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Investments | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | 5 — Investments The Company holds a diversified investment portfolio, consisting of fixed maturity securities and, to a much lesser extent, equity securities, with the fixed maturity securities classified as available-for-sale. The following tables summarize the Company's available-for-sale investments as of December 31, 2025 and 2024:
| December 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Estimated Fair Value
Fixed maturity securities: | in thousands
Corporate | $ | 262,302 |  |  | $ | 3,982 |  |  | $ | (116) |  |  |  |  | $ | 266,168 |
U.S. Treasury | 181,077 |  |  | 701 |  |  | (161) |  |  |  |  | 181,617 |
States and municipalities | 29,182 |  |  | 967 |  |  | (3) |  |  |  |  | 30,146 |
Foreign | 33,000 |  |  | 54 |  |  | (62) |  |  |  |  | 32,992 |
Asset-backed securities | 31,899 |  |  | 394 |  |  | (42) |  |  |  |  | 32,251 |
Mortgage-backed securities | 150,353 |  |  | 3,026 |  |  | (282) |  |  |  |  | 153,097 |
Total fixed maturity securities | $ | 687,813 |  |  | $ | 9,124 |  |  | $ | (666) |  |  |  |  | $ | 696,271 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Fixed maturity securities: | in thousands
Corporate | $ | 230,917 |  |  | $ | 1,226 |  |  | $ | (954) |  |  | $ | 231,189 |
U.S. Treasury | 146,211 |  |  | 424 |  |  | (760) |  |  | 145,875 |
States and municipalities | 31,543 |  |  | 134 |  |  | (92) |  |  | 31,585 |
Foreign | 21,022 |  |  | 59 |  |  | (24) |  |  | 21,057 |
Asset-backed securities | 23,625 |  |  | 175 |  |  | (120) |  |  | 23,680 |
Mortgage-backed securities | 125,351 |  |  | 396 |  |  | (1,445) |  |  | 124,302 |
Total fixed maturity securities | $ | 578,669 |  |  | $ | 2,414 |  |  | $ | (3,395) |  |  | $ | 577,688 |
Security holdings in an unrealized loss position The following table summarizes gross unrealized losses and the estimated fair value of available-for-sale fixed maturity securities that have continuously been in an unrealized loss position, as well as the length of time that such securities were in an unrealized loss position, as of December 31, 2025:
| December 31, 2025
| Less than 12 months |  | 12 months or longer |  | Total
| Estimated fair value |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses
Fixed maturity securities: | in thousands
Corporate | $ | 6,307 |  |  | $ | (7) |  |  | $ | 9,461 |  |  | $ | (108) |  |  | $ | 15,768 |  |  | $ | (115) |
U.S. Treasury | 35,150 |  |  | (83) |  |  | 14,948 |  |  | (78) |  |  | 50,098 |  |  | (161) |
States and municipalities | 880 |  |  | (3) |  |  | — |  |  | — |  |  | 880 |  |  | (3) |
Foreign | 17,009 |  |  | (62) |  |  | — |  |  | — |  |  | 17,009 |  |  | (62) |
Asset-backed securities | 1,771 |  |  | (5) |  |  | 1,881 |  |  | (37) |  |  | 3,652 |  |  | (42) |
Mortgage-backed securities | 10,312 |  |  | (4) |  |  | 20,889 |  |  | (279) |  |  | 31,201 |  |  | (283) |
Total fixed maturity securities | $ | 71,429 |  |  | $ | (164) |  |  | $ | 47,179 |  |  | $ | (502) |  |  | $ | 118,608 |  |  | $ | (666) |
The Company regularly reviews all fixed maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of December 31, 2025, unrealized losses were a result of interest rate changes, not a decline in the creditworthiness of the issuers. Accordingly, no allowance for credit loss was recorded as of December 31, 2025. As of December 31, 2024, no credit loss allowance was recorded and all unrealized losses on available-for-sale fixed maturity securities were in such position for less than one year. Contractual maturities of available-for-sale fixed maturity securities The following table summarizes the contractual maturities of the Company's available-for-sale investments as of December 31, 2025:
| Amortized Cost |  | Estimated Fair Value
| in thousands
Due in one year or less | $ | 132,244 |  |  | $ | 132,772 |
Due after one year through five years | 272,887 |  |  | 276,170 |
Due after five years through ten years | 99,958 |  |  | 101,510 |
Due after ten years | 472 |  |  | 471 |
Mortgage-backed and asset-backed securities | 182,252 |  |  | 185,348 |
Total fixed maturity securities | $ | 687,813 |  |  | $ | 696,271 |
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Net investment income The following table presents the components of net investment income, which is recorded within "Net investment income" in the Consolidated Statements of Operations, for the years ended December 31, 2025, 2024, and 2023:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Interest income: |  |  |  |  | in thousands
Cash and cash equivalents and restricted cash and cash equivalents |  |  |  |  | $ | 9,585 |  |  | $ | 22,080 |  |  | $ | 26,457 |
Fixed maturity securities |  |  |  |  | 29,407 |  |  | 17,395 |  |  | 447 |
Total interest income |  |  |  |  | 38,992 |  |  | 39,475 |  |  | 26,904 |
Dividends on equity securities |  |  |  |  | 218 |  |  | 98 |  |  | — |
Gross investment income |  |  |  |  | 39,210 |  |  | 39,573 |  |  | 26,904 |
Investment expenses |  |  |  |  | (562) |  |  | (324) |  |  | — |
Net investment income |  |  |  |  | $ | 38,648 |  |  | $ | 39,249 |  |  | $ | 26,904 |
Net realized and unrealized gains (losses) on investments The table below presents the components of pre-tax "Net investment gains" in the Consolidated Statements of Operations, and the pre-tax change in net unrealized gains (losses) included in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2025 and 2024. The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Consolidated Financial Statements and are presented on a net basis in the table below:
|  |  | Year ended December 31,
|  |  |  |  | 2025 |  | 2024 |  |
Fixed maturity securities: |  |  |  |  | in thousands |  |
Net realized investment gains |  |  |  |  | $ | 386 |  |  | $ | 927 |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Total change in fair value of equity securities |  |  |  |  | 2,678 |  |  | 1,296 |  |  |
Net investment gains |  |  |  |  | $ | 3,064 |  |  | $ | 2,223 |  |  |
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Fixed maturity securities |  |  |  |  | $ | 9,410 |  |  | $ | (981) |  |  |

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