v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
Assets measured at fair value on a recurring basis as of March 31, 2026 are summarized below:
 Fair Value Measurements Using
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
 (in thousands)
Fixed maturity securities, available-for-sale:    
State and municipal$— $224,455 $— $224,455 
Residential mortgage-backed— 466,820 — 466,820 
Corporate— 606,439 — 606,439 
Commercial mortgage and asset-backed— 121,745 — 121,745 
U.S. Treasury securities and obligations guaranteed by the U.S. government
14,916 — — 14,916 
Total fixed maturity securities, available-for-sale$14,916 $1,419,459 $— $1,434,375 
Equity securities:    
Preferred stock— 69,795 — 69,795 
Common stock— 2,513 9 2,522 
Total equity securities$— $72,308 $9 $72,317 
Bank loan participations$— $153,336 $— $153,336 
Short-term investments$— $597 $— $597 
  
Assets measured at fair value on a recurring basis as of December 31, 2025 are summarized below:
 Fair Value Measurements Using
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
 (in thousands)
Fixed maturity securities, available-for-sale:    
State and municipal$— $219,477 $— $219,477 
Residential mortgage-backed— 472,718 — 472,718 
Corporate— 577,754 — 577,754 
Commercial mortgage and asset-backed— 120,535 — 120,535 
U.S. Treasury securities and obligations guaranteed by the U.S. government
14,290 — — 14,290 
Total fixed maturity securities, available-for-sale$14,290 $1,390,484 $— $1,404,774 
Equity securities:    
Preferred stock— 70,601 — 70,601 
Common stock— 2,487 4 2,491 
Total equity securities$— $73,088 $4 $73,092 
Bank loan participations$— $155,138 $— $155,138 
Short-term investments$— $— $— $— 
Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:
Three Months Ended
March 31,
20262025
(in thousands)
Beginning balance$4 $5 
Transfers out of Level 3— — 
Transfers in to Level 3— — 
Purchases— — 
Sales— — 
Maturities, calls and paydowns— — 
Amortization of discount— — 
Total gains or losses (realized/unrealized):
Included in earnings5 (3)
Included in other comprehensive income— — 
Ending balance$9 $2 
Schedule of Carrying Value and Fair Value of Financial Instruments
The carrying values and fair values of financial instruments are summarized below:
 March 31, 2026December 31, 2025
 Carrying
Value		Fair ValueCarrying
Value		Fair Value
 (in thousands)
Assets    
Fixed maturity securities, available-for-sale$1,434,375 $1,434,375 $1,404,774 $1,404,774 
Equity securities72,317 72,317 73,092 73,092 
Bank loan participations153,336 153,336 155,138 155,138 
Cash and cash equivalents227,607 227,607 260,941 260,941 
Restricted cash equivalents8,557 8,557 8,481 8,481 
Short-term investments597 597 — — 
Other invested assets – notes receivable45,193 45,653 43,401 44,639 
Liabilities    
Senior debt225,800 228,855 225,800 230,007 
Junior subordinated debt104,055 114,511 104,055 116,093