Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Fair Value Disclosures [Abstract] |
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| Components of Other Investments and Methods Used in Estimating Fair Values |
The following table summarizes other investments held by the Company and the method used in estimating the fair value:
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Maturity Date |
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Valuation Methodology |
10.50% Surplus Note |
2030 |
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Discounted cash flow method/Level 3 inputs |
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| Components of Long-Term Debt and Methods Used in Estimating Fair Values |
The following table summarizes the Company’s long-term debt and methods used in estimating their fair values:
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Maturity Date |
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Valuation Methodology |
4.55% Promissory Note |
2036 |
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Discounted cash flow method/Level 3 inputs |
5.50% Promissory Note |
2033 |
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Discounted cash flow method/Level 3 inputs |
5.65% Promissory Note |
2035 |
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Discounted cash flow method/Level 3 inputs |
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| Assets Measured at Estimated Fair Value on a Recurring Basis |
The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis. The tables indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of March 31, 2026 and December 31, 2025:
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Fair Value Measurements Using |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Total |
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As of March 31, 2026 |
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Cash and cash equivalents |
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$ |
1,014,049 |
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$ |
— |
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$ |
— |
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$ |
1,014,049 |
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Restricted cash |
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$ |
3,757 |
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$ |
— |
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$ |
— |
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$ |
3,757 |
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Available-for-sale fixed-maturity securities: |
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U.S. Treasury and U.S. government agencies |
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$ |
628,617 |
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$ |
19,671 |
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$ |
— |
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$ |
648,288 |
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Corporate bonds |
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— |
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|
241,138 |
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— |
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|
241,138 |
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Commercial mortgage-backed securities |
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— |
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25,420 |
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— |
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|
25,420 |
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Available-for-sale fixed-maturity securities |
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$ |
628,617 |
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$ |
286,229 |
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$ |
— |
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$ |
914,846 |
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Equity securities |
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$ |
63,735 |
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$ |
1,321 |
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$ |
— |
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$ |
65,056 |
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Fair Value Measurements Using |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Total |
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As of December 31, 2025 |
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Cash and cash equivalents |
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$ |
1,210,126 |
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$ |
— |
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$ |
— |
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$ |
1,210,126 |
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Restricted cash |
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$ |
3,748 |
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$ |
— |
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$ |
— |
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$ |
3,748 |
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Available-for-sale fixed-maturity securities: |
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U.S. Treasury and U.S. government agencies |
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$ |
313,420 |
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$ |
19,932 |
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$ |
— |
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$ |
333,352 |
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Corporate bonds |
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|
— |
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|
242,922 |
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— |
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|
242,922 |
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Commercial mortgage-backed securities |
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— |
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21,055 |
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— |
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21,055 |
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Available-for-sale fixed-maturity securities |
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$ |
313,420 |
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$ |
283,909 |
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$ |
— |
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$ |
597,329 |
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Equity securities |
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$ |
64,545 |
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$ |
1,345 |
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$ |
— |
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$ |
65,890 |
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| Schedule of Fair Value Information for Financial Liabilities Carried on Balance Sheet |
The following tables present fair value information for assets and liabilities that are carried on the consolidated balance sheets at amounts other than fair value as of March 31, 2026 and December 31, 2025:
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Carrying |
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Fair Value Measurements Using |
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Estimated |
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Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Fair Value |
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As of March 31, 2026 |
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Other investments |
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$ |
5,000 |
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|
$ |
— |
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$ |
— |
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$ |
5,210 |
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$ |
5,210 |
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Revolving credit facility |
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$ |
36,000 |
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$ |
— |
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$ |
36,000 |
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$ |
— |
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$ |
36,000 |
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Long-term debt: |
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|
4.55% Promissory Note |
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$ |
4,006 |
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$ |
— |
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$ |
— |
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$ |
3,832 |
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$ |
3,832 |
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5.50% Promissory Note |
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|
11,202 |
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— |
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— |
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|
11,401 |
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|
11,401 |
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5.65% Promissory Note |
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16,464 |
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— |
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— |
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16,750 |
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|
16,750 |
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Long-term debt |
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$ |
31,672 |
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$ |
— |
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$ |
— |
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$ |
31,983 |
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$ |
31,983 |
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Carrying |
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Fair Value Measurements Using |
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Estimated |
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Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Fair Value |
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As of December 31, 2025 |
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Other investments |
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$ |
5,000 |
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|
$ |
— |
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$ |
— |
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$ |
5,223 |
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$ |
5,223 |
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Revolving credit facility |
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$ |
36,000 |
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$ |
— |
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$ |
36,000 |
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$ |
— |
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$ |
36,000 |
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Long-term debt: |
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|
4.55% Promissory Note |
|
$ |
4,080 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
3,863 |
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$ |
3,863 |
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5.50% Promissory Note |
|
|
11,262 |
|
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|
— |
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|
— |
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|
11,313 |
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|
11,313 |
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5.65% Promissory Note |
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|
16,535 |
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— |
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— |
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|
16,615 |
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|
16,615 |
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Long-term debt |
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$ |
31,877 |
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$ |
— |
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$ |
— |
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$ |
31,791 |
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$ |
31,791 |
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