v3.25.2
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques
The following table sets forth the range of the discount rate as of December 31, 2024:
December 31, 2024
High8.00 %
Low5.70 %
Weighted average6.60 %
The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of December 31, 2024 and December 31, 2023:
December 31, 2024December 31, 2023
High10.00 %9.50 %
Low7.00 %3.25 %
Weighted average7.93 %7.05 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the Company’s investments within the fair value hierarchy at December 31, 2024 and December 31, 2023:
December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$26,486 $— $— $26,486 
Corporate securities and miscellaneous— 354,815 70,813 425,628 
Municipal securities— 84,716 — 84,716 
Residential mortgage-backed securities— 393,833 — 393,833 
Commercial mortgage-backed securities— 69,364 — 69,364 
Other asset-backed securities— 285,084 7,107 292,191 
Total fixed maturity securities, available-for-sale26,486 1,187,812 77,920 1,292,218 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 38,717 38,717 
Total fixed maturity securities, held-to-maturity— — 38,717 38,717 
Equity securities:
Common stocks64,251 — — 64,251 
Preferred stocks— 1,164 — 1,164 
Mutual funds40,839 — — 40,839 
Total equity securities105,090 1,164 — 106,254 
Mortgage loans— — 26,490 26,490 
Short-term investments274,929 — — 274,929 
Total$406,505 $1,188,976 $143,127 $1,738,608 
December 31, 2023
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$44,166 $— $— $44,166 
Corporate securities and miscellaneous— 383,420 — 383,420 
Municipal securities— 92,778 — 92,778 
Residential mortgage-backed securities— 281,626 — 281,626 
Commercial mortgage-backed securities— 29,934 — 29,934 
Other asset-backed securities— 185,727 — 185,727 
Total fixed maturity securities, available-for-sale44,166 973,485 — 1,017,651 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 41,017 41,017 
Total fixed maturity securities, held-to-maturity:— — 41,017 41,017 
Equity securities:
Common stocks67,425 — — 67,425 
Preferred stocks— 7,358 — 7,358 
Mutual funds43,466 — — 43,466 
Total equity securities110,891 7,358 — 118,249 
Mortgage loans— — 50,070 50,070 
Short-term investments270,226 — — 270,226 
Total$425,283 $980,843 $91,087 $1,497,213 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the years ended December 31, 2024 and 2023:
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2023$— $50,070 
Total gains (losses) for the period recognized in net investment gains (losses)(195)420 
Issuances— 649 
Settlements— (24,649)
Purchases77,979 — 
Sales/Disposals(374)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)510 — 
Balance at December 31, 2024$77,920 $26,490 
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end$— $411 
($ in thousands)Mortgage Loans
Balance at December 31, 2022$52,842 
Total losses for the period recognized in net investment gains (losses)(385)
Issuances27,642 
Settlements(30,029)
Balance at December 31, 202350,070 
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end(426)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the years ended December 31, 2024 and 2023:
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2023$— $50,070 
Total gains (losses) for the period recognized in net investment gains (losses)(195)420 
Issuances— 649 
Settlements— (24,649)
Purchases77,979 — 
Sales/Disposals(374)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)510 — 
Balance at December 31, 2024$77,920 $26,490 
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end$— $411 
($ in thousands)Mortgage Loans
Balance at December 31, 2022$52,842 
Total losses for the period recognized in net investment gains (losses)(385)
Issuances27,642 
Settlements(30,029)
Balance at December 31, 202350,070 
Total losses for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end(426)
Summary of Subordinated Debt
The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of December 31, 2024 and December 31, 2023:
December 31, 2024December 31, 2023
($ in thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable
FHLB Loan$57,000 $56,200 $— $— 
Revolving credit facility$43,000 $43,000 $50,000 $50,000 
Notes payable$100,000 $99,200 $50,000 $50,000 
Subordinated debt
Junior subordinated interest debentures$— $— $59,186 $59,794 
Unsecured subordinated notes19,536 20,541 19,504 21,378 
Subordinated debt, net of debt issuance costs$19,536 $20,541 $78,690 $81,172