The Company’s available‑for‑sale investments are summarized as follows:


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
June 30, 2026	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,870	$	11	$	(346	)	$	—	$	23,535
U.S. States, Territories, and Political Subdivisions		17,773		87		(955	)		—		16,905
Special revenue excluding mortgage/asset-backed securities		20,165		51		(1,787	)		—		18,429
Corporate and other		750,667		4,588		(13,600	)		—		741,655
Mortgage/asset-backed securities		710,530		3,189		(11,383	)		—		702,336
Total available-for-sale investments	$	1,523,005	$	7,926	$	(28,071	)	$	—	$	1,502,860


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
December 31, 2025	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,716	$	97	$	(226	)	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		19,745		111		(994	)		—		18,862
Special revenue excluding mortgage/asset-backed securities		19,280		72		(1,887	)		—		17,465
Corporate and other		606,748		9,891		(8,404	)		—		608,235
Mortgage/asset-backed securities		558,116		5,922		(8,000	)		—		556,038
Total available-for-sale investments	$	1,227,605	$	16,093	$	(19,511	)	$	—	$	1,224,187

As of June 30, 2026, the Company held 739 fixed maturity securities in an unrealized loss position with a total estimated fair value of $904.5 million and total gross unrealized losses of $28.1 million. As of December 31, 2025, the Company held 391 fixed

maturity securities in an unrealized loss position with a total estimated fair value of $375.4 million and total gross unrealized losses of $19.5 million.

The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of June 30, 2026 and December 31, 2025, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
June 30, 2026	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	14,362	$	(122	)	$	6,675	$	(224	)	$	21,037	$	(346	)
U.S. States, Territories, and Political Subdivisions		1,698		(37	)		11,872		(918	)		13,570		(955	)
Special revenue excluding mortgage/asset-backed securities		999		(18	)		15,277		(1,769	)		16,276		(1,787	)
Corporate and other		325,212		(5,188	)		137,030		(8,412	)		462,242		(13,600	)
Mortgage/asset-backed securities		320,219		(3,046	)		71,110		(8,337	)		391,329		(11,383	)
Total available-for-sale investments	$	662,490	$	(8,411	)	$	241,964	$	(19,660	)	$	904,454	$	(28,071	)


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2025	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	2,006	$	(38	)	$	5,704	$	(188	)	$	7,710	$	(226	)
U.S. States, Territories, and Political Subdivisions		5,157		(441	)		9,509		(553	)		14,666		(994	)
Special revenue excluding mortgage/asset-backed securities		—		—			15,185		(1,887	)		15,185		(1,887	)
Corporate and other		49,963		(948	)		160,780		(7,456	)		210,743		(8,404	)
Mortgage/asset-backed securities		47,313		(406	)		79,733		(7,594	)		127,046		(8,000	)
Total available-for-sale investments	$	104,439	$	(1,833	)	$	270,911	$	(17,678	)	$	375,350	$	(19,511	)

The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Note 2 of the Notes to the Consolidated Financial Statements in the 2025 Annual Report on Form 10-K.

Based on the Company’s review as of June 30, 2026, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis.

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

Net investment income is summarized as follows:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
	($ in thousands)						($ in thousands)
Interest income	$	19,090		$	13,344		$	36,398		$	25,308
Dividend income		1,370			242			2,340			559
Investment expense		(510	)		(216	)		(804	)		(426	)
Net investment income	$	19,950		$	13,370		$	37,934		$	25,441

The following table presents net realized and unrealized investment gains and losses:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
	($ in thousands)						($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	29		$	409		$	36		$	434
Gains on sales of equity securities		—			218			—			234
Total realized gains		29			627			36			668
Realized losses:
Losses on sales of fixed maturity securities		(121	)		(298	)		(121	)		(758	)
Losses on sales of equity securities		—			(225	)		—			(234	)
Total realized losses		(121	)		(523	)		(121	)		(992	)
Net realized investment (losses) gains		(92	)		104			(85	)		(324	)
Change in allowance for credit losses		—			—			—			244
Net unrealized gains on equity securities		6,353			5,659			4,259			3,327
Net unrealized gains on equity method investment		—			2,286			—			2,268
Net unrealized gains on other investments		492			257			686			453
Net realized and unrealized gains on investments	$	6,753		$	8,306		$	4,860		$	5,968

Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date.

Proceeds from the sale of fixed maturity securities were $32.3 million and $3.0 million for the three months ended June 30, 2026 and 2025, respectively. Proceeds from the sale of equity securities were an insignificant amount and $4.6 million for the three months ended June 30, 2026 and 2025.

Proceeds from the sale of fixed maturity securities were $47.7 million and $8.8 million for the six months ended June 30, 2026 and 2025, respectively. Proceeds from the sale of equity securities were an insignificant amount and $6.4 million for the six months ended June 30, 2026 and 2025, respectively.

The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the unaudited condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the carrying value of securities on deposit with state regulatory authorities was $18.1 million and $13.5 million, respectively.

The Company has investments in limited partnerships, recorded in the Other investments line of the unaudited condensed consolidated balance sheets at a fair value of $40.9 million as of June 30, 2026. These investments represent capital contributions to private equity funds structured as limited partnerships, which primarily hold illiquid securities. The funds have a ten-year term with no redemption rights. Capital is contributed as called by the general partners, and distributions are received as proceeds are generated

from the underlying investments. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of June 30, 2026, the Company had unfunded commitments to invest an additional $164.3 million in these limited partnerships.