XML 38 R31.htm IDEA: XBRL DOCUMENT v3.25.3
Fixed-Maturity Securities Available-For-Sale (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Securities, Available-for-Sale [Abstract]  
Schedule of Estimated Fair Value of Investments in Fixed-Maturity Securities Available-for-Sale

The amortized cost, gross unrealized gains and losses, and estimated fair value of investments in fixed-maturity securities available-for-sale at September 30, 2025 and December 31, 2024, are as follows:

 

 

September 30, 2025

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

U.S. government and agencies

 

$

145,066

 

 

$

1,941

 

 

$

(14

)

 

$

146,993

 

States, municipalities and political subdivisions

 

 

166,703

 

 

 

3,423

 

 

 

(144

)

 

$

169,982

 

Corporate Bonds

 

 

129,982

 

 

 

3,823

 

 

 

(7

)

 

$

133,798

 

Asset-Backed Securities

 

 

23,703

 

 

 

145

 

 

 

(18

)

 

$

23,830

 

 

$

465,454

 

 

$

9,332

 

 

$

(183

)

 

$

474,603

 

 

 

December 31, 2024

 

 

Amortized
Cost

 

 

Gross
Unrealized
Gains

 

 

Gross
Unrealized
Losses

 

 

Estimated
Fair Value

 

U.S. government and agencies

 

$

166,641

 

 

$

418

 

 

$

(776

)

 

$

166,283

 

U.S. states, territories and possessions

 

 

17,344

 

 

 

71

 

 

 

(193

)

 

 

17,222

 

Industrial and miscellaneous

 

 

149,104

 

 

 

1,350

 

 

 

(429

)

 

 

150,025

 

Special Revenue

 

 

106,681

 

 

 

527

 

 

 

(622

)

 

 

106,586

 

Political subdivisions

 

 

23,061

 

 

 

187

 

 

 

(151

)

 

 

23,097

 

Hybrid securities

 

 

1,754

 

 

 

—

 

 

 

(1

)

 

 

1,753

 

 

$

464,585

 

 

$

2,553

 

 

$

(2,172

)

 

$

464,966

 
Schedule of Amortized Cost and Estimated Fair Value of Investments in Fixed-Maturity Securities

The amortized cost and estimated fair value of investments in fixed-maturity securities at September 30, 2025 and December 31, 2024, by contractual maturity, are shown below.

 

 

September 30, 2025

 

 

December 31, 2024

 

 

Amortized
Cost

 

 

Estimated
Fair Value

 

 

Amortized
Cost

 

 

Estimated
Fair Value

 

In one year or less

 

$

41,456

 

 

$

41,609

 

 

$

56,574

 

 

$

56,666

 

After one year through five years

 

 

273,751

 

 

 

279,568

 

 

 

286,584

 

 

 

287,703

 

After five years through 10 years

 

 

122,082

 

 

 

125,209

 

 

 

112,702

 

 

 

112,117

 

After 10 years

 

 

28,165

 

 

 

28,217

 

 

 

8,725

 

 

 

8,480

 

 

$

465,454

 

 

$

474,603

 

 

$

464,585

 

 

$

464,966

 
Schedule of Company's Investments Estimated Fair Value and Gross Unrealized Losses

The following tables show the Company’s investments estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025.

 

 

September 30, 2025

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

U.S. government and agencies

 

$

2,030

 

 

$

—

 

 

$

1,724

 

 

$

(14

)

 

$

3,754

 

 

$

(14

)

States, municipalities and political subdivisions

 

 

10,011

 

 

 

(102

)

 

 

2,436

 

 

 

(42

)

 

 

12,447

 

 

 

(144

)

Corporate Bonds

 

 

445

 

 

 

(1

)

 

 

1,984

 

 

 

(6

)

 

 

2,429

 

 

 

(7

)

Asset-Backed Securities

 

 

15,909

 

 

 

(18

)

 

 

—

 

 

 

—

 

 

 

15,909

 

 

 

(18

)

 

$

28,395

 

 

$

(121

)

 

$

6,144

 

 

$

(62

)

 

$

34,539

 

 

$

(183

)

The following tables show the Company’s investments estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024.

 

 

December 31, 2024

 

 

Less than 12 months

 

 

More than 12 months

 

 

Total

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

 

Estimated
Fair Value

 

 

Unrealized
Losses

 

U.S. government and agencies

 

$

93,063

 

 

$

(729

)

 

$

2,975

 

 

$

(47

)

 

$

96,038

 

 

$

(776

)

U.S. states, territories and possessions

 

 

9,169

 

 

 

(193

)

 

 

502

 

 

 

—

 

 

 

9,671

 

 

 

(193

)

Industrial and miscellaneous

 

 

69,745

 

 

 

(389

)

 

 

3,417

 

 

 

(40

)

 

 

73,162

 

 

 

(429

)

Special revenue

 

 

43,829

 

 

 

(604

)

 

 

2,693

 

 

 

(17

)

 

 

46,522

 

 

 

(621

)

Political subdivisions

 

 

4,477

 

 

 

(151

)

 

 

503

 

 

 

(1

)

 

 

4,980

 

 

 

(152

)

Hybrid securities

 

 

1,754

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

1,754

 

 

 

(1

)

 

$

222,037

 

 

$

(2,067

)

 

$

10,090

 

 

$

(105

)

 

$

232,127

 

 

$

(2,172

)
Schedule of Major Categories of Net Investment Income

Major categories of net investment income, excluding realized gains, are summarized as follows:

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Income:

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale fixed-maturity securities

 

$

5,666

 

 

$

5,346

 

 

$

16,551

 

 

$

13,988

 

Cash and cash equivalents

 

 

13,542

 

 

$

7,513

 

 

 

31,704

 

 

 

20,629

 

Other investments

 

 

106

 

 

$

134

 

 

 

339

 

 

 

432

 

Total investment income

 

$

19,314

 

 

$

12,993

 

 

$

48,594

 

 

$

35,049

 

Investment expenses

 

 

221

 

 

$

207

 

 

 

653

 

 

 

549

 

Net investment income

 

$

19,093

 

 

$

12,786

 

 

$

47,941

 

 

$

34,500