v3.25.2
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Trading, and Equity Securities, FV-NI
The following tables set forth the amortized cost and the fair value by investment category at December 31, 2024 and December 31, 2023:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities$26,577 $35 $(126)$— $26,486 
Corporate securities and miscellaneous433,298 5,618 (13,288)— 425,628 
Municipal securities89,966 116 (5,366)— 84,716 
Residential mortgage-backed securities408,585 1,875 (16,627)— 393,833 
Commercial mortgage-backed securities70,262 545 (1,443)— 69,364 
Other asset-backed securities291,578 2,447 (1,834)— 292,191 
Total fixed maturity securities, available-for-sale$1,320,266 $10,636 $(38,684)$— $1,292,218 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$39,396 $— $(436)$(243)$38,717 
Total fixed maturity securities, held-to-maturity$39,396 $— $(436)$(243)$38,717 
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Allowance for Credit LossesFair Value
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$44,685 $202 $(721)$— $44,166 
Corporate securities and miscellaneous392,773 6,408 (15,761)— 383,420 
Municipal securities98,266 655 (6,143)— 92,778 
Residential mortgage-backed securities292,568 3,556 (14,498)— 281,626 
Commercial mortgage-backed securities31,411 449 (1,926)— 29,934 
Other asset-backed securities188,010 1,221 (3,504)— 185,727 
Total fixed maturity securities, available-for-sale$1,047,713 $12,491 $(42,553)$— $1,017,651 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$43,315 $— $(1,969)$(329)$41,017 
Total fixed maturity securities, held-to-maturity$43,315 $— $(1,969)$(329)$41,017 
Investments Classified by Contractual Maturity Date
The amortized cost and estimated fair value of fixed maturity securities, available for sale, at December 31, 2024 by contractual maturity are shown below.
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$23,332 $23,292 
Due after one year through five years279,144 273,755 
Due after five years through ten years197,373 192,929 
Due after ten years49,992 46,854 
Mortgage-backed securities478,847 463,197 
Other asset-backed securities291,578 292,191 
Total$1,320,266 $1,292,218 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of December 31, 2024 and 2023:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2024
Fixed maturity securities, available-for-sale:
U.S. government securities$15,938 $(34)$2,297 $(92)$18,235 $(126)
Corporate securities and miscellaneous136,888 (2,060)81,232 (11,228)218,120 (13,288)
Municipal securities41,930 (1,046)27,687 (4,320)69,617 (5,366)
Residential mortgage-backed securities201,407 (3,366)82,496 (13,261)283,903 (16,627)
Commercial mortgage-backed securities9,411 (126)13,178 (1,317)22,589 (1,443)
Other asset-backed securities75,119 (721)29,851 (1,113)104,970 (1,834)
Total fixed maturity securities, available-for-sale480,693 (7,353)236,741 (31,331)717,434 (38,684)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities2,144 (2)36,573 (434)38,717 (436)
Total fixed maturity securities, held-to-maturity:2,144 (2)36,573 (434)38,717 (436)
Total$482,837 $(7,355)$273,314 $(31,765)$756,151 $(39,120)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2023
Fixed maturity securities, available-for-sale:
U.S. government securities$7,342 $(25)$25,604 $(696)$32,946 $(721)
Corporate securities and miscellaneous26,742 (570)174,947 (15,191)201,689 (15,761)
Municipal securities16,815 (290)47,269 (5,853)64,084 (6,143)
Residential mortgage-backed securities37,634 (602)103,495 (13,896)141,129 (14,498)
Commercial mortgage-backed securities4,942 (74)15,290 (1,852)20,232 (1,926)
Other asset-backed securities27,887 (106)75,253 (3,398)103,140 (3,504)
Total fixed maturity securities, available-for-sale121,362 (1,667)441,858 (40,886)563,220 (42,553)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 41,017 (1,969)41,017 (1,969)
Total fixed maturity securities, held-to-maturity:— — 41,017 (1,969)41,017 (1,969)
Total$121,362 $(1,667)$482,875 $(42,855)$604,237 $(44,522)
Gain (Loss) on Securities
The following table sets forth the components of net investment gains (losses) for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Gross realized gains
Fixed maturity securities, available-for sale$2,662 $1,042 $313 
Equity securities8,062 6,035 3,865 
Other127 2 36 
Total10,851 7,079 4,214 
Gross realized losses
Fixed maturity securities, available-for sale(8,161)(1,879)(958)
Equity securities(4,132)(5,256)(3,827)
Other(223)(2)(76)
Total(12,516)(7,137)(4,861)
Net unrealized gains (losses) on investments
Equity securities7,500 11,516 (15,058)
Mortgage loans421 (386)— 
Net investment gains (losses)$6,256 $11,072 $(15,705)
Investment Income
The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Fixed maturity securities, available-for sale$217,468 $26,626 $13,964 
Equity securities37,534 40,201 37,177 
The following table sets forth the components of net investment income for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Income:
Fixed maturity securities, available-for sale$57,574 $34,703 $18,481 
Fixed maturity securities, held-to-maturity4,177 4,163 5,375 
Equity securities2,720 3,418 3,579 
Equity method investments2,524 (9,434)6,015 
Mortgage loans5,153 5,474 4,767 
Indirect loans(2,400)(4,155)4,846 
Short-term investments and cash14,851 11,392 1,498 
Other3,000 318 (77)
Total investment income87,599 45,879 44,484 
Investment expenses(6,913)(5,557)(7,553)
Net investment income$80,686 $40,322 $36,931 
The following table sets forth the Company’s gross investment income for mortgage loans for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Commercial$2,025 $2,340 $1,242 
Retail1,853 1,853 1,255 
Hospitality1,277 1,034 411 
Office— 203 385 
Multi-family— 44 909 
Industrial— — 565 
$5,155 $5,474 $4,767 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the years ended December 31, 2024, 2023 and 2022:
($ in thousands)202420232022
Fixed maturity securities$1,046 $25,952 $(60,918)
Deferred income taxes(213)(5,420)12,793 
Total$833 $20,532 $(48,125)