Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value

The following tables present the Company’s assets and liabilities measured at fair value, classified by the valuation hierarchy as of March 31, 2026 and December 31, 2025 (dollars in thousands):


		March 31, 2026
		Fair Value Measurements
		Total				Level 1				Level 2				Level 3
Assets:
Debt Securities:
U.S. Government		$	4,704			$	—			$	4,704			$	—
State and local government			17,200				—				17,200				—
Corporate debt			22,076				—				22,076				—
Asset-backed securities			15,124				—				15,124				—
Mortgage-backed securities			17,972				—				17,972				—
Commercial mortgage-backed securities			1,123				—				1,123				—
Collateralized mortgage obligations			2,115				—				2,115				—
Total debt securities			80,314				—				80,314				—
Equity Securities			311				91				220				—
Short-term investments			32,464				32,464				—				—
Total marketable investments measured at fair value		$	113,089			$	32,555			$	80,534			$	—

Investments measured at NAV:
Investments in limited partnerships			977
Total investments measured at fair value		$	114,066

Contingent considerations from CIS Sale			8,780				—				—				8,780
Total assets measured at fair value		$	122,846

Liabilities:
Funds-withheld obligation			20,541				—				20,541				—
Total Liabilities fair value measure		$	20,541			$	—			$	20,541			$	—


		December 31, 2025
		Fair Value Measurements
		Total				Level 1				Level 2				Level 3
Assets:
Debt Securities:
U.S. Government		$	4,605			$	—			$	4,605			$	—
State and local government			17,216				—				17,216				—
Corporate debt			23,764				—				23,764				—
Asset-backed securities			20,973				—				20,973				—
Mortgage-backed securities			18,568				—				18,568				—
Commercial mortgage-backed securities			1,006				—				1,006				—
Collateralized mortgage obligations			2,173				—				2,173				—
Total debt securities			88,305				—				88,305				—
Equity securities			313				93				220				—
Short-term investments			24,725				22,204				2,521				—
Total marketable investments measured at fair value		$	113,343			$	22,297			$	91,046			$	—

Investments measured at NAV:
Investments in limited partnerships			964
Total investments measured at fair value			114,307

Contingent considerations from CIS Sale			4,290				—				—				4,290
Total assets measured at fair value		$	118,597

Liabilities:
Funds-withheld obligation			21,284				—				21,284				—
Total Liabilities fair value measure		$	21,284			$	—			$	21,284			$	—

Summary of Key Assumptions

Key assumptions in the analysis included the following as of March 31, 2026:


		Contingent Consideration

Discount rate			13.9	%
Gross revenue risk adjustment			2.9	%
Gross revenue volatility			15.0	%
Weighted average risk-free rate			3.7	%
Weighted average cost of capital			10.5	%

Key assumptions in the analysis included the following as of December 31, 2025:


		Contingent Consideration

Discount rate			12.5	%
Gross revenue risk adjustment			2.9	%
Gross revenue volatility			15.0	%
Risk-free rate			3.5	%
Weighted average cost of capital			10.5	%

Rollforward of Level 3 Assets and Liabilities Held at Fair Value

The Company's policy on recognizing transfers between hierarchies is applied at the end of each reporting period. The tables below show a roll forward of Level 3 assets and liabilities held at fair value during the three months ended March 31, 2026 (dollars in thousands):


		Balance as of January 1, 2026				Additions into Level 3				Subtractions out of Level 3				Change in Fair Value				Balance as of March 31, 2026
Contingent considerations		$	4,290			$	—			$	—			$	4,490			$	8,780
Total recurring Level 3 assets		$	4,290			$	—			$	—			$	4,490			$	8,780