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v3.26.1

Investments (Tables) | 6 Months Ended
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Jun. 30, 2026
Investments [Abstract] |
Schedule of Gain and Losses on Investments | The following table summarizes investment income and realized gains and losses on investments during the periods presented.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Investment income, net of investment expenses | $ | 3,157 |  |  | $ | 2,681 |  |  | $ | 6,515 |  |  | $ | 5,519 |
Realized gains on investments | 25 |  |  | 181 |  |  | 110 |  |  | 256 |
Realized losses on investments | (31) |  |  | (197) |  |  | (76) |  |  | (300) |
Investment income and realized gains and losses, net of investment expenses | $ | 3,151 |  |  | $ | 2,665 |  |  | $ | 6,549 |  |  | $ | 5,475 |
Schedule of Amortized Cost, Market Value and Unrealized Gains (Losses) of Debt Securities | The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities.
|  | June 30, 2026
|  | Amortized Cost |  | Gross Unrealized |  | Fair Value
|  |  | Gains |  | Losses |
U.S. Treasuries |  | $ | 3,954 |  |  | $ | — |  |  | $ | (5) |  |  | $ | 3,949 |
Obligations of states, municipalities and political subdivisions |  | 2,260 |  |  | 6 |  |  | (3) |  |  | 2,263 |
Corporate bonds |  | 37,915 |  |  | 47 |  |  | (418) |  |  | 37,544 |
Residential and commercial mortgage-backed securities |  | 21,437 |  |  | 57 |  |  | (128) |  |  | 21,366 |
Other loan-backed and structured securities |  | — |  |  | — |  |  | — |  |  | — |
Total investment securities | (1) |  | $ | 65,566 |  |  | $ | 110 |  |  | $ | (554) |  |  | $ | 65,122 |
____________________________________ (1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal.
| December 31, 2025
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 13,330 |  |  | $ | 43 |  |  | $ | (3) |  |  | $ | 13,370 |
Obligations of states, municipalities and political subdivisions | 2,039 |  |  | 31 |  |  | — |  |  | 2,070 |
Corporate bonds | 31,123 |  |  | 202 |  |  | (46) |  |  | 31,279 |
Residential and commercial mortgage-backed securities | 20,812 |  |  | 520 |  |  | (23) |  |  | 21,309 |
Other loan-backed and structured securities | — |  |  | — |  |  | — |  |  | — |
Total investment securities | $ | 67,304 |  |  | $ | 796 |  |  | $ | (72) |  |  | $ | 68,028 |
The following tables summarize the amortized cost, fair value, and unrealized gains and losses of investment securities held by the Reciprocal.
| June 30, 2026
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 7,326 |  |  | $ | 6 |  |  | $ | (175) |  |  | $ | 7,157 |
Obligations of states, municipalities and political subdivisions | 29,154 |  |  | 39 |  |  | (398) |  |  | 28,795 |
Corporate bonds | 66,950 |  |  | 305 |  |  | (1,011) |  |  | 66,244 |
Residential and commercial mortgage-backed securities | 77,126 |  |  | 258 |  |  | (1,399) |  |  | 75,985 |
Other loan-backed and structured securities | 19,000 |  |  | 57 |  |  | (150) |  |  | 18,907 |
Total investment securities held by the consolidated VIE | $ | 199,556 |  |  | $ | 665 |  |  | $ | (3,133) |  |  | $ | 197,088 |
| December 31, 2025
| Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
U.S. Treasuries | $ | 9,695 |  |  | $ | 40 |  |  | $ | (102) |  |  | $ | 9,633 |
Obligations of states, municipalities and political subdivisions | 12,688 |  |  | 112 |  |  | (406) |  |  | 12,394 |
Corporate bonds | 62,808 |  |  | 1,078 |  |  | (777) |  |  | 63,109 |
Residential and commercial mortgage-backed securities | 77,824 |  |  | 1,017 |  |  | (873) |  |  | 77,968 |
Other loan-backed and structured securities | 17,396 |  |  | 196 |  |  | (54) |  |  | 17,538 |
Total investment securities | $ | 180,411 |  |  | $ | 2,443 |  |  | $ | (2,212) |  |  | $ | 180,642 |
Schedule of Remaining Time to Maturity | The amortized cost and fair value of securities held by our captive reinsurance business at June 30, 2026, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2026
Remaining Time to Maturity |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 4,199 |  |  | $ | 4,201 |
Due after one year through five years |  | 32,970 |  |  | 32,735 |
Due after five years through ten years |  | 5,957 |  |  | 5,822 |
Due after ten years |  | 1,003 |  |  | 998 |
Residential and commercial mortgage-backed securities |  | 21,437 |  |  | 21,366 |
Other loan-backed and structured securities |  | — |  |  | — |
Total | (1) | $ | 65,566 |  |  | $ | 65,122 |
____________________________________ (1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of HOA. The amortized cost and fair value of securities held by the Reciprocal at June 30, 2026, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2026
Remaining Time to Maturity |  | Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 23,384 |  |  | $ | 23,317 |
Due after one year through five years |  | 42,734 |  |  | 42,114 |
Due after five years through ten years |  | 34,258 |  |  | 33,816 |
Due after ten years |  | 3,054 |  |  | 2,949 |
Residential and commercial mortgage-backed securities |  | 77,126 |  |  | 75,985 |
Other loan-backed and structured securities |  | 19,000 |  |  | 18,907 |
Total |  | $ | 199,556 |  |  | $ | 197,088 |
Schedule of Securities With Gross Unrealized Loss Position | Securities held by our captive reinsurance business with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of June 30, 2026 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (5) |  |  | $ | 3,949 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | 3,949 |
Obligations of states, municipalities and political subdivisions |  | (3) |  |  | 694 |  |  | — |  |  | — |  |  | (3) |  |  | 694 |
Corporate bonds |  | (418) |  |  | 32,510 |  |  | — |  |  | — |  |  | (418) |  |  | 32,510 |
Residential and commercial mortgage-backed securities |  | (128) |  |  | 14,333 |  |  | — |  |  | — |  |  | (128) |  |  | 14,333 |
Other loan-backed and structured securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total securities | (1) | $ | (554) |  |  | $ | 51,486 |  |  | $ | — |  |  | $ | — |  |  | $ | (554) |  |  | $ | 51,486 |
____________________________________ (1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal.
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of December 31, 2025 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (3) |  |  | $ | 6,954 |  |  | $ | — |  |  | $ | — |  |  | $ | (3) |  |  | $ | 6,954 |
Obligations of states, municipalities and political subdivisions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds |  | (46) |  |  | 14,563 |  |  | — |  |  | — |  |  | (46) |  |  | 14,563 |
Residential and commercial mortgage-backed securities |  | (23) |  |  | 3,425 |  |  | — |  |  | — |  |  | (23) |  |  | 3,425 |
Other loan-backed and structured securities |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total securities | (1) | $ | (72) |  |  | $ | 24,942 |  |  | $ | — |  |  | $ | — |  |  | $ | (72) |  |  | $ | 24,942 |
____________________________________ (1)Represents total investment securities held by our captive reinsurance business as collateral for the benefit of the Reciprocal. Securities held by the Reciprocal with gross unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows:
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of June 30, 2026 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (17) |  |  | $ | 2,437 |  |  | $ | (158) |  |  | $ | 3,846 |  |  | $ | (175) |  |  | $ | 6,283 |
Obligations of states, municipalities and political subdivisions |  | (33) |  |  | 18,980 |  |  | (365) |  |  | 7,524 |  |  | (398) |  |  | 26,504 |
Corporate bonds |  | (122) |  |  | 18,577 |  |  | (889) |  |  | 17,036 |  |  | (1,011) |  |  | 35,613 |
Residential and commercial mortgage-backed securities |  | (126) |  |  | 21,350 |  |  | (1,273) |  |  | 30,487 |  |  | (1,399) |  |  | 51,837 |
Other loan-backed and structured securities |  | (104) |  |  | 7,333 |  |  | (46) |  |  | 915 |  |  | (150) |  |  | 8,248 |
Total securities held by the consolidated VIE |  | $ | (402) |  |  | $ | 68,677 |  |  | $ | (2,731) |  |  | $ | 59,808 |  |  | $ | (3,133) |  |  | $ | 128,485 |
|  | Less Than Twelve Months |  | Twelve Months or Greater |  | Total
As of December 31, 2025 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value
U.S. Treasuries |  | $ | (102) |  |  | $ | 3,011 |  |  | $ | — |  |  | $ | — |  |  | $ | (102) |  |  | $ | 3,011 |
Obligations of states, municipalities and political subdivisions |  | $ | (361) |  |  | $ | 5,250 |  |  | $ | (45) |  |  | $ | 1,127 |  |  | (406) |  |  | 6,377 |
Corporate bonds |  | $ | (681) |  |  | $ | 13,179 |  |  | $ | (96) |  |  | $ | 1,300 |  |  | (777) |  |  | 14,479 |
Residential and commercial mortgage-backed securities |  | $ | (661) |  |  | $ | 15,453 |  |  | $ | (212) |  |  | $ | 1,346 |  |  | (873) |  |  | 16,799 |
Other loan-backed and structured securities |  | $ | (54) |  |  | $ | 1,525 |  |  | $ | — |  |  | $ | — |  |  | (54) |  |  | 1,525 |
Total securities held by the consolidated VIE |  | $ | (1,859) |  |  | $ | 38,418 |  |  | $ | (353) |  |  | $ | 3,773 |  |  | $ | (2,212) |  |  | $ | 42,191 |

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