| Financial Instruments Carried at Fair Value Measured on a Recurring Basis |
As of December 31, 2025, financial instruments carried at fair value were measured on a recurring basis as summarized below:
| |
|
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
|
|
|
Significant
Other Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
Total
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities
|
|
$
|
- |
|
|
$
|
244,111 |
|
|
$
|
- |
|
|
$
|
244,111 |
|
|
Equity securities
|
|
|
12,202 |
|
|
|
- |
|
|
|
193 |
|
|
|
12,395 |
|
|
Cash equivalents
|
|
|
16,941 |
|
|
|
994 |
|
|
|
- |
|
|
|
17,935 |
|
|
Total
|
|
$
|
29,143 |
|
|
$
|
245,105 |
|
|
$
|
193 |
|
|
$
|
274,441 |
|
As of December 31, 2024, financial instruments carried at fair value were measured on a recurring basis as summarized below:
| |
|
Quoted Prices in
Active Markets
for Identical Assets
(Level 1)
|
|
|
Significant
Other Observable
Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
|
Total
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturity securities
|
|
$
|
- |
|
|
$
|
212,612 |
|
|
$
|
- |
|
|
$
|
212,612 |
|
|
Equity securities
|
|
|
7,711 |
|
|
|
- |
|
|
|
189 |
|
|
|
7,900 |
|
|
Cash equivalents
|
|
|
14,948 |
|
|
|
- |
|
|
|
- |
|
|
|
14,948 |
|
|
Total
|
|
$
|
22,659 |
|
|
$
|
212,612 |
|
|
$
|
189 |
|
|
$
|
235,460 |
|
|
| Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments |
The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of December 31, 2025 and 2024:
|
|
Level in
Fair Value
Hierarchy(1)
|
|
|
2025
|
|
|
2024
|
|
| |
|
|
Carrying
Amount
|
|
|
Estimated
Fair Value
|
|
|
Carrying
Amount
|
|
|
Estimated
Fair Value
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
(1)
|
|
|
$
|
43,636 |
|
|
$
|
43,636 |
|
|
$
|
35,570 |
|
|
$
|
35,570 |
|
|
Fixed maturity securities
|
|
Level 2
|
|
|
|
244,111 |
|
|
|
244,111 |
|
|
|
212,612 |
|
|
|
212,612 |
|
|
Equity securities
|
|
(1)
|
|
|
|
12,395 |
|
|
|
12,395 |
|
|
|
7,900 |
|
|
|
7,900 |
|
|
Policy loans
|
|
Level 3
|
|
|
|
1,683 |
|
|
|
1,683 |
|
|
|
1,722 |
|
|
|
1,722 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated debentures, net
|
|
Level 2
|
|
|
|
33,738 |
|
|
|
33,595 |
|
|
|
33,738 |
|
|
|
35,443 |
|
|
Revolving credit facility
|
|
Level 2
|
|
|
|
5,021 |
|
|
|
5,021 |
|
|
|
4,023 |
|
|
|
4,023 |
|
|
Other policy liabilities -annuities
|
|
Level 3(2)
|
|
|
|
4,783 |
|
|
|
4,783 |
|
|
|
4,938 |
|
|
|
4,938 |
|
| (1) | See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. |
| (2) | This value relates to annuities, which is a financial instrument, whereas the remaining items within other policy liabilities are not financial instruments. |
|