The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:


	March 31, 2026
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	14,894	$	—	$	—	$	14,894
Municipal securities	—		3,589,734		—		3,589,734
Mortgage-backed securities	—		404,459		—		404,459
Corporate securities	—		693,556		—		693,556
Collateralized loan obligations	—		728,368		—		728,368
Other asset-backed securities	—		68,823		—		68,823
Total fixed maturity securities	14,894		5,484,940		—		5,499,834
Equity securities:
Common stock	763,017		—		—		763,017
Non-redeemable preferred stock	—		38,362		—		38,362
Private equity funds measured at net asset value (1)							82,244
Total equity securities	763,017		38,362		—		883,623
Short-term investments:
Short-term bonds	—		34,000		—		34,000
Money market instruments	407,809		—		—		407,809
Other	32		—		—		32
Total short-term investments	407,841		34,000		—		441,841
Other assets:
Note receivable	—		9,926		—		9,926
Total assets at fair value	$	1,185,752	$	5,567,228	$	—	$	6,835,224
Liabilities
Other liabilities:
Options sold	$	753	$	—	$	—	$	753
Total liabilities at fair value	$	753	$	—	$	—	$	753


	December 31, 2025
	Level 1		Level 2		Level 3		Total

	(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds	$	21,546	$	—	$	—	$	21,546
Municipal securities	—		3,538,473		—		3,538,473
Mortgage-backed securities	—		297,381		—		297,381
Corporate securities	—		751,602		—		751,602
Collateralized loan obligations	—		722,794		—		722,794
Other asset-backed securities	—		98,455		—		98,455
Total fixed maturity securities	21,546		5,408,705		—		5,430,251
Equity securities:
Common stock	679,594		—		—		679,594
Non-redeemable preferred stock	—		38,761		—		38,761
Private equity funds measured at net asset value (1)							94,432
Total equity securities	679,594		38,761		—		812,787
Short-term investments:
Short-term bonds	—		34,000		—		34,000
Money market instruments	302,978		—		—		302,978
Other	14		—		—		14
Total short-term investments	302,992		34,000		—		336,992
Other assets:
Note receivable	—		9,993		—		9,993
Total assets at fair value	$	1,004,132	$	5,491,459	$	—	$	6,590,023
Liabilities
Other liabilities:
Options sold	$	254	$	—	$	—	$	254
Total liabilities at fair value	$	254	$	—	$	—	$	254

(1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.

The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:


	March 31, 2026
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,626	$	372,435	$	—	$	372,435	$	—
Unsecured credit facility	200,000		200,001		—		200,001		—
Total	$	574,626	$	572,436	$	—	$	572,436	$	—


	December 31, 2025
	Carrying Value		Fair Value		Level 1		Level 2		Level 3

	(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes	$	374,527	$	374,625	$	—	$	374,625	$	—
Unsecured credit facility	200,000		199,115		—		199,115		—
Total	$	574,527	$	573,740	$	—	$	573,740	$	—