Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Investments [Abstract] |
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| Schedule of Available-for-Sale Investments |
The Company’s available-for-sale fixed maturity securities are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Cost or
Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair
Value | | (in thousands) | | June 30, 2026 | | | | | | | | | Fixed maturity securities: | | | | | | | | State and municipal | $ | 238,029 | | | $ | 1,151 | | | $ | (19,746) | | | $ | 219,434 | | Residential mortgage-backed | 478,058 | | | 1,339 | | | (16,669) | | | 462,728 | | Corporate | 650,470 | | | 2,171 | | | (20,648) | | | 631,993 | | Commercial mortgage and asset-backed | 115,878 | | | 87 | | | (4,337) | | | 111,628 | | | | | | | | | | U.S. Treasury securities and obligations guaranteed by the U.S. government | 13,646 | | | 1 | | | (137) | | | 13,510 | | | | | | | | | | | Total fixed maturity securities, available-for-sale | $ | 1,496,081 | | | $ | 4,749 | | | $ | (61,537) | | | $ | 1,439,293 | | | December 31, 2025 | | | | | | | | | Fixed maturity securities: | | | | | | | | State and municipal | $ | 237,366 | | | $ | 1,164 | | | $ | (19,053) | | | $ | 219,477 | | Residential mortgage-backed | 483,074 | | | 3,239 | | | (13,595) | | | 472,718 | | Corporate | 589,477 | | | 5,461 | | | (17,184) | | | 577,754 | | Commercial mortgage and asset-backed | 124,507 | | | 187 | | | (4,159) | | | 120,535 | | | | | | | | | | U.S. Treasury securities and obligations guaranteed by the U.S. government | 14,326 | | | 28 | | | (64) | | | 14,290 | | | | | | | | | | | Total fixed maturity securities, available-for-sale | $ | 1,448,750 | | | $ | 10,079 | | | $ | (54,055) | | | $ | 1,404,774 | |
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| Schedule of Available-for-Sale Investments by Contractual Maturity |
The amortized cost and fair value of available-for-sale investments in fixed maturity securities at June 30, 2026 are summarized, by contractual maturity, as follows: | | | | | | | | | | | | | Cost or
Amortized
Cost | | Fair
Value | | (in thousands) | | One year or less | $ | 61,786 | | | $ | 61,257 | | | After one year through five years | 454,752 | | | 443,511 | | | After five years through ten years | 237,274 | | | 227,722 | | | After ten years | 148,333 | | | 132,447 | | | Residential mortgage-backed | 478,058 | | | 462,728 | | | Commercial mortgage and asset-backed | 115,878 | | | 111,628 | | | | | | | Total | $ | 1,496,081 | | | $ | 1,439,293 | |
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| Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities |
The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | 12 Months or More | | Total | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | Fair
Value | | Gross
Unrealized
Losses | | (in thousands) | | June 30, 2026 | | | | | | | | | | | | | Fixed maturity securities: | | | | | | | | | | | | | State and municipal | $ | 28,467 | | | $ | (497) | | | $ | 140,874 | | | $ | (19,249) | | | $ | 169,341 | | | $ | (19,746) | | | Residential mortgage-backed | 220,696 | | | (2,622) | | | 117,064 | | | (14,047) | | | 337,760 | | | (16,669) | | | Corporate | 231,849 | | | (2,835) | | | 193,995 | | | (17,813) | | | 425,844 | | | (20,648) | | | Commercial mortgage and asset-backed | 17,071 | | | (64) | | | 66,064 | | | (4,273) | | | 83,135 | | | (4,337) | | | | | | | | | | | | | | U.S. Treasury securities and obligations guaranteed by the U.S. government | 8,939 | | | (96) | | | 3,885 | | | (41) | | | 12,824 | | | (137) | | | | | | | | | | | | | | | Total fixed maturity securities, available-for-sale | $ | 507,022 | | | $ | (6,114) | | | $ | 521,882 | | | $ | (55,423) | | | $ | 1,028,904 | | | $ | (61,537) | | | December 31, 2025 | | | | | | | | | | | | | Fixed maturity securities: | | | | | | | | | | | | | State and municipal | $ | 26,425 | | | $ | (369) | | | $ | 152,646 | | | $ | (18,684) | | | $ | 179,071 | | | $ | (19,053) | | | Residential mortgage-backed | 63,405 | | | (193) | | | 171,993 | | | (13,402) | | | 235,398 | | | (13,595) | | | Corporate | 61,910 | | | (243) | | | 214,235 | | | (16,941) | | | 276,145 | | | (17,184) | | | Commercial mortgage and asset-backed | 7,662 | | | (19) | | | 78,130 | | | (4,140) | | | 85,792 | | | (4,159) | | | | | | | | | | | | | | U.S. Treasury securities and obligations guaranteed by the U.S. government | 241 | | | (2) | | | 4,810 | | | (62) | | | 5,051 | | | (64) | | | | | | | | | | | | | | | Total fixed maturity securities, available-for-sale | $ | 159,643 | | | $ | (826) | | | $ | 621,814 | | | $ | (53,229) | | | $ | 781,457 | | | $ | (54,055) | |
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| Schedule of Net Unrealized Gains and Losses on Investments |
The Company’s net realized and unrealized gains and losses on investments are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (in thousands) | | Fixed maturity securities: | | | | | | | | | Gross realized gains | $ | 12 | | | $ | 13 | | | $ | 80 | | | $ | 45 | | | Gross realized losses | (222) | | | (13) | | | (255) | | | (20) | | | (210) | | | — | | | (175) | | | 25 | | | Bank loan participations: | | | | | | | | | Gross realized gains | 99 | | | 137 | | | 170 | | | 229 | | | Gross realized losses | (884) | | | (1,291) | | | (2,288) | | | (3,057) | | | Changes in fair values of bank loan participations | 1,047 | | | 1,407 | | | (2,517) | | | 767 | | | 262 | | | 253 | | | (4,635) | | | (2,061) | | | Equity securities: | | | | | | | | | Gross realized gains | 209 | | | 42 | | | 209 | | | 252 | | | Gross realized losses | — | | | (7) | | | — | | | (7) | | | Changes in fair values of equity securities | 738 | | | (640) | | | (1,032) | | | 68 | | | 947 | | | (605) | | | (823) | | | 313 | | | Short-term investments and other: | | | | | | | | | Gross realized gains | — | | | — | | | — | | | 1 | | | Gross realized losses | — | | | — | | | — | | | (1) | | | | | | | | | | | — | | | — | | | — | | | — | | | Total | $ | 999 | | | $ | (352) | | | $ | (5,633) | | | $ | (1,723) | |
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| Schedule of Net Realized Gains and Losses on Investments |
The Company’s net realized and unrealized gains and losses on investments are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (in thousands) | | Fixed maturity securities: | | | | | | | | | Gross realized gains | $ | 12 | | | $ | 13 | | | $ | 80 | | | $ | 45 | | | Gross realized losses | (222) | | | (13) | | | (255) | | | (20) | | | (210) | | | — | | | (175) | | | 25 | | | Bank loan participations: | | | | | | | | | Gross realized gains | 99 | | | 137 | | | 170 | | | 229 | | | Gross realized losses | (884) | | | (1,291) | | | (2,288) | | | (3,057) | | | Changes in fair values of bank loan participations | 1,047 | | | 1,407 | | | (2,517) | | | 767 | | | 262 | | | 253 | | | (4,635) | | | (2,061) | | | Equity securities: | | | | | | | | | Gross realized gains | 209 | | | 42 | | | 209 | | | 252 | | | Gross realized losses | — | | | (7) | | | — | | | (7) | | | Changes in fair values of equity securities | 738 | | | (640) | | | (1,032) | | | 68 | | | 947 | | | (605) | | | (823) | | | 313 | | | Short-term investments and other: | | | | | | | | | Gross realized gains | — | | | — | | | — | | | 1 | | | Gross realized losses | — | | | — | | | — | | | (1) | | | | | | | | | | | — | | | — | | | — | | | — | | | Total | $ | 999 | | | $ | (352) | | | $ | (5,633) | | | $ | (1,723) | |
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| Schedule of Other Invested Assets |
The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and private debt. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Carrying Value | | Investment Income | | | | | | June 30, | | December 31, | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | | | | 2026 | | 2025 | | 2026 | | 2025 | | 2026 | | 2025 | | | | | | (in thousands) | | | | | Renewable energy LLCs (a) | | | | | | | | | | | | | | | | | Excess & Surplus Lines | $ | 7,189 | | | $ | 7,274 | | | $ | (4) | | | $ | (320) | | | $ | (34) | | | $ | (320) | | | | | | | Corporate & Other | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 7,189 | | | 7,274 | | | (4) | | | (320) | | | (34) | | | (320) | | | | | | Limited partnerships (b) | | | | | | | | | | | | | | | | | Excess & Surplus Lines | 14,552 | | | 13,108 | | | (368) | | | 851 | | | 806 | | | 860 | | | | | | | Corporate & Other | 369 | | | 369 | | | — | | | — | | | — | | | — | | | | | | | 14,921 | | | 13,477 | | | (368) | | | 851 | | | 806 | | | 860 | | | | | | Private Debt (c) | | | | | | | | | | | | | | | | | Excess & Surplus Lines | 47,856 | | | 43,401 | | | 706 | | | 455 | | | 1,377 | | | 646 | | | | | | | Corporate & Other | — | | | — | | | — | | | — | | | — | | | — | | | | | | | 47,856 | | | 43,401 | | | 706 | | | 455 | | | 1,377 | | | 646 | | | | | | | Total other invested assets | | | | | | | | | | | | | | | | | Excess & Surplus Lines | 69,597 | | | 63,783 | | | 334 | | | 986 | | | 2,149 | | | 1,186 | | | | | | | Corporate & Other | 369 | | | 369 | | | — | | | — | | | — | | | — | | | | | | | $ | 69,966 | | | $ | 64,152 | | | $ | 334 | | | $ | 986 | | | $ | 2,149 | | | $ | 1,186 | | | | | |
(a)The Company's Excess & Surplus Lines segment owns equity interests ranging from 3.6% to 5.1% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $50,000 and $48,000 in the six months ended June 30, 2026 and 2025, respectively. (b) The Company has invested in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. As of June 30, 2026, the Company’s Excess & Surplus Lines segment has outstanding commitments to invest another $10.8 million in the limited partnerships. (c) The Company's Excess & Surplus Lines segment has invested in ten notes receivable for structured private credit. Interest on two notes maturing in 2031 is fixed at 4.25% and 5.25%. Interest on two notes maturing in 2035 is fixed at 6.50% and 8.00%. Interest on three notes maturing in 2035 is fixed at 6.00%, 7.00%, and 8.00%. Interest on three notes maturing in 2064 is fixed at 6.79%, 8.04%, and 9.04%. As of June 30, 2026, the Company’s Excess & Surplus Lines segment has outstanding commitments to invest another $75.3 million in these notes.
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