The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2026 and December 31, 2025, by level within the fair value hierarchy:


	September 30, 2026
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	838	$	—	$	—	$	838

Obligations of states, municipalities and political subdivisions	—		78,752		—		78,752
Corporate and other securities	—		1,732,012		—		1,732,012
Asset-backed securities	—		531,269		—		531,269
Residential mortgage-backed securities	—		1,655,788		—		1,655,788
Commercial mortgage-backed securities	—		498,666		—		498,666
Total fixed-maturity securities	838		4,496,487		—		4,497,325

Equity securities:
Exchange-traded funds	240,265		—		—		240,265
Non-redeemable preferred stock	—		12,788		—		12,788
Common stocks	526,180		—		—		526,180
Total equity securities	766,445		12,788		—		779,233

Total	$	767,283	$	4,509,275	$	—	$	5,276,558


	December 31, 2025
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	874	$	—	$	—	$	874
Obligations of states, municipalities and political subdivisions	—		127,860		—		127,860
Corporate and other securities	—		1,713,888		—		1,713,888
Asset-backed securities	—		588,519		—		588,519
Residential mortgage-backed securities	—		1,459,270		—		1,459,270
Commercial mortgage-backed securities	—		451,039		—		451,039
Total fixed-maturity securities	874		4,340,576		—		4,341,450

Equity securities:
Exchange-traded funds	185,523		—		—		185,523
Non-redeemable preferred stock	—		24,100		—		24,100
Common stocks	416,776		—		—		416,776
Total equity securities	602,299		24,100		—		626,399
Short-term investments	3,864		—		—		3,864
Total	$	607,037	$	4,364,676	$	—	$	4,971,713