v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities
The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale:
Gross Unrealized
As of March 31, 2026Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$72,857 $71 $(116)$72,812 
State and municipal149,774 991 (3,334)147,431 
Commercial mortgage-backed securities171,250 1,053 (1,494)170,809 
Residential mortgage-backed securities350,505 2,605 (4,245)348,865 
Asset-backed securities190,343 453 (663)190,133 
Corporate589,568 3,627 (2,895)590,300 
Total
$1,524,297 $8,800 $(12,747)$1,520,350 
Gross Unrealized
As of December 31, 2025Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$80,184 $184 $— $80,368 
State and municipal131,607 713 (3,042)129,278 
Commercial mortgage-backed securities170,496 1,688 (862)171,322 
Residential mortgage-backed securities317,905 4,071 (3,415)318,561 
Asset-backed securities168,363 931 (290)169,004 
Corporate495,673 7,510 (710)502,473 
Total
$1,364,228 $15,097 (8,319)$1,371,006 
Schedule of Contractual Maturity of Fixed Maturity Securities
The amortized cost and fair value of fixed maturity securities at March 31, 2026 and December 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
As of March 31, 2026Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$81,190 $81,078 
Due after one year through five years550,307 549,899 
Due after five years through ten years79,570 78,782 
Due after ten years101,132 100,784 
812,199 810,543 
Commercial mortgage-backed securities171,250 170,809 
Residential mortgage-backed securities350,505 348,865 
Asset-backed securities190,343 190,133 
Total
$1,524,297 $1,520,350 
As of December 31, 2025Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$113,224 $113,298 
Due after one year through five years391,104 395,094 
Due after five years through ten years119,589 120,687 
Due after ten years83,547 83,040 
707,464 712,119 
Commercial mortgage-backed securities170,496 171,322 
Residential mortgage-backed securities317,905 318,561 
Asset-backed securities168,363 169,004 
Total
$1,364,228 $1,371,006 
Schedule of Components in Net Investment Income
The components of net investment income were derived from the following sources:
Three Months Ended
March 31,
20262025
($ in thousands)
U.S. government and government agency$739 $1,844 
State and municipal1,374 687 
Commercial mortgage-backed securities2,115 1,180 
Residential mortgage-backed securities4,256 2,539 
Asset-backed securities2,063 1,484 
Corporate6,139 3,253 
Short-term investments21 128 
Cash and cash equivalents1,684 1,704 
Gross investment income 18,391 12,819 
Investment expenses(364)(260)
Net investment income
$18,027 $12,559 
Schedule of Restricted Assets
The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets:
As of
March 31,
2026		December 31,
2025
($ in thousands)
U.S. government and government agency$35,104 $60,237 
State and municipal82,039 73,453 
Commercial mortgage-backed securities101,013 100,934 
Residential mortgage-backed securities212,505 204,459 
Asset-backed securities105,580 95,908 
Corporate366,121 303,849 
Restricted fixed maturity securities 902,362 838,840 
Restricted cash and cash equivalents44,343 40,225 
Restricted assets $946,705 $879,065 
Schedule of Available for Sale Securities in Unrealized Loss
The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or GreaterTotal
As of March 31, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$42,729 $(116)$— $— $42,729 $(116)
State and municipal31,867 (301)39,833 (3,033)71,700 (3,334)
Commercial mortgage-backed securities
82,337 (913)6,680 (581)89,017 (1,494)
Residential mortgage-backed securities
132,363 (990)22,795 (3,255)155,158 (4,245)
Asset-backed securities
113,848 (565)3,208 (98)117,056 (663)
Corporate
266,969 (2,285)18,050 (610)285,019 (2,895)
Total $670,113 $(5,170)$90,566 $(7,577)$760,679 $(12,747)

Less than 12 Months12 Months or GreaterTotal
As of December 31, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$— $— $— $— $— $— 
State and municipal21,959 (122)43,392 (2,920)65,351 (3,042)
Commercial mortgage-backed securities
63,162 (312)7,055 (550)70,217 (862)
Residential mortgage-backed securities
40,180 (164)29,284 (3,251)69,464 (3,415)
Asset-backed securities
26,304 (168)5,627 (122)31,931 (290)
Corporate
46,922 (119)23,323 (591)70,245 (710)
Total
$198,527 $(885)$108,681 $(7,434)$307,208 $(8,319)