Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value, classified by the valuation hierarchy as of December 31, 2025 and 2024 (dollars in thousands):


		December 31, 2025
		Fair Value Measurements Using
		Total				Level 1				Level 2				Level 3
Assets:
Debt Securities:
U.S. Government		$	4,605			$	—			$	4,605			$	—
State and local government			17,216				—				17,216				—
Corporate debt			23,764				—				23,764				—
Asset-backed securities			20,973				—				20,973				—
Mortgage-backed securities			18,568				—				18,568				—
Commercial mortgage-backed securities			1,006				—				1,006				—
Collateralized mortgage obligations			2,173				—				2,173				—
Total debt securities			88,305				—				88,305				—
Equity Securities			313				93				220				—
Short-term investments			24,725				22,204				2,521				—
Total marketable investments measured at fair value		$	113,343			$	22,297			$	91,046			$	—

Investments measured at NAV:
Investment in limited partnership			964
Total investments measured at fair value		$	114,307

Contingent considerations from CIS sale			4,290				—				—				4,290
Total assets measured at fair value		$	118,597

Liabilities:
Funds-withheld obligation		$	21,284			$	—			$	21,284			$	—
Total Liabilities		$	21,284			$	—			$	21,284			$	—

Summary of Key Assumptions

Key assumptions in the analysis included the following as of December 31, 2025:


		Contingent Consideration

Discount rate			12.5	%
Gross revenue risk adjustment			2.9	%
Gross revenue volatility			15.0	%
Risk-free rate			3.5	%
Weighted average cost of capital			10.5	%

Key assumptions in the analysis included the following as of December 31, 2024:


		Contingent Consideration

Discount rate			11.8	%
Gross revenue risk adjustment			4.4	%
Gross revenue volatility			17.5	%
Risk-free rate			4.3	%
Weighted average cost of capital			12.5	%

Rollforward of Level 3 Assets and Liabilities Held at Fair Value

The Company's policy on recognizing transfers between hierarchies is applied at the end of each reporting period. The tables below shows a rollforward of Level 3 assets and liabilities held at fair value during the twelve months ended December 31, 2025 and December 31, 2024, respectively (dollars in thousands):


		Balance as of January 1, 2025				Additions into Level 3				Subtractions out of Level 3 *				Change in Fair Value				Balance as of December 31, 2025
Contingent considerations			8,070			$	—			$	(9,785	)		$	6,005			$	4,290
Total recurring Level 3 assets			8,070			$	—			$	(9,785	)		$	6,005			$	4,290

* The $9.8 million of subtractions out of the Level 3 contingent considerations were due to the Company receiving payment from the second contingent consideration in the second quarter of 2025.


		Balance as of January 1, 2024				Additions into Level 3				Subtractions out of Level 3 **				Change in Fair Value				Balance as of December 31, 2024
Contingent considerations			—			$	12,924			$	(4,894	)		$	40			$	8,070
Total recurring Level 3 assets			—			$	12,924			$	(4,894	)		$	40			$	8,070

** The $4.9 million of subtractions out of the Level 3 contingent considerations were due to the Company receiving payment from the first contingent consideration in the fourth quarter of 2024.