Investments (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investments, Available-for-Sale Securities |
The following tables summarize the Company's available-for-sale investments as of September 30, 2026 and December 31, 2025:
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
Available-for-sale fixed maturity securities in an unrealized loss position 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) | |
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| Schedule of Contractual Maturities of the Company's Available-for-Sale Investments |
The following table summarizes the contractual maturities of the Company's available-for-sale investments as of September 30, 2026:
| | | | | | | | | | | | | | | 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 | |
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| Schedule of Net Investment Income Component |
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:
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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 | | | |
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| Schedule of Net Realized and Unrealized Gains (Losses) on Investments |
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 | | | |
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