
	September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	869	$	—	$	(31)	$	—	$	838
Obligations of states, municipalities and political subdivisions	101,347		1		(22,594)		(2)		78,752
Corporate and other securities	1,831,099		59		(99,093)		(53)		1,732,012
Asset-backed securities	538,114		464		(7,309)		—		531,269
Residential mortgage-backed securities	1,755,050		103		(99,365)		—		1,655,788
Commercial mortgage-backed securities	510,208		88		(11,630)		—		498,666
Total fixed-maturity securities	$	4,736,687	$	715	$	(240,022)	$	(55)	$	4,497,325


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	861	$	14	$	(1)	$	—	$	874
Obligations of states, municipalities and political subdivisions	146,222		51		(18,410)		(3)		127,860
Corporate and other securities	1,711,348		28,798		(26,232)		(26)		1,713,888
Asset-backed securities	582,780		6,377		(638)		—		588,519
Residential mortgage-backed securities	1,491,642		6,378		(38,750)		—		1,459,270
Commercial mortgage-backed securities	449,872		3,632		(2,465)		—		451,039
Total fixed-maturity securities	$	4,382,725	$	45,250	$	(86,496)	$	(29)	$	4,341,450

The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.

For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is

likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing.

For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.

The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.

At September 30, 2026, the Company's credit loss review resulted in an allowance for credit losses on five securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
Beginning balance	$	56	$	42	$	29	$	27
Increase to allowance from securities for which credit losses were not previously recorded	—		—		43		—
Reduction from securities sold during the period	—		—		(16)		(14)
Net (decrease) increase from securities that had an allowance at the beginning of the period	(1)		(4)		(1)		25
Ending balance	$	55	$	38	$	55	$	38


	September 30, 2026
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	838	$	(31)	$	—	$	—	$	838	$	(31)
Obligations of states, municipalities and political subdivisions	5,845		(373)		71,145		(22,221)		76,990		(22,594)
Corporate and other securities	1,583,369		(71,291)		126,838		(27,802)		1,710,207		(99,093)
Asset-backed securities	346,029		(6,888)		7,918		(421)		353,947		(7,309)
Residential mortgage-backed securities	1,539,055		(82,866)		85,930		(16,499)		1,624,985		(99,365)
Commercial mortgage-backed securities	362,969		(9,047)		56,693		(2,583)		419,662		(11,630)
Total fixed-maturity securities	$	3,838,105	$	(170,496)	$	348,524	$	(69,526)	$	4,186,629	$	(240,022)

At September 30, 2026, the Company held 1,090 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $4.2 billion and gross unrealized losses of $240.0 million. Of these securities, 316 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of September 30, 2026, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At September 30, 2026, 83.9% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities.


	December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies	$	296	$	(1)	$	—	$	—	$	296	$	(1)
Obligations of states, municipalities and political subdivisions	1,043		(2)		118,027		(18,408)		119,070		(18,410)
Corporate and other securities	101,385		(597)		239,152		(25,635)		340,537		(26,232)
Asset-backed securities	92,682		(384)		7,759		(254)		100,441		(638)
Residential mortgage-backed securities	387,397		(779)		228,531		(37,971)		615,928		(38,750)
Commercial mortgage-backed securities	103,868		(296)		44,139		(2,169)		148,007		(2,465)
Total fixed-maturity securities	$	686,671	$	(2,059)	$	637,608	$	(84,437)	$	1,324,279	$	(86,496)


	September 30, 2026
	Amortized		Estimated
	Cost		Fair Value
	(in thousands)
Due in one year or less	$	1,850	$	1,854
Due after one year through five years	737,941		720,551
Due after five years through ten years	915,485		860,658
Due after ten years	278,039		228,539
Asset-backed securities	538,114		531,269
Residential mortgage-backed securities	1,755,050		1,655,788
Commercial mortgage-backed securities	510,208		498,666
Total fixed-maturity securities	$	4,736,687	$	4,497,325

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.

Real estate investments represents directly owned property held for investment purposes. In December 2025, the Company reclassified its former headquarters and related assets to real estate investments. Real estate investments consisted of the following:


	September 30, 2026		December 31, 2025
	(in thousands)
Building	$	37,190	$	37,190
Parking deck	5,072		5,072
Land	18,112		18,112
Land improvements	474		474
Furniture and fixtures	97		97
Construction in progress	230		—
Real estate investments	61,175		60,945
Accumulated depreciation	(6,561)		(5,709)
Real estate investments, net	$	54,614	$	55,236


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
Interest:
Taxable bonds	$	55,537	$	46,697	$	160,692	$	131,676
Tax exempt municipal bonds	113		346		658		1,057
Cash equivalents and short-term investments	1,486		1,774		4,259		4,800
Dividends on equity securities	2,294		2,019		8,065		5,983
Real estate investment income	239		—		778		—
Gross investment income	59,669		50,836		174,452		143,516
Investment expenses	(1,404)		(1,232)		(5,024)		(3,620)
Net investment income	$	58,265	$	49,604	$	169,428	$	139,896

Investment expenses included depreciation expense related to real estate investments of $0.3 million and $0.9 million for the three and nine months ended September 30, 2026, respectively. There was no depreciation expense related to real estate investments for the three and nine months ended September 30, 2025 as the depreciable assets were in use by the Company and included in property and equipment.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
Reversal of prior-period (gains) losses on equity securities sold	$	(30,243)	$	25	$	(30,272)	$	134
Change in fair value of equity securities held at the end of the period	(7,526)		23,692		40,343		55,242
Total change in fair value of equity securities	$	(37,769)	$	23,717	$	10,071	$	55,376

The change in fair value of equity securities in the consolidated statement of income consists of two components: (1) the reversal of the gain or loss recognized in previous periods on equity securities sold and (2) the change in unrealized gain or loss resulting from mark-to-market adjustments on equity securities still held.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(in thousands)
Fixed-maturity securities:
Realized gains	$	1,127	$	2,372	$	3,538	$	3,677
Realized losses	(38,694)		(216)		(41,183)		(1,403)
Net realized (losses) gains from fixed-maturity securities	(37,567)		2,156		(37,645)		2,274

Equity securities:
Realized gains	37,406		—		48,619		2,465
Realized losses	(258)		—		(2,948)		(1,910)
Net realized gains from equity securities	37,148		—		45,671		555
Realized gains from the sales of short-term investments and cash equivalents	—		3		3		3

Net realized investment gains (losses)	$	(419)	$	2,159	$	8,029	$	2,832

For the three months ended September 30, 2026 and 2025, the change in net unrealized gains (losses) for fixed-maturity securities was $(143.0) million and $25.5 million, respectively. For the nine months ended September 30, 2026 and 2025, the changes in net unrealized gains (losses) for fixed-maturity securities were $(198.1) million and $77.2 million, respectively. The increase in unrealized losses for both the three and nine months ended September

30, 2026 was driven by increases in U.S. Treasury yields during the periods, which reduced the fair value of our fixed-maturity portfolio. These unrealized losses were market-related and not credit-related. The increase in net unrealized losses also resulted in an increase in the related deferred tax asset.

The Company recorded a payable for investments purchased, not yet settled, of $17.8 million at September 30, 2026. The Company did not have a payable for investments purchased at December 31, 2025. The payable balance is included in the "other liabilities" line item of the consolidated balance sheet.