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Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

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


		September 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		$	—			$	161,623			$	—			$	161,623
Corporate bonds			—				134,822				—				134,822
U.S. agency-based mortgage-backed securities			—				3,760				—				3,760
U.S. Treasury securities			14,399				—				—				14,399
Total securities available-for-sale—fixed maturity			14,399				300,205				—				314,604
Equity securities:
Domestic common stock - Exchange Traded Funds			56,568				—				—				56,568
Total		$	70,967			$	300,205			$	—			$	371,172

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


		September 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		$	—			$	332,394			$	—			$	332,394
Corporate bonds			—				21,151				—				21,151
U.S. agency-based mortgage-backed securities			—				2,422				—				2,422
U.S. Treasury securities			8,410				—				—				8,410
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,410			$	355,976			$	—			$	364,386

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 September 30, 2025								As of December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	372,018			$	364,386			$	413,061			$	399,721
Fixed maturity securities—available-for-sale			314,604				314,604				307,750				307,750
Equity securities			56,568				56,568				58,629				58,629
Short-term investments			19,090				19,090				9,338				9,338
Cash and cash equivalents			54,747				54,747				44,045				44,045