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Fair Values of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At June 30, 2025, assets measured at fair value on a recurring basis are summarized below:

		June 30, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	155,699			$	—			$	155,699
Corporate bonds			—				132,853				—				132,853
U.S. agency-based mortgage-backed securities			—				3,888				—				3,888
U.S. Treasury securities			14,275				—				—				14,275
Total securities available-for-sale—fixed maturity			14,275				292,440				—				306,715
Equity securities:
Domestic common stock - Exchange Traded Funds			52,451				—				—				52,451
Total		$	66,726			$	292,440			$	—			$	359,166

At December 31, 2024, assets measured at fair value on a recurring basis are summarized below:

		December 31, 2024
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	148,206			$	—			$	148,206
Corporate bonds			—				141,535				—				141,535
U.S. agency-based mortgage-backed securities			—				4,059				—				4,059
U.S. Treasury securities			13,950				—				—				13,950
Total securities available-for-sale—fixed maturity		$	13,950			$	293,800			$	—			$	307,750
Equity securities:
Domestic common stock - Exchange Traded Funds			58,629				—				—				58,629
Total		$	72,579			$	293,800			$	—			$	366,379

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At June 30, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:

		June 30, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	339,371			$	—			$	339,371
Corporate bonds			—				21,147				—				21,147
U.S. agency-based mortgage-backed securities			—				2,480				—				2,480
U.S. Treasury securities			8,348				—				—				8,348
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,348			$	363,007			$	—			$	371,355

At December 31, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below:

		December 31, 2024
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	356,268			$	—			$	356,268
Corporate bonds			—				32,670				—				32,670
U.S. agency-based mortgage-backed securities			—				2,643				—				2,643
U.S. Treasury securities			8,127				—				—				8,127
Asset-backed securities			—				13				—				13
Total held-to-maturity		$	8,127			$	391,594			$	—			$	399,721

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying amounts and corresponding fair values for financial instruments:

		As of June 30, 2025								As of December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	384,822			$	371,355			$	413,061			$	399,721
Fixed maturity securities—available-for-sale			306,715				306,715				307,750				307,750
Equity securities			52,451				52,451				58,629				58,629
Short-term investments			14,900				14,900				9,338				9,338
Cash and cash equivalents			48,465				48,465				44,045				44,045

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- Definition

Fair value schedule of assets carried at amortized cost.

+ References

No definition available.

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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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