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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Summary of Fair Value of Investments | A reconciliation of the amortized cost to fair value of our investments in available-for-sale fixed maturity securities, presented on a consolidated basis, as of December 31, 2025 and 2024.
December 31, 2025 |  |
Type of Investment | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value
US Treasury and government agencies | $ | 109,358 |  | $ | 482 |  | $ | 5,736 |  | $ | — |  | $ | 104,104 |
States, municipalities and political subdivisions | 261,711 |  | 1,598 |  | 1,575 |  | — |  | 261,734 |
Corporate | 797,892 |  | 9,186 |  | 23,924 |  | — |  | 783,154 |
Residential mortgage-backed | 732,452 |  | 8,991 |  | 25,846 |  | — |  | 715,597 |
Commercial mortgage-backed | 143,009 |  | 2,405 |  | 7 |  | — |  | 145,407 |
Other asset-backed | 194,751 |  | 1,238 |  | 635 |  | — |  | 195,354 |
Total Available-for-Sale | $ | 2,239,173 |  | $ | 23,900 |  | $ | 57,723 |  | $ | — |  | $ | 2,205,350 |
December 31, 2024 |  |
Type of Investment | Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Allowance for Credit Losses | Fair Value
US Treasury and government agencies | $ | 126,402 |  | $ | 153 |  | $ | 9,255 |  | $ | — |  | $ | 117,301 |
States, municipalities and political subdivisions | 252,936 |  | 52 |  | 5,084 |  | — |  | 247,904 |
Corporate | 728,662 |  | 1,354 | 40,633 |  | — |  | 689,382 |
Residential mortgage-backed | 623,431 |  | 864 |  | 40,884 |  | — |  | 583,411 |
Commercial mortgage-backed | 102,975 |  | 624 |  | 44 |  | — |  | 103,554 |
Other asset-backed | 127,125 |  | 593 |  | 940 |  | — |  | 126,779 |
Total Available-for-Sale | $ | 1,961,531 |  | $ | 3,640 |  | $ | 96,840 |  | $ | — |  | $ | 1,868,331 |
Summary of Maturities |
|  |  | Available-For-Sale |  |
December 31, 2025 |  |  |  |  | Amortized Cost |  | Fair Value |  |  |  |
Due in one year or less |  |  |  |  | $ | 61,856 |  |  | $ | 61,675 |  |  |  |  |
Due after one year through five years |  |  |  |  | 311,486 |  |  | 311,006 |  |  |  |  |
Due after five years through 10 years |  |  |  |  | 530,617 |  |  | 524,842 |  |  |  |  |
Due after 10 years |  |  |  |  | 265,002 |  |  | 251,469 |  |  |  |  |
Asset-backed securities |  |  |  |  | 1,070,212 |  |  | 1,056,358 |  |  |  |  |
|  |  |  |  | $ | 2,239,173 |  |  | $ | 2,205,350 |  |  |  |  |
Summary of Unrealized Gain and Loss | A summary of changes in net unrealized investment gain (loss), net of taxes, for the years ended December 31, 2025, 2024 and 2023, is as follows:
| 2025 |  | 2024 |  | 2023
Change in net unrealized investment gain (loss) |  |  |  |  |
Available-for-sale fixed maturities(1) | $ | 59,466 |  |  | $ | (6,675) |  |  | $ | 27,091 |
Income tax effect | (12,493) |  |  | 1,402 |  |  | (5,689) |
Total change in net unrealized investment gain (loss), net of tax | $ | 46,973 |  |  | $ | (5,273) |  |  | $ | 21,402 |
(1) As a member of Lloyd's, the Company participates in the syndicate results which include unrealized gains and losses on investments. The change in net unrealized gains and losses on Lloyd's syndicate investments included above was $0.1 million as of December 31, 2025.
Summary of Fixed Maturities Unrealized Loss | The following tables summarize our available-for-sale fixed maturity securities that were in an unrealized loss position reported on a consolidated basis at December 31, 2025 and 2024. The securities are presented by the length of time they have been continuously in an unrealized loss position.
December 31, 2025 | Less than 12 months |  | 12 months or longer |  | Total
Type of Investment | Number of Issues | Fair Value | Gross Unrealized Loss |  | Number of Issues | Fair Value | Gross Unrealized Loss |  | Fair Value | Gross Unrealized Loss
US Treasury and government agencies | 3 | $ | 1,743 |  | $ | 3 |  |  | 25 | $ | 72,773 |  | $ | 5,733 |  |  | $ | 74,516 |  | $ | 5,736 |
States, municipalities and political subdivisions | 39 | 60,660 |  | 478 |  |  | 52 | 104,732 |  | 1,097 |  |  | 165,392 |  | 1,575 |
Corporate | 52 | 156,734 |  | 866 |  |  | 83 | 226,071 |  | 23,058 |  |  | 382,805 |  | 23,924 |
Residential mortgage-backed | 34 | 121,159 |  | 398 |  |  | 103 | 148,711 |  | 25,448 |  |  | 269,870 |  | 25,846 |
Commercial mortgage-backed | 2 | 7,986 |  | 7 |  |  | 0 | — |  | — |  |  | 7,986 |  | 7 |
Other asset-backed | 19 | 70,050 |  | 223 |  |  | 4 | 7,575 |  | 412 |  |  | 77,625 |  | 635 |
Total Available-for-Sale | 149 | $ | 418,332 |  | $ | 1,975 |  |  | 267 | $ | 559,862 |  | $ | 55,748 |  |  | $ | 978,194 |  | $ | 57,723 |
December 31, 2024 | Less than 12 months |  | 12 months or longer |  | Total
Type of Investment | Number of Issues | Fair Value | Gross Unrealized Loss |  | Number of Issues | Fair Value | Gross Unrealized Loss |  | Fair Value | Gross Unrealized Loss
US Treasury and government agencies | 5 | $ | 16,006 |  | $ | 67 |  |  | 28 | $ | 83,386 |  | $ | 9,188 |  |  | $ | 99,392 |  | $ | 9,255 |
States, municipalities and political subdivisions | 67 | 92,003 |  | 1,159 |  |  | 72 | 135,350 |  | 3,925 |  |  | 227,353 |  | 5,084 |
Corporate | 73 | 203,142 |  | 4,474 |  |  | 154 | 370,211 |  | 36,159 |  |  | 573,352 |  | 40,633 |
Residential mortgage-backed | — |  | 318,810 |  | 4,549 |  |  | — |  | 151,879 |  | 36,335 |  |  | 470,689 |  | 40,884 |
Commercial mortgage-backed | 4 | 8,198 |  | 44 |  |  | 0 | — |  | — |  |  | 8,198 |  | 44 |
Other asset-backed | 14 | 32,645 |  | 804 |  |  | 2 | 3,915 |  | 136 |  |  | 36,560 |  | 940 |
Total Available-for-Sale | 242 | $ | 670,804 |  | $ | 11,097 |  |  | 387 | $ | 744,741 |  | $ | 85,743 |  |  | $ | 1,415,544 |  | $ | 96,840 |
Summary of Carrying Value of Commercial Mortgage Loans and Additional Information | The following tables present the carrying value of our commercial mortgage loans at December 31, 2025 and 2024:
Commercial Mortgage Loans |  |
Loan-to-value | December 31, 2025 |  |  |  | December 31, 2024 |  |
Less than 65% | $ | 22,846 |  |  |  |  | 32,499 |  |  |
65%-75% | 8,270 |  |  |  |  | 8,468 |  |  |
Mortgage loans, amortized cost | $ | 31,116 |  |  |  |  | $ | 40,967 |  |  |
Allowance for mortgage loan credit losses | (286) |  |  |  |  | (45) |  |  |
Mortgage loans, net | $ | 30,830 |  |  |  |  | $ | 40,922 |  |  |
Mortgage Loans by Region
| December 31, 2025 |  | December 31, 2024
| Carrying Value |  | Percent of Total |  | Carrying Value |  | Percent of Total
U.S. Region |  |  |  |  |  |  |
East North Central | $ | 3,162 |  |  | 10.2 | % |  | $ | 3,218 |  |  | 7.9 | %
Southern Atlantic | 14,206 |  |  | 45.7 |  |  | 17,021 |  |  | 41.4 |
East South Central | 6,977 |  |  | 22.4 |  |  | 7,257 |  |  | 17.7 |
New England | — |  |  | — |  |  | 6,588 |  |  | 16.1 |
Middle Atlantic | 2,028 |  |  | 6.5 |  |  | 2,078 |  |  | 5.1 |
Mountain | 1,992 |  |  | 6.4 |  |  | 1,992 |  |  | 4.9 |
West North Central | 2,751 |  |  | 8.8 |  |  | 2,813 |  |  | 6.9 |
Total mortgage loans at amortized cost | $ | 31,116 |  |  | 100.0 | % |  | $ | 40,967 |  |  | 100.0 | %
Mortgage Loans by Property Type
| December 31, 2025 |  | December 31, 2024
| Carrying Value |  | Percent of Total |  | Carrying Value |  | Percent of Total
Property Type |  |  |  |  |  |  |
Multifamily | $ | 8,184 |  |  | 26.3 | % |  | $ | 8,362 |  |  | 20.4 | %
Office | 7,703 |  |  | 24.8 |  |  | 10,615 |  |  | 25.9 |
Industrial | 3,248 |  |  | 10.4 |  |  | 9,912 |  |  | 24.2 |
Retail | 9,953 |  |  | 32.0 |  |  | 10,000 |  |  | 24.4 |
Mixed use/Other | 2,028 |  |  | 6.5 |  |  | 2,078 |  |  | 5.1 |
Total mortgage loans at amortized cost | $ | 31,116 |  |  | 100.0 | % |  | $ | 40,967 |  |  | 100.0 | %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator | The table below shows mortgage loans by year of origination as of December 31, 2025.
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
| 2023 | 2022 | 2020 |  | 2019 |  | 2018 |  | Total
Risk Rating |  |  |  |  |  |  |  |  |
1-2 internal grade | $ | 8,085 |  | $ | 96 |  | $ | 4,935 |  |  | $ | 7,472 |  |  | $ | 10,528 |  |  | $ | 31,116 |
Total commercial mortgage loans | $ | 8,085 |  | $ | 96 |  | $ | 4,935 |  |  | $ | 7,472 |  |  | $ | 10,528 |  |  | $ | 31,116 |
Summary of Rollforward of Allowance for Mortgage Loan Losses | As of December 31, 2025, the Company had a credit loss allowance of $286, summarized in the following rollforward:
Beginning balance, January 1, 2025 |  | $ | 45 |
Current-period provision for credit losses |  | 241 |
Write-off charged against the allowance, if any |  | — |
Recoveries of amounts previously written off, if any |  | — |
Ending balance, December 31, 2025 |  | $ | 286 |
Summary of Net Investment Gains and Losses | Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income for the years ended December 31, 2025, 2024 and 2023 are as follows:
| 2025 |  | 2024 |  | 2023
Fixed maturity, available-for-sale securities: |  |  |  |  |
Net realized gains (losses) on fixed maturity, available-for-sale securities | $ | (1,404) |  |  | $ | (7,274) |  |  | $ | (442) |
Change in allowance for credit losses | — |  |  | 1 |  |  | 1 |
Equity securities: |  |  |  |  |
Net realized gains (losses) on equity securities sold | — |  |  | 1,362 |  |  | 150 |
Unrealized gains (losses) on equity securities still held at reporting date | — |  |  | — |  |  | 1,842 |
Net gains (losses) recognized on equity securities | — |  |  | 1,362 |  |  | 1,992 |
Net realized gains (losses) on mortgage loans | (2,864) |  |  | 10 |  |  | (5) |
Net realized gains (losses) on other long-term assets | 446 |  |  | 472 |  |  | (319) |
Net realized gains (losses) on real estate | — |  |  | — |  |  | 47 |
Total net investment gains (losses) | $ | (3,822) |  |  | $ | (5,429) |  |  | $ | 1,274 |
Summary of Proceeds and Gross Realized Gains (Losses) on the Sale of Available-for-Sale Fixed Maturity Securities | The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities for the years ended December 31, 2025, 2024 and 2023 are as follows:
| 2025 |  | 2024 |  | 2023
Proceeds from sales | $ | 121,054 |  |  | $ | 491,771 |  |  | $ | 77,388 |
Gross realized gains | 101 |  |  | 2,127 |  |  | 265 |
Gross realized losses | (1,505) |  |  | 9,401 |  |  | 707 |
Summary of Net Investment Income | Net investment income for the years ended December 31, 2025, 2024 and 2023, is comprised of the following:
Years Ended December 31, | 2025 |  | 2024 |  | 2023
Investment income: |  |  |  |  |
Interest on fixed maturities | $ | 87,642 |  |  | $ | 69,703 |  |  | $ | 56,243 |
Dividends on equity securities | — |  |  | 341 |  |  | 3,548 |
Income on other long-term investments |  |  |  |  |
Investment income | 8,426 |  |  | 6,492 |  |  | 2,833 |
Change in value (1) | (1,482) |  |  | 1,447 |  |  | (2,864) |
Interest on mortgage loans | 1,698 |  |  | 1,852 |  |  | 1,889 |
Interest on short-term investments | 1,985 |  |  | 3,048 |  |  | 1,068 |
Interest on cash and cash equivalents | 6,925 |  |  | 5,045 |  |  | 2,228 |
Other | 4,515 |  |  | 5,006 |  |  | 4,139 |
Total investment income | $ | 109,709 |  |  | $ | 92,934 |  |  | $ | 69,084 |
Less investment expenses | 12,171 |  |  | 10,948 |  |  | 9,478 |
Net investment income | $ | 97,538 |  |  | $ | 81,986 |  |  | $ | 59,606 |
(1)Represents the change in value of our interests in limited liability partnerships that are recorded on the equity method of accounting.

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