Investments in debt and equity securities. As of June 30, 2026 and December 31, 2025, the net unrealized investment gains relating to investments in equity securities held were $21.1 million and $14.8 million, respectively (refer to Note 5).


	June 30, 2026		December 31, 2025
	Amortized costs	Fair values	Amortized costs	Fair values
	(in $ thousands)
Municipal	8,912	8,908	12,292	12,274
Corporate	142,084	139,362	144,571	143,621
Foreign	338,647	339,639	347,588	348,084
U.S. Treasury Bonds	64,614	64,032	54,093	54,509

	554,257	551,941	558,544	558,488


	June 30, 2026		December 31, 2025
	Gains	Losses	Gains	Losses
	(in $ thousands)
Municipal	4	8	5	23
Corporate	648	3,370	1,646	2,596
Foreign	3,651	2,659	3,645	3,149
U.S. Treasury Bonds	88	670	543	127

	4,391	6,707	5,839	5,895


	Amortized costs	Fair values
	(in $ thousands)
In one year or less	62,667	62,448
After one year through five years	293,993	292,642
After five years through ten years	183,985	184,320
After ten years	13,612	12,531
	554,257	551,941

Gross unrealized losses on investments in debt securities and the fair values of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026, were:


	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	2	2,736	6	2,093	8	4,829
Corporate	270	34,010	3,100	62,462	3,370	96,472
Foreign	391	53,133	2,268	83,948	2,659	137,081
U.S. Treasury Bonds	536	43,608	134	5,790	670	49,398

	1,199	133,487	5,508	154,293	6,707	287,780

The number of specific debt investment holdings held in an unrealized loss position as of June 30, 2026 was 212. Of these securities, 85 were in unrealized loss positions for more than 12 months. Total gross unrealized investment losses increased at June 30, 2026 compared to December 31, 2025, primarily due to higher interest rates in 2026. Since the Company does not intend to sell and will more likely than not maintain each investment security until its maturity or anticipated recovery in value, and no significant credit risk is deemed to exist, these investments are not considered as credit-impaired. The Company believes its investment portfolio is diversified and expects no material loss to result from the failure to perform by issuers of the debt securities it holds. Investments made by the Company are not collateralized.


	Less than 12 months		More than 12 months		Total
	Losses	Fair values	Losses	Fair values	Losses	Fair values
	(in $ thousands)
Municipal	4	2,621	19	5,918	23	8,539
Corporate	9	10,284	2,587	71,989	2,596	82,273
Foreign	364	43,539	2,785	119,970	3,149	163,509
U.S. Treasury Bonds	36	8,720	91	6,425	127	15,145

	413	65,164	5,482	204,302	5,895	269,466


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in $ thousands)
Realized gains	323	42	325	598
Realized losses	(21)	(1,714)	(467)	(2,392)
Net unrealized investment gains recognized on equity securities still held	3,124	2,399	6,470	5,574
	3,426	727	6,328	3,780


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in $ thousands)
Net investment gains recognized on equity securities during the period	3,412	2,399	6,757	5,253
Less: Net realized gains (losses) on equity securities sold during the period	288	—	287	(321)
Net unrealized investment gains recognized on equity securities still held	3,124	2,399	6,470	5,574


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in $ thousands)
Proceeds from sales of debt securities	108	20,967	1,047	33,511
Proceeds from sales of equity securities	973	8	1,040	3,473
Total proceeds from sales of investments in securities	1,081	20,975	2,087	36,984