Investments in Fixed Maturity and Equity Securities (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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| Summary of equity securities and net income investment |
The following table summarizes the Company’s equity securities as of September 30, 2026: | | | | | | | | | | | | | | thousands | Cost Basis | Net Unrealized Gains (Losses) | Fair Value | | | Communications | $ | 538,195 | | $ | 21,511 | | $ | 559,706 | | | | Consumer products | 305,848 | | (9,825) | | 296,023 | | | | Financial | 275,035 | | (22,653) | | 252,382 | | | | Technology | 124,998 | | 30,412 | | 155,410 | | | | | | | | | | | | | | Total | $ | 1,244,076 | | $ | 19,445 | | $ | 1,263,521 | | |
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| Summary of available-for-sale fixed maturity securities |
The following table summarizes the Company’s AFS fixed maturity securities as of September 30, 2026: | | | | | | | | | | | | | | | | | thousands | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | | | U.S. Government | $ | 3,172 | | $ | — | | $ | (35) | | $ | 3,137 | | | | | | | | | | | | | | | | | | | | | | U.S. Corporate | 7,297 | | — | | — | | 7,297 | | | | Foreign Governments | 622 | | — | | (20) | | 602 | | | | | | | | | | Total | $ | 11,091 | | $ | — | | $ | (55) | | $ | 11,036 | | |
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| Summary of estimated fair values of AFS fixed maturity securities |
Actual maturities may differ from contractual maturities as issuers and borrowers may have the right to call or prepay certain obligations with or without call or prepayment penalties. | | | | | | | | | | thousands | Amortized Cost | Fair Value | | Due in one year or less | $ | 489 | | $ | 489 | | | Due after one year through five years | 4,423 | | 4,368 | | | Due after five years through ten years | 4,232 | | 4,232 | | | Due after ten years | 1,947 | | 1,947 | | | | | | | | | | | | Total | $ | 11,091 | | $ | 11,036 | |
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| Summary of proceeds and gross realized gains and losses |
The following table summarizes the proceeds and gross realized gains and losses from sales of AFS fixed maturity securities: | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | thousands | 2026 | 2025 | | 2026 | 2025 | | Proceeds from sales | $ | 216,722 | | $ | — | | | $ | 2,552,485 | | $ | — | | | Gross realized gains from sales | — | | — | | | 2,016 | | — | | | Gross realized losses from sales | (1,538) | | — | | | (5,701) | | — | |
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| Summary of net investment income |
The components of net investment income are as follows: | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | thousands | 2026 | 2025 | | 2026 | 2025 | | Fixed maturity securities AFS | $ | 613 | | $ | — | | | $ | 9,176 | | $ | — | | | | | | | | | Equity securities | 2,446 | | — | | | 3,842 | | — | | | Short-term investments, cash, and other | 21,020 | | — | | | 22,321 | | — | | | Gross investment income | 24,079 | | — | | | 35,339 | | — | | | Investment expenses | (1,401) | | — | | | (1,673) | | — | | | Net insurance investment income | $ | 22,678 | | $ | — | | | $ | 33,666 | | $ | — | |
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