v3.26.1
Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Schedule Of Assets And Liabilities Measured At Fair Value On A Recurring Basis Valuation Techniques
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values:

June 30, 2026
Level 1Level 2Level 3Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds$14,757 $— $— $14,757 
Municipal securities— 3,741,325 — 3,741,325 
Mortgage-backed securities — 526,008 — 526,008 
Corporate securities— 692,938 — 692,938 
Collateralized loan obligations— 750,504 — 750,504 
Other asset-backed securities— 63,012 — 63,012 
Total fixed maturity securities14,757 5,773,787 — 5,788,544 
Equity securities:
Common stock836,610 — — 836,610 
Non-redeemable preferred stock— 38,367 — 38,367 
Private equity investment— — 5,000 5,000 
Private equity funds measured at net asset value (1)
94,235 
Total equity securities836,610 38,367 5,000 974,212 
Short-term investments:
Short-term bonds— 27,000 — 27,000 
Money market instruments341,337 — — 341,337 
Other20 — — 20 
Total short-term investments341,357 27,000 — 368,357 
Other assets:
Note receivable— 9,870 — 9,870 
Total assets at fair value$1,192,724 $5,849,024 $5,000 $7,140,983 
Liabilities
Other liabilities:
Options sold$1,879 $— $— $1,879 
Total liabilities at fair value$1,879 $— $— $1,879 
December 31, 2025
Level 1Level 2Level 3Total
(Amounts in thousands)
Assets
Fixed maturity securities:
U.S. government bonds$21,546 $— $— $21,546 
Municipal securities— 3,538,473 — 3,538,473 
Mortgage-backed securities — 297,381 — 297,381 
Corporate securities— 751,602 — 751,602 
Collateralized loan obligations— 722,794 — 722,794 
Other asset-backed securities— 98,455 — 98,455 
Total fixed maturity securities21,546 5,408,705 — 5,430,251 
Equity securities:
Common stock679,594 —— 679,594 
Non-redeemable preferred stock— 38,761 — 38,761 
Private equity funds measured at net asset value (1)
94,432 
Total equity securities679,594 38,761 — 812,787 
Short-term investments:
Short-term bonds— 34,000 — 34,000 
Money market instruments302,978 — — 302,978 
Other14 — — 14 
Total short-term investments302,992 34,000 — 336,992 
Other assets:
Note receivable— 9,993 — 9,993 
Total assets at fair value$1,004,132 $5,491,459 $— $6,590,023 
Liabilities
Other liabilities:
Options sold$254 $— $— $254 
Total liabilities at fair value$254 $— $— $254 
__________ 
(1) The fair value is measured using the NAV practical expedient; therefore, it is not categorized within the fair value hierarchy. The fair value amount is presented in this table to permit reconciliation of the fair value hierarchy to the amounts presented in the Company's consolidated balance sheets.
The following tables present the carrying value and fair value of the Company’s financial instruments disclosed, but not carried, at fair value, and the level within the fair value hierarchy at which such instruments are categorized:

June 30, 2026
Carrying ValueFair ValueLevel 1Level 2Level 3
(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes$893,752 $909,397 $— $909,397 $— 
Unsecured credit facility50,000 50,000 — 50,000 — 
Total$943,752 $959,397 $— $959,397 $— 
December 31, 2025
Carrying ValueFair ValueLevel 1Level 2Level 3
(Amounts in thousands)
Liabilities
Notes payable:
Unsecured notes$374,527 $374,625 $— $374,625 $— 
Unsecured credit facility200,000 199,115 — 199,115 — 
Total$574,527 $573,740 $— $573,740 $— 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:

Private Equity Investment
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Amounts in thousands)
Beginning balance$— $— $— $— 
     Net realized gains (losses) included in earnings— — — — 
Purchase5,000 — 5,000 — 
Sales/settlements— — — — 
Ending balance$5,000 $— $5,000 $— 
The amount of total gains or losses for the period included in earnings attributable to assets still held at June 30
$— $— $— $— 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a summary of changes in fair value of Level 3 financial assets and financial liabilities:

Private Equity Investment
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Amounts in thousands)
Beginning balance$— $— $— $— 
     Net realized gains (losses) included in earnings— — — — 
Purchase5,000 — 5,000 — 
Sales/settlements— — — — 
Ending balance$5,000 $— $5,000 $— 
The amount of total gains or losses for the period included in earnings attributable to assets still held at June 30
$— $— $— $—