
	March 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities:
U.S. government obligations and agencies	$	21,762	$	—	$	125	$	(396)	$	21,491
Corporate bonds	943,716		(711)		2,620		(43,842)		901,783
Mortgage-backed and asset-backed securities	401,745		—		1,676		(25,899)		377,522
Municipal bonds	15,870		(1)		—		(1,291)		14,578
Redeemable preferred stock	9,480		(117)		29		(428)		8,964
Total	$	1,392,573	$	(829)	$	4,450	$	(71,856)	$	1,324,338


	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

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


	March 31, 2025				December 31, 2024
Average Credit Ratings	Fair Value		% of Total Fair Value		Fair Value		% of Total Fair Value
AAA	$	403,447	30.4	%	$	378,732	29.9	%
AA	145,768		11.0	%	146,456		11.5	%
A	441,890		33.4	%	425,503		33.5	%
BBB	328,126		24.8	%	313,265		24.7	%

No Rating Available	5,107		0.4	%	5,123		0.4	%
Total	$	1,324,338	100.0	%	$	1,269,079	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.


	March 31, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Mortgage-backed securities:
Agency	$	201,962	$	183,942	$	194,400	$	171,531
Non-agency	65,451		59,567		58,722		51,940
Asset-backed securities:
Auto loan receivables	61,928		62,283		60,087		60,326
Credit card receivables	10,432		10,491		9,702		9,769
Other receivables	61,972		61,239		64,627		63,464
Total	$	401,745	$	377,522	$	387,538	$	357,030

The following tables summarize available-for-sale debt securities, aggregated by major security type and the 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):


	March 31, 2025
	Less Than 12 Months					12 Months or Longer
		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Debt Securities:
U.S. government obligations and agencies		$	—	$	—		$	2,786	$	(321)
Corporate bonds		2,253		(7)			277,587		(21,672)
Mortgage-backed and asset-backed securities		8,262		(12)			183,464		(26,244)
Municipal bonds		—		—			10,183		(945)
Redeemable preferred stock		—		—			826		(83)
Total		$	10,515	$	(19)		$	474,846	$	(49,265)


	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)

Unrealized losses on available-for-sale debt securities in the above table as of March 31, 2025 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
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
Provision for (or reversal of) credit loss expense	(183)		(2)		(4)		(189)
Balance, March 31, 2025	$	711	$	1	$	117	$	829

Refer to “Part II—Item 8—Note 2 (Summary of Significant Accounting Policies)” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 for details of accounting policies and reporting in the condensed consolidated financial statements associated with available-for-sale debt securities and allowance for credit losses.


	March 31, 2025
	Amortized Cost		Fair Value
Due in one year or less	$	198,513	$	196,170
Due after one year through five years	703,944		682,232
Due after five years through ten years	462,984		422,970
Due after ten years	24,030		19,974
Perpetual maturity securities	3,102		2,992
Total	$	1,392,573	$	1,324,338

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):


	Three Months Ended March 31,
	2025		2024
Proceeds from sales and maturities (fair value):
Available-for-sale debt securities	$	36,685	$	36,548
Equity securities	$	—	$	2,910
Gross realized gains on sale of securities:
Available-for-sale debt securities	$	24	$	5
Equity securities	$	—	$	69
Gross realized losses on sale of securities:
Available-for-sale debt securities	$	(38)	$	(74)
Equity securities	$	—	$	(77)

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


	Three Months Ended March 31,
	2025		2024
Available-for-sale debt securities	$	10,719	$	7,214
Equity securities	796		894

Cash and cash equivalents (1)	5,122		5,823
Other (2)	166		177
Total investment income	16,803		14,108
Less: Investment expenses (3)	(743)		(585)
Net investment income	$	16,060	$	13,523


(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):


	Three Months Ended March 31,
	2025		2024
Unrealized gains (losses) recognized during the reported period on equity securities still held at the end of the reported period	$	225	$	2,905


	March 31,		December 31,
	2025		2024
Income Producing:
Investment in real estate	$	10,108	$	10,102
Less: Accumulated depreciation	(1,855)		(1,780)
Investment in real estate, net	$	8,253	$	8,322

The Company has 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 assistance from the general partner.


	As of March 31, 2025
	Fair Value		Unfunded Commitments		Redemption Frequency (if Currently Eligible)	Redemption Notice Period
Investments in private equity limited partnerships - Net Asset Value (a)	$	3,932	$	—	N/A	N/A
Total	$	3,932	$	—
(a)This class includes private equity funds that invest in cybersecurity companies which 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 has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.


	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 which 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 has been estimated using the net asset value (NAV) per share of investments. It is estimated that these investments will be liquidated over four to nine years.


	March 31,		December 31,
	2025		2024
Investments in private equity limited partnerships reported at fair value	$	11,750	$	12,202
Investments in private equity limited partnerships reported at net asset value	3,932		3,921
Total Investments in private equity partnerships	$	15,682	$	16,123

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 recognized for the periods presented on investment in private equity limited partnerships still held at the end of the reported period (in thousands):


	Three Months Ended March 31,		Three Months Ended March 31,
	2025		2024
Unrealized gains (losses) recognized during the reported period on investments in private equity limited partnerships reported at fair value still held at the end of reported period	$	(452)	$	—
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 reported period	$	11	$	—
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	$	(441)	$	—

The unrealized gains (losses) on these investments are recognized in net change in unrealized gains (losses) on investments in the Condensed Consolidated Statement of Income. On March 31, 2025 and December 31, 2024, the Company’s net cumulative contributed capital to the partnerships was $4.8 million and $4.8 million, respectively.