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Investments (Tables)
 9 Months Ended
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, 2024Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$309,181 $747 $(54)$309,874 
State and municipal68,779 163 (3,566)65,376 
Commercial mortgage-backed securities61,453 1,082 (680)61,855 
Residential mortgage-backed securities174,766 3,473 (3,769)174,470 
Asset-backed securities82,743 732 (475)83,000 
Corporate196,031 2,161 (1,515)196,677 
Total
$892,953 $8,358 $(10,059)$891,252 
Gross Unrealized
As of December 31, 2023Amortized CostGainsLossesFair Value
($ in thousands)
Fixed maturity securities
U.S. government and government agency$252,294 $579 $(332)$252,541 
State and municipal55,984 — (5,264)50,720 
Commercial mortgage-backed securities26,573 29 (1,166)25,436 
Residential mortgage-backed securities79,032 680 (5,010)74,702 
Asset-backed securities42,964 32 (963)42,033 
Corporate112,166 80 (3,054)109,192 
Total
$569,013 $1,400 (15,789)$554,624 
Schedule of Contractual Maturity of Fixed Maturity Securities
The amortized cost and fair value of fixed maturity securities at September 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.
As of September 30, 2024Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$133,335 $133,341 
Due after one year through five years330,832 329,839 
Due after five years through ten years79,882 80,370 
Due after ten years29,942 28,377 
573,991 571,927 
Commercial mortgage-backed securities61,453 61,855 
Residential mortgage-backed securities174,766 174,470 
Asset-backed securities82,743 83,000 
Total
$892,953 $891,252 
As of December 31, 2023Amortized CostFair Value
($ in thousands)
Fixed maturity securities
Due in one year or less$254,656 $254,443 
Due after one year through five years122,274 118,585 
Due after five years through ten years27,145 25,265 
Due after ten years16,369 14,160 
420,444 412,453 
Commercial mortgage-backed securities26,573 25,436 
Residential mortgage-backed securities79,032 74,702 
Asset-backed securities42,964 42,033 
Total
$569,013 $554,624 
Schedule of Components in Net Investment Income
The components of net investment income were derived from the following sources:
Three Months Ended
September 30,
20242023
($ in thousands)
U.S. government and government agency$3,793 $1,224 
State and municipal467 387 
Commercial mortgage-backed securities761 375 
Residential mortgage-backed securities1,955 256 
Asset-backed securities719 1,044 
Corporate1,611 925 
Short-term investments134 186 
Cash and cash equivalents2,273 916 
Gross investment income11,713 5,313 
Investment expenses(222)(125)
Net investment income$11,491 $5,188 
Nine Months Ended
September 30,
20242023
($ in thousands)
U.S. government and government agency$11,316 $2,162 
State and municipal1,241 1,163 
Commercial mortgage-backed securities1,603 1,003 
Residential mortgage-backed securities4,118 718 
Asset-backed securities1,760 2,537 
Corporate3,614 2,514 
Short-term investments350 817 
Cash and cash equivalents4,493 2,011 
Gross investment income28,495 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 municipal30,928 19,585 
Commercial mortgage-backed securities33,354 9,333 
Residential mortgage-backed securities96,991 35,313 
Asset-backed securities39,714 23,798 
Corporate103,839 49,632 
Restricted fixed maturity securities 516,491 279,958 
Restricted short-term investments10,002 4,864 
Restricted cash and cash equivalents28,822 1,698 
Restricted assets $555,315 $286,520 
Schedule of Available for Sale Securities in Unrealized Loss
The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:
Less than 12 Months12 Months or GreaterTotal
As of September 30, 2024Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$30,291 $(17)$15,195 $(37)$45,486 $(54)
State and municipal523 (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 $(10,059)
Less than 12 Months12 Months or GreaterTotal
As of December 31, 2023Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses
($ in thousands)
Fixed maturity securities
U.S. government and government agency
$48,598 $(69)$10,970 $(263)$59,568 $(332)
State and municipal2,992 (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)