Investments (Tables)

6 Months Ended

Jun. 30, 2026

Amortized Cost and Estimated Fair Values of Fixed Maturities

The amortized cost and estimated fair values of our fixed maturities and short-term investments at June 30, 2026 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	73,827	$	44	$	73,871	$	26	$	5,394	$	68,503
Obligations of states and political subdivisions		462,293		372		462,665		3,864		40,279		426,250
Corporate securities		260,114		886		261,000		1,066		9,025		253,041
Mortgage-backed securities		7,061		4		7,065		55		149		6,971
Totals	$	803,295	$	1,306	$	804,601	$	5,011	$	54,847	$	754,765

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	21,354	$	4	$	960	$	20,398
Obligations of states and political subdivisions		51,450		633		1,824		50,259
Corporate securities		129,527		409		1,942		127,994
Mortgage-backed securities		448,128		1,304		11,563		437,869
Short-term investments		26,530		—		—		26,530
Totals	$	676,989	$	2,350	$	16,289	$	663,050

The amortized cost and estimated fair values of our fixed maturities and short-term investments at December 31, 2025 were as follows:

	Carrying Value		Allowance for Credit Losses		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Held to Maturity
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	79,243	$	47	$	79,290	$	84	$	4,864	$	74,510
Obligations of states and political subdivisions		436,802		357		437,159		3,221		39,248		401,132
Corporate securities		252,098		904		253,002		2,211		7,423		247,790
Mortgage-backed securities		8,304		5		8,309		66		148		8,227
Totals	$	776,447	$	1,313	$	777,760	$	5,582	$	51,683	$	731,659

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Available for Sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	25,057	$	107	$	835	$	24,329
Obligations of states and political subdivisions		49,982		505		1,936		48,551
Corporate securities		132,203		700		1,978		130,925
Mortgage-backed securities		443,128		3,091		9,301		436,918
Short-term investments		38,712		—		—		38,712
Totals	$	689,082	$	4,403	$	14,050	$	679,435

Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity

We show below the amortized cost and estimated fair value of our fixed maturities at June 30, 2026 by contractual maturity. Expected maturities may differ from contractual maturities because issuers of the securities may have the right to call or prepay obligations with or without call or prepayment penalties.

	Amortized Cost		Estimated Fair Value
	(in thousands)
Held to maturity
Due in one year or less	$	26,143	$	26,081
Due after one year through five years		187,684		178,070
Due after five years through ten years		216,730		207,507
Due after ten years		366,979		336,136
Mortgage-backed securities		7,065		6,971
Total held to maturity	$	804,601	$	754,765

Available for sale
Due in one year or less	$	4,496	$	4,491
Due after one year through five years		30,727		30,390
Due after five years through ten years		107,204		104,584
Due after ten years		59,904		59,186
Mortgage-backed securities		448,128		437,869
Total available for sale	$	650,459	$	636,520

Cost and Estimated Fair Values of Equity Securities

The cost and estimated fair values of our equity securities at June 30, 2026 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	27,554	$	21,326	$	—	$	48,880

The cost and estimated fair values of our equity securities at December 31, 2025 were as follows:

	Cost		Gross Gains		Gross Losses		Estimated Fair Value
	(in thousands)
Equity securities	$	27,238	$	17,193	$	61	$	44,370

Gross Investment Gains and Losses before Applicable Income Taxes

We present below gross gains and losses from investments and the change in the difference between fair value and cost of investments:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in thousands)						(in thousands)
Gross realized gains:
Fixed maturities	$	150		$	361		$	221		$	415
Equity securities		—			687			—			687
		150			1,048			221			1,102
Gross realized losses:
Fixed maturities		1,502			1,730			1,504			1,730
Equity securities		130			—			130			—
		1,632			1,730			1,634			1,730
Net realized losses		(1,482	)		(682	)		(1,413	)		(628	)
Gross unrealized gains on equity securities		4,781			2,249			4,194			1,738
Gross unrealized losses on equity securities		—			—			—			(51	)
Fixed maturities - credit impairment charges		(32	)		(23	)		7			14
Net investment gains	$	3,267		$	1,544		$	2,788		$	1,073

Fixed Maturities with Unrealized Losses

We held fixed maturities with unrealized losses representing declines that we considered temporary at June 30, 2026 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	11,713	$	124	$	72,339	$	6,230
Obligations of states and political subdivisions		34,840		684		279,504		41,419
Corporate securities		118,836		1,648		160,395		9,319
Mortgage-backed securities		233,558		2,852		71,943		8,860
Totals	$	398,947	$	5,308	$	584,181	$	65,828

We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2025 as follows:

	Less Than 12 Months				More Than 12 Months
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
	(in thousands)
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	9,503	$	46	$	76,506	$	5,654
Obligations of states and political subdivisions		34,778		697		287,717		40,487
Corporate securities		47,139		406		183,026		8,995
Mortgage-backed securities		102,104		540		88,887		8,908
Totals	$	193,524	$	1,689	$	636,136	$	64,044