v3.26.1
Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI
The following tables set forth the amortized cost and the fair value by investment category at June 30, 2026 and December 31, 2025:
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesFair Value
June 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$128,460 $59 $(1,455)$— $127,064 
Non U.S government securities2,721 — (44)— 2,677 
Corporate securities and miscellaneous796,092 7,253 (6,310)(6,228)790,807 
Municipal securities93,125 1,337 (2,249)— 92,213 
Residential mortgage-backed securities450,728 4,979 (10,496)— 445,211 
Commercial mortgage-backed securities84,645 539 (560)— 84,624 
Other asset-backed securities650,855 2,610 (3,878)— 649,587 
Total fixed maturity securities, available-for-sale$2,206,626 $16,777 $(24,992)$(6,228)$2,192,183 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$30,448 $6,524 $— $(2,256)$34,716 
Total fixed maturity securities, held-to-maturity$30,448 $6,524 $— $(2,256)$34,716 
($ in thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Loss		Allowance for Credit LossesFair Value
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$44,190 $292 $(14)$— $44,468 
Corporate securities and miscellaneous632,244 14,223 (3,080)(7,000)636,387 
Municipal securities102,691 1,725 (2,300)— 102,116 
Residential mortgage-backed securities487,145 8,928 (9,486)— 486,587 
Commercial mortgage-backed securities72,631 1,016 (597)— 73,050 
Other asset-backed securities509,854 5,194 (1,353)— 513,695 
Total fixed maturity securities, available-for-sale$1,848,755 $31,378 $(16,830)$(7,000)$1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities$33,290 $829 $(48)$(468)$33,603 
Total fixed maturity securities, held-to-maturity$33,290 $829 $(48)$(468)$33,603 
Schedule of Investments Classified by Contractual Maturity Date
The following table sets forth the amortized cost and fair value of available-for-sale fixed maturity securities by contractual maturity at June 30, 2026:
($ in thousands)Amortized
Cost		Fair Value
Due in less than one year$38,700 $38,794 
Due after one year through five years621,490 613,572 
Due after five years through ten years295,763 297,152 
Due after ten years64,445 63,243 
Mortgage-backed securities535,373 529,835 
Other asset-backed securities650,855 649,587 
Total$2,206,626 $2,192,183 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables set forth the gross unrealized losses and the corresponding fair values of investments, aggregated by length of time that individual securities had been in a continuous unrealized loss position as of June 30, 2026 and 2025:
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
June 30, 2026
Fixed maturity securities, available-for-sale:
U.S. government securities$103,494 $(1,455)$— $— $103,494 $(1,455)
Non-U.S. government securities2,677 (44)— — 2,677 (44)
Corporate securities and miscellaneous347,196 (4,271)40,383 (2,039)387,579 (6,310)
Municipal securities21,859 (380)19,056 (1,869)40,915 (2,249)
Residential mortgage-backed securities151,044 (1,553)61,911 (8,943)212,955 (10,496)
Commercial mortgage-backed securities21,241 (53)5,246 (507)26,487 (560)
Other asset-backed securities292,691 (2,913)8,394 (965)301,085 (3,878)
Total$940,202 $(10,669)$134,990 $(14,323)$1,075,192 $(24,992)
Less than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
December 31, 2025
Fixed maturity securities, available-for-sale:
U.S. government securities$349 $(1)$1,565 $(13)$1,914 $(14)
Corporate securities and miscellaneous67,644 (346)63,575 (2,734)131,219 (3,080)
Municipal securities19,157 (400)22,004 (1,900)41,161 (2,300)
Residential mortgage-backed securities56,147 (262)74,075 (9,224)130,222 (9,486)
Commercial mortgage-backed securities4,646 (3)8,363 (594)13,009 (597)
Other asset-backed securities85,098 (424)16,081 (929)101,179 (1,353)
Total fixed maturity securities, available-for-sale233,041 (1,436)185,663 (15,394)418,704 (16,830)
Fixed maturity securities, held-to-maturity:
Other asset-backed securities1,912 (48)— — 1,912 (48)
Total fixed maturity securities, held-to-maturity:1,912 (48)— — 1,912 (48)
Total$234,953 $(1,484)$185,663 $(15,394)$420,616 $(16,878)
Schedule of Available-for-Sale, Changes in Allowance for Credit Loss
The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the six months ended June 30, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025$7,000 $468 
Recoveries of amounts previously written off(500)(167)
Balance at March 31, 2026$6,500 $301 
Write-offs— 1,955 
Recoveries of amounts previously written off(272)— 
Balance at June 30, 2026$6,228 $2,256 
Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024$— $243 
Current period provision for credit losses— 7 
Balance at March 31, 2025$— $250 
Current period provision for credit losses6,150 18 
Balance at June 30, 2025$6,150 $268 
Schedule of Held-to-Maturity, Changes in Allowance for Credit Loss
The following table sets forth the changes in the allowance for credit losses on available-for-sale securities and held-to-maturity securities during the six months ended June 30, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2025$7,000 $468 
Recoveries of amounts previously written off(500)(167)
Balance at March 31, 2026$6,500 $301 
Write-offs— 1,955 
Recoveries of amounts previously written off(272)— 
Balance at June 30, 2026$6,228 $2,256 
Fixed Maturity Securities, Available-For-SaleFixed Maturity Securities, Held-to-Maturity
Balance at December 31, 2024$— $243 
Current period provision for credit losses— 7 
Balance at March 31, 2025$— $250 
Current period provision for credit losses6,150 18 
Balance at June 30, 2025$6,150 $268 
Schedule of Gain (Loss) on Securities
The following table sets forth the components of net investment (losses) gains for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Gross realized gains
Fixed maturity securities, available-for-sale$1,339 $452 $2,971 $905 
Equity securities— 15,441 — 17,186 
Other(1,964)596 (1,789)626 
Total(625)16,489 1,182 18,717 
Gross realized losses
Fixed maturity securities, available-for-sale(1,347)(8,477)(1,605)(8,597)
Equity securities— (1,577)— (2,255)
Other(556)(164)(695)(335)
Total(1,903)(10,218)(2,300)(11,187)
Net unrealized gains (losses) on investments
Equity securities— (9,429)(33)(8,349)
Mortgage loans— 330 99 264 
Other1,927 5,918 3,636 10,395 
Net investment (losses) gains
$(601)$3,090 $2,584 $9,840 
Schedule of Investment Income
The following table sets forth the proceeds from sales of available-for-sale fixed maturity securities and equity securities for the six months ended June 30, 2026 and 2025:
Six months ended June 30,
($ in thousands)20262025
Fixed maturity securities, available-for-sale$237,986 $25,524 
Equity securities— 67,495 
The following table sets forth the components of net investment income for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Income (loss):
Fixed maturity securities, available-for-sale$25,879 $18,453 $55,290 $35,741 
Fixed maturity securities, held-to-maturity403 (822)(674)— 
Equity securities19 492 37 1,109 
Equity method investments(1,057)(898)(2,354)(2,886)
Mortgage loans291 270 (374)931 
Indirect loans(4,312)(4,249)(6,105)(4,990)
Short-term investments and cash2,463 3,707 5,937 6,899 
Other6,719 909 7,405 1,970 
Total investment income30,405 17,862 59,162 38,774 
Investment expenses322 842 (1,380)(648)
Net investment income$30,727 $18,704 $57,782 $38,126 
The following table sets forth the Company’s gross investment income for mortgage loans for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Commercial$130 $109 $(694)$217 
Retail— — — 304 
Hospitality161 161 320 410 
$291 $270 $(374)$931 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table sets forth the change in net unrealized gains (losses) on the Company’s investment portfolio, net of deferred income taxes, included in other comprehensive loss for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Fixed maturity securities$(1,609)$9,403 $(22,762)$24,687 
Deferred income taxes644 (2,022)4,214 (5,233)
Total$(965)$7,381 $(18,548)$19,454