v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
Assets measured at fair value on a recurring basis as of June 30, 2026 are summarized below:
Fair Value Measurements Using
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal$— $219,434 $— $219,434 
Residential mortgage-backed— 462,728 — 462,728 
Corporate— 631,993 — 631,993 
Commercial mortgage and asset-backed— 111,628 — 111,628 
U.S. Treasury securities and obligations guaranteed by the U.S. government
13,510 — — 13,510 
Total fixed maturity securities, available-for-sale$13,510 $1,425,783 $— $1,439,293 
Equity securities:
Preferred stock— 71,139 — 71,139 
Common stock— 2,495 5 2,500 
Total equity securities$— $73,634 $5 $73,639 
Bank loan participations$— $156,669 $— $156,669 
Short-term investments$— $4,037 $— $4,037 
  
Assets measured at fair value on a recurring basis as of December 31, 2025 are summarized below:
Fair Value Measurements Using
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal$— $219,477 $— $219,477 
Residential mortgage-backed— 472,718 — 472,718 
Corporate— 577,754 — 577,754 
Commercial mortgage and asset-backed— 120,535 — 120,535 
U.S. Treasury securities and obligations guaranteed by the U.S. government
14,290 — — 14,290 
Total fixed maturity securities, available-for-sale$14,290 $1,390,484 $— $1,404,774 
Equity securities:
Preferred stock— 70,601 — 70,601 
Common stock— 2,487 4 2,491 
Total equity securities$— $73,088 $4 $73,092 
Bank loan participations$— $155,138 $— $155,138 
Short-term investments$— $— $— $— 
Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(in thousands)
Beginning balance$9 $2 $4 $5 
Transfers out of Level 3— — — — 
Transfers in to Level 3— — — — 
Purchases— — — — 
Sales— — — — 
Maturities, calls and paydowns— — — — 
Amortization of discount— — — — 
Total gains or losses (realized/unrealized):
Included in earnings(4)(1)1 (4)
Included in other comprehensive income— — — — 
Ending balance$5 $1 $5 $1 
Schedule of Carrying Value and Fair Value of Financial Instruments
The carrying values and fair values of financial instruments are summarized below:
June 30, 2026December 31, 2025
Carrying
Value		Fair ValueCarrying
Value		Fair Value
(in thousands)
Assets
Fixed maturity securities, available-for-sale$1,439,293 $1,439,293 $1,404,774 $1,404,774 
Equity securities73,639 73,639 73,092 73,092 
Bank loan participations156,669 156,669 155,138 155,138 
Cash and cash equivalents195,576 195,576 260,941 260,941 
Restricted cash equivalents8,633 8,633 8,481 8,481 
Short-term investments4,037 4,037 — — 
Other invested assets – notes receivable47,856 48,446 43,401 44,639 
Liabilities
Senior debt225,800 229,469 225,800 230,007 
Junior subordinated debt104,055 115,777 104,055 116,093