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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured for at Fair Value on Recurring Basis
The following tables set forth by level within the fair value hierarchy the Company’s assets measured at fair value on a recurring basis as of the dates presented (in thousands):
Fair Value Measurements
As of June 30, 2024
 Level 1Level 2Level 3Total
Available-For-Sale Debt Securities:    
  U.S. government obligations and agencies$— $21,592 $— $21,592 
  Corporate bonds— 823,996 — 823,996 
  Mortgage-backed and asset-backed securities— 347,131 — 347,131 
  Municipal bonds— 14,126 — 14,126 
  Redeemable preferred stock— 8,785 — 8,785 
Equity Securities:
  Common stock14,118 — — 14,118 
  Mutual funds61,716 — — 61,716 
Investment in Private Equity Limited Partnership— — 10,434 10,434 
Total assets accounted for at fair value$75,834 $1,215,630 $10,434 $1,301,898 
Fair Value Measurements
As of December 31, 2023
Level 1Level 2Level 3Total
Available-For-Sale Debt Securities:
  U.S. government obligations and agencies$— $23,258 $— $23,258 
  Corporate bonds— 715,714 — 715,714 
  Mortgage-backed and asset-backed securities— 303,146 — 303,146 
  Municipal bonds— 14,039 — 14,039 
  Redeemable preferred stock— 8,173 — 8,173 
Equity Securities:
  Common stock15,438 — — 15,438 
  Mutual funds65,057 — — 65,057 
Investment in Private Equity Limited Partnership— — 10,434 10,434 
Total assets accounted for at fair value$80,495 $1,064,330 $10,434 $1,155,259 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table summarizes quantitative information related to the significant unobservable inputs for Level 3 investments, which were carried at fair value as of the dates presented (in thousands):
As of June 30, 2024
Range
Fair Value
Valuation Methodology
Unobservable Input
Weighted Average Mean
Minimum
Maximum
Assets:
Investment in Private Equity Limited Partnership
10,434 
Market Approach
Trailing Twelve Month EBITDA Multiple
5.3x5.3x5.3x
As of December 31, 2023
Range
Fair Value
Valuation Methodology
Unobservable Input
Weighted Average Mean
Minimum
Maximum
Assets:
Investment in Private Equity Limited Partnership
10,434 
Market Approach
Trailing Twelve Month EBITDA Multiple
5.3x5.3x5.3x
Schedule of Carrying Value and Estimated Fair Values of Financial Instruments not Carried at Fair Value
The following table summarizes the carrying value and estimated fair values of the Company’s financial instruments not carried at fair value as of the dates presented (in thousands):
As of June 30, 2024As of December 31, 2023
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Liabilities (debt):
Surplus note (1)$3,309 $3,144 $4,044 $3,783 
5.625% Senior unsecured notes (2)
100,000 97,702 100,000 98,953 
Total debt$103,309 $100,846 $104,044 $102,736 
(1) The fair value of the surplus note was determined by management from the expected cash flows discounted using the interest rate quoted by the holder. The SBA is the holder of the surplus note and the quoted interest rate is below prevailing rates quoted by private lending institutions. However, as the Company’s use of funds from the surplus note is limited by the terms of the agreement, the Company has determined the interest rate quoted by the SBA to be appropriate for the purpose of establishing the fair value of the note (Level 2).
(2) The fair value of the senior unsecured notes was determined based on pricing from quoted prices for similar assets in active markets and was included as Level 2.