Investments in Fixed Maturity and Equity Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Summary of available-for-sale fixed maturity securities |
The following table summarizes the Company’s AFS fixed maturity securities as of June 30, 2026: | | | | | | | | | | | | | | | | | thousands | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | | U.S. Government | $ | 93,277 | | $ | 6 | | $ | (16) | | $ | 93,267 | | | | Asset-backed | 7,111 | | 1 | | — | | 7,112 | | | | U.S. Agencies | 16,447 | | — | | (6) | | 16,441 | | | | Mortgage-backed | 86,439 | | 44 | | (5) | | 86,478 | | | | U.S. Corporate | 42,604 | | 39 | | (6) | | 42,637 | | | | Foreign Governments | 660 | | — | | (12) | | 648 | | | | | | | | | | Total | $ | 246,538 | | $ | 90 | | $ | (45) | | $ | 246,583 | | |
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| Summary of estimated fair values of AFS fixed maturity securities |
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. | | | | | | | | | | thousands | Amortized Cost | Fair Value | | Due in one year or less | $ | 31,731 | | $ | 31,712 | | | Due after one year through five years | 97,936 | | 97,925 | | | Due after five years through ten years | 7,153 | | 7,153 | | | Due after ten years | 16,168 | | 16,203 | | | Total | 152,988 | | 152,993 | | | Asset-backed | 7,111 | | 7,112 | | | Mortgage-backed securities | 86,439 | | 86,478 | | | Total | $ | 246,538 | | $ | 246,583 | |
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| Summary of proceeds and gross realized gains and losses |
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, | | thousands | 2026 | 2025 | | 2026 | 2025 | | Proceeds from sales | $ | 2,335,763 | | $ | — | | | $ | 2,335,763 | | $ | — | | | Gross realized gains from sales | 2,609 | | — | | | 2,609 | | — | | | Gross realized losses from sales | (4,756) | | — | | | (4,756) | | — | |
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| Summary of equity securities and net income investment |
The following table summarizes the Company’s equity securities as of June 30, 2026: | | | | | | | | | | | | | | thousands | Cost Basis | Net Unrealized Gains (Losses) | Fair Value | | | Communications | $ | 528,589 | | $ | (14,383) | | $ | 514,206 | | | | Consumer products | 249,980 | | (7,367) | | 242,613 | | | | Financial | 209,922 | | (2,232) | | 207,690 | | | | Technology | 124,998 | | (11,972) | | 113,026 | | | | | | | | | | | | | | Total | $ | 1,113,489 | | $ | (35,954) | | $ | 1,077,535 | | |
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| Summary of net investment income |
The components of net investment income are as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | thousands | 2026 | 2025 | | 2026 | 2025 | | Fixed maturity securities AFS | $ | 8,563 | | $ | — | | | $ | 8,563 | | $ | — | | | | | | | | | Equity securities | 1,396 | | — | | | 1,396 | | — | | | Short-term investments, cash, and other | 1,301 | | — | | | 1,301 | | — | | | Gross investment income | 11,260 | | — | | | 11,260 | | — | | | Investment expenses | (272) | | — | | | (272) | | — | | | Net investment income | $ | 10,988 | | $ | — | | | $ | 10,988 | | $ | — | |
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