v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table sets forth the range of the discount rate as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
High11.35 %11.10 %
Low4.66 %4.25 %
Weighted average6.73 %6.40 %
The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
High8.09 %8.34 %
Low6.54 %6.55 %
Weighted average7.67 %7.74 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at March 31, 2026 and December 31, 2025:
March 31, 2026
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$159,548 $— $— $159,548 
Non U.S government securities— 2,671 — 2,671 
Corporate securities and miscellaneous— 658,638 141,847 800,485 
Municipal securities— 95,629 — 95,629 
Residential mortgage-backed securities— 471,175 — 471,175 
Commercial mortgage-backed securities— 79,672 — 79,672 
Other asset-backed securities— 568,324 17,603 585,927 
Total fixed maturity securities, available-for-sale159,548 1,876,109 159,450 2,195,107 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 34,290 34,290 
Total fixed maturity securities, held-to-maturity— — 34,290 34,290 
Equity securities:
Preferred stocks— 1,140 — 1,140 
Total equity securities— 1,140 — 1,140 
Mortgage loans— — 9,088 9,088 
Short-term investments386,514 — — 386,514 
Derivatives24,401 — — 24,401 
Total$570,463 $1,877,249 $202,828 $2,650,540 
December 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$44,468 $— $— $44,468 
Corporate securities and miscellaneous— 503,274 133,113 636,387 
Municipal securities— 102,116 — 102,116 
Residential mortgage-backed securities— 486,587 — 486,587 
Commercial mortgage-backed securities— 73,050 — 73,050 
Other asset-backed securities— 495,891 17,804 513,695 
Total fixed maturity securities, available-for-sale44,468 1,660,918 150,917 1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 33,603 33,603 
Total fixed maturity securities, held-to-maturity:— — 33,603 33,603 
Equity securities:
Preferred stocks— 1,174 — 1,174 
Total equity securities— 1,174 — 1,174 
Mortgage loans— — 9,902 9,902 
Short-term investments264,299 — — 264,299 
Derivatives34,857 — — 34,857 
Total$343,624 $1,662,092 $194,422 $2,200,138 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the three months ended March 31, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2025$150,917 $9,902 
Total losses for the period recognized in net investment gains(62)(814)
Purchases11,266 — 
Sales/Disposals(334)— 
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income(2,337)— 
Balance at March 31, 2026$159,450 $9,088 
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2024$77,920 $26,490 
Total losses for the period recognized in net investment gains(110)(66)
Issuances— 5 
Settlements— (10,417)
Purchases5,164 — 
Sales/Disposals(199)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)682 — 
Balance at March 31, 2025$83,457 $16,012 
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end$— $(84)
Schedule of Subordinated Debt
The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of March 31, 2026 and December 31, 2025:
March 31, 2026December 31, 2025
($ in thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable
FHLB Loan$57,000 $57,112 $57,000 $57,458 
Revolving Credit Facility114,500 114,500 114,500 114,500 
Term Loan Facility, net of debt issuance costs294,918 294,207 300,000 300,000 
Notes payable$466,418 $465,819 $471,500 $471,958 
Subordinated debt
Unsecured subordinated notes$19,577 $20,395 $19,569 $21,020 
Subordinated debt, net of debt issuance costs$19,577 $20,395 $19,569 $21,020