
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
March 31, 2026
Fixed maturity securities:
State and municipal	$	244,051	$	886	$	(20,482)	$	224,455
Residential mortgage-backed	480,422		1,785		(15,387)		466,820
Corporate	624,521		2,729		(20,811)		606,439
Commercial mortgage and asset-backed	125,934		81		(4,270)		121,745

U.S. Treasury securities and obligations guaranteed by the U.S. government	15,010		6		(100)		14,916

Total fixed maturity securities, available-for-sale	$	1,489,938	$	5,487	$	(61,050)	$	1,434,375
December 31, 2025
Fixed maturity securities:
State and municipal	$	237,366	$	1,164	$	(19,053)	$	219,477
Residential mortgage-backed	483,074		3,239		(13,595)		472,718
Corporate	589,477		5,461		(17,184)		577,754
Commercial mortgage and asset-backed	124,507		187		(4,159)		120,535

U.S. Treasury securities and obligations guaranteed by the U.S. government	14,326		28		(64)		14,290

Total fixed maturity securities, available-for-sale	$	1,448,750	$	10,079	$	(54,055)	$	1,404,774


	Cost or Amortized Cost		Fair Value
	(in thousands)
One year or less	$	51,229	$	50,799
After one year through five years	442,846		433,282
After five years through ten years	236,722		227,212
After ten years	152,785		134,517
Residential mortgage-backed	480,422		466,820
Commercial mortgage and asset-backed	125,934		121,745

Total	$	1,489,938	$	1,434,375


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	(in thousands)
March 31, 2026
Fixed maturity securities:
State and municipal	$	44,882	$	(705)	$	146,154	$	(19,777)	$	191,036	$	(20,482)
Residential mortgage-backed	189,307		(1,962)		120,801		(13,425)		310,108		(15,387)
Corporate	189,892		(2,284)		206,722		(18,527)		396,614		(20,811)
Commercial mortgage and asset-backed	27,496		(52)		74,167		(4,218)		101,663		(4,270)

U.S. Treasury securities and obligations guaranteed by the U.S. government	9,307		(48)		4,220		(52)		13,527		(100)

Total fixed maturity securities, available-for-sale	$	460,884	$	(5,051)	$	552,064	$	(55,999)	$	1,012,948	$	(61,050)
December 31, 2025
Fixed maturity securities:
State and municipal	$	26,425	$	(369)	$	152,646	$	(18,684)	$	179,071	$	(19,053)
Residential mortgage-backed	63,405		(193)		171,993		(13,402)		235,398		(13,595)
Corporate	61,910		(243)		214,235		(16,941)		276,145		(17,184)
Commercial mortgage and asset-backed	7,662		(19)		78,130		(4,140)		85,792		(4,159)

U.S. Treasury securities and obligations guaranteed by the U.S. government	241		(2)		4,810		(62)		5,051		(64)

Total fixed maturity securities, available-for-sale	$	159,643	$	(826)	$	621,814	$	(53,229)	$	781,457	$	(54,055)

At March 31, 2026, the Company held fixed maturity securities of 461 issuers that were in an unrealized loss position with a total fair value of $1,012.9 million and gross unrealized losses of $61.1 million. None of the fixed maturity securities with unrealized losses has ever missed, or been delinquent on a scheduled principal or interest payment. At March 31, 2026, 100.0% of the Company’s fixed maturity security portfolio was rated “BBB-” or better (“investment grade”) by Standard & Poor’s or received an equivalent rating from another nationally recognized rating agency.

The Company periodically reviews its available-for-sale fixed maturities to determine whether any unrealized losses exist that are due to credit-related factors. An allowance for credit losses is established for any credit-related impairments, limited to the amount by which fair value is below amortized cost. Changes in the allowance for credit losses are recognized in earnings and included in net realized and unrealized gains (losses) on investments. Unrealized losses that are not credit-related are recognized in other comprehensive income.

The Company considers the extent to which fair value is below amortized cost in determining whether a credit-related loss exists. The Company also considers the credit quality rating of the security, with a special emphasis on securities downgraded below investment grade. A comparison is made between the present value of expected future cash flows for a security and its amortized cost. If the present value of future expected cash flows is less than amortized cost, a credit loss is presumed to exist and an allowance for credit losses is established. Management may conclude that a qualitative analysis is sufficient to support its conclusion that the present value of the expected cash flows equals or exceeds a security’s amortized cost. As a result of this review, management concluded that there were no credit-related impairments of fixed maturity securities at March 31, 2026, December 31, 2025, or March 31, 2025. For securities in an unrealized loss position at March 31, 2026, management does not intend to sell the securities, and it is not “more likely than not” that the Company will be required to sell these securities before a recovery in their value to their amortized cost basis occurs.

The Company elected the fair value option to account for bank loan participations. Under the fair value option, bank loan participations are measured at fair value, and changes in unrealized gains and losses in bank loan participations are reported in the income statement as net realized and unrealized gains (losses) on investments. Applying the fair value option to the bank

At March 31, 2026, the Company's bank loan portfolio had an aggregate fair value of $153.3 million and unpaid principal of $163.4 million. Investment income on bank loan participations included in net investment income was $3.0 million and $3.2 million for the three months ended March 31, 2026 and 2025, respectively. Net realized and unrealized losses on bank loan participations were $4.9 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively. Management concluded that $256,000 of the net realized and unrealized losses were due to credit-related impairments for the three months ended March 31, 2026. As of March 31, 2025, management concluded that the unrealized losses of one bank loan issuer were due to a credit-related impairment. Losses due to credit-related impairments are determined based upon consultations and advice from the Company's specialized investment manager and consideration of any adverse situations that could affect the borrower's ability to repay, the estimated value of underlying collateral, and other relevant factors.

Bank loan participations generally provide a higher yield than our portfolio of fixed maturities and have a credit rating that is below investment grade (i.e. below “BBB-” for Standard & Poor’s) at the date of purchase. These bank loans are primarily senior, secured floating-rate debt rated “BB”, “B”, or “CCC” by Standard & Poor’s or an equivalent rating from another nationally recognized rating agency. These bank loans include assignments of, and participations in, performing and non-performing senior corporate debt generally acquired through primary bank syndications and in secondary markets. Bank loans consist of, but are not limited to, term loans, the funded and unfunded portions of revolving credit loans, and other similar loans and investments. Management believed that it was probable at the time that these loans were acquired that the Company would be able to collect all contractually required payments receivable.

Interest income on bank loan participations is accrued on the unpaid principal balance, and discounts and premiums on bank loan participations are amortized to income using the interest method. Generally, the accrual of interest on a bank loan participation is discontinued when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about further collectability of principal or interest. A bank loan participation may remain on accrual status if it is in the process of collection and is either guaranteed or well secured. Generally, bank loan participations are restored to accrual status when the obligation is brought current, has performed in accordance with the contractual terms for a reasonable period of time, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. Interest received on nonaccrual loans generally is reported as investment income. There were no bank loans on nonaccrual status at March 31, 2026 or December 31, 2025.


	Three Months Ended March 31,
		2026		2025
		(in thousands)
Fixed maturity securities:
Gross realized gains		$	68	$	32
Gross realized losses		(33)		(7)
		35		25
Bank loan participations:
Gross realized gains		71		92
Gross realized losses		(1,404)		(1,766)
Changes in fair values of bank loan participations		(3,564)		(640)
		(4,897)		(2,314)
Equity securities:
Gross realized gains		—		210
Gross realized losses		—		—
Changes in fair values of equity securities		(1,770)		708
		(1,770)		918
Short-term investments and other:
Gross realized gains		—		1
Gross realized losses		—		(1)
Changes in fair values of short-term investments and other		—		—
		—		—
Total		$	(6,632)	$	(1,371)


	Carrying Value					Investment Income
	March 31,		December 31,		Three Months Ended March 31,
	2026		2025			2026		2025
	(in thousands)
Renewable energy LLCs (a)
Excess & Surplus Lines	$	7,193	$	7,274		$	(30)	$	—
Corporate & Other	—		—			—		—
	7,193		7,274			(30)		—
Limited partnerships (b)
Excess & Surplus Lines	14,658		13,108			1,174		9
Corporate & Other	369		369			—		—
	15,027		13,477			1,174		9
Private Debt (c)
Excess & Surplus Lines	45,193		43,401			671		191
Corporate & Other	—		—			—		—
	45,193		43,401			671		191
Total other invested assets
Excess & Surplus Lines	67,044		63,783			1,815		200
Corporate & Other	369		369			—		—
	$	67,413	$	64,152		$	1,815	$	200

(a)The Company's Excess & Surplus Lines segment owns equity interests ranging from 3.6% to 5.1% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $50,000 and $48,000 in the three months ended March 31, 2026 and 2025, respectively.

(b) The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. At March 31, 2026, the Company’s Excess & Surplus Lines segment has outstanding commitments to invest another $11.1 million in the limited partnerships.

(c) The Company's Excess & Surplus Lines segment has invested in ten notes receivable for structured private credit. Interest on two notes maturing in 2031 is fixed at 4.25% and 5.25%. Interest on two notes maturing in 2035 is fixed at 6.50% and 8.00%. Interest on three notes maturing in 2035 is fixed at 6.00%, 7.00%, and 8.00%. Interest on three notes maturing in 2064 is fixed at 6.79%, 8.04%, and 9.04%. At March 31, 2026, the Company’s Excess & Surplus Lines segment has outstanding commitments to invest another $78.3 million in these notes.

On April 10, 2025, the Company entered into an investment agreement with Sixth Street, the parent of Enstar Group Limited (“Enstar”). Pursuant to the agreement, the Company's Excess & Surplus Lines segment has invested $825,000 and $10.9 million within limited partnerships and collateralized notes receivable for structured private credit, respectively, at March 31, 2026. During the three months ended March 31, 2026, the Company earned investment income of $204,000 from the investment and has outstanding commitments to invest another $63.1 million in the investment at March 31, 2026.