| Summary of Assets and Liabilities Measured at Fair Value |
The following tables present the Company’s assets and liabilities measured at fair value, classified by the valuation hierarchy as of June 30, 2026 and December 31, 2025 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Fair Value Measurements |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
4,682 |
|
|
$ |
— |
|
|
$ |
4,682 |
|
|
$ |
— |
|
State and local government |
|
|
16,805 |
|
|
|
— |
|
|
|
16,805 |
|
|
|
— |
|
Corporate debt |
|
|
20,649 |
|
|
|
— |
|
|
|
20,649 |
|
|
|
— |
|
Asset-backed securities |
|
|
18,957 |
|
|
|
— |
|
|
|
18,957 |
|
|
|
— |
|
Mortgage-backed securities |
|
|
17,332 |
|
|
|
— |
|
|
|
17,332 |
|
|
|
— |
|
Commercial mortgage-backed securities |
|
|
5,073 |
|
|
|
— |
|
|
|
5,073 |
|
|
|
— |
|
Collateralized mortgage obligations |
|
|
2,058 |
|
|
|
— |
|
|
|
2,058 |
|
|
|
— |
|
Total debt securities |
|
|
85,556 |
|
|
|
— |
|
|
|
85,556 |
|
|
|
— |
|
Equity Securities |
|
|
232 |
|
|
|
12 |
|
|
|
220 |
|
|
|
— |
|
Short-term investments |
|
|
28,389 |
|
|
|
28,389 |
|
|
|
— |
|
|
|
— |
|
Total marketable investments measured at fair value |
|
$ |
114,177 |
|
|
$ |
28,401 |
|
|
$ |
85,776 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in limited partnerships |
|
|
763 |
|
|
|
|
|
|
|
|
|
|
Total investments measured at fair value |
|
$ |
114,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Funds-withheld obligation |
|
|
20,032 |
|
|
|
— |
|
|
|
20,032 |
|
|
|
— |
|
Total Liabilities fair value measure |
|
$ |
20,032 |
|
|
$ |
— |
|
|
$ |
20,032 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Fair Value Measurements |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government |
|
$ |
4,605 |
|
|
$ |
— |
|
|
$ |
4,605 |
|
|
$ |
— |
|
State and local government |
|
|
17,216 |
|
|
|
— |
|
|
|
17,216 |
|
|
|
— |
|
Corporate debt |
|
|
23,764 |
|
|
|
— |
|
|
|
23,764 |
|
|
|
— |
|
Asset-backed securities |
|
|
20,973 |
|
|
|
— |
|
|
|
20,973 |
|
|
|
— |
|
Mortgage-backed securities |
|
|
18,568 |
|
|
|
— |
|
|
|
18,568 |
|
|
|
— |
|
Commercial mortgage-backed securities |
|
|
1,006 |
|
|
|
— |
|
|
|
1,006 |
|
|
|
— |
|
Collateralized mortgage obligations |
|
|
2,173 |
|
|
|
— |
|
|
|
2,173 |
|
|
|
— |
|
Total debt securities |
|
|
88,305 |
|
|
|
— |
|
|
|
88,305 |
|
|
|
— |
|
Equity securities |
|
|
313 |
|
|
|
93 |
|
|
|
220 |
|
|
|
— |
|
Short-term investments |
|
|
24,725 |
|
|
|
22,204 |
|
|
|
2,521 |
|
|
|
— |
|
Total marketable investments measured at fair value |
|
$ |
113,343 |
|
|
$ |
22,297 |
|
|
$ |
91,046 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments measured at NAV: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in limited partnerships |
|
|
964 |
|
|
|
|
|
|
|
|
|
|
Total investments measured at fair value |
|
|
114,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent considerations from CIS Sale |
|
|
4,290 |
|
|
|
— |
|
|
|
— |
|
|
|
4,290 |
|
Total assets measured at fair value |
|
$ |
118,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Funds-withheld obligation |
|
|
21,284 |
|
|
|
— |
|
|
|
21,284 |
|
|
|
— |
|
Total Liabilities fair value measure |
|
$ |
21,284 |
|
|
$ |
— |
|
|
$ |
21,284 |
|
|
$ |
— |
|
|
| Rollforward of Level 3 Assets and Liabilities Held at Fair Value |
The Company's policy on recognizing transfers between hierarchies is applied at the end of each reporting period. The tables below show a roll forward of Level 3 assets and liabilities held at fair value during the three and six months ended June 30, 2026 (dollars in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
March 31, 2026 |
|
|
Additions into Level 3 |
|
|
Subtractions
out of Level 3 |
|
|
Change in Fair Value |
|
|
Balance as of
June 30, 2026 |
|
Contingent considerations |
|
$ |
8,780 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
1,220 |
|
|
$ |
— |
|
Total recurring Level 3 assets |
|
$ |
8,780 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
1,220 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of
January 1, 2026 |
|
|
Additions into Level 3 |
|
|
Subtractions
out of Level 3 |
|
|
Change in Fair Value |
|
|
Balance as of
June 30, 2026 |
|
Contingent considerations |
|
$ |
4,290 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
5,710 |
|
|
$ |
— |
|
Total recurring Level 3 assets |
|
$ |
4,290 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
5,710 |
|
|
$ |
— |
|
|