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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 CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2025
U.S. government and agency securities$150,075 $664 $— $150,739 
Corporate securities69,184 36 5,436 63,784 
Mortgage-backed securities35,613 3 4,787 30,829 
States, municipalities and political subdivisions21,290 9 1,618 19,681 
Asset-backed securities12,243 8 773 11,478 
Public utilities6,134 12 292 5,854 
Foreign government599 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 securities68,024 6 6,495 61,535 
Mortgage-backed securities35,895 — 5,433 30,462 
States, municipalities and political subdivisions19,104 — 1,907 17,197 
Asset-backed securities12,341 1 906 11,436 
Public utilities5,651 — 367 5,284 
Foreign government436 — 9 427 
Total fixed maturities$295,547 $596 $15,142 $281,001 
Equity Securities Fair Value
Equity securities are summarized as follows:
March 31, 2025December 31, 2024
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$24,234 83.0 %$31,818 86.5 %
Other common stocks4,976 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:
20252024
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 securities1,383 9,998 — — 
Short-term investments
— 149 — — 
Other investments— — — 2,000 
Total realized gains1,385 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 CostPercent of TotalFair ValuePercent of Total
Due in one year or less$102,785 34.8 %$102,897 36.4 %
Due after one year through five years109,528 37.2 107,346 37.8 
Due after five years through ten years31,686 10.7 27,701 9.8 
Due after ten years3,283 1.1 2,709 1.0 
Asset and mortgage-backed securities47,856 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,
20252024
Fixed maturities$2,646 $946 
Equity securities130 13 
Cash and cash equivalents1,554 2,950 
Other investments270 155 
Investment income4,600 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 MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
March 31, 2025 
U.S. government and agency securities— $— $— — $— $— 
Corporate securities34 145 12,348 79 5,291 45,879 
Mortgage-backed securities9 13 1,965 59 4,774 28,009 
States, municipalities and political subdivisions5 13 1,808 26 1,605 15,302 
Asset-backed securities8 6 2,861 21 767 6,971 
Public utilities5 16 1,652 5 276 3,140 
Foreign governments1 5 429 — — — 
Total fixed maturities62 $198 $21,063 190 $12,713 $99,301 
December 31, 2024
U.S. government and agency securities2 $25 $5,878 — $— $— 
Corporate securities42 300 14,559 80 6,195 45,702 
Mortgage-backed securities4 26 1,244 61 5,407 29,218 
States, municipalities and political subdivisions4 25 1,330 27 1,882 15,868 
Asset-backed securities6 21 2,104 22 885 7,977 
Public utilities6 37 1,937 6 330 3,347 
Foreign governments1 9 427 — — — 
Total fixed maturities65 $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:

TotalLevel 1Level 2Level 3
March 31, 2025
U.S. government and agency securities$150,739 $— $150,739 $— 
Corporate securities63,784 — 63,784 — 
Mortgage-backed securities30,829 — 30,829 — 
States, municipalities and political subdivisions19,681 — 19,681 — 
Asset-backed securities11,478 — 11,478 — 
Public utilities5,854 — 5,854 — 
Foreign government595 — 595 — 
Total fixed maturities282,960 — 282,960 — 
Mutual funds24,234 24,234 — — 
Other common stocks (1)
— — — — 
Total equity securities24,234 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 securities61,535 — 61,535 — 
Mortgage-backed securities30,462 — 30,462 — 
States, municipalities and political subdivisions17,197 — 17,197 — 
Asset-backed securities11,436 — 11,436 — 
Public utilities5,284 — 5,284 — 
Foreign government427 — 427 — 
Total fixed maturities281,001 — 281,001 — 
Mutual Funds31,818 31,818 — — 
Other common stocks (1)
— — — — 
Total equity securities31,818 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 ValueUnrealized GainUnrealized LossFair 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, 2025December 31, 2024
Trust funds$65,538 $62,013 
Cash on deposit (regulatory deposits)347 344 
Total restricted cash$65,885 $62,357