Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Values of Financial Instruments [Abstract]

Financial Instruments Carried at Fair Value Measured on a Recurring Basis

As of June 30, 2025, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Fixed maturities	$	—	$	213,323	$	—	$	213,323
Equity securities		11,087		—		193		11,280
Cash equivalents		28,421		—		—		28,421
Total	$	39,508	$	213,323	$	193	$	253,024

As of December 31, 2024, financial instruments carried at fair value were measured on a recurring basis as summarized below:

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Fixed maturities	$	—	$	212,612	$	—	$	212,612
Equity securities		7,711		—		189		7,900
Cash equivalents		14,948		—		—		14,948
Total	$	22,659	$	212,612	$	189	$	235,460

Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments

The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of June 30, 2025 and December 31, 2024.

			June 30, 2025				December 31, 2024
	Level in Fair Value Hierarchy ⁽¹⁾		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	Level 1		$	46,423	$	46,423	$	35,570	$	35,570
Fixed maturities	Level 2			213,323		213,323		212,612		212,612
Equity securities		⁽¹⁾		11,280		11,280		7,900		7,900
Policy loans	Level 3			1,656		1,656		1,722		1,722

Liabilities:
Junior subordinated debentures, net	Level 2			33,738		32,931		33,738		35,443
Revolving credit facility	Level 2			4,021		4,021		4,023		4,023

(1)

See the aforementioned information for a description of the fair value hierarchy as well as a description of levels for classes of these financial assets. The Company has one equity security valued at level 3 and all other equity securities are valued at level 1.