Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments. |
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| Gross unrealized gains and losses on investments in securities |
| | | | | | | | | | | | | | | | | | As of June 30, 2026 | | | | | | | | | | | | | | | | | | | Cost or | | Allowance for | | Gross Unrealized | | Estimated | | | Amortized | | Expected Credit | | | | | | Fair | | | Cost | | Losses | | Gains | | Losses (3) | | Value | U.S. Treasury securities | | $ | 4,209 | | $ | — | | $ | 4 | | $ | (46) | | $ | 4,167 | Obligations of states and political subdivisions | | | 38,814 | | | — | | | 287 | | | (1,820) | | | 37,281 | Residential mortgage-backed securities (1) | | | 372,628 | | | — | | | 2,641 | | | (17,622) | | | 357,647 | Commercial mortgage-backed securities | | | 157,196 | | | — | | | 255 | | | (7,072) | | | 150,379 | Other asset-backed securities | | | 190,732 | | | — | | | 315 | | | (1,318) | | | 189,729 | Corporate and other securities | | | 601,789 | | | (355) | | | 2,822 | | | (14,865) | | | 589,391 | Subtotal, fixed maturity securities | | | 1,365,368 | | | (355) | | | 6,324 | | | (42,743) | | | 1,328,594 | Equity securities (2) | | | 189,372 | | | — | | | 25,530 | | | (12,946) | | | 201,956 | Other invested assets (4) | | | 154,036 | | | — | | | — | | | — | | | 154,036 | Totals | | $ | 1,708,776 | | $ | (355) | | $ | 31,854 | | $ | (55,689) | | $ | 1,684,586 |
| | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | | | | | | | | | | | | | | | | | Cost or | | Allowance for | | Gross Unrealized | | Estimated | | | Amortized | | Expected Credit | | | | | | Fair | | | Cost | | Losses | | Gains | | Losses (3) | | Value | U.S. Treasury securities | | $ | 4,211 | | $ | — | | $ | 22 | | $ | (28) | | $ | 4,205 | Obligations of states and political subdivisions | | | 38,837 | | | — | | | 532 | | | (1,651) | | | 37,718 | Residential mortgage-backed securities (1) | | | 376,354 | | | — | | | 5,075 | | | (15,382) | | | 366,047 | Commercial mortgage-backed securities | | | 162,755 | | | — | | | 702 | | | (6,439) | | | 157,018 | Other asset-backed securities | | | 170,332 | | | — | | | 373 | | | (1,196) | | | 169,509 | Corporate and other securities | | | 584,746 | | | — | | | 7,431 | | | (11,126) | | | 581,051 | Subtotal, fixed maturity securities | | | 1,337,235 | | | — | | | 14,135 | | | (35,822) | | | 1,315,548 | Equity securities (2) | | | 201,591 | | | — | | | 27,327 | | | (7,965) | | | 220,953 | Other invested assets (4) | | | 151,020 | | | — | | | — | | | — | | | 151,020 | Totals | | $ | 1,689,846 | | $ | — | | $ | 41,462 | | $ | (43,787) | | $ | 1,687,521 |
| (1) | Residential mortgage-backed securities consists primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB). |
| (2) | Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan. |
| (3) | The Company’s investment portfolio includes 833 and 700 securities in an unrealized loss position at June 30, 2026 and December 31, 2025, respectively. |
| (4) | Other invested assets are generally accounted for under the equity method which approximated fair value. |
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| Amortized cost and the estimated fair value of fixed maturity securities, by maturity |
| | | | | | | | | As of June 30, 2026 | | | Amortized | | Estimated | | | Cost | | Fair Value | Due in one year or less | | $ | 5,694 | | $ | 5,671 | Due after one year through five years | | | 340,433 | | | 332,248 | Due after five years through ten years | | | 278,972 | | | 273,275 | Due after ten years through twenty years | | | 18,882 | | | 18,795 | Due after twenty years | | | 831 | | | 850 | Asset-backed securities | | | 720,556 | | | 697,755 | Totals | | $ | 1,365,368 | | $ | 1,328,594 |
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| Gross realized gains and losses on sales of investments |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Gross realized gains | | | | | | | | | | | | | Fixed maturity securities | | $ | 194 | | $ | 127 | | $ | 1,570 | | $ | 313 | Equity securities | | | 3,707 | | | 3,426 | | | 13,590 | | | 8,271 | Gross realized losses | | | | | | | | | | | | | Fixed maturity securities | | | (669) | | | (147) | | | (1,361) | | | (271) | Equity securities | | | (1,814) | | | (1,275) | | | (5,750) | | | (1,919) | Net realized gains on investments | | $ | 1,418 | | $ | 2,131 | | $ | 8,049 | | $ | 6,394 | | | | | | | | | | | | | |
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| Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities |
| | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | | Less than 12 Months | | 12 Months or More | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | U.S. Treasury securities | | $ | 2,078 | | $ | 31 | | $ | 1,487 | | $ | 15 | | $ | 3,565 | | $ | 46 | Obligations of states and political subdivisions | | | 10,146 | | | 104 | | | 10,603 | | | 1,716 | | | 20,749 | | | 1,820 | Residential mortgage-backed securities | | | 66,891 | | | 769 | | | 140,933 | | | 16,853 | | | 207,824 | | | 17,622 | Commercial mortgage-backed securities | | | 29,577 | | | 467 | | | 94,468 | | | 6,605 | | | 124,045 | | | 7,072 | Other asset-backed securities | | | 89,238 | | | 296 | | | 6,350 | | | 1,022 | | | 95,588 | | | 1,318 | Corporate and other securities | | | 272,833 | | | 3,708 | | | 145,466 | | | 11,157 | | | 418,299 | | | 14,865 | Subtotal, fixed maturity securities | | | 470,763 | | | 5,375 | | | 399,307 | | | 37,368 | | | 870,070 | | | 42,743 | Equity securities | | | 74,420 | | | 11,250 | | | 4,790 | | | 1,696 | | | 79,210 | | | 12,946 | Total temporarily impaired securities | | $ | 545,183 | | $ | 16,625 | | $ | 404,097 | | $ | 39,064 | | $ | 949,280 | | $ | 55,689 |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | | Less than 12 Months | | 12 Months or More | | Total | | | Estimated | | Unrealized | | Estimated | | Unrealized | | Estimated | | Unrealized | | | Fair Value | | Losses | | Fair Value | | Losses | | Fair Value | | Losses | U.S. Treasury securities | | $ | — | | $ | — | | $ | 1,474 | | $ | 28 | | $ | 1,474 | | $ | 28 | Obligations of states and political subdivisions | | | 1,199 | | | 6 | | | 10,684 | | | 1,645 | | | 11,883 | | | 1,651 | Residential mortgage-backed securities | | | 26,318 | | | 153 | | | 156,857 | | | 15,229 | | | 183,175 | | | 15,382 | Commercial mortgage-backed securities | | | 15,491 | | | 108 | | | 103,960 | | | 6,331 | | | 119,451 | | | 6,439 | Other asset-backed securities | | | 95,322 | | | 146 | | | 10,113 | | | 1,050 | | | 105,435 | | | 1,196 | Corporate and other securities | | | 91,652 | | | 464 | | | 176,063 | | | 10,662 | | | 267,715 | | | 11,126 | Subtotal, fixed maturity securities | | | 229,982 | | | 877 | | | 459,151 | | | 34,945 | | | 689,133 | | | 35,822 | Equity securities | | | 68,924 | | | 5,162 | | | 7,967 | | | 2,803 | | | 76,891 | | | 7,965 | Total temporarily impaired securities | | $ | 298,906 | | $ | 6,039 | | $ | 467,118 | | $ | 37,748 | | $ | 766,024 | | $ | 43,787 |
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| Reconciliation of beginning and ending balances of allowance for expected credit losses on fixed maturities classified as available for sale |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | | 2025 | | 2026 | | 2025 | Beginning of period | | $ | 348 | | $ | 1,519 | | $ | — | | $ | 1,198 | Credit losses on securities with no previously recorded credit losses | | | — | | | — | | | 348 | | | 303 | Net increases (decreases) in allowance on previously impaired securities | | | 7 | | | 66 | | | 7 | | | 84 | Reduction due to sales | | | — | | | (132) | | | — | | | (132) | Writeoffs charged against allowance | | | — | | | — | | | — | | | — | Recoveries of amounts previously written off | | | — | | | — | | | — | | | — | Ending balance of period | | $ | 355 | | $ | 1,453 | | $ | 355 | | $ | 1,453 |
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| Components of net investment income |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Interest on fixed maturity securities | | $ | 14,972 | | $ | 14,752 | | $ | 29,180 | | $ | 27,285 | Dividends on equity securities | | | 2,333 | | | 1,415 | | | 4,980 | | | 2,944 | Equity in earnings of other invested assets | | | 279 | | | 384 | | | 1,502 | | | 1,761 | Interest on other assets | | | 55 | | | 80 | | | 110 | | | 160 | Total investment income | | | 17,639 | | | 16,631 | | | 35,772 | | | 32,150 | Investment expenses | | | 1,080 | | | 907 | | | 2,175 | | | 1,852 | Net investment income | | $ | 16,559 | | $ | 15,724 | | $ | 33,597 | | $ | 30,298 |
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| Fair value measurements for investments |
| | | | | | | | | | | | | | | As of June 30, 2026 | | | Total | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | U.S. Treasury securities | | $ | 4,167 | | $ | — | | $ | 4,167 | | $ | — | Obligations of states and political subdivisions | | | 37,281 | | | — | | | 37,281 | | | — | Residential mortgage-backed securities | | | 357,647 | | | — | | | 357,647 | | | — | Commercial mortgage-backed securities | | | 150,379 | | | — | | | 150,379 | | | — | Other asset-backed securities | | | 189,729 | | | — | | | 189,729 | | | — | Corporate and other securities | | | 589,391 | | | — | | | 589,391 | | | — | Other invested assets | | | 14,285 | | | — | | | 14,285 | | | — | Equity securities | | | 169,908 | | | 168,910 | | | — | | | 998 | Total investment securities | | $ | 1,512,787 | | $ | 168,910 | | $ | 1,342,879 | | $ | 998 |
| | | | | | | | | | | | | | | As of December 31, 2025 | | | Total | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | U.S. Treasury securities | | $ | 4,205 | | $ | — | | $ | 4,205 | | $ | — | Obligations of states and political subdivisions | | | 37,718 | | | — | | | 37,718 | | | — | Residential mortgage-backed securities | | | 366,047 | | | — | | | 366,047 | | | — | Commercial mortgage-backed securities | | | 157,018 | | | — | | | 157,018 | | | — | Other asset-backed securities | | | 169,509 | | | — | | | 169,509 | | | — | Corporate and other securities | | | 581,051 | | | — | | | 581,051 | | | — | Other invested assets | | | 14,209 | | | — | | | 14,209 | | | — | Equity securities | | | 188,954 | | | 188,022 | | | — | | | 932 | Total investment securities | | $ | 1,518,711 | | $ | 188,022 | | $ | 1,329,757 | | $ | 932 |
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| Changes in the Company's Level 3 fair value securities |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | Level 3 | | Level 3 | | Level 3 | | Level 3 | | | Fair Value | | Fair Value | | Fair Value | | Fair Value | | | Securities | | Securities | | Securities | | Securities | Balance at beginning of period | | $ | 932 | | $ | 884 | | $ | 932 | | $ | 2,120 | Net gains and losses included in earnings | | | — | | | — | | | — | | | — | Net gains included in other comprehensive income | | | — | | | — | | | — | | | — | Purchases | | | 66 | | | 48 | | | 66 | | | 48 | Sales | | | — | | | — | | | — | | | (1,236) | Transfers into Level 3 | | | — | | | — | | | — | | | — | Transfers out of Level 3 | | | — | | | — | | | — | | | — | Balance at end of period | | $ | 998 | | $ | 932 | | $ | 998 | | $ | 932 | Amount of total losses included in earnings attributable to the change in unrealized losses related to assets still held at end of period | | $ | — | | $ | — | | $ | — | | $ | — |
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