v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities
The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale:
Gross Unrealized
As of June 30, 2026Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$48,799 $29 $(205)$48,623 
State and municipal172,772 1,236 (3,355)170,653 
Commercial mortgage-backed securities172,792 631 (1,944)171,479 
Residential mortgage-backed securities332,121 2,126 (4,777)329,470 
Asset-backed securities214,652 288 (1,346)213,594 
Corporate652,725 2,449 (3,776)651,398 
Total
$1,593,861 $6,759 $(15,403)$1,585,217 
Gross Unrealized
As of December 31, 2025Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$80,184 $184 $— $80,368 
State and municipal131,607 713 (3,042)129,278 
Commercial mortgage-backed securities170,496 1,688 (862)171,322 
Residential mortgage-backed securities317,905 4,071 (3,415)318,561 
Asset-backed securities168,363 931 (290)169,004 
Corporate495,673 7,510 (710)502,473 
Total
$1,364,228 $15,097 (8,319)$1,371,006 
Schedule of Contractual Maturity of Fixed Maturity Securities
The amortized cost and fair value of fixed maturity securities at June 30, 2026 and December 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
As of June 30, 2026Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$84,528 $84,313 
Due after one year through five years532,097 529,804 
Due after five years through ten years121,068 119,968 
Due after ten years136,603 136,589 
874,296 870,674 
Commercial mortgage-backed securities172,792 171,479 
Residential mortgage-backed securities332,121 329,470 
Asset-backed securities214,652 213,594 
Total
$1,593,861 $1,585,217 
As of December 31, 2025Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$113,224 $113,298 
Due after one year through five years391,104 395,094 
Due after five years through ten years119,589 120,687 
Due after ten years83,547 83,040 
707,464 712,119 
Commercial mortgage-backed securities170,496 171,322 
Residential mortgage-backed securities317,905 318,561 
Asset-backed securities168,363 169,004 
Total
$1,364,228 $1,371,006 
Schedule of Components in Net Investment Income
The components of net investment income were derived from the following sources:
Three Months Ended
June 30,
20262025
($ in thousands)
U.S. government and government agency$642 $1,633 
State and municipal1,727 876 
Commercial mortgage-backed securities2,116 1,267 
Residential mortgage-backed securities4,326 3,129 
Asset-backed securities2,329 1,569 
Corporate6,825 4,244 
Short-term investments25 86 
Cash and cash equivalents1,206 1,154 
Gross investment income 19,196 13,958 
Investment expenses(376)(281)
Net investment income
$18,820 $13,677 
Six Months Ended
June 30,
20262025
($ in thousands)
U.S. government and government agency$1,381 $3,478 
State and municipal3,101 1,564 
Commercial mortgage-backed securities4,231 2,447 
Residential mortgage-backed securities8,581 5,668 
Asset-backed securities4,392 3,052 
Corporate12,965 7,496 
Short-term investments46 214 
Cash and cash equivalents2,890 2,859 
Gross investment income
37,587 26,778 
Investment expenses(740)(542)
Net investment income
$36,847 $26,236 
Schedule of Restricted Assets
The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets:
As of
June 30,
2026		December 31,
2025
($ in thousands)
U.S. government and government agency$15,031 $60,237 
State and municipal105,452 73,453 
Commercial mortgage-backed securities100,595 100,934 
Residential mortgage-backed securities204,330 204,459 
Asset-backed securities124,358 95,908 
Corporate417,144 303,849 
Restricted fixed maturity securities 966,910 838,840 
Restricted cash and cash equivalents23,073 40,225 
Restricted assets $989,983 $879,065 
Schedule of Available for Sale Securities in Unrealized Loss
The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or GreaterTotal
As of June 30, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$42,605 $(205)$— $— $42,605 $(205)
State and municipal30,851 (273)39,767 (3,082)70,618 (3,355)
Commercial mortgage-backed securities
68,238 (1,339)6,602 (605)74,840 (1,944)
Residential mortgage-backed securities
144,740 (1,442)22,072 (3,335)166,812 (4,777)
Asset-backed securities
131,041 (1,255)3,027 (91)134,068 (1,346)
Corporate
325,125 (3,216)16,892 (560)342,017 (3,776)
Total $742,600 $(7,730)$88,360 $(7,673)$830,960 $(15,403)
Less than 12 Months12 Months or GreaterTotal
As of December 31, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$— $— $— $— $— $— 
State and municipal21,959 (122)43,392 (2,920)65,351 (3,042)
Commercial mortgage-backed securities
63,162 (312)7,055 (550)70,217 (862)
Residential mortgage-backed securities
40,180 (164)29,284 (3,251)69,464 (3,415)
Asset-backed securities
26,304 (168)5,627 (122)31,931 (290)
Corporate
46,922 (119)23,323 (591)70,245 (710)
Total
$198,527 $(885)$108,681 $(7,434)$307,208 $(8,319)