
	December 31, 2024
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	20,284	$	—	$	35	$	(572)	$	19,747
Corporate bonds	920,337		(894)		1,580		(52,075)		868,948
Mortgage-backed and asset-backed securities	387,538		—		1,041		(31,549)		357,030
Municipal bonds	15,893		(3)		—		(1,536)		14,354
Redeemable preferred stock	9,480		(121)		23		(382)		9,000
Total	$	1,353,532	$	(1,018)	$	2,679	$	(86,114)	$	1,269,079


	December 31, 2023
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	23,886	$	—	$	49	$	(677)	$	23,258
Corporate bonds	779,177		(469)		1,097		(64,091)		715,714
Mortgage-backed and asset-backed securities	334,460		—		969		(32,283)		303,146
Municipal bonds	15,916		(4)		—		(1,873)		14,039
Redeemable preferred stock	9,480		(93)		—		(1,214)		8,173

Total	$	1,162,919	$	(566)	$	2,115	$	(100,138)	$	1,064,330

The following table provides the credit quality of available-for-sale debt securities with contractual maturities as of the dates presented (dollars in thousands):


	December 31, 2024				December 31, 2023
			% of Total				% of Total
Average Credit Ratings	Fair Value		Fair Value		Fair Value		Fair Value
AAA	$	378,732	29.9	%	$	333,516	31.3	%
AA	146,456		11.5	%	128,249		12.0	%
A	425,503		33.5	%	356,090		33.5	%
BBB	313,265		24.7	%	245,823		23.1	%

No Rating Available	5,123		0.4	%	652		0.1	%
Total	$	1,269,079	100.0	%	$	1,064,330	100.0	%

The table above includes credit quality ratings by Standard and Poor’s Rating Services, Inc. (“S&P”), Moody’s Investors Service, Inc. and Fitch Ratings, Inc. The Company has presented the highest rating of the three rating agencies for each investment position.

The following table summarizes the amortized cost and fair value of mortgage-backed and asset-backed securities as of the dates presented (in thousands):


	December 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Mortgage-backed securities:
Agency	$	194,400	$	171,531	$	165,507	$	145,686
Non-agency	58,722		51,940		63,729		55,102
Asset-backed securities:
Auto loan receivables	60,087		60,326		53,686		52,869
Credit card receivables	9,702		9,769		3,414		3,428
Other receivables	64,627		63,464		48,124		46,061
Total	$	387,538	$	357,030	$	334,460	$	303,146

The following tables summarize available-for-sale debt securities, aggregated by major security type and length of time that individual securities have been in a continuous unrealized loss position, for which no allowance for expected credit losses has been recorded as of the dates presented (in thousands):


	December 31, 2024
	Less Than 12 Months					12 Months or Longer
		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies		$	12,962	$	(193)		$	2,727	$	(379)
Corporate bonds		44,049		(1,780)			283,877		(25,336)
Mortgage-backed and asset-backed securities		64,516		(1,567)			179,865		(29,935)
Municipal bonds		1,244		(53)			9,624		(1,099)
Redeemable preferred stock		—		—			825		(84)
Total		$	122,771	$	(3,593)		$	476,918	$	(56,833)


	December 31, 2023
	Less Than 12 Months					12 Months or Longer
		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies		$	9,045	$	(108)		$	6,811	$	(569)
Corporate bonds		1,387		(9)			365,893		(37,088)
Mortgage-backed and asset-backed securities		18,150		(316)			216,220		(31,967)
Municipal bonds		293		(1)			7,010		(1,069)
Redeemable preferred stock		529		(30)			1,052		(158)
Total		$	29,404	$	(464)		$	596,986	$	(70,851)

Unrealized losses on available-for-sale debt securities in the above table as of December 31, 2024 and 2023 have not been recognized into income as credit losses because the issuers are of high credit quality (investment grade securities), management does not intend to sell nor does it believe it is more likely than not it will be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in interest rates and other market conditions. There were no material factors impacting any one category or specific security requiring an accrual for credit loss. The issuers continue to make principal and interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

The table of expected credit losses below presents the beginning and ending balances, along with the provision for or reversal of credit loss expenses, categorized by security type. This information pertains to available-for-sale debt securities that are in an unrealized loss position, necessitating a credit allowance (in thousands):


	Corporate Bonds		Municipal Bonds		Redeemable Preferred Stock		Total Expected Credit Losses
Balance, December 31, 2022	$	729	$	2	$	189	$	920
Provision for (or reversal of) credit loss expense	(260)		2		(96)		(354)
Balance, December 31, 2023	469		4		93		566
Provision for (or reversal of) credit loss expense	425		(1)		28		452
Balance, December 31, 2024	$	894	$	3	$	121	$	1,018

See “—Note 2 (Summary of Significant Accounting Policies — Allowance for Credit Losses-Available-For-Sale Securities)” for more information about the methodology and significant inputs used to measure the amount related to expected credit losses on available-for-sale debt securities.


	December 31, 2024
	Amortized Cost		Fair Value
Due in one year or less	$	158,437	$	156,618
Due after one year through five years	714,196		686,113
Due after five years through ten years	446,710		396,986
Due after ten years	30,687		25,987
Perpetual maturity securities	3,502		3,375
Total	$	1,353,532	$	1,269,079

All securities, except those with perpetual maturities, were categorized in the table above utilizing years to effective maturity. Effective maturity takes into consideration all forms of potential prepayment, such as call features or prepayment schedules, that shorten the lifespan of contractual maturity dates.

The following table provides certain information related to available-for-sale debt securities and equity securities, during the periods presented (in thousands):


	Years Ended December 31,
	2024		2023		2022
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	156,210	$	128,304	$	98,409
Equity securities	$	13,854	$	45,095	$	34,178
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	704	$	36	$	242
Equity securities	$	1,347	$	1,744	$	2,240
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(1,499)	$	(1,527)	$	(2,060)
Equity securities	$	(1,867)	$	(1,482)	$	(74)

The following table presents the components of net investment income, comprised primarily of interest and dividends, for the periods presented (in thousands):


	Years Ended December 31,
	2024		2023		2022
Available-for-sale debt securities	$	35,428	$	24,793	$	18,699
Equity securities	3,647		4,019		3,288

Cash and cash equivalents (1)	22,185		21,448		5,945
Other (2)	569		523		492
Total investment income	61,829		50,783		28,424
Less: Investment expenses (3)	(2,681)		(2,334)		(2,639)
Net investment income	$	59,148	$	48,449	$	25,785


(1)			Includes interest earned on restricted cash and cash equivalents.
(2)			Includes investment income earned on real estate investments.
(3)			Includes custodial fees, investment accounting and advisory fees, and expenses associated with real estate investments.

The following table provides the unrealized gains and (losses) recognized for the periods presented on equity securities still held at the end of the reported period (in thousands):


	Years Ended December 31,
	2024		2023		2022


Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period	$	7,194	$	3,723	$	(13,197)


	As of December 31,
	2024		2023
Income Producing:
Investment real estate	$	10,102	$	7,097
Less: Accumulated depreciation	(1,780)		(1,572)



Investment real estate, net	$	8,322	$	5,525

The Company has an ownership interests in limited partnerships that are not registered or readily tradable on a securities exchange. These partnerships are with private equity funds managed by general partners who make decisions with regard to financial policies and operations. As such, the Company is not the primary beneficiary and does not consolidate these partnerships.

The fair value of the Company's investments in certain private equity funds is also determined using Net Asset Value. The timing of the delivery of the funds’ financial statements and financial information is on a three-month lag which results in a three-month delay in the recognition of our share of the change in Net Asset Value. Effective in 2024, as this is the best information available, it will be used for the estimate of the net asset value as well as the fair value, unless conditions have changed significantly in the economy or securities markets. In such a case, we will adjust our estimate with the assistance from the general partner.


	As of December 31, 2024
	Fair Value		Unfunded Commitments		Redemption Frequency (if Currently Eligible)	Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)	$	3,921	$	—	N/A	N/A
Total	$	3,921	$	—
(a)This class includes private equity funds that invest in cybersecurity companies are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. Distributions are received through liquidation of the underlying assets of the fund. The fair value of these assets have been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over 4 to 9 years.


	As of December 31,
	2024		2023
Investments in private equity limited partnerships reported at fair value	$	12,202	$	10,434
Investments in private equity limited partnerships reported at net asset value	3,921		—
Total Investments in private equity limited partnerships	$	16,123	$	10,434

The limited partnership investments are subject to a contractual restriction on the transfer or sale by the Company prior to liquidation or dissolution of the partnership agreement by the general partner. This restriction lapses upon the dissolution of the partnership or upon the written consent of the general partner and its Board of Directors.

The following table provides the unrealized gains (losses) recognized for the periods presented on investment in private equity limited partnership still held at the end of the reported period (in thousands):


	Years Ended December 31,
	2024		2023		2022


Unrealized gains (losses) recognized during the reported period on investment in private equity limited partnership reported at fair value still held at the end of the reported period	$	1,768	$	5,640	$	—
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at net asset value still held at the end of the reported period	(79)		—		—
Total unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships still held at the end of the reported period	$	1,689	$	5,640	$	—

At December 31, 2024 and 2023 the Company’s net cumulative contributed capital to the limited partnerships totaled $4.8 million and $4.8 million, respectively.