Investments (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses, Carrying Amount and Fair Value of Investments Classified as Held-to-Maturity |
The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at September 30, 2026 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Allowance for Credit Losses |
|
|
Carrying
Amount |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
States and political subdivisions |
|
$ |
297,291 |
|
|
$ |
(20 |
) |
|
$ |
297,271 |
|
|
$ |
59 |
|
|
$ |
(22,705 |
) |
|
$ |
274,625 |
|
Corporate bonds |
|
|
15,914 |
|
|
|
(38 |
) |
|
|
15,876 |
|
|
|
2 |
|
|
|
(595 |
) |
|
|
15,283 |
|
U.S. agency-based mortgage-backed securities |
|
|
2,115 |
|
|
|
— |
|
|
|
2,115 |
|
|
|
— |
|
|
|
(181 |
) |
|
|
1,934 |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
8,387 |
|
|
|
— |
|
|
|
8,387 |
|
|
|
— |
|
|
|
(389 |
) |
|
|
7,998 |
|
Asset-backed securities |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Totals |
|
$ |
323,716 |
|
|
$ |
(58 |
) |
|
$ |
323,658 |
|
|
$ |
61 |
|
|
$ |
(23,870 |
) |
|
$ |
299,849 |
|
The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2025 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Allowance for Credit Losses |
|
|
Carrying
Amount |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
States and political subdivisions |
|
$ |
322,430 |
|
|
$ |
(23 |
) |
|
$ |
322,407 |
|
|
$ |
2,030 |
|
|
$ |
(6,908 |
) |
|
$ |
317,529 |
|
Corporate bonds |
|
|
16,751 |
|
|
|
(50 |
) |
|
|
16,701 |
|
|
|
— |
|
|
|
(456 |
) |
|
|
16,245 |
|
U.S. agency-based mortgage-backed securities |
|
|
2,403 |
|
|
|
— |
|
|
|
2,403 |
|
|
|
26 |
|
|
|
(81 |
) |
|
|
2,348 |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
8,567 |
|
|
|
— |
|
|
|
8,567 |
|
|
|
6 |
|
|
|
(128 |
) |
|
|
8,445 |
|
Asset-backed securities |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
Totals |
|
$ |
350,160 |
|
|
$ |
(73 |
) |
|
$ |
350,087 |
|
|
$ |
2,062 |
|
|
$ |
(7,573 |
) |
|
$ |
344,576 |
|
|
| Gross Unrealized Gains and Losses and Cost or Amortized Cost, Allowance for Credit Losses and Fair Value of Investments Classified as Available-for-sale |
The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at September 30, 2026 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Allowance for
Credit Losses |
|
|
|
(in thousands) |
|
States and political subdivisions |
|
$ |
164,874 |
|
|
$ |
3 |
|
|
$ |
(16,149 |
) |
|
$ |
148,728 |
|
|
$ |
— |
|
Corporate bonds |
|
|
111,035 |
|
|
|
138 |
|
|
|
(3,363 |
) |
|
|
107,810 |
|
|
|
— |
|
U.S. agency-based mortgage-backed securities |
|
|
3,537 |
|
|
|
— |
|
|
|
(477 |
) |
|
|
3,060 |
|
|
|
— |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
8,804 |
|
|
|
— |
|
|
|
(919 |
) |
|
|
7,885 |
|
|
|
— |
|
Totals |
|
$ |
288,250 |
|
|
$ |
141 |
|
|
$ |
(20,908 |
) |
|
$ |
267,483 |
|
|
$ |
— |
|
The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2025 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
Allowance for
Credit Losses |
|
|
|
(in thousands) |
|
States and political subdivisions |
|
$ |
163,042 |
|
|
$ |
630 |
|
|
$ |
(5,482 |
) |
|
$ |
158,190 |
|
|
$ |
— |
|
Corporate bonds |
|
|
137,198 |
|
|
|
2,231 |
|
|
|
(725 |
) |
|
|
138,704 |
|
|
|
— |
|
U.S. agency-based mortgage-backed securities |
|
|
3,946 |
|
|
|
— |
|
|
|
(305 |
) |
|
|
3,641 |
|
|
|
— |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
12,930 |
|
|
|
— |
|
|
|
(427 |
) |
|
|
12,503 |
|
|
|
— |
|
Totals |
|
$ |
317,116 |
|
|
$ |
2,861 |
|
|
$ |
(6,939 |
) |
|
$ |
313,038 |
|
|
$ |
— |
|
|
| Gross Unrealized Gains and Losses and Cost of Equity |
The cost, gross unrealized gains and losses, and the fair value of equity securities at September 30, 2026 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stock - Exchange Traded Funds |
|
$ |
31,164 |
|
|
$ |
32,595 |
|
|
$ |
— |
|
|
$ |
63,759 |
|
Total equity securities |
|
$ |
31,164 |
|
|
$ |
32,595 |
|
|
$ |
— |
|
|
$ |
63,759 |
|
The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2025 are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Domestic common stock - Exchange Traded Funds |
|
$ |
31,165 |
|
|
$ |
26,328 |
|
|
$ |
— |
|
|
$ |
57,493 |
|
Total equity securities |
|
$ |
31,165 |
|
|
$ |
26,328 |
|
|
$ |
— |
|
|
$ |
57,493 |
|
|
| Investment Securities Continuous Unrealized Loss Position |
The following table summarizes the fair value and gross unrealized losses on fixed maturity securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
|
(in thousands) |
|
September 30, 2026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
91,781 |
|
|
$ |
7,046 |
|
|
$ |
54,097 |
|
|
$ |
9,103 |
|
|
$ |
145,878 |
|
|
$ |
16,149 |
|
Corporate bonds |
|
|
79,215 |
|
|
|
2,380 |
|
|
|
17,461 |
|
|
|
983 |
|
|
|
96,676 |
|
|
|
3,363 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
3,060 |
|
|
|
477 |
|
|
|
3,060 |
|
|
|
477 |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
3,443 |
|
|
|
409 |
|
|
|
4,442 |
|
|
|
510 |
|
|
|
7,885 |
|
|
|
919 |
|
Total available-for-sale securities |
|
$ |
174,439 |
|
|
$ |
9,835 |
|
|
$ |
79,060 |
|
|
$ |
11,073 |
|
|
$ |
253,499 |
|
|
$ |
20,908 |
|
The following table summarizes the fair value and gross unrealized losses on fixed maturity securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2025.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
12 Months or Greater |
|
|
Total |
|
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
Fair Value of
Investments
with
Unrealized
Losses |
|
|
Gross
Unrealized
Losses |
|
|
|
(in thousands) |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and political subdivisions |
|
$ |
28,892 |
|
|
$ |
634 |
|
|
$ |
76,440 |
|
|
$ |
4,848 |
|
|
$ |
105,332 |
|
|
$ |
5,482 |
|
Corporate bonds |
|
|
5,537 |
|
|
|
8 |
|
|
|
31,115 |
|
|
|
717 |
|
|
|
36,652 |
|
|
|
725 |
|
U.S. agency-based mortgage-backed securities |
|
|
— |
|
|
|
— |
|
|
|
3,641 |
|
|
|
305 |
|
|
|
3,641 |
|
|
|
305 |
|
U.S. Treasury securities and obligations
of U.S. government agencies |
|
|
— |
|
|
|
— |
|
|
|
12,503 |
|
|
|
427 |
|
|
|
12,503 |
|
|
|
427 |
|
Total available-for-sale securities |
|
$ |
34,429 |
|
|
$ |
642 |
|
|
$ |
123,699 |
|
|
$ |
6,297 |
|
|
$ |
158,128 |
|
|
$ |
6,939 |
|
|
| Changes in Allowance for Credit Losses by Major Security Type of Investments Classified as Held-to-Maturity |
The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and
Political
Subdivisions |
|
|
Corporate
Bonds |
|
|
U.S. Agency
-Based
Mortgage-
Backed
Securities |
|
|
U.S.
Treasury
Securities
and
Obligations
of U.S.
Government
Agencies |
|
|
Asset-Backed
Securities |
|
|
Totals |
|
|
|
(in thousands) |
|
Balance at June 30, 2026 |
|
$ |
21 |
|
|
$ |
39 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
60 |
|
Provision for credit loss benefit |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Balance at September 30, 2026 |
|
$ |
20 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
58 |
|
The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the nine months ended September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and
Political
Subdivisions |
|
|
Corporate
Bonds |
|
|
U.S. Agency
-Based
Mortgage-
Backed
Securities |
|
|
U.S.
Treasury
Securities
and
Obligations
of U.S.
Government
Agencies |
|
|
Asset-Backed
Securities |
|
|
Totals |
|
|
|
(in thousands) |
|
Balance at December 31, 2025 |
|
$ |
23 |
|
|
$ |
50 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
73 |
|
Provision for credit loss benefit |
|
|
(3 |
) |
|
|
(12 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15 |
) |
Balance at September 30, 2026 |
|
$ |
20 |
|
|
$ |
38 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
58 |
|
|
| Schedule of Amortized Cost Held-to-Maturity Securities Aggregated By Credit Quality Indicator |
The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of September 30, 2026.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
States and
Political
Subdivisions |
|
|
Corporate
Bonds |
|
|
U.S. Agency
-Based
Mortgage-
Backed
Securities |
|
|
U.S.
Treasury
Securities
and
Obligations
of U.S.
Government
Agencies |
|
|
Asset-Backed
Securities |
|
|
Totals |
|
|
|
Amortized Cost |
|
|
|
(in thousands) |
|
AAA/AA/A ratings |
|
$ |
297,291 |
|
|
$ |
9,475 |
|
|
$ |
2,115 |
|
|
$ |
8,387 |
|
|
$ |
— |
|
|
$ |
317,268 |
|
Baa/BBB ratings |
|
|
— |
|
|
|
6,439 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
6,448 |
|
Total |
|
$ |
297,291 |
|
|
$ |
15,914 |
|
|
$ |
2,115 |
|
|
$ |
8,387 |
|
|
$ |
9 |
|
|
$ |
323,716 |
|
|
| Held-to-Maturity Securities [Member] |
|
| Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity |
A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Carrying
Amount |
|
|
Fair
Value |
|
|
Carrying
Amount |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
$ |
27,683 |
|
|
$ |
27,520 |
|
|
$ |
28,620 |
|
|
$ |
28,561 |
|
After one year through five years |
|
|
73,237 |
|
|
|
69,653 |
|
|
|
76,161 |
|
|
|
74,506 |
|
After five years through ten years |
|
|
111,110 |
|
|
|
102,300 |
|
|
|
119,321 |
|
|
|
116,970 |
|
After ten years |
|
|
109,504 |
|
|
|
98,433 |
|
|
|
123,573 |
|
|
|
122,182 |
|
U.S. agency-based mortgage-backed securities |
|
|
2,115 |
|
|
|
1,934 |
|
|
|
2,403 |
|
|
|
2,348 |
|
Asset-backed securities |
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
|
|
9 |
|
Totals |
|
$ |
323,658 |
|
|
$ |
299,849 |
|
|
$ |
350,087 |
|
|
$ |
344,576 |
|
|
| Available-for-Sale Securities [Member] |
|
| Summary of Carrying Amount, Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity |
A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
|
(in thousands) |
|
Maturity: |
|
|
|
|
|
|
|
|
|
|
|
|
Within one year |
|
$ |
10,841 |
|
|
$ |
10,713 |
|
|
$ |
41,029 |
|
|
$ |
40,939 |
|
After one year through five years |
|
|
71,224 |
|
|
|
69,025 |
|
|
|
76,260 |
|
|
|
75,796 |
|
After five years through ten years |
|
|
68,825 |
|
|
|
64,300 |
|
|
|
76,895 |
|
|
|
76,076 |
|
After ten years |
|
|
133,823 |
|
|
|
120,385 |
|
|
|
118,986 |
|
|
|
116,586 |
|
U.S. agency-based mortgage-backed securities |
|
|
3,537 |
|
|
|
3,060 |
|
|
|
3,946 |
|
|
|
3,641 |
|
Totals |
|
$ |
288,250 |
|
|
$ |
267,483 |
|
|
$ |
317,116 |
|
|
$ |
313,038 |
|
|