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Investments (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized Cost and Fair Value of Fixed Maturity Securities | The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale:
|  |  |  | Gross Unrealized |  |
As of September 30, 2024 |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
|  | ($ in thousands)
Fixed maturity securities |  |  |  |  |  |  |  |
U.S. government and government agency |  | $ | 309,181 |  |  | $ | 747 |  |  | $ | (54) |  |  | $ | 309,874 |
State and municipal |  | 68,779 |  |  | 163 |  |  | (3,566) |  |  | 65,376 |
Commercial mortgage-backed securities |  | 61,453 |  |  | 1,082 |  |  | (680) |  |  | 61,855 |
Residential mortgage-backed securities |  | 174,766 |  |  | 3,473 |  |  | (3,769) |  |  | 174,470 |
Asset-backed securities |  | 82,743 |  |  | 732 |  |  | (475) |  |  | 83,000 |
Corporate |  | 196,031 |  |  | 2,161 |  |  | (1,515) |  |  | 196,677 |
Total |  | $ | 892,953 |  |  | $ | 8,358 |  |  | $ | (10,059) |  |  | $ | 891,252 |
|  |  |  | Gross Unrealized |  |
As of December 31, 2023 |  | Amortized Cost |  | Gains |  | Losses |  | Fair Value
|  | ($ in thousands)
Fixed maturity securities |  |  |  |  |  |  |  |
U.S. government and government agency |  | $ | 252,294 |  |  | $ | 579 |  |  | $ | (332) |  |  | $ | 252,541 |
State and municipal |  | 55,984 |  |  | — |  |  | (5,264) |  |  | 50,720 |
Commercial mortgage-backed securities |  | 26,573 |  |  | 29 |  |  | (1,166) |  |  | 25,436 |
Residential mortgage-backed securities |  | 79,032 |  |  | 680 |  |  | (5,010) |  |  | 74,702 |
Asset-backed securities |  | 42,964 |  |  | 32 |  |  | (963) |  |  | 42,033 |
Corporate |  | 112,166 |  |  | 80 |  |  | (3,054) |  |  | 109,192 |
Total |  | $ | 569,013 |  |  | $ | 1,400 |  |  | (15,789) |  |  | $ | 554,624 |
Schedule of Contractual Maturity of Fixed Maturity Securities | The amortized cost and fair value of fixed maturity securities at September 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
As of September 30, 2024 |  | Amortized Cost |  | Fair Value
|  | ($ in thousands)
Fixed maturity securities |  |  |  |
Due in one year or less |  | $ | 133,335 |  |  | $ | 133,341 |
Due after one year through five years |  | 330,832 |  |  | 329,839 |
Due after five years through ten years |  | 79,882 |  |  | 80,370 |
Due after ten years |  | 29,942 |  |  | 28,377 |
|  | 573,991 |  |  | 571,927 |
Commercial mortgage-backed securities |  | 61,453 |  |  | 61,855 |
Residential mortgage-backed securities |  | 174,766 |  |  | 174,470 |
Asset-backed securities |  | 82,743 |  |  | 83,000 |
Total |  | $ | 892,953 |  |  | $ | 891,252 |
As of December 31, 2023 |  | Amortized Cost |  | Fair Value
|  | ($ in thousands)
Fixed maturity securities |  |  |  |
Due in one year or less |  | $ | 254,656 |  |  | $ | 254,443 |
Due after one year through five years |  | 122,274 |  |  | 118,585 |
Due after five years through ten years |  | 27,145 |  |  | 25,265 |
Due after ten years |  | 16,369 |  |  | 14,160 |
|  | 420,444 |  |  | 412,453 |
Commercial mortgage-backed securities |  | 26,573 |  |  | 25,436 |
Residential mortgage-backed securities |  | 79,032 |  |  | 74,702 |
Asset-backed securities |  | 42,964 |  |  | 42,033 |
Total |  | $ | 569,013 |  |  | $ | 554,624 |
Schedule of Components in Net Investment Income | The components of net investment income were derived from the following sources:
|  | Three Months Ended September 30,
|  | 2024 |  | 2023
|  | ($ in thousands)
U.S. government and government agency |  | $ | 3,793 |  |  | $ | 1,224 |
State and municipal |  | 467 |  |  | 387 |
Commercial mortgage-backed securities |  | 761 |  |  | 375 |
Residential mortgage-backed securities |  | 1,955 |  |  | 256 |
Asset-backed securities |  | 719 |  |  | 1,044 |
Corporate |  | 1,611 |  |  | 925 |
Short-term investments |  | 134 |  |  | 186 |
Cash and cash equivalents |  | 2,273 |  |  | 916 |
Gross investment income |  | 11,713 |  |  | 5,313 |
Investment expenses |  | (222) |  |  | (125) |
Net investment income |  | $ | 11,491 |  |  | $ | 5,188 |
|  | Nine Months Ended September 30,
|  | 2024 |  | 2023
|  | ($ in thousands)
U.S. government and government agency |  | $ | 11,316 |  |  | $ | 2,162 |
State and municipal |  | 1,241 |  |  | 1,163 |
Commercial mortgage-backed securities |  | 1,603 |  |  | 1,003 |
Residential mortgage-backed securities |  | 4,118 |  |  | 718 |
Asset-backed securities |  | 1,760 |  |  | 2,537 |
Corporate |  | 3,614 |  |  | 2,514 |
Short-term investments |  | 350 |  |  | 817 |
Cash and cash equivalents |  | 4,493 |  |  | 2,011 |
Gross investment income |  | 28,495 |  |  | 12,925 |
Investment expenses |  | (567) |  |  | (336) |
Net investment income |  | $ | 27,928 |  |  | $ | 12,589 |
Schedule of Restricted Assets | The following table summarizes the value of the Company’s restricted assets disclosed in the Condensed Consolidated Balance Sheets:
As of |  | September 30, 2024 |  | December 31, 2023
|  | ($ in thousands)
U.S. government and government agency |  | $ | 211,665 |  |  | $ | 142,297 |
State and municipal |  | 30,928 |  |  | 19,585 |
Commercial mortgage-backed securities |  | 33,354 |  |  | 9,333 |
Residential mortgage-backed securities |  | 96,991 |  |  | 35,313 |
Asset-backed securities |  | 39,714 |  |  | 23,798 |
Corporate |  | 103,839 |  |  | 49,632 |
Restricted fixed maturity securities |  | 516,491 |  |  | 279,958 |
Restricted short-term investments |  | 10,002 |  |  | 4,864 |
Restricted cash and cash equivalents |  | 28,822 |  |  | 1,698 |
Restricted assets |  | $ | 555,315 |  |  | $ | 286,520 |
Schedule of Available for Sale Securities in Unrealized Loss | The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
As of September 30, 2024 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
|  | ($ in thousands)
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency |  | $ | 30,291 |  |  | $ | (17) |  |  | $ | 15,195 |  |  | $ | (37) |  |  | $ | 45,486 |  |  | $ | (54) |
State and municipal |  | 523 |  |  | (3) |  |  | 46,911 |  |  | (3,563) |  |  | 47,434 |  |  | (3,566) |
Commercial mortgage-backed securities |  | 843 |  |  | (2) |  |  | 17,194 |  |  | (678) |  |  | 18,037 |  |  | (680) |
Residential mortgage-backed securities |  | 13,139 |  |  | (46) |  |  | 31,982 |  |  | (3,723) |  |  | 45,121 |  |  | (3,769) |
Asset-backed securities |  | 19,846 |  |  | (66) |  |  | 10,604 |  |  | (409) |  |  | 30,450 |  |  | (475) |
Corporate |  | 14,733 |  |  | (28) |  |  | 55,009 |  |  | (1,487) |  |  | 69,742 |  |  | (1,515) |
Total |  | $ | 79,375 |  |  | $ | (162) |  |  | $ | 176,895 |  |  | $ | (9,897) |  |  | $ | 256,270 |  |  | $ | (10,059) |
|  | Less than 12 Months |  | 12 Months or Greater |  | Total
As of December 31, 2023 |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
|  | ($ in thousands)
Fixed maturity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government and government agency |  | $ | 48,598 |  |  | $ | (69) |  |  | $ | 10,970 |  |  | $ | (263) |  |  | $ | 59,568 |  |  | $ | (332) |
State and municipal |  | 2,992 |  |  | (14) |  |  | 47,728 |  |  | (5,250) |  |  | 50,720 |  |  | (5,264) |
Commercial mortgage-backed securities |  | 2,485 |  |  | (53) |  |  | 18,423 |  |  | (1,113) |  |  | 20,908 |  |  | (1,166) |
Residential mortgage-backed securities |  | 17,536 |  |  | (609) |  |  | 31,502 |  |  | (4,401) |  |  | 49,038 |  |  | (5,010) |
Asset-backed securities |  | 16,253 |  |  | (71) |  |  | 18,491 |  |  | (892) |  |  | 34,744 |  |  | (963) |
Corporate |  | 24,976 |  |  | (173) |  |  | 62,733 |  |  | (2,881) |  |  | 87,709 |  |  | (3,054) |
Total |  | $ | 112,840 |  |  | $ | (989) |  |  | $ | 189,847 |  |  | $ | (14,800) |  |  | $ | 302,687 |  |  | $ | (15,789) |

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