The Company holds a diversified investment portfolio, consisting of fixed maturity securities and, to a much lesser extent, equity securities such as common stocks and exchange traded funds. The Company's fixed maturity securities are classified as available-for-sale.


	September 30, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	258,398	$	88	$	(6,915)	$	251,571
U.S. Treasury	103,326		—		(3,240)		100,086
States and municipalities	31,341		—		(1,205)		30,136
Foreign	34,623		7		(414)		34,216
Asset-backed securities	74,573		53		(772)		73,854
Mortgage-backed securities	137,644		—		(6,684)		130,960
Total fixed maturity securities	$	639,905	$	148	$	(19,230)	$	620,823


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	262,302	$	3,982	$	(116)	$	266,168
U.S. Treasury	181,077		701		(161)		181,617
States and municipalities	29,182		967		(3)		30,146
Foreign	33,000		54		(62)		32,992
Asset-backed securities	31,899		394		(42)		32,251
Mortgage-backed securities	150,353		3,026		(282)		153,097
Total fixed maturity securities	$	687,813	$	9,124	$	(666)	$	696,271

As of September 30, 2026 and December 31, 2025, the estimated fair value of the equity securities held by the Company was $84.1 million and $34.9 million, respectively. Refer to Note 7 — Fair Value Measurements for additional information on the Company's equity securities.

The following table summarizes gross unrealized losses and the estimated fair value of available-for-sale fixed maturity securities that have continuously been in an unrealized loss position, as well as the length of time that such securities were in an unrealized loss position, as of September 30, 2026 and December 31, 2025:


	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

Fixed maturity securities:	in thousands
Corporate	$	200,902	$	(6,885)	$	307	$	(30)	$	201,209	$	(6,915)
U.S. Treasury	97,979		(3,238)		108		(2)		98,087		(3,240)
States and municipalities	30,136		(1,205)		—		—		30,136		(1,205)
Foreign	28,869		(414)		—		—		28,869		(414)
Asset-backed securities	48,312		(772)		—		—		48,312		(772)
Mortgage-backed securities	130,960		(6,684)		—		—		130,960		(6,684)
Total fixed maturity securities	$	537,158	$	(19,198)	$	415	$	(32)	$	537,573	$	(19,230)


	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

Fixed maturity securities:	in thousands
Corporate	$	6,307	$	(7)	$	9,461	$	(108)	$	15,768	$	(115)
U.S. Treasury	35,150		(83)		14,948		(78)		50,098		(161)
States and municipalities	880		(3)		—		—		880		(3)
Foreign	17,009		(62)		—		—		17,009		(62)
Asset-backed securities	1,771		(5)		1,881		(37)		3,652		(42)
Mortgage-backed securities	10,312		(4)		20,889		(279)		31,201		(283)
Total fixed maturity securities	$	71,429	$	(164)	$	47,179	$	(502)	$	118,608	$	(666)

The Company regularly reviews all fixed maturity securities in an unrealized loss position within its investment portfolio to determine whether the decline in fair value below its cost basis is due to a credit loss or to other factors. Based on the Company's review as of September 30, 2026 and December 31, 2025, unrealized losses were a result of interest rate changes, not a decline in the creditworthiness of the issuers. Accordingly, no allowance for credit loss was recorded as of September 30, 2026 and December 31, 2025.



	Amortized Cost		Estimated Fair Value

	in thousands
Due in one year or less	$	55,330	$	55,338
Due after one year through five years	270,715		264,569
Due after five years through ten years	100,309		94,787
Due after ten years	1,335		1,315
Mortgage-backed and asset-backed securities	212,216		204,814
Total fixed maturity securities	$	639,905	$	620,823

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.

The following table presents the components of "Net investment income" reported in the Condensed Consolidated Statements of Operations 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

Interest income:	in thousands
Cash and cash equivalents and restricted cash and cash equivalents	$	3,991	$	2,543	$	8,093	$	7,267
Fixed maturity securities	8,641		7,716		25,805		21,644
Total interest income	12,632		10,259		33,898		28,911
Dividends on equity securities	219		42		583		121
Gross investment income	12,851		10,301		34,481		29,032
Investment expenses	(131)		(149)		(495)		(406)
Net investment income	$	12,720	$	10,152	$	33,986	$	28,626

The table below presents the components of "Net investment gains" reported in the Condensed Consolidated Statements of Operations and the pre-tax change in net unrealized gains (losses) included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025. The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025

Fixed maturity securities:	in thousands
Net realized investment gains (losses)	$	(137)	$	116	$	315	$	347
Equity securities:


Total change in fair value of equity securities	888		1,155		5,326		1,803
Net investment gains	$	751	$	1,271	$	5,641	$	2,150
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss):
Fixed maturity securities	$	(18,172)	$	2,406	$	(27,533)	$	8,827