v3.26.1
Investments in Fixed Maturity and Equity Securities
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Fixed Maturity and Equity Securities
4. Investments in Fixed Maturity and Equity Securities

On June 4, 2026, the Company acquired $2.6 billion of fixed maturity investments in connection with the Vantage Acquisition. See Note 2 - Vantage Acquisition for additional information. Following the acquisition, the Company intends to reposition Vantage’s investment portfolio to include cash, short-term U.S. Treasury securities, and publicly traded equity securities. In June 2026, the Company began implementing this strategy by divesting a significant portion of its available-for-sale fixed maturity securities and initiating investments in equity securities.
Investments in Fixed Maturity Securities

Available-for-Sale Fixed Maturity Securities The following table summarizes the Company’s AFS fixed maturity securities as of June 30, 2026:
thousandsAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Government$93,277 $6 $(16)$93,267 
Asset-backed7,111 1 — 7,112 
U.S. Agencies16,447 — (6)16,441 
Mortgage-backed86,439 44 (5)86,478 
U.S. Corporate42,604 39 (6)42,637 
Foreign Governments660 — (12)648 
Total$246,538 $90 $(45)$246,583 

The amortized cost and estimated fair values of AFS fixed maturity securities as of June 30, 2026, are summarized below by remaining maturity. Actual maturities may differ from contractual maturities as issuers and borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties.
thousandsAmortized CostFair Value
Due in one year or less$31,731 $31,712 
Due after one year through five years97,936 97,925 
Due after five years through ten years7,153 7,153 
Due after ten years16,168 16,203 
Total152,988 152,993 
Asset-backed7,111 7,112 
Mortgage-backed securities86,439 86,478 
Total$246,538 $246,583 

The following table summarizes the proceeds and gross realized gains and losses from sales of AFS fixed maturity securities:
Three Months Ended June 30,Six Months Ended June 30,
thousands2026202520262025
Proceeds from sales$2,335,763 $— $2,335,763 $— 
Gross realized gains from sales2,609 — 2,609 — 
Gross realized losses from sales(4,756)— (4,756)— 

Investments in Equity Securities The following table summarizes the Company’s equity securities as of June 30, 2026:
thousandsCost BasisNet Unrealized Gains (Losses)Fair Value
Communications$528,589 $(14,383)$514,206 
Consumer products249,980 (7,367)242,613 
Financial209,922 (2,232)207,690 
Technology124,998 (11,972)113,026 
Total$1,113,489 $(35,954)$1,077,535 
Net Investment Income The components of net investment income are as follows:
Three Months Ended June 30,Six Months Ended June 30,
thousands2026202520262025
Fixed maturity securities AFS$8,563 $— $8,563 $— 
Equity securities1,396 — 1,396 — 
Short-term investments, cash, and other1,301 — 1,301 — 
Gross investment income11,260 — 11,260 — 
Investment expenses(272)— (272)— 
Net investment income$10,988 $— $10,988 $— 

Pledged Investments As of June 30, 2026, Vantage had restricted assets comprised of restricted cash of $84.5 million and fixed maturity investments of $223.2 million that were pledged during the normal course of business.