v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI
The following tables set forth the amortized cost and the fair value by investment category at March 31, 2026 and December 31, 2025:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$160,144 $178 $(774)$— $159,548 
Non U.S government securities2,696 — (25)— 2,671 
Corporate securities and miscellaneous807,859 8,007 (8,881)(6,500)800,485 
Municipal securities96,647 1,150 (2,168)— 95,629 
Residential mortgage-backed securities475,069 6,260 (10,154)— 471,175 
Commercial mortgage-backed securities79,618 669 (615)— 79,672 
Other asset-backed securities586,179 3,239 (3,491)— 585,927 
Total fixed maturity securities, available-for-sale$2,208,212 $19,503 $(26,108)$(6,500)$2,195,107 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$30,395 $4,196 $— $(301)$34,290 
Total fixed maturity securities, held-to-maturity$30,395 $4,196 $— $(301)$34,290 
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Allowance for Credit LossesFair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$44,190 $292 $(14)$— $44,468 
Corporate securities and miscellaneous632,244 14,223 (3,080)(7,000)636,387 
Municipal securities102,691 1,725 (2,300)— 102,116 
Residential mortgage-backed securities487,145 8,928 (9,486)— 486,587 
Commercial mortgage-backed securities72,631 1,016 (597)— 73,050 
Other asset-backed securities509,854 5,194 (1,353)— 513,695 
Total fixed maturity securities, available-for-sale$1,848,755 $31,378 $(16,830)$(7,000)$1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$33,290 $829 $(48)$(468)$33,603 
Total fixed maturity securities, held-to-maturity$33,290 $829 $(48)$(468)$33,603 
Schedule of Investments Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at March 31, 2026:
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$56,515 $54,611 
Due after one year through five years636,682 630,559 
Due after five years through ten years304,483 305,672 
Due after ten years69,666 67,491 
Mortgage-backed securities554,687 550,847 
Other asset-backed securities586,179 585,927 
Total$2,208,212 $2,195,107 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of March 31, 2026 and 2025:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
March 31, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$91,541 $(769)$707 $(5)$92,248 $(774)
Non-U.S. government securities2,671 (25)— — 2,671 (25)
Corporate securities and miscellaneous341,776 (4,883)57,293 (3,998)399,069 (8,881)
Municipal securities23,170 (296)19,570 (1,872)42,740 (2,168)
Residential mortgage-backed securities130,908 (1,017)69,744 (9,137)200,652 (10,154)
Commercial mortgage-backed securities11,391 (21)8,276 (594)19,667 (615)
Other asset-backed securities328,244 (2,584)7,783 (907)336,027 (3,491)
Total$929,701 $(9,595)$163,373 $(16,513)$1,093,074 $(26,108)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$349 $(1)$1,565 $(13)$1,914 $(14)
Corporate securities and miscellaneous67,644 (346)63,575 (2,734)131,219 (3,080)
Municipal securities19,157 (400)22,004 (1,900)41,161 (2,300)
Residential mortgage-backed securities56,147 (262)74,075 (9,224)130,222 (9,486)
Commercial mortgage-backed securities4,646 (3)8,363 (594)13,009 (597)
Other asset-backed securities85,098 (424)16,081 (929)101,179 (1,353)
Total fixed maturity securities, available-for-sale233,041 (1,436)185,663 (15,394)418,704 (16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities1,912 (48)— — 1,912 (48)
Total fixed maturity securities, held-to-maturity:1,912 (48)— — 1,912 (48)
Total$234,953 $(1,484)$185,663 $(15,394)$420,616 $(16,878)
Schedule of Available-for-Sale, Changes in Allowance for Credit Loss
The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025$7,000 $468 
Recoveries of amounts previously written off(500)(167)
Balance at March 31, 2026$6,500 $301 
Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024$243 
Current period provision for credit losses7 
Balance at March 31, 2025$250 
Schedule of Held-to-Maturity, Changes in Allowance for Credit Loss
The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the three months ended March 31, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025$7,000 $468 
Recoveries of amounts previously written off(500)(167)
Balance at March 31, 2026$6,500 $301 
Fixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024$243 
Current period provision for credit losses7 
Balance at March 31, 2025$250 
Schedule of Gain (Loss) on Securities
The following table sets forth the components of net investment gains for the three months ended March 31, 2026 and 2025:
($ in thousands)20262025
Gross realized gains
Fixed maturity securities, available-for-sale$1,632 $453 
Equity securities— 1,745 
Other175 4 
Total1,807 2,202 
Gross realized losses
Fixed maturity securities, available-for-sale(258)(120)
Equity securities— (678)
Other(139)(61)
Total(397)(859)
Net unrealized gains (losses) on investments
Equity securities(33)1,080 
Mortgage loans99 (66)
Other1,709 4,393 
Net investment gains
$3,185 $6,750 
Schedule of Investment Income
The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the three months ended March 31, 2026 and 2025:
($ in thousands)20262025
Fixed maturity securities, available-for-sale$84,032 $8,195 
Equity securities— 8,748 
The following table sets forth the components of net investment income for the three months ended March 31, 2026 and 2025:
($ in thousands)20262025
Income (loss):
Fixed maturity securities, available-for-sale$29,411 $17,288 
Fixed maturity securities, held-to-maturity(1,077)822 
Equity securities18 617 
Equity method investments(1,297)(1,988)
Mortgage loans(665)661 
Indirect loans(1,793)(741)
Short-term investments and cash3,474 3,192 
Other686 1,061 
Total investment income28,757 20,912 
Investment expenses(1,702)(1,490)
Net investment income$27,055 $19,422 
The following table sets forth the Company’s gross investment income for mortgage loans for the three months ended March 31, 2026 and 2025:
Three months ended March 31,
($ in thousands)20262025
Commercial$(824)$108 
Retail— 304 
Hospitality159 249 
$(665)$661 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three months ended March 31, 2026 and 2025:
($ in thousands)20262025
Fixed maturity securities$(21,154)$15,284 
Deferred income taxes3,571 (3,211)
Total$(17,583)$12,073