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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair values of the Company's financial assets and liabilities as of September 30, 2024 and December 31, 2023 are shown in the following tables:

			Estimated Fair Value as of September 30, 2024
			Total						Level 1						Level 2						Level 3
			in thousands
Financial Assets
Investments:
Corporate			$	213,964					$	—					$	213,964					$	—
U.S. Treasury			109,561						—						109,561						—
States and municipalities			39,929						—						39,929						—
Foreign			18,634						—						18,634						—
Asset-backed securities			25,767						—						25,767						—
Mortgage-backed securities			114,357						—						114,357						—
Common stocks			11,580						11,580						—						—
Total			$	533,792					$	11,580					$	522,212					$	—
			Estimated Fair Value as of December 31, 2023
			Total						Level 1						Level 2						Level 3
			in thousands
Financial Assets
Fixed maturity securities, held to maturity:
Foreign			$	16,472					$	—					$	16,472					$	—
Interest rate swap			2,234						—						2,234						—
Total			$	18,706					$	—					$	18,706					$	—
Financial Liabilities
Public Warrants			$	9,488					$	9,488					$	—					$	—
Private Warrants			476						—						—						476
Underwriter Warrants			53						—						—						53
OTM Warrants			3,981						—						—						3,981
PIPE Warrants			20,020						—						—						20,020
Total			$	34,018					$	9,488					$	—					$	24,530

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the Company's warrant liabilities that are classified as Level 3 within the fair value hierarchy for the nine months ended September 30, 2024 and 2023:

			Private Warrants						Underwriter Warrants						OTM Warrants						PIPE Warrants						Total
			in thousands
Balance at December 31, 2023			$	476					$	53					$	3,981					$	20,020					$	24,530
Change in fair value of warrant liabilities			55						5						546						4,056						4,662
Warrant Exchange (see Note 17)			(531)						(58)						(4,527)						(24,076)						(29,192)
Balance at September 30, 2024			$	—					$	—					$	—					$	—					$	—
Balance at December 31, 2022			$	673					$	75					$	4,706					$	27,227					$	32,681
Change in fair value of warrant liabilities			33						4						541						554						1,132
Balance at September 30, 2023			$	706					$	79					$	5,247					$	27,781					$	33,813

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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