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, 2026	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	72,857	$	71	$	(116)	$	72,812
State and municipal	149,774		991		(3,334)		147,431
Commercial mortgage-backed securities	171,250		1,053		(1,494)		170,809
Residential mortgage-backed securities	350,505		2,605		(4,245)		348,865
Asset-backed securities	190,343		453		(663)		190,133
Corporate	589,568		3,627		(2,895)		590,300
Total	$	1,524,297	$	8,800	$	(12,747)	$	1,520,350


			Gross Unrealized
As of December 31, 2025	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	80,184	$	184	$	—	$	80,368
State and municipal	131,607		713		(3,042)		129,278
Commercial mortgage-backed securities	170,496		1,688		(862)		171,322
Residential mortgage-backed securities	317,905		4,071		(3,415)		318,561
Asset-backed securities	168,363		931		(290)		169,004
Corporate	495,673		7,510		(710)		502,473
Total	$	1,364,228	$	15,097	(8,319)		$	1,371,006

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, 2026	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	81,190	$	81,078
Due after one year through five years	550,307		549,899
Due after five years through ten years	79,570		78,782
Due after ten years	101,132		100,784
	812,199		810,543
Commercial mortgage-backed securities	171,250		170,809
Residential mortgage-backed securities	350,505		348,865
Asset-backed securities	190,343		190,133
Total	$	1,524,297	$	1,520,350


As of December 31, 2025	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	113,224	$	113,298
Due after one year through five years	391,104		395,094
Due after five years through ten years	119,589		120,687
Due after ten years	83,547		83,040
	707,464		712,119
Commercial mortgage-backed securities	170,496		171,322
Residential mortgage-backed securities	317,905		318,561
Asset-backed securities	168,363		169,004
Total	$	1,364,228	$	1,371,006


	Three Months Ended March 31,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	739	$	1,844
State and municipal	1,374		687
Commercial mortgage-backed securities	2,115		1,180
Residential mortgage-backed securities	4,256		2,539
Asset-backed securities	2,063		1,484
Corporate	6,139		3,253
Short-term investments	21		128
Cash and cash equivalents	1,684		1,704
Gross investment income	18,391		12,819
Investment expenses	(364)		(260)
Net investment income	$	18,027	$	12,559

There were $20.9 thousand and $4.1 thousand of net realized investment losses from the sale of investments.for the three months ended March 31, 2026, and March 31, 2025, respectively.

The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Condensed Consolidated Statements of Income and Comprehensive Income.


As of	March 31, 2026		December 31, 2025
	($ in thousands)
U.S. government and government agency	$	35,104	$	60,237
State and municipal	82,039		73,453
Commercial mortgage-backed securities	101,013		100,934
Residential mortgage-backed securities	212,505		204,459
Asset-backed securities	105,580		95,908
Corporate	366,121		303,849
Restricted fixed maturity securities	902,362		838,840

Restricted cash and cash equivalents	44,343		40,225
Restricted assets	$	946,705	$	879,065

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 Months				12 Months or Greater				Total
As of March 31, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	42,729	$	(116)	$	—	$	—	$	42,729	$	(116)
State and municipal	31,867		(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 Months				12 Months or Greater				Total
As of December 31, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	21,959		(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)

All of the securities in an unrealized loss position are rated investment grade. For fixed maturity securities that management does not intend to sell or are required to sell, there is no portion of the decline in value that is considered to be due to credit factors that would be recognized in earnings. Declines in value are considered to be due to non-credit factors and are recognized in Other Comprehensive Income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on the assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.