v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities
The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale:
Gross Unrealized
As of September 30, 2026Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$47,766 $12 $(319)$47,459 
State and municipal213,856 28 (11,137)202,747 
Commercial mortgage-backed securities171,143 49 (5,835)165,357 
Residential mortgage-backed securities325,799 141 (14,235)311,705 
Asset-backed securities225,703 53 (4,578)221,178 
Corporate694,714 10 (20,279)674,445 
Total
$1,678,981 $293 $(56,383)$1,622,891 
Gross Unrealized
As of December 31, 2025Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$80,184 $184 $— $80,368 
State and municipal131,607 713 (3,042)129,278 
Commercial mortgage-backed securities170,496 1,688 (862)171,322 
Residential mortgage-backed securities317,905 4,071 (3,415)318,561 
Asset-backed securities168,363 931 (290)169,004 
Corporate495,673 7,510 (710)502,473 
Total
$1,364,228 $15,097 (8,319)$1,371,006 
Schedule of Contractual Maturity of Fixed Maturity Securities
The amortized cost and fair value of fixed maturity securities at September 30, 2026 and December 31, 2025, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
As of September 30, 2026Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$94,903 $94,565 
Due after one year through five years525,991 513,045 
Due after five years through ten years129,262 120,994 
Due after ten years206,180 196,047 
956,336 924,651 
Commercial mortgage-backed securities171,143 165,357 
Residential mortgage-backed securities325,799 311,705 
Asset-backed securities225,703 221,178 
Total
$1,678,981 $1,622,891 
As of December 31, 2025Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$113,224 $113,298 
Due after one year through five years391,104 395,094 
Due after five years through ten years119,589 120,687 
Due after ten years83,547 83,040 
707,464 712,119 
Commercial mortgage-backed securities170,496 171,322 
Residential mortgage-backed securities317,905 318,561 
Asset-backed securities168,363 169,004 
Total
$1,364,228 $1,371,006 
Schedule of Components in Net Investment Income
The components of net investment income were derived from the following sources:
Three Months Ended
September 30,
20262025
($ in thousands)
U.S. government and government agency$455 $1,562 
State and municipal2,011 1,058 
Commercial mortgage-backed securities2,131 1,417 
Residential mortgage-backed securities4,183 3,489 
Asset-backed securities2,809 1,673 
Corporate7,785 4,716 
Cash and cash equivalents1,582 1,421 
Gross investment income 20,956 15,336 
Investment expenses(395)(298)
Net investment income
$20,561 $15,038 
Nine Months Ended
September 30,
20262025
($ in thousands)
U.S. government and government agency$1,836 $5,040 
State and municipal5,112 2,621 
Commercial mortgage-backed securities6,362 3,864 
Residential mortgage-backed securities12,764 9,157 
Asset-backed securities7,201 4,725 
Corporate20,750 12,212 
Short-term investments46 214 
Cash and cash equivalents4,472 4,280 
Gross investment income
58,543 42,113 
Investment expenses(1,135)(839)
Net investment income
$57,408 $41,274 
Schedule of Restricted Assets
The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets:
As of
September 30,
2026		December 31,
2025
($ in thousands)
U.S. government and government agency$25,007 $60,237 
State and municipal140,502 73,453 
Commercial mortgage-backed securities124,975 100,934 
Residential mortgage-backed securities214,872 204,459 
Asset-backed securities148,309 95,908 
Corporate439,225 303,849 
Restricted fixed maturity securities 1,092,890 838,840 
Restricted cash and cash equivalents40,391 40,225 
Restricted assets $1,133,281 $879,065 
Schedule of Available for Sale Securities in Unrealized Loss
The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or GreaterTotal
As of September 30, 2026Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$42,454 $(319)$— $— $42,454 $(319)
State and municipal159,338 (7,046)38,232 (4,091)197,570 (11,137)
Commercial mortgage-backed securities
127,095 (5,056)6,425 (779)133,520 (5,835)
Residential mortgage-backed securities
277,611 (9,818)22,385 (4,417)299,996 (14,235)
Asset-backed securities
177,666 (4,312)4,314 (266)181,980 (4,578)
Corporate
644,054 (19,615)14,661 (664)658,715 (20,279)
Total $1,428,218 $(46,166)$86,017 $(10,217)$1,514,235 $(56,383)
Less than 12 Months12 Months or GreaterTotal
As of December 31, 2025Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$— $— $— $— $— $— 
State and municipal21,959 (122)43,392 (2,920)65,351 (3,042)
Commercial mortgage-backed securities
63,162 (312)7,055 (550)70,217 (862)
Residential mortgage-backed securities
40,180 (164)29,284 (3,251)69,464 (3,415)
Asset-backed securities
26,304 (168)5,627 (122)31,931 (290)
Corporate
46,922 (119)23,323 (591)70,245 (710)
Total
$198,527 $(885)$108,681 $(7,434)$307,208 $(8,319)