v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table sets forth the range of the discount rate as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
High12.78 %11.10 %
Low4.66 %4.25 %
Weighted average7.99 %6.40 %
The following table sets forth the range and weighted average, weighted by relative fair value, of the spread as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
High8.09 %8.34 %
Low6.54 %6.55 %
Weighted average7.65 %7.74 %
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables set forth the Company’s investments and derivatives within the fair value hierarchy at June 30, 2026 and December 31, 2025:
June 30, 2026
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$127,064 $— $— $127,064 
Non U.S government securities— 2,677 — 2,677 
Corporate securities and miscellaneous— 650,362 140,445 790,807 
Municipal securities— 92,213 — 92,213 
Residential mortgage-backed securities— 445,211 — 445,211 
Commercial mortgage-backed securities— 84,624 — 84,624 
Other asset-backed securities— 632,209 17,378 649,587 
Total fixed maturity securities, available-for-sale127,064 1,907,296 157,823 2,192,183 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 34,716 34,716 
Total fixed maturity securities, held-to-maturity— — 34,716 34,716 
Equity securities:
Preferred stocks— 1,141 — 1,141 
Total equity securities— 1,141 — 1,141 
Mortgage loans— — 9,218 9,218 
Short-term investments392,634 — — 392,634 
Derivatives40,535 — — 40,535 
Total$560,233 $1,908,437 $201,757 $2,670,427 
December 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Fixed maturity securities, available-for-sale:
U.S. government securities$44,468 $— $— $44,468 
Corporate securities and miscellaneous— 503,274 133,113 636,387 
Municipal securities— 102,116 — 102,116 
Residential mortgage-backed securities— 486,587 — 486,587 
Commercial mortgage-backed securities— 73,050 — 73,050 
Other asset-backed securities— 495,891 17,804 513,695 
Total fixed maturity securities, available-for-sale44,468 1,660,918 150,917 1,856,303 
Fixed maturity securities, held-to-maturity:
Other asset-backed securities— — 33,603 33,603 
Total fixed maturity securities, held-to-maturity:— — 33,603 33,603 
Equity securities:
Preferred stocks— 1,174 — 1,174 
Total equity securities— 1,174 — 1,174 
Mortgage loans— — 9,902 9,902 
Short-term investments264,299 — — 264,299 
Derivatives34,857 — — 34,857 
Total$343,624 $1,662,092 $194,422 $2,200,138 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables set forth the changes in the fair value of instruments carried at fair value with a Level 3 measurement during the six months ended June 30, 2026 and 2025:
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2025$150,917 $9,902 
Total losses for the period recognized in net investment (losses) gains(62)(814)
Purchases11,266 — 
Sales/Disposals(334)— 
Total unrealized losses for the period recognized in accumulated comprehensive (loss) income(2,337)— 
Balance at March 31, 2026$159,450 $9,088 
Total (losses) gains for the period recognized in net investment gains(161)130 
Transfers into Level 3643 — 
Purchases3,458 — 
Sales/Disposals(5,518)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)(49)— 
Balance at June 30, 2026$157,823 $9,218 
($ in thousands)Fixed Maturity Securities, Available-For-SaleMortgage Loans
Balance at December 31, 2024$77,920 $26,490 
Total losses for the period recognized in net investment gains(110)(66)
Issuances— 5 
Settlements— (10,417)
Purchases5,164 — 
Sales/Disposals(199)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)682 — 
Balance at March 31, 2025$83,457 $16,012 
Total losses for the period recognized in net investment gains attributable to the change in unrealized gains or losses relating to assets held as of period end$— $(84)
Total (losses) gains for the period recognized in net investment gains(4,081)330 
Issuances— 8 
Settlements— (6,182)
Transfers into Level 36,143 — 
Purchases8,838 — 
Sales/Disposals(237)— 
Total unrealized gains for the period recognized in accumulated comprehensive income (loss)747 — 
Balance at June 30, 2025$94,867 $10,168 
Total gains for the period recognized in net investment gains (losses) attributable to the change in unrealized gains or losses relating to assets held as of period end$— $92 
Schedule of Subordinated Debt
The following table sets forth the Company’s carrying and fair values of notes payable and subordinated debt as of June 30, 2026 and December 31, 2025:
June 30, 2026December 31, 2025
($ in thousands)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Notes payable
FHLB Loan$57,000 $56,737 $57,000 $57,458 
Revolving Credit Facility114,500 114,500 114,500 114,500 
Term Loan Facility, net of debt issuance costs246,120 246,073 300,000 300,000 
Notes payable$417,620 $417,310 $471,500 $471,958 
Subordinated debt
Unsecured subordinated notes$19,585 $20,812 $19,569 $21,020 
Subordinated debt, net of debt issuance costs$19,585 $20,812 $19,569 $21,020