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, 2026	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	47,766	$	12	$	(319)	$	47,459
State and municipal	213,856		28		(11,137)		202,747
Commercial mortgage-backed securities	171,143		49		(5,835)		165,357
Residential mortgage-backed securities	325,799		141		(14,235)		311,705
Asset-backed securities	225,703		53		(4,578)		221,178
Corporate	694,714		10		(20,279)		674,445
Total	$	1,678,981	$	293	$	(56,383)	$	1,622,891


			Gross Unrealized
As of December 31, 2025	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	80,184	$	184	$	—	$	80,368
State and municipal	131,607		713		(3,042)		129,278
Commercial mortgage-backed securities	170,496		1,688		(862)		171,322
Residential mortgage-backed securities	317,905		4,071		(3,415)		318,561
Asset-backed securities	168,363		931		(290)		169,004
Corporate	495,673		7,510		(710)		502,473
Total	$	1,364,228	$	15,097	(8,319)		$	1,371,006

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, 2026	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	94,903	$	94,565
Due after one year through five years	525,991		513,045
Due after five years through ten years	129,262		120,994
Due after ten years	206,180		196,047
	956,336		924,651
Commercial mortgage-backed securities	171,143		165,357
Residential mortgage-backed securities	325,799		311,705
Asset-backed securities	225,703		221,178
Total	$	1,678,981	$	1,622,891


As of December 31, 2025	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	113,224	$	113,298
Due after one year through five years	391,104		395,094
Due after five years through ten years	119,589		120,687
Due after ten years	83,547		83,040
	707,464		712,119
Commercial mortgage-backed securities	170,496		171,322
Residential mortgage-backed securities	317,905		318,561
Asset-backed securities	168,363		169,004
Total	$	1,364,228	$	1,371,006


	Three Months Ended September 30,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	455	$	1,562
State and municipal	2,011		1,058
Commercial mortgage-backed securities	2,131		1,417
Residential mortgage-backed securities	4,183		3,489
Asset-backed securities	2,809		1,673
Corporate	7,785		4,716

Cash and cash equivalents	1,582		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,
	2026		2025
	($ in thousands)
U.S. government and government agency	$	1,836	$	5,040
State and municipal	5,112		2,621
Commercial mortgage-backed securities	6,362		3,864
Residential mortgage-backed securities	12,764		9,157
Asset-backed securities	7,201		4,725
Corporate	20,750		12,212
Short-term investments	46		214
Cash and cash equivalents	4,472		4,280
Gross investment income	58,543		42,113
Investment expenses	(1,135)		(839)
Net investment income	$	57,408	$	41,274

There were $14.6 thousand and $46.6 thousand of net realized investment losses for the three and nine months ended September 30, 2026, respectively, and $15.0 thousand and $30.2 thousand of net realized investment losses for the same periods ended September 30, 2025 from the sale of investments.

The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Condensed Consolidated Statements of Income and Comprehensive (Loss) Income.


As of	September 30, 2026		December 31, 2025
	($ in thousands)
U.S. government and government agency	$	25,007	$	60,237
State and municipal	140,502		73,453
Commercial mortgage-backed securities	124,975		100,934
Residential mortgage-backed securities	214,872		204,459
Asset-backed securities	148,309		95,908
Corporate	439,225		303,849
Restricted fixed maturity securities	1,092,890		838,840

Restricted cash and cash equivalents	40,391		40,225
Restricted assets	$	1,133,281	$	879,065

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 Months				12 Months or Greater				Total
As of September 30, 2026	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	42,454	$	(319)	$	—	$	—	$	42,454	$	(319)
State and municipal	159,338		(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 Months				12 Months or Greater				Total
As of December 31, 2025	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	21,959		(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)

All of the securities in an unrealized loss position are rated investment grade. For fixed maturity securities that management does not intend to sell or are required to sell, there is no portion of the decline in value that is considered to be due to credit factors that would be recognized in earnings. Declines in value are considered to be due to non-credit factors and are recognized in Other Comprehensive (Loss) Income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on the assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.