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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024
						Level 1						Level 2						Level 3						Total
Available-For-Sale Debt Securities:
U.S. government obligations and agencies						$	—					$	19,747					$	—					$	19,747
Corporate bonds						—						868,948						—						868,948
Mortgage-backed and asset-backed securities						—						357,030						—						357,030
Municipal bonds						—						14,354						—						14,354
Redeemable preferred stock						—						9,000						—						9,000
Equity Securities:
Common stock						14,409						—						—						14,409
Mutual funds						63,343						—						—						63,343
Investment in Private Equity Limited Partnership						—						—						12,202						12,202
Total assets accounted for at fair value						$	77,752					$	1,269,079					$	12,202					$	1,359,033
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as part of:
Investment in Private Equity Limited Partnerships																								3,921
Total assets at fair value																								$	1,362,954

						Fair Value Measurements
						As of December 31, 2023
						Level 1						Level 2						Level 3						Total
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 stock						15,438						—						—						15,438
Mutual funds						65,057						—						—						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
Assets carried at NAV, which approximates fair value and which are not categorized within the fair value hierarchy, reported as part of:
Investment in Private Equity Limited Partnerships																								—
Total assets at fair value																								$	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 December 31, 2024

Range

Fair Value

Valuation Methodology

Unobservable Input

Weighted Average Mean

Minimum

Maximum

Assets:

Investment in Private Equity Limited Partnership Reported at Fair Value

$

12,202

Market Approach

Trailing Twelve Month EBITDA Multiple

5.8x

5.3x

7.0x

As of December 31, 2023

Range

Fair Value

Valuation Methodology

Unobservable Input

Weighted Average Mean

Minimum

Maximum

Assets:

Investment in Private Equity Limited Partnership Reported at Fair Value

$

10,434

Market Approach

Trailing Twelve Month EBITDA Multiple

5.3x

5.3x

5.3x

These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision.

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 December 31,
						2024												2023
						Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
Liabilities (debt):
Surplus note (1)						$	2,573					$	2,481					$	4,044					$	3,783
5.625% Senior unsecured notes (2)						100,000						99,086						100,000						98,953
Total debt						$	102,573					$	101,567					$	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.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Topic 820
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-Name Accounting Standards Codification
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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