XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.25.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt and Equity Securities, FV-NI |
Schedule of Available-for-sale Securities Reconciliation | The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2025 and December 31, 2024:
| Cost or Adjusted/Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
March 31, 2025 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 150,075 |  |  | $ | 664 |  |  | $ | — |  |  | $ | 150,739 |
Corporate securities | 69,184 |  |  | 36 |  |  | 5,436 |  |  | 63,784 |
Mortgage-backed securities | 35,613 |  |  | 3 |  |  | 4,787 |  |  | 30,829 |
States, municipalities and political subdivisions | 21,290 |  |  | 9 |  |  | 1,618 |  |  | 19,681 |
Asset-backed securities | 12,243 |  |  | 8 |  |  | 773 |  |  | 11,478 |
Public utilities | 6,134 |  |  | 12 |  |  | 292 |  |  | 5,854 |
Foreign government | 599 |  |  | 1 |  |  | 5 |  |  | 595 |
Total fixed maturities | $ | 295,138 |  |  | $ | 733 |  |  | $ | 12,911 |  |  | $ | 282,960 |
December 31, 2024 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 154,096 |  |  | $ | 589 |  |  | $ | 25 |  |  | $ | 154,660 |
Corporate securities | 68,024 |  |  | 6 |  |  | 6,495 |  |  | 61,535 |
Mortgage-backed securities | 35,895 |  |  | — |  |  | 5,433 |  |  | 30,462 |
States, municipalities and political subdivisions | 19,104 |  |  | — |  |  | 1,907 |  |  | 17,197 |
Asset-backed securities | 12,341 |  |  | 1 |  |  | 906 |  |  | 11,436 |
Public utilities | 5,651 |  |  | — |  |  | 367 |  |  | 5,284 |
Foreign government | 436 |  |  | — |  |  | 9 |  |  | 427 |
Total fixed maturities | $ | 295,547 |  |  | $ | 596 |  |  | $ | 15,142 |  |  | $ | 281,001 |
Equity Securities Fair Value | Equity securities are summarized as follows:
|  | March 31, 2025 |  | December 31, 2024
|  | Estimated Fair Value |  | Percent of Total |  | Estimated Fair Value |  | Percent of Total
Mutual funds |  | $ | 24,234 |  |  | 83.0 | % |  | $ | 31,818 |  |  | 86.5 | %
Other common stocks |  | 4,976 |  |  | 17.0 |  |  | 4,976 |  |  | 13.5 |
Total equity securities |  | $ | 29,210 |  |  | 100.0 | % |  | $ | 36,794 |  |  | 100.0 | %
Schedule of Realized Gain (Loss) | The following table details the Company's realized gains (losses) by major investment category for the three months ended March 31, 2025 and 2024, respectively:
| 2025 |  | 2024
| Gains (Losses) |  | Fair Value at Sale(1) |  | Gains (Losses) |  | Fair Value at Sale(1)
Three Months Ended March 31, |  |  |  |  |  |  |
Fixed maturities | $ | 2 |  |  | $ | 6,311 |  |  | $ | — |  |  | $ | 994 |
Equity securities | 1,383 |  |  | 9,998 |  |  | — |  |  | — |
Short-term investments | — |  |  | 149 |  |  | — |  |  | — |
Other investments | — |  |  | — |  |  | — |  |  | 2,000 |
Total realized gains | 1,385 |  |  | 16,458 |  |  | — |  |  | 2,994 |
Fixed maturities | (3) |  |  | 1,000 |  |  | — |  |  | — |
Total realized losses | (3) |  |  | 1,000 |  |  | — |  |  | — |
Net realized investment gains | $ | 1,382 |  |  | $ | 17,458 |  |  | $ | — |  |  | $ | 2,994 |
(1) Fair value at sale includes maturities and paydowns executed at par value.
Investments Classified by Contractual Maturity Date | The table below summarizes the Company's fixed maturities at March 31, 2025 by contractual maturity period. Actual results may differ, as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.
| March 31, 2025
| Cost or Amortized Cost |  | Percent of Total |  | Fair Value |  | Percent of Total
Due in one year or less | $ | 102,785 |  |  | 34.8 | % |  | $ | 102,897 |  |  | 36.4 | %
Due after one year through five years | 109,528 |  |  | 37.2 |  |  | 107,346 |  |  | 37.8 |
Due after five years through ten years | 31,686 |  |  | 10.7 |  |  | 27,701 |  |  | 9.8 |
Due after ten years | 3,283 |  |  | 1.1 |  |  | 2,709 |  |  | 1.0 |
Asset and mortgage-backed securities | 47,856 |  |  | 16.2 |  |  | 42,307 |  |  | 15.0 |
Total | $ | 295,138 |  |  | 100.0 | % |  | $ | 282,960 |  |  | 100.0 | %
Investment Income | The following table summarizes net investment income by major investment category:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Fixed maturities |  |  |  |  | $ | 2,646 |  |  | $ | 946 |
Equity securities |  |  |  |  | 130 |  |  | 13 |
Cash and cash equivalents |  |  |  |  | 1,554 |  |  | 2,950 |
Other investments |  |  |  |  | 270 |  |  | 155 |
Investment income |  |  |  |  | 4,600 |  |  | 4,064 |
Investment expenses |  |  |  |  | (89) |  |  | (47) |
Net investment income |  |  |  |  | $ | 4,511 |  |  | $ | 4,017 |
Schedule of Unrealized Loss on Investments | The following table presents an aging of the Company's unrealized investment losses by investment class:
| Less Than Twelve Months |  | Twelve Months or More
| Number of Securities(1) |  | Gross Unrealized Losses |  | Fair Value |  | Number of Securities(1) |  | Gross Unrealized Losses |  | Fair Value
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | — |  |  | $ | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate securities | 34 |  |  | 145 |  |  | 12,348 |  |  | 79 |  |  | 5,291 |  |  | 45,879 |
Mortgage-backed securities | 9 |  |  | 13 |  |  | 1,965 |  |  | 59 |  |  | 4,774 |  |  | 28,009 |
States, municipalities and political subdivisions | 5 |  |  | 13 |  |  | 1,808 |  |  | 26 |  |  | 1,605 |  |  | 15,302 |
Asset-backed securities | 8 |  |  | 6 |  |  | 2,861 |  |  | 21 |  |  | 767 |  |  | 6,971 |
Public utilities | 5 |  |  | 16 |  |  | 1,652 |  |  | 5 |  |  | 276 |  |  | 3,140 |
Foreign governments | 1 |  |  | 5 |  |  | 429 |  |  | — |  |  | — |  |  | — |
Total fixed maturities | 62 |  |  | $ | 198 |  |  | $ | 21,063 |  |  | 190 |  |  | $ | 12,713 |  |  | $ | 99,301 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
U.S. government and agency securities | 2 |  |  | $ | 25 |  |  | $ | 5,878 |  |  | — |  |  | $ | — |  |  | $ | — |
Corporate securities | 42 |  |  | 300 |  |  | 14,559 |  |  | 80 |  |  | 6,195 |  |  | 45,702 |
Mortgage-backed securities | 4 |  |  | 26 |  |  | 1,244 |  |  | 61 |  |  | 5,407 |  |  | 29,218 |
States, municipalities and political subdivisions | 4 |  |  | 25 |  |  | 1,330 |  |  | 27 |  |  | 1,882 |  |  | 15,868 |
Asset-backed securities | 6 |  |  | 21 |  |  | 2,104 |  |  | 22 |  |  | 885 |  |  | 7,977 |
Public utilities | 6 |  |  | 37 |  |  | 1,937 |  |  | 6 |  |  | 330 |  |  | 3,347 |
Foreign governments | 1 |  |  | 9 |  |  | 427 |  |  | — |  |  | — |  |  | — |
Total fixed maturities | 65 |  |  | $ | 443 |  |  | $ | 27,479 |  |  | 196 |  |  | $ | 14,699 |  |  | $ | 102,112 |
(1) This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.
Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis | The following table presents the fair value of the Company's financial instruments measured on a recurring basis by level at March 31, 2025 and December 31, 2024, respectively:
| Total |  | Level 1 |  | Level 2 |  | Level 3
March 31, 2025 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 150,739 |  |  | $ | — |  |  | $ | 150,739 |  |  | $ | — |
Corporate securities | 63,784 |  |  | — |  |  | 63,784 |  |  | — |
Mortgage-backed securities | 30,829 |  |  | — |  |  | 30,829 |  |  | — |
States, municipalities and political subdivisions | 19,681 |  |  | — |  |  | 19,681 |  |  | — |
Asset-backed securities | 11,478 |  |  | — |  |  | 11,478 |  |  | — |
Public utilities | 5,854 |  |  | — |  |  | 5,854 |  |  | — |
Foreign government | 595 |  |  | — |  |  | 595 |  |  | — |
Total fixed maturities | 282,960 |  |  | — |  |  | 282,960 |  |  | — |
Mutual funds | 24,234 |  |  | 24,234 |  |  | — |  |  | — |
Other common stocks (1) | — |  |  | — |  |  | — |  |  | — |
Total equity securities | 24,234 |  |  | 24,234 |  |  | — |  |  | — |
Other investments (2) | 20,407 |  |  | — |  |  | 20,407 |  |  | — |
Total investments | $ | 327,601 |  |  | $ | 24,234 |  |  | $ | 303,367 |  |  | $ | — |
December 31, 2024 |  |  |  |  |  |  |
U.S. government and agency securities | $ | 154,660 |  |  | $ | — |  |  | $ | 154,660 |  |  | $ | — |
Corporate securities | 61,535 |  |  | — |  |  | 61,535 |  |  | — |
Mortgage-backed securities | 30,462 |  |  | — |  |  | 30,462 |  |  | — |
States, municipalities and political subdivisions | 17,197 |  |  | — |  |  | 17,197 |  |  | — |
Asset-backed securities | 11,436 |  |  | — |  |  | 11,436 |  |  | — |
Public utilities | 5,284 |  |  | — |  |  | 5,284 |  |  | — |
Foreign government | 427 |  |  | — |  |  | 427 |  |  | — |
Total fixed maturities | 281,001 |  |  | — |  |  | 281,001 |  |  | — |
Mutual Funds | 31,818 |  |  | 31,818 |  |  | — |  |  | — |
Other common stocks (1) | — |  |  | — |  |  | — |  |  | — |
Total equity securities | 31,818 |  |  | 31,818 |  |  | — |  |  | — |
Other investments (2) | 20,494 |  |  | — |  |  | 20,494 |  |  | — |
Total investments | $ | 333,313 |  |  | $ | 31,818 |  |  | $ | 301,495 |  |  | $ | — |
(1) \Other common stocks in the fair value hierarchy exclude these common stock interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient. (2) Other investments included in the fair value hierarchy exclude these limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.
Schedule of Investments in Limited Partnerships | The information presented in the table below is as of March 31, 2025:
|  | Book Value |  | Unrealized Gain |  | Unrealized Loss |  | Fair Value
March 31, 2025 |  |  |  |  |  |  |  |
Limited partnership investments (1) |  | $ | 2,633 |  |  | $ | 577 |  |  | $ | — |  |  | $ | 3,210 |
Short-term investments |  | 20,375 |  |  | 32 |  |  | — |  |  | 20,407 |
Total other investments |  | $ | 23,008 |  |  | $ | 609 |  |  | $ | — |  |  | $ | 23,617 |
(1) Distributions will be generated from investment gains, from operating income, from underlying investments of funds, and from liquidation of the underlying assets of the funds. The Company estimates that the underlying assets of the funds will be liquidated over the next few months to five years.
Restrictions on Cash and Cash Equivalents | The following table presents the components of restricted assets:
| March 31, 2025 |  | December 31, 2024
Trust funds | $ | 65,538 |  |  | $ | 62,013 |
Cash on deposit (regulatory deposits) | 347 |  |  | 344 |
Total restricted cash | $ | 65,885 |  |  | $ | 62,357 |

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of other investments not readily marketable, including, but not limited to, description of investment, fair value and value as measured by quoted price. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_ScheduleOfOtherInvestmentsNotReadilyMarketableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(1)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8 + Details
Name: | us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_ScheduleOfTradingSecuritiesAndOtherTradingAssetsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 + Details
Name: | us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration