Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At September 30, 2026, assets measured at fair value on a recurring basis are summarized below:


		September 30, 2026
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	148,728			$	—			$	148,728
Corporate bonds			—				107,810				—				107,810
U.S. agency-based mortgage-backed securities			—				3,060				—				3,060
U.S. Treasury securities			7,885				—				—				7,885
Total securities available-for-sale—fixed maturity			7,885				259,598				—				267,483
Equity securities:
Domestic common stock - Exchange Traded Funds			63,759				—				—				63,759
Total		$	71,644			$	259,598			$	—			$	331,242

At December 31, 2025, assets measured at fair value on a recurring basis are summarized below:


		December 31, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	158,190			$	—			$	158,190
Corporate bonds			—				138,704				—				138,704
U.S. agency-based mortgage-backed securities			—				3,641				—				3,641
U.S. Treasury securities			12,503				—				—				12,503
Total securities available-for-sale—fixed maturity		$	12,503			$	300,535			$	—			$	313,038
Equity securities:
Domestic common stock - Exchange Traded Funds			57,493				—				—				57,493
Total		$	69,996			$	300,535			$	—			$	370,531

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At September 30, 2026, assets measured at amortized cost net of allowance for credit losses are summarized below:


		September 30, 2026
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	274,625			$	—			$	274,625
Corporate bonds			—				15,283				—				15,283
U.S. agency-based mortgage-backed securities			—				1,934				—				1,934
U.S. Treasury securities			7,998				—				—				7,998
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	7,998			$	291,851			$	—			$	299,849

At December 31, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:


		December 31, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	317,529			$	—			$	317,529
Corporate bonds			—				16,245				—				16,245
U.S. agency-based mortgage-backed securities			—				2,348				—				2,348
U.S. Treasury securities			8,445				—				—				8,445
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,445			$	336,131			$	—			$	344,576

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying amounts and corresponding fair values for financial instruments:


		As of September 30, 2026								As of December 31, 2025
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	323,658			$	299,849			$	350,087			$	344,576
Fixed maturity securities—available-for-sale			267,483				267,483				313,038				313,038
Equity securities			63,759				63,759				57,493				57,493
Short-term investments			58,687				58,687				14,237				14,237
Cash and cash equivalents			39,678				39,678				61,926				61,926