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

Bonds having an amortized cost of $15,376 and $15,065 and included in the tables above were on deposit with insurance regulatory authorities at December 31, 2025 and 2024, respectively, in accordance with statutory requirements. In addition, the Company maintains cash and cash equivalents on deposit with insurance regulatory authorities of $0 and $226 at December 31, 2025 and 2024, respectively. Additionally, bonds having an amortized cost of $8,861 and $9,209 and included in the tables above were pledged as collateral to FHLB at December 31, 2025 and 2024, respectively.

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

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

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
	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

Analysis of Securities in Unrealized Loss Positions

As of December 31, 2025 and 2024, there were 210 and 213 securities, respectively, in an unrealized loss position which primarily included certain of the Company’s investments in fixed maturity securities within the utilities and telecom, financial services, other diversified business and other diversified consumer sectors. With the exception of the other than temporary impairment loss noted below, the unrealized losses on the Company’s fixed maturity securities investments have been primarily related to general market changes in interest rates and/or the levels of credit spreads rather than specific concerns with the issuer’s ability to pay interest and repay principal.

At each reporting date, the Company evaluates available-for-sale fixed maturity securities whose fair values are below their amortized cost bases. The Company first determines whether it intends to sell a security or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, which may be at maturity. An intent to sell exists when the Company has made a decision to sell a security. If either condition is met, any existing allowance for credit losses (“ACL”) is written off, the security’s amortized cost basis is written down to fair value and any incremental impairment loss is recognized in earnings within realized investment gains (losses).

If the Company does not intend to sell a security and it is not more likely than not that the Company will be required to sell the security before recovery, the Company evaluates whether any portion of the decline in fair value is attributable to credit-related factors. A credit loss exists when the present value of the cash flows expected to be collected is less than the security’s amortized cost basis. Credit-related losses are recognized in earnings through an ACL, limited to the amount by which the security’s amortized cost basis exceeds its fair value. Unrealized losses attributable to noncredit factors are recognized in other comprehensive income, net of applicable income taxes.

As part of this evaluation, the Company reviews each security in an unrealized loss position to determine whether the decline in fair value is attributable to general market factors, including changes in interest rates and market credit spreads, or to issuer-specific credit factors. Securities with significant declines in fair value or other indicators of potential credit deterioration are subject to a more detailed credit review.

For corporate issuers, the Company evaluates their assets, business profile including industry dynamics and competitive positioning, financial statements and other available financial data. For non-corporate issuers, the Company analyzes all reasonably available sources of credit support, including issuer-specific factors. The Company utilizes information available in the public domain and, for certain private placement issuers, from consultations with the issuers directly. The Company also considers ratings from Nationally Recognized Statistical Rating Organizations, as well as the specific characteristics of the security it owns including seniority in the issuer’s capital structure, covenant protections, or other relevant features. From these reviews, the Company evaluates the issuers’ continued ability to service the Company’s investment through payment of interest and principal.

During the year ended December 31, 2025, the Company recognized an impairment loss of approximately $488 related to an asset-backed security. Based on management’s evaluation of the underlying collateral performance, projected cash flows, and market conditions, the Company concluded that recovery of the security’s amortized cost basis was not expected. Accordingly, the Company recorded a full write-down of the investment to its estimated realizable value, resulting in a charge to realized investment losses of $488. The Company intends to sell the security.

For the other fixed maturity securities in an unrealized loss position, the Company similarly concluded that the unrealized losses were attributed to noncredit factors. Based on its credit analyses, the Company believes that the issuers have the ability to continue servicing their obligations. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases. Accordingly, the related unrealized losses remain in AOCI. Assuming no credit-related deterioration occurs, these unrealized losses are generally expected to diminish as the securities approach maturity.

The Company had no ACL on its available-for-sale fixed maturity securities as of December 31, 2025 and 2024.

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

Included in the net realized investment losses for the year ended December 31, 2025, was an impairment of a fixed maturity security totaling $488. The impairment resulted from a write-down of a security to its market value, which was recognized in earnings during the period. There were no impairments recognized for the year ended December 31, 2024.

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 the sales of available-for-sale fixed maturity securities were as follows:

	2025		2024
Sales proceeds	$	13,447	$	-
Gross gains		186		-
Gross losses		178		-

There were no proceeds from the sales of equity securities during 2025 and 2024.

Proceeds from the sales of other invested assets were as follows:

	2025		2024
Sales proceeds	$	-	$	2,510
Gross gains		-		1,193
Gross losses		-		-

Sales of available-for-sale securities in 2025 were primarily a result of improving the overall risk versus return profile of the portfolio. In addition, the Company sold its interest in a certain limited liability company held as other invested assets to a third-party in 2024.

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	)

The Company’s bond portfolio included 99% investment grade securities, as defined by the National Association of Insurance Commissioners (“NAIC”), at December 31, 2025 and 2024.

Variable Interest Entities

The Company holds passive interests in a number of entities that are considered to be variable interest entities (“VIEs”) under GAAP guidance. The Company’s VIE interests principally consist of interests in limited partnerships and limited liability companies formed for the purpose of achieving diversified equity returns. The Company’s VIE interests, carried as a part of other invested assets, totaled $6,037 and $6,616 at December 31, 2025 and 2024, respectively. The Company’s VIE interests, carried as a part of investment in unconsolidated trusts, totaled $1,238 at December 31, 2025 and 2024.