Investments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
| Debt and Equity Securities, FV-NI |
|
| Schedule of Available-for-sale Securities Reconciliation |
The following table details fixed maturity available-for-sale securities, by major investment category, at December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost or Adjusted/ Amortized Cost |
|
|
Gross Unrealized Gains |
|
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
$ |
91,496 |
|
|
$ |
622 |
|
|
|
$ |
— |
|
|
$ |
92,118 |
|
Corporate securities |
|
84,332 |
|
|
|
173 |
|
|
|
|
3,760 |
|
|
|
80,745 |
|
Mortgage-backed securities |
|
34,299 |
|
|
|
259 |
|
|
|
|
3,847 |
|
|
|
30,711 |
|
States, municipalities and political subdivisions |
|
28,155 |
|
|
|
87 |
|
|
|
|
1,164 |
|
|
|
27,078 |
|
Asset-backed securities |
|
13,246 |
|
|
|
49 |
|
|
|
|
638 |
|
|
|
12,657 |
|
Public utilities |
|
9,384 |
|
|
|
41 |
|
|
|
|
179 |
|
|
|
9,246 |
|
Foreign government |
|
591 |
|
|
|
6 |
|
|
|
|
— |
|
|
|
597 |
|
Total fixed maturities |
$ |
261,503 |
|
|
$ |
1,237 |
|
|
|
$ |
9,588 |
|
|
$ |
253,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
$ |
154,096 |
|
|
$ |
589 |
|
|
|
$ |
25 |
|
|
$ |
154,660 |
|
Corporate securities |
|
68,024 |
|
|
|
6 |
|
|
|
|
6,495 |
|
|
|
61,535 |
|
Mortgage-backed securities |
|
35,895 |
|
|
|
— |
|
|
|
|
5,433 |
|
|
|
30,462 |
|
States, municipalities and political subdivisions |
|
19,104 |
|
|
|
— |
|
|
|
|
1,907 |
|
|
|
17,197 |
|
Asset-backed securities |
|
12,341 |
|
|
|
1 |
|
|
|
|
906 |
|
|
|
11,436 |
|
Public utilities |
|
5,651 |
|
|
|
— |
|
|
|
|
367 |
|
|
|
5,284 |
|
Foreign government |
|
436 |
|
|
|
— |
|
|
|
|
9 |
|
|
|
427 |
|
Total fixed maturities |
$ |
295,547 |
|
|
$ |
596 |
|
|
|
$ |
15,142 |
|
|
$ |
281,001 |
|
|
| Equity Securities Fair Value |
Equity securities are summarized as follows at:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
December 31, 2024 |
|
Estimated Fair Value |
|
|
Percent of Total |
|
Estimated Fair Value |
|
|
Percent of Total |
Mutual funds |
$ |
56,637 |
|
|
|
91.8 |
|
% |
|
$ |
31,818 |
|
|
|
86.5 |
|
% |
Other common stocks |
|
5,048 |
|
|
|
8.2 |
|
|
|
|
4,976 |
|
|
|
13.5 |
|
|
Total equity securities |
$ |
61,685 |
|
|
|
100.0 |
|
% |
|
$ |
36,794 |
|
|
|
100.0 |
|
% |
|
| Schedule of Realized Gain (Loss) |
The following table details our realized gains (losses) by major investment category for the years ended December 31, 2025, 2024 and 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
Gains (Losses) |
|
|
Fair Value at Sale(1) |
|
|
Gains (Losses) |
|
|
Fair Value at Sale(1) |
|
|
Gains (Losses) |
|
|
Fair Value at Sale(1) |
|
Fixed maturities |
$ |
5 |
|
|
$ |
112,834 |
|
|
$ |
— |
|
|
$ |
10,720 |
|
|
$ |
4 |
|
|
$ |
7,315 |
|
Equity securities |
|
1,383 |
|
|
|
9,998 |
|
|
|
— |
|
|
|
— |
|
|
|
165 |
|
|
|
5,786 |
|
Short-term investments |
|
— |
|
|
|
35,999 |
|
|
|
— |
|
|
|
9,000 |
|
|
|
— |
|
|
|
126 |
|
Other investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,000 |
|
|
|
3 |
|
|
|
1,151 |
|
Total realized gains |
|
1,388 |
|
|
|
158,831 |
|
|
|
— |
|
|
|
21,720 |
|
|
|
172 |
|
|
|
14,378 |
|
Fixed maturities |
|
(6 |
) |
|
|
1,640 |
|
|
|
(124 |
) |
|
|
443 |
|
|
|
(6,296 |
) |
|
|
39,225 |
|
Equity securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(665 |
) |
|
|
10,372 |
|
Short-term investments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,999 |
|
|
|
— |
|
|
|
— |
|
Total realized losses |
|
(6 |
) |
|
|
1,640 |
|
|
|
(124 |
) |
|
|
5,442 |
|
|
|
(6,961 |
) |
|
|
49,597 |
|
Net realized investment gains (losses) |
$ |
1,382 |
|
|
$ |
160,471 |
|
|
$ |
(124 |
) |
|
$ |
27,162 |
|
|
$ |
(6,789 |
) |
|
$ |
63,975 |
|
(1) Fair Value at Sale includes maturities and paydowns executed at par value.
|
| Investments Classified by Contractual Maturity Date |
The table below summarizes our fixed maturities at December 31, 2025, by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Cost or Amortized Cost |
|
|
Percent of Total |
|
Fair Value |
|
|
Percent of Total |
Due in one year or less |
$ |
48,500 |
|
|
|
18.5 |
|
% |
|
$ |
48,585 |
|
|
|
19.2 |
|
% |
Due after one year through five years |
|
144,763 |
|
|
|
55.4 |
|
|
|
|
142,669 |
|
|
|
56.4 |
|
|
Due after five years through ten years |
|
17,441 |
|
|
|
6.7 |
|
|
|
|
15,729 |
|
|
|
6.2 |
|
|
Due after ten years |
|
3,254 |
|
|
|
1.2 |
|
|
|
|
2,801 |
|
|
|
1.1 |
|
|
Asset and mortgage-backed securities |
|
47,545 |
|
|
|
18.2 |
|
|
|
|
43,368 |
|
|
|
17.1 |
|
|
Total |
$ |
261,503 |
|
|
|
100.0 |
|
% |
|
$ |
253,152 |
|
|
|
100.0 |
|
% |
|
| Investment Income |
The following table summarizes our net investment income by major investment category:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Fixed maturities |
$ |
9,624 |
|
|
$ |
7,132 |
|
|
$ |
3,061 |
|
Equity securities |
|
902 |
|
|
|
386 |
|
|
|
80 |
|
Other investments |
|
1,795 |
|
|
|
918 |
|
|
|
(68 |
) |
Cash and cash equivalents |
|
10,219 |
|
|
|
12,624 |
|
|
|
5,411 |
|
Investment income |
|
22,540 |
|
|
|
21,060 |
|
|
|
8,484 |
|
Investment expenses |
|
(334 |
) |
|
|
(265 |
) |
|
|
(184 |
) |
Net investment income |
$ |
22,206 |
|
|
$ |
20,795 |
|
|
$ |
8,300 |
|
|
| Schedule of Unrealized Loss on Investments |
The following table presents aging of our unrealized investment losses by investment class:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than Twelve Months |
|
|
Twelve Months or More |
|
|
Number of Securities(1) |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
|
Number of Securities(1) |
|
|
Gross Unrealized Losses |
|
|
Fair Value |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate securities |
|
27 |
|
|
|
57 |
|
|
|
11,165 |
|
|
|
78 |
|
|
|
3,703 |
|
|
|
46,381 |
|
Mortgage-backed securities |
|
2 |
|
|
|
5 |
|
|
|
263 |
|
|
|
54 |
|
|
|
3,842 |
|
|
|
26,094 |
|
States, municipalities and political subdivisions |
|
13 |
|
|
|
24 |
|
|
|
4,528 |
|
|
|
24 |
|
|
|
1,140 |
|
|
|
14,992 |
|
Asset-backed securities |
|
3 |
|
|
|
2 |
|
|
|
591 |
|
|
|
21 |
|
|
|
636 |
|
|
|
6,715 |
|
Public utilities |
|
4 |
|
|
|
5 |
|
|
|
1,772 |
|
|
|
6 |
|
|
|
174 |
|
|
|
3,472 |
|
Foreign governments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total fixed maturities |
|
49 |
|
|
$ |
93 |
|
|
$ |
18,319 |
|
|
|
183 |
|
|
$ |
9,495 |
|
|
$ |
97,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
|
2 |
|
|
$ |
25 |
|
|
$ |
5,878 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Corporate securities |
|
42 |
|
|
|
300 |
|
|
|
14,559 |
|
|
|
80 |
|
|
|
6,195 |
|
|
|
45,702 |
|
Mortgage-backed securities |
|
4 |
|
|
|
26 |
|
|
|
1,244 |
|
|
|
61 |
|
|
|
5,407 |
|
|
|
29,218 |
|
States, municipalities and political subdivisions |
|
4 |
|
|
|
25 |
|
|
|
1,330 |
|
|
|
27 |
|
|
|
1,882 |
|
|
|
15,868 |
|
Asset-backed securities |
|
6 |
|
|
|
21 |
|
|
|
2,104 |
|
|
|
22 |
|
|
|
885 |
|
|
|
7,977 |
|
Public utilities |
|
6 |
|
|
|
37 |
|
|
|
1,937 |
|
|
|
6 |
|
|
|
330 |
|
|
|
3,347 |
|
Foreign governments |
|
1 |
|
|
|
9 |
|
|
|
427 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total fixed maturities |
|
65 |
|
|
$ |
443 |
|
|
$ |
27,479 |
|
|
|
196 |
|
|
$ |
14,699 |
|
|
$ |
102,112 |
|
(1) This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.
|
| Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis |
The following table presents the fair value of our financial instruments measured on a recurring basis by level at December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
$ |
92,118 |
|
|
$ |
— |
|
|
$ |
92,118 |
|
|
$ |
— |
|
Corporate securities |
|
80,745 |
|
|
|
— |
|
|
|
80,745 |
|
|
|
— |
|
Mortgage-backed securities |
|
30,711 |
|
|
|
— |
|
|
|
30,711 |
|
|
|
— |
|
States, municipalities and political subdivisions |
|
27,078 |
|
|
|
— |
|
|
|
27,078 |
|
|
|
— |
|
Asset-backed securities |
|
12,657 |
|
|
|
— |
|
|
|
12,657 |
|
|
|
— |
|
Public utilities |
|
9,246 |
|
|
|
— |
|
|
|
9,246 |
|
|
|
— |
|
Foreign government |
|
597 |
|
|
|
— |
|
|
|
597 |
|
|
|
— |
|
Total fixed maturities |
|
253,152 |
|
|
|
— |
|
|
|
253,152 |
|
|
|
— |
|
Mutual funds |
|
56,637 |
|
|
|
56,637 |
|
|
|
— |
|
|
|
— |
|
Other common stocks (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total equity securities |
|
56,637 |
|
|
|
56,637 |
|
|
|
— |
|
|
|
— |
|
Other investments (2) |
|
21,096 |
|
|
|
— |
|
|
|
21,096 |
|
|
|
— |
|
Total investments |
$ |
330,885 |
|
|
$ |
56,637 |
|
|
$ |
274,248 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and agency securities |
$ |
154,660 |
|
|
$ |
— |
|
|
$ |
154,660 |
|
|
$ |
— |
|
Corporate securities |
|
61,535 |
|
|
|
— |
|
|
|
61,535 |
|
|
|
— |
|
Mortgage-backed securities |
|
30,462 |
|
|
|
— |
|
|
|
30,462 |
|
|
|
— |
|
States, municipalities and political subdivisions |
|
17,197 |
|
|
|
— |
|
|
|
17,197 |
|
|
|
— |
|
Asset-backed securities |
|
11,436 |
|
|
|
— |
|
|
|
11,436 |
|
|
|
— |
|
Public utilities |
|
5,284 |
|
|
|
— |
|
|
|
5,284 |
|
|
|
— |
|
Foreign government |
|
427 |
|
|
|
— |
|
|
|
427 |
|
|
|
— |
|
Total fixed maturities |
|
281,001 |
|
|
|
— |
|
|
|
281,001 |
|
|
|
— |
|
Mutual Funds |
|
31,818 |
|
|
|
31,818 |
|
|
|
— |
|
|
|
— |
|
Other common stocks (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total equity securities |
|
31,818 |
|
|
|
31,818 |
|
|
|
— |
|
|
|
— |
|
Other investments (2) |
|
20,494 |
|
|
|
— |
|
|
|
20,494 |
|
|
|
— |
|
Total investments |
$ |
333,313 |
|
|
$ |
31,818 |
|
|
$ |
301,495 |
|
|
$ |
— |
|
(1) Other common stocks in the fair value hierarchy exclude these common stock interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient. (2) Other investments included in the fair value hierarchy exclude these other limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
|
| Schedule of Investments in Limited Partnerships |
The information presented in the table below is as of December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book Value |
|
|
Unrealized Gain |
|
|
Unrealized Loss |
|
|
Fair Value |
|
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
Limited partnership investments (1) |
$ |
5,024 |
|
|
$ |
1,093 |
|
|
$ |
— |
|
|
$ |
6,117 |
|
Surplus note (1) |
|
6,000 |
|
|
|
— |
|
|
|
— |
|
|
|
6,000 |
|
Commercial mortgage loans |
|
6,840 |
|
|
|
— |
|
|
|
— |
|
|
|
6,840 |
|
Short-term investments |
|
21,090 |
|
|
|
13 |
|
|
|
7 |
|
|
|
21,096 |
|
Total other investments |
$ |
38,954 |
|
|
$ |
1,106 |
|
|
$ |
7 |
|
|
$ |
40,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
Limited partnership investments (1) |
$ |
2,556 |
|
|
$ |
573 |
|
|
$ |
— |
|
|
$ |
3,129 |
|
Short-term investments |
|
20,413 |
|
|
|
81 |
|
|
|
— |
|
|
|
20,494 |
|
Total other investments |
$ |
22,969 |
|
|
$ |
654 |
|
|
$ |
— |
|
|
$ |
23,623 |
|
(1) Distributions will be generated from investment gains, from operating income, from underlying investments of the funds and from liquidation of the underlying assets of the funds. We estimate that the underlying assets of the funds will be liquidated over the next few months to five years.
|
| Restrictions on Cash and Cash Equivalents |
The following table presents the components of restricted assets:
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Trust funds |
$ |
93,734 |
|
|
$ |
62,013 |
|
Cash on deposit (regulatory deposits) |
|
358 |
|
|
|
344 |
|
Total restricted cash |
$ |
94,092 |
|
|
$ |
62,357 |
|
|