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, 2026	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	48,799	$	29	$	(205)	$	48,623
State and municipal	172,772		1,236		(3,355)		170,653
Commercial mortgage-backed securities	172,792		631		(1,944)		171,479
Residential mortgage-backed securities	332,121		2,126		(4,777)		329,470
Asset-backed securities	214,652		288		(1,346)		213,594
Corporate	652,725		2,449		(3,776)		651,398
Total	$	1,593,861	$	6,759	$	(15,403)	$	1,585,217


			Gross Unrealized
As of December 31, 2025	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	80,184	$	184	$	—	$	80,368
State and municipal	131,607		713		(3,042)		129,278
Commercial mortgage-backed securities	170,496		1,688		(862)		171,322
Residential mortgage-backed securities	317,905		4,071		(3,415)		318,561
Asset-backed securities	168,363		931		(290)		169,004
Corporate	495,673		7,510		(710)		502,473
Total	$	1,364,228	$	15,097	(8,319)		$	1,371,006

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, 2026	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	84,528	$	84,313
Due after one year through five years	532,097		529,804
Due after five years through ten years	121,068		119,968
Due after ten years	136,603		136,589
	874,296		870,674
Commercial mortgage-backed securities	172,792		171,479
Residential mortgage-backed securities	332,121		329,470
Asset-backed securities	214,652		213,594
Total	$	1,593,861	$	1,585,217


As of December 31, 2025	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	113,224	$	113,298
Due after one year through five years	391,104		395,094
Due after five years through ten years	119,589		120,687
Due after ten years	83,547		83,040
	707,464		712,119
Commercial mortgage-backed securities	170,496		171,322
Residential mortgage-backed securities	317,905		318,561
Asset-backed securities	168,363		169,004
Total	$	1,364,228	$	1,371,006


	Three Months Ended June 30,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	642	$	1,633
State and municipal	1,727		876
Commercial mortgage-backed securities	2,116		1,267
Residential mortgage-backed securities	4,326		3,129
Asset-backed securities	2,329		1,569
Corporate	6,825		4,244
Short-term investments	25		86
Cash and cash equivalents	1,206		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,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	1,381	$	3,478
State and municipal	3,101		1,564
Commercial mortgage-backed securities	4,231		2,447
Residential mortgage-backed securities	8,581		5,668
Asset-backed securities	4,392		3,052
Corporate	12,965		7,496
Short-term investments	46		214
Cash and cash equivalents	2,890		2,859
Gross investment income	37,587		26,778
Investment expenses	(740)		(542)
Net investment income	$	36,847	$	26,236

There were $11.2 thousand and $32.1 thousand of net realized investment losses for the three and six months ended June 30, 2026, respectively, and $11.2 thousand and $15.2 thousand of net realized investment losses for the same periods ended June 30, 2025 from the sale of investments.

The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Condensed Consolidated Statements of Income and Comprehensive Income.


As of	June 30, 2026		December 31, 2025
	($ in thousands)
U.S. government and government agency	$	15,031	$	60,237
State and municipal	105,452		73,453
Commercial mortgage-backed securities	100,595		100,934
Residential mortgage-backed securities	204,330		204,459
Asset-backed securities	124,358		95,908
Corporate	417,144		303,849
Restricted fixed maturity securities	966,910		838,840

Restricted cash and cash equivalents	23,073		40,225
Restricted assets	$	989,983	$	879,065

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 Months				12 Months or Greater				Total
As of June 30, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	42,605	$	(205)	$	—	$	—	$	42,605	$	(205)
State and municipal	30,851		(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 Months				12 Months or Greater				Total
As of December 31, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	21,959		(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)

All of the securities in an unrealized loss position are rated investment grade. For fixed maturity securities that management does not intend to sell or are required to sell, there is no portion of the decline in value that is considered to be due to credit factors that would be recognized in earnings. Declines in value are considered to be due to non-credit factors and are recognized in Other Comprehensive Income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on the assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.