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INVESTMENTS (Tables)

12 Months Ended

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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