities		17,818		470		122,233		15,093		140,051		15,563
Total temporarily impaired securities	$	20,931	$	492	$	157,587	$	20,532	$	178,518	$	21,024

	December 31, 2024
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,753	$	33	$	16,136	$	2,111	$	19,889	$	2,144
Loan backed and structured securities		1,010		5		16,069		2,452		17,079		2,457
Obligations of states and political subdivisions		—		—		5,839		1,517		5,839		1,517
Corporate securities		18,510		755		125,930		17,723		144,440		18,478
Redeemable preferred stocks		188		5		—		—		188		5
Total temporarily impaired securities	$	23,461	$	798	$	163,974	$	23,803	$	187,435	$	24,601

Summary of Realized Investment Gains (Losses)

The following tables summarize realized investment gains for the three month and six month periods ended June 30, 2025 and 2024.

	Three Months Ended June 30, 2025
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	153		$	—	$	—	$	153
Losses		(137	)		—		—		(137	)
Realized investment gains, net	$	16		$	—	$	—	$	16

	Three Months Ended June 30, 2024
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	15		$	—	$	—	$	15
Losses		(2	)		—		—		(2	)
Realized investment gains, net	$	13		$	—	$	—	$	13

	Six Months Ended June 30, 2025
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	153		$	—	$	—	$	153
Losses		(137	)		—		—		(137	)
Realized investment gains, net	$	16		$	—	$	—	$	16

	Six Months Ended June 30, 2024
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	15		$	—	$	—	$	15
Losses		(2	)		—		—		(2	)
Realized investment gains, net	$	13		$	—	$	—	$	13

Unrealized Gains (Losses) on Equity Securities

The following table presents the change in unrealized gains related to equity securities still held for the three month and six month periods ended June 30, 2025 and 2024.

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net realized and unrealized gains recognized during the period on equity securities	$	2,609	$	243	$	3,376	$	129
Less: Net realized gains recognized during the period on equity securities sold during the period		—		—		—		—
Unrealized gains recognized during the reporting period on equity securities, net	$	2,609	$	243	$	3,376	$	129