Investments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Investments [Abstract] |
|
| Investments Aggregated by Type and Industry |
Fixed maturity securities were comprised of the following:
|
|
2025
|
|
|
Estimated
Fair Value
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Allowance
for
Credit
Losses
|
|
|
Amortized
Cost
|
|
|
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
|
$
|
24,067 |
|
|
$
|
207 |
|
|
$
|
1,525 |
|
|
$
|
- |
|
|
$
|
25,385 |
|
|
Loan backed and structured securities
|
|
|
29,033 |
|
|
|
192 |
|
|
|
1,322 |
|
|
|
- |
|
|
|
30,163 |
|
|
Obligations of states and political subdivisions
|
|
|
7,335 |
|
|
|
16 |
|
|
|
1,445 |
|
|
|
- |
|
|
|
8,764 |
|
|
Corporate securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities and telecom
|
|
|
30,844 |
|
|
|
240 |
|
|
|
2,736 |
|
|
|
- |
|
|
|
33,340 |
|
|
Financial services
|
|
|
65,779 |
|
|
|
952 |
|
|
|
3,193 |
|
|
|
- |
|
|
|
68,020 |
|
|
Other business – diversified
|
|
|
41,191 |
|
|
|
174 |
|
|
|
3,184 |
|
|
|
- |
|
|
|
44,201 |
|
|
Other consumer – diversified
|
|
|
45,658 |
|
|
|
97 |
|
|
|
4,597 |
|
|
|
- |
|
|
|
50,158 |
|
|
Total corporate securities
|
|
|
183,472 |
|
|
|
1,463 |
|
|
|
13,710 |
|
|
|
- |
|
|
|
195,719 |
|
|
Redeemable preferred stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer – diversified
|
|
|
204 |
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
|
|
194 |
|
|
Total redeemable preferred stocks
|
|
|
204 |
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
|
|
194 |
|
|
Total fixed maturity securities
|
|
$
|
244,111 |
|
|
$
|
1,888 |
|
|
$
|
18,002 |
|
|
$
|
- |
|
|
$
|
260,225 |
|
| |
|
2024
|
|
|
|
Estimated
Fair Value
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Allowance
for
Credit
Losses
|
|
|
Amortized
Cost
|
|
|
Fixed maturity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
|
$
|
22,251 |
|
|
$
|
24 |
|
|
$
|
2,144 |
|
|
$
|
- |
|
|
$
|
24,371 |
|
|
Loan backed and structures securities
|
|
|
22,290 |
|
|
|
17 |
|
|
|
2,457 |
|
|
|
- |
|
|
|
24,730 |
|
|
Obligations of states and political subdivisions
|
|
|
7,623 |
|
|
|
9 |
|
|
|
1,517 |
|
|
|
- |
|
|
|
9,131 |
|
|
Corporate securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities and telecom
|
|
|
24,623 |
|
|
|
108 |
|
|
|
3,206 |
|
|
|
- |
|
|
|
27,721 |
|
|
Financial services
|
|
|
59,564 |
|
|
|
563 |
|
|
|
4,768 |
|
|
|
- |
|
|
|
63,769 |
|
|
Other business – diversified
|
|
|
34,117 |
|
|
|
160 |
|
|
|
3,919 |
|
|
|
- |
|
|
|
37,876 |
|
|
Other consumer – diversified
|
|
|
41,957 |
|
|
|
33 |
|
|
|
6,585 |
|
|
|
- |
|
|
|
48,509 |
|
|
Total corporate securities
|
|
|
160,261 |
|
|
|
864 |
|
|
|
18,478 |
|
|
|
- |
|
|
|
177,875 |
|
|
Redeemable preferred stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other consumer – diversified
|
|
|
187 |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
192 |
|
|
Total redeemable preferred stocks
|
|
|
187 |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
192 |
|
|
Total fixed maturity securities
|
|
$
|
212,612 |
|
|
$
|
914 |
|
|
$
|
24,601 |
|
|
$
|
- |
|
|
$
|
236,299 |
|
Equity securities were comprised of the following:
| |
|
2025
|
|
|
|
Estimated
Fair Value
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Cost
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common and non-redeemable preferred stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial services
|
|
|
1,319 |
|
|
|
1,009 |
|
|
|
- |
|
|
|
310 |
|
|
Communications
|
|
|
11,076 |
|
|
|
6,443 |
|
|
|
- |
|
|
|
4,633 |
|
|
Total equity securities
|
|
$
|
12,395 |
|
|
$
|
7,452 |
|
|
$
|
- |
|
|
$
|
4,943 |
|
| |
|
2024
|
|
|
|
Estimated
Fair Value
|
|
|
Gross
Unrealized
Gains
|
|
|
Gross
Unrealized
Losses
|
|
|
Cost
|
|
|
Equity securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common and non-redeemable preferred stocks:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial services
|
|
|
1,149 |
|
|
|
843 |
|
|
|
- |
|
|
|
306 |
|
|
Communications
|
|
|
6,751 |
|
|
|
2,118 |
|
|
|
- |
|
|
|
4,633 |
|
|
Total equity securities
|
|
$
|
7,900 |
|
|
$
|
2,961 |
|
|
$
|
- |
|
|
$
|
4,939 |
|
|
| Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity |
The carrying value and amortized cost of the Company’s investments in fixed maturity securities at December 31, 2025 and 2024 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.
| |
|
2025
|
|
|
2024
|
|
| |
|
Carrying Value
|
|
|
Amortized Cost
|
|
|
Carrying Value
|
|
|
Amortized Cost
|
|
|
Due in one year or less
|
|
$
|
10,389 |
|
|
$
|
10,469 |
|
|
$
|
7,484 |
|
|
$
|
7,497 |
|
|
Due after one year through five years
|
|
|
62,870 |
|
|
|
63,892 |
|
|
|
62,722 |
|
|
|
64,703 |
|
|
Due after five years through ten years
|
|
|
33,769 |
|
|
|
34,264 |
|
|
|
32,820 |
|
|
|
35,552 |
|
|
Due after ten years
|
|
|
100,099 |
|
|
|
112,608 |
|
|
|
80,199 |
|
|
|
95,466 |
|
|
Asset backed securities
|
|
|
36,984 |
|
|
|
38,992 |
|
|
|
29,387 |
|
|
|
33,081 |
|
|
Totals
|
|
$
|
244,111 |
|
|
$
|
260,225 |
|
|
$
|
212,612 |
|
|
$
|
236,299 |
|
|
| Investment Securities with Continuous Unrealized Loss Position |
The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of December 31, 2025 and 2024.
| |
|
2025
|
|
| |
|
Less than 12 months
|
|
|
12 months or longer
|
|
|
Total
|
|
| |
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
| |
|
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
|
$
|
846 |
|
|
$
|
3 |
|
|
$
|
13,934 |
|
|
$
|
1,522 |
|
|
$
|
14,780 |
|
|
$
|
1,525 |
|
|
Loan backed and structured securities
|
|
|
1,793 |
|
|
|
14 |
|
|
|
13,755 |
|
|
|
1,308 |
|
|
|
15,548 |
|
|
|
1,322 |
|
|
Obligations of states and political subdivisions
|
|
|
1,087 |
|
|
|
238 |
|
|
|
4,823 |
|
|
|
1,207 |
|
|
|
5,910 |
|
|
|
1,445 |
|
|
Corporate securities
|
|
|
20,083 |
|
|
|
661 |
|
|
|
120,360 |
|
|
|
13,049 |
|
|
|
140,443 |
|
|
|
13,710 |
|
|
Total temporarily impaired securities
|
|
$
|
23,809 |
|
|
$
|
916 |
|
|
$
|
152,872 |
|
|
$
|
17,086 |
|
|
$
|
176,681 |
|
|
$
|
18,002 |
|
| |
|
2024
|
|
| |
|
Less than 12 months
|
|
|
12 months or longer
|
|
|
Total
|
|
| |
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
|
Fair
Value
|
|
|
Unrealized
Losses
|
|
|
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
|
$
|
3,753 |
|
|
$
|
33 |
|
|
$
|
16,136 |
|
|
$
|
2,111 |
|
|
$
|
19,889 |
|
|
$
|
2,144 |
|
|
Loan backed and structured securities
|
|
|
1,010 |
|
|
|
5 |
|
|
|
16,069 |
|
|
|
2,452 |
|
|
|
17,079 |
|
|
|
2,457 |
|
|
Obligations of states and political subdivisions
|
|
|
- |
|
|
|
- |
|
|
|
5,839 |
|
|
|
1,517 |
|
|
|
5,839 |
|
|
|
1,517 |
|
|
Corporate securities
|
|
|
18,510 |
|
|
|
755 |
|
|
|
125,930 |
|
|
|
17,723 |
|
|
|
144,440 |
|
|
|
18,478 |
|
|
Redeemable preferred stocks
|
|
|
188 |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
|
188 |
|
|
|
5 |
|
|
Total temporarily impaired securities
|
|
$
|
23,461 |
|
|
$
|
798 |
|
|
$
|
163,974 |
|
|
$
|
23,803 |
|
|
$
|
187,435 |
|
|
$
|
24,601 |
|
|
| Investment Income Earned |
Investment income was earned from the following sources:
| |
|
2025
|
|
|
2024
|
|
|
Fixed maturity securities
|
|
$
|
9,802 |
|
|
$
|
9,520 |
|
|
Equity securities
|
|
|
335 |
|
|
|
335 |
|
|
Other
|
|
|
394 |
|
|
|
191 |
|
| |
|
|
10,531 |
|
|
|
10,046 |
|
|
Investment expenses
|
|
|
265 |
|
|
|
255 |
|
|
Net investment income
|
|
$
|
10,266 |
|
|
$
|
9,791 |
|
|
| Summary of Realized Investment Gains (Losses) |
A summary of realized investment gains (losses) follows:
| |
|
2025
|
|
| |
|
Fixed
Maturity
Securities
|
|
|
Equity
Securities
|
|
|
Other
Invested
Assets
|
|
|
Total
|
|
|
Gains
|
|
$
|
196 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
196 |
|
|
Losses
|
|
|
(179 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(179 |
)
|
|
Impairment losses
|
|
|
(488 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(488 |
)
|
|
Realized investment losses, net
|
|
$
|
(471 |
)
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
(471 |
)
|
| |
|
2024
|
|
| |
|
Fixed
Maturity
Securities
|
|
|
Equity
Securities
|
|
|
Other
Invested
Assets
|
|
|
Total
|
|
|
Gains
|
|
$
|
19 |
|
|
$
|
- |
|
|
$
|
1,193 |
|
|
$
|
1,212 |
|
|
Losses
|
|
|
(2 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(2 |
)
|
|
Realized investment gains, net
|
|
$
|
17 |
|
|
$
|
- |
|
|
$
|
1,193 |
|
|
$
|
1,210 |
|
|
| Proceeds from Sales of Investments |
Proceeds from the sales of available-for-sale fixed maturity securities were as follows:
| |
|
2025
|
|
|
2024
|
|
|
Sales proceeds
|
|
$
|
13,447 |
|
|
$
|
- |
|
|
Gross gains
|
|
|
186 |
|
|
|
- |
|
|
Gross losses
|
|
|
178 |
|
|
|
- |
|
Proceeds from the sales of other invested assets were as follows:
| |
|
2025
|
|
|
2024
|
|
|
Sales proceeds
|
|
$
|
- |
|
|
$
|
2,510 |
|
|
Gross gains
|
|
|
- |
|
|
|
1,193 |
|
|
Gross losses
|
|
|
- |
|
|
|
- |
|
|
| Unrealized Gains (Losses) on Equity Securities |
The following table presents the portion of unrealized gains (losses) related to equity securities still held for the years ended December 31, 2025 and 2024.
| |
|
2025
|
|
|
2024
|
|
|
Net realized and unrealized gains (losses) recognized during the period on equity securities
|
|
$
|
4,491 |
|
|
$
|
(1,516 |
)
|
|
Less: Net realized gains recognized during the period on equity securities sold during the period
|
|
|
- |
|
|
|
- |
|
|
Unrealized gains (losses) on equity securities, net
|
|
$
|
4,491 |
|
|
$
|
(1,516 |
)
|
|