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Investments
 12 Months Ended
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 CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturity securities:in thousands
Corporate $262,302 $3,982 $(116)$266,168 
U.S. Treasury181,077 701 (161)181,617 
States and municipalities29,182 967 (3)30,146 
Foreign 33,000 54 (62)32,992 
Asset-backed securities31,899 394 (42)32,251 
Mortgage-backed securities150,353 3,026 (282)153,097 
Total fixed maturity securities$687,813 $9,124 $(666)$696,271 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Fixed maturity securities:in thousands
Corporate$230,917 $1,226 $(954)$231,189 
U.S. Treasury146,211 424 (760)145,875 
States and municipalities31,543 134 (92)31,585 
Foreign21,022 59 (24)21,057 
Asset-backed securities23,625 175 (120)23,680 
Mortgage-backed securities125,351 396 (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 months12 months or longerTotal
Estimated fair valueGross unrealized lossesEstimated fair valueGross unrealized lossesEstimated fair valueGross unrealized losses
Fixed maturity securities:in thousands
Corporate$6,307 $(7)$9,461 $(108)$15,768 $(115)
U.S. Treasury35,150 (83)14,948 (78)50,098 (161)
States and municipalities880 (3)— — 880 (3)
Foreign17,009 (62)— — 17,009 (62)
Asset-backed securities1,771 (5)1,881 (37)3,652 (42)
Mortgage-backed securities10,312 (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 CostEstimated Fair Value
in thousands
Due in one year or less$132,244 $132,772 
Due after one year through five years272,887 276,170 
Due after five years through ten years99,958 101,510 
Due after ten years472 471 
Mortgage-backed and asset-backed securities182,252 185,348 
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,
202520242023
Interest income:in thousands
Cash and cash equivalents and restricted cash and cash equivalents$9,585 $22,080 $26,457 
Fixed maturity securities29,407 17,395 447 
Total interest income38,992 39,475 26,904 
Dividends on equity securities 218 98 — 
Gross investment income39,210 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,
20252024
Fixed maturity securities:in thousands
Net realized investment gains$386 $927 
Equity securities:
Total change in fair value of equity securities2,678 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)