
Carrying Value (In thousands, except for %)	June 30, 2026				December 31, 2025
	Amount		%		Amount	%

Cash and invested assets:
Fixed maturity securities	$	1,282,060	88.4	%	1,287,861	87.9	%
Equity securities	1,233		0.1		1,356	0.1
Policy loans	66,146		4.6		67,455	4.6
Other long-term investments	83,260		5.7		85,439	5.8

Cash and cash equivalents	16,960		1.2		22,976	1.6

Total cash and invested assets	$	1,449,659	100.0	%	1,465,087	100.0	%


	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
June 30, 2026
(In thousands)

Fixed maturity securities:
U.S. Treasury securities	$	5,667	18	113	5,572
U.S. Government-sponsored enterprises	1,261		53	—	1,314
States and political subdivisions	285,103		1,368	28,086	258,385
Corporate:
Financial	326,003		2,144	29,825	298,322
Consumer	249,191		492	40,120	209,563
Utilities	140,695		399	20,882	120,212
Energy	84,244		215	7,791	76,668
Communications	74,475		320	9,561	65,234
All other	123,430		392	16,376	107,446
Commercial mortgage-backed	10,368		1	99	10,270
Residential mortgage-backed	106,044		5	9,130	96,919
Asset-backed	32,221		597	663	32,155

Total fixed maturity securities	$	1,438,702	6,004	162,646	1,282,060


	Amortized Cost		Gross Unrealized Gains	Gross Unrealized Losses	Fair Value
December 31, 2025
(In thousands)

Fixed maturity securities:
U.S. Treasury securities	$	5,692	61	99	5,654
U.S. Government-sponsored enterprises	1,268		86	—	1,354
States and political subdivisions	294,347		1,881	27,436	268,792
Corporate:
Financial	323,056		4,137	26,847	300,346
Consumer	244,480		797	39,093	206,184
Utilities	136,005		829	20,048	116,786
Energy	82,205		473	7,622	75,056
Communications	69,719		256	8,454	61,521
All other	122,240		764	16,027	106,977
Commercial mortgage-backed	8,872		24	2	8,894
Residential mortgage-backed	111,243		28	8,183	103,088
Asset-backed	33,327		412	530	33,209

Total fixed maturity securities	$	1,432,454	9,748	154,341	1,287,861

Available-for-sale ("AFS") fixed maturity securities are reported in the consolidated financial statements at fair value with the change in fair value recorded through other comprehensive income (loss). Equity securities are also measured at fair value in the consolidated financial statements with the change in fair value recorded through net income (loss). The Company recognized net investment related losses of $0.2 million and $0.1 million for the three and six months ended June 30, 2026 and losses of $16 thousand and gains of $31 thousand for the same periods in 2025, respectively, on equity securities held.

The Company considers several factors in its review and evaluation of individual investments, using the process described in Part IV, Item 15, Note 2. Investments in the notes to the consolidated financial statements of our 2025 Form 10-K to determine whether a credit valuation loss exists. For the three and six months ended June 30, 2026 and 2025, the Company recorded no credit valuation losses on fixed maturity securities.

For fixed maturity security investments that have unrealized losses as of June 30, 2026 and December 31, 2025, the gross unrealized losses and related fair values that have been in a continuous unrealized loss position by timeframe are as follows:


June 30, 2026	Less than 12 months				Greater than 12 months			Total
(In thousands, except for # of securities)	Fair Value		Unrealized Losses	# of Securities	Fair Value	Unrealized Losses	# of Securities	Fair Value	Unrealized Losses	# of Securities

Fixed maturity securities:
U.S. Treasury securities	$	406	4	1	875	109	7	1,281	113	8

States and political subdivisions	45,410		615	55	133,801	27,471	171	179,211	28,086	226
Corporate:
Financial	56,766		1,041	86	142,796	28,784	177	199,562	29,825	263
Consumer	29,360		673	55	159,785	39,447	213	189,145	40,120	268
Utilities	18,502		472	40	80,867	20,410	152	99,369	20,882	192
Energy	25,290		424	45	40,629	7,367	53	65,919	7,791	98
Communications	17,495		470	26	40,927	9,091	49	58,422	9,561	75
All Other	25,831		292	39	67,261	16,084	88	93,092	16,376	127
Commercial mortgage-backed	8,473		97	2	73	2	1	8,546	99	3
Residential mortgage-backed	8,367		165	12	87,476	8,965	71	95,843	9,130	83
Asset-backed	6,417		93	9	12,431	570	14	18,848	663	23

Total fixed maturity securities	$	242,317	4,346	370	766,921	158,300	996	1,009,238	162,646	1,366


December 31, 2025	Less than 12 months				Greater than 12 months			Total
(In thousands, except for # of securities)	Fair Value		Unrealized Losses	# of Securities	Fair Value	Unrealized Losses	# of Securities	Fair Value	Unrealized Losses	# of Securities

Fixed maturity securities:
U.S. Treasury securities	$	—	—	—	883	99	7	883	99	7

States and political subdivisions	21,991		147	28	145,859	27,289	180	167,850	27,436	208
Corporate:
Financial	13,485		196	23	148,244	26,651	182	161,729	26,847	205
Consumer	19,282		361	25	165,229	38,732	225	184,511	39,093	250
Utilities	12,109		170	35	82,012	19,878	152	94,121	20,048	187
Energy	11,650		214	24	44,795	7,408	55	56,445	7,622	79
Communications	10,682		126	14	39,964	8,328	50	50,646	8,454	64
All Other	4,289		38	13	72,186	15,989	93	76,475	16,027	106
Commercial mortgage-backed	—		—	—	79	2	1	79	2	1
Residential mortgage-backed	17		—	4	93,197	8,183	77	93,214	8,183	81
Asset-backed	1,569		66	2	11,569	464	13	13,138	530	15
Total fixed maturity securities	$	95,074	1,318	168	804,017	153,023	1,035	899,091	154,341	1,203

In each category of our fixed maturity securities described above, we do not intend to sell our investments, and it is unlikely that the Company will be required to sell the investments before recovery of their amortized cost bases. As of June 30, 2026 and December 31, 2025, 98.7% of the fair value of our fixed maturity securities portfolio were rated investment grade. While the losses are currently unrealized, we continue to monitor all fixed maturity securities on an on-going basis as future information may become available which could result in an allowance being recorded.

These unrealized losses on fixed maturity securities are due to noncredit-related factors, including changes in credit spreads and rising interest rates since purchase, which have little bearing on the recoverability of our investments, hence they are not recognized as credit losses. The fair value is expected to recover as the securities approach maturity or if market yields for such investments decline.

The amortized cost and fair value of fixed maturity securities at June 30, 2026 by contractual maturity are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date have been reflected based upon final stated maturity.


June 30, 2026	Amortized Cost		Fair Value
(In thousands)
Fixed maturity securities:
Due in one year or less	$	16,462	16,466
Due after one year through five years	118,766		118,344
Due after five years through ten years	313,575		308,914
Due after ten years	989,899		838,336
Total fixed maturity securities	$	1,438,702	1,282,060



	Three Months Ended			Six Months Ended
	June 30,			June 30,
(In thousands)	2026		2025	2026	2025
Fixed maturity securities, available-for-sale:
Proceeds	$	4,718	14,504	16,479	14,569
Gross realized gains	$	104	91	159	92
Gross realized losses	$	53	438	421	442