v3.26.3
SUMMARY OF INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Fair Value of Investments
A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, as of September 30, 2026 and December 31, 2025, is provided below:
September 30, 2026
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$101,437 $1 $9,943 $— $91,495 
States, municipalities and political subdivisions182,729 2 9,311 — 173,420 
Corporate878,207 110 58,978 — 819,339 
Residential mortgage-backed822,342 380 59,991 — 762,731 
Commercial mortgage-backed166,049 336 1,972 — 164,413 
Other asset-backed262,522 56 6,160 — 256,418 
Total Fixed Maturity, Available-for-Sale $2,413,286 $885 $146,355 $— $2,267,816 

December 31, 2025
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$109,358 $482 $5,736 $— $104,104 
States, municipalities and political subdivisions261,711 1,598 1,575 — 261,734 
Corporate797,892 9,186 23,924 — 783,154 
Residential mortgage-backed732,452 8,991 25,846 — 715,597 
Commercial mortgage-backed143,009 2,405 7 — 145,407 
Other asset-backed194,751 1,238 635 — 195,354 
Total Fixed Maturity, Available-for-Sale $2,239,173 $23,900 $57,723 $— $2,205,350 
Summary of Maturities
Available-For-Sale
September 30, 2026Amortized CostFair Value
Due in one year or less$18,303 $18,283 
Due after one year through five years430,076 411,623 
Due after five years through 10 years458,607 426,081 
Due after 10 years255,387 228,267 
Asset-backed securities1,250,913 1,183,562 
$2,413,286 $2,267,816 
Summary of Unrealized Gain and Loss A summary of changes in net unrealized investment gain (loss), net of taxes, during the reporting period is as follows:
Nine months ended September 30,
20262025
Change in net unrealized investment gain (loss)
Available-for-sale fixed maturities(1)
$(112,222)$55,356 
Income tax effect23,567 (11,629)
Total change in net unrealized investment gain (loss), net of tax$(88,655)$43,727 
(1) As a member of Lloyd's, the Company participates in the syndicate results which include unrealized gains and losses on investments. The change in net unrealized gains and losses on Lloyd's syndicate investments included above was $0.6 million and $(0.1) million for the nine- months ended September 30, 2026 and September 30, 2025, respectively.
Summary of Fixed Maturities Unrealized Loss
The following tables summarize our fixed maturity securities that were in an unrealized loss position at September 30, 2026 and December 31, 2025. The securities are presented by the length of time they have been continuously in an unrealized loss position.
September 30, 2026Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies20 $33,402 $671 18 $55,792 $9,272 $89,194 $9,943 
States, municipalities and political subdivisions131160,072 7,706 912,810 1,605 172,882 9,311 
Corporate338626,447 28,032 68166,194 30,946 792,641 58,978 
Residential mortgage-backed217 596,255 27,818 100 120,645 32,173 716,900 59,991 
Commercial mortgage-backed26 89,794 1,972 — — — 89,794 1,972 
Other asset-backed69 201,967 5,719 3 8,420 441 210,387 6,160 
Total Available-for-Sale801 $1,707,937 $71,918 198 $363,861 $74,437 $2,071,798 $146,355 
December 31, 2025Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies3 $1,743 $3 25 $72,773 $5,733 $74,516 $5,736 
States, municipalities and political subdivisions39 60,660 478 52 104,732 1,097 165,392 1,575 
Corporate52 156,734 866 83 226,071 23,058 382,805 23,924 
Residential mortgage-backed34 121,159 398 103 148,711 25,448 269,870 25,846 
Commercial mortgage-backed2 7,986 7 — — — 7,986 7 
Other asset-backed19 70,050 223 4 7,575 412 77,625 635 
Total Available-for-Sale149 $418,332 $1,975 267 $559,862 $55,748 $978,194 $57,723 
Summary of Carrying Value of Commercial Mortgage Loans and Additional Information The following tables present the carrying value of our commercial mortgage loans and additional information at September 30, 2026 and December 31, 2025:
Commercial Mortgage Loans
September 30, 2026December 31, 2025
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$22,532 $22,846 
65%-75%8,117 8,270 
Total mortgage loans at amortized cost$30,649 $31,116 
Allowance for mortgage loan losses(284)(286)
Mortgage loans, net$30,365 $30,830 

Commercial Mortgage Loans by Region
September 30, 2026December 31, 2025
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,118 10.2 %$3,162 10.2 %
Southern Atlantic14,088 46.0 14,206 45.7 
East South Central6,758 22.0 6,977 22.4 
Middle Atlantic1,990 6.5 2,028 6.5 
Mountain1,992 6.5 1,992 6.4 
West North Central2,703 8.8 2,751 8.8 
Total mortgage loans at amortized cost$30,649 100.0 %$31,116 100.0 %
Commercial Mortgage Loans by Property Type
September 30, 2026December 31, 2025
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Multifamily$8,046 26.3 %$8,184 26.3 %
Office7,543 24.6 7,703 24.8 
Industrial3,189 10.4 3,248 10.4 
Retail9,881 32.2 9,953 32.0 
Mixed use/Other1,990 6.5 2,028 6.5 
Total mortgage loans at amortized cost$30,649 100.0 %$31,116 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator The table below shows mortgage loans by year of origination as of September 30, 2026.
20232022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$8,011 $95 $4,844 $7,375 $10,324 $30,649 
Total commercial mortgage loans$8,011 $95 $4,844 $7,375 $10,324 $30,649 
Summary of Rollforward of Allowance for Mortgage Loan Losses
As of September 30, 2026, the Company had an allowance for credit losses of $284, summarized in the following rollforward:
Rollforward of mortgage loan allowance for credit losses:
As of
September 30, 2026
Beginning balance, January 1, 2026
$286 
Change in allowance for credit losses(2)
Ending balance, September 30, 2026
$284 
Summary of Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Fixed maturities:
Available-for-sale$64 $(609)$(747)$(1,406)
Allowance for credit losses— — — — 
Mortgage loans allowance for credit losses— — 2 (1,102)
Other long-term investments(40)204 87 347 
Total net investment gains (losses)$24 $(405)$(658)$(2,161)
Summary of Proceeds and Gross Realized Gains (Losses)
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities are as follows:

Three months ended September 30,Nine months ended September 30,
2026202520262025
Proceeds from sales$47,689 $95,625 $192,301 $119,943 
Gross realized gains128 76 151 100 
Gross realized losses(64)(685)(898)(1,506)
Summary of Net Investment Income
Net investment income is comprised of the following:

Three months ended September 30,Nine months ended September 30,
2026202520262025
Investment income:
Interest on fixed maturities$27,428 $21,874 $78,697 $64,300 
Income on other long-term investments1,343 2,655 4,927 4,584 
Other2,903 4,381 8,317 11,415 
Total investment income$31,674 $28,910 $91,941 $80,299 
Less investment expenses2,379 2,918 6,678 9,176 
Net investment income$29,295 $25,992 $85,263 $71,123