The following table details fixed-maturity available-for-sale securities, by major investment category, at June 30, 2025 and December 31, 2024:


	Cost or Adjusted/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2025
U.S. government and agency securities	$	109,057	$	533	$	—	$	109,590
Corporate securities		70,860		88		4,656		66,292
Mortgage-backed securities		36,145		19		4,597		31,567
States, municipalities and political subdivisions		23,120		32		1,443		21,709
Asset-backed securities		13,555		33		697		12,891
Public utilities		6,514		26		242		6,298
Foreign government		596		2		1		597
Total fixed maturities	$	259,847	$	733	$	11,636	$	248,944

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

When the Company sells investments, the Company calculates the gain or loss realized on the sale by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of

the security sold using the specific-identification method. The following table details the Company's realized gains (losses) by major investment category for the three and six months ended June 30, 2025 and 2024, respectively:


	2025					2024
	Gains (Losses)			Fair Value at Sale(1)		Gains (Losses)			Fair Value at Sale(1)
Three Months Ended June 30,
Fixed maturities	$	—		$	45,369	$	—		$	2,083
Equity securities		—			—		—			—
Short-term investments		—			20,350		—			—
Other investments		—			—		—			—
Total realized gains		—			65,719		—			2,083
Fixed maturities		—			—		(121	)		381
Equity securities		—			—		—			—
Short-term investments		—			—		—			4,999
Other investments		—			—		—			—
Total realized losses		—			—		(121	)		5,380
Net realized investment gains (losses)	$	—		$	65,719	$	(121	)	$	7,463
Six Months Ended June 30,
Fixed maturities	$	2		$	51,680	$	—		$	3,077
Equity securities		1,383			9,998		—			—
Short-term investments		—			20,499		—			—
Other investments		—			—		—			2,000
Total realized gains		1,385			82,177		—			5,077
Fixed maturities		(3	)		1,000		(121	)		381
Equity securities		—			—		—			—
Short-term investments		—			—		—			4,999
Other investments		—			—		—			—
Total realized losses		(3	)		1,000		(121	)		5,380
Net realized investment gains (losses)	$	1,382		$	83,177	$	(121	)	$	10,457

(1) Fair value at sale includes maturities and paydowns executed at par value.

The table below summarizes the Company's fixed maturities at June 30, 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.


	June 30, 2025
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
Due in one year or less	$	76,577		29.5	%	$	76,651		30.8	%
Due after one year through five years		107,722		41.4			105,214		42.2
Due after five years through ten years		22,570		8.7			19,891		8.0
Due after ten years		3,278		1.3			2,730		1.1
Asset and mortgage-backed securities		49,700		19.1			44,458		17.9
Total	$	259,847		100.0	%	$	248,944		100.0	%

The following table summarizes net investment income by major investment category:


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Fixed maturities	$	2,671		$	1,040		$	5,317		$	1,986
Equity securities		205			52			335			65
Cash and cash equivalents		2,531			4,146			4,085			7,096
Other investments		466			140			736			295
Investment income		5,873			5,378			10,473			9,442
Investment expenses		(80	)		(31	)		(169	)		(78	)
Net investment income	$	5,793		$	5,347		$	10,304		$	9,364

The Company has a quarterly portfolio monitoring process to identify and evaluate each fixed-income security whose carrying value may be impaired as a result of a credit loss. For each fixed-income security in an unrealized loss position, if the Company determines that it intends to sell the security or that it is more likely than not that it will be required to sell the security before recovery of the cost or amortized cost basis for reasons such as liquidity needs, contractual or regulatory requirements, the security's entire decline in fair value is recorded in earnings.

If management decides not to sell the fixed-income security and it is more likely than not that the Company will not be required to sell the fixed-income security before recovery of its amortized cost basis, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. This is typically indicated by a change in the rating of the security assigned by a rating agency, and any adverse conditions specifically related to the security or industry, among other factors. If the assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in earnings. Credit loss is limited to the difference between a security's amortized cost basis and its fair value. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

During the three and six months ended June 30, 2025, the Company determined that none of its fixed-income securities shown in the table below that are in an unrealized loss position have declines in fair value that are reflected as a result of credit losses. Therefore, no credit loss allowance was recorded at June 30, 2025. The issuers of the Company's debt security investments continue to make interest payments on a timely basis. The Company does not intend to sell, nor is it likely that it would be required to sell the debt securities before it recovers the amortized cost basis. Equity securities are reported at fair value with changes in fair value recognized in the valuation of equity 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
June 30, 2025
U.S. government and agency securities		2	$	—	$	3,998		—	$	—	$	—
Corporate securities		27		65		9,522		74		4,591		44,573
Mortgage-backed securities		5		9		1,564		58		4,588		27,176
States, municipalities and political subdivisions		8		10		2,344		26		1,433		15,449
Asset-backed securities		3		4		594		21		693		6,920
Public utilities		2		6		523		5		236		3,168
Foreign governments		1		1		430		—		—		—
Total fixed maturities		48	$	95	$	18,975		184	$	11,541	$	97,286

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.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Company's Unaudited Condensed Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

(b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or

(c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Company's estimates of the assumptions that market participants would use in valuing the assets and liabilities.

The Company estimates the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE, Nasdaq and NYSE American. For securities for which quoted prices in active markets are unavailable, the Company uses a third-party pricing service that utilizes quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs to estimate the fair value of those securities for which quoted prices are unavailable. The Company's estimates of fair value reflect the interest rate environment that existed as of the close of business on June 30, 2025 and December 31, 2024. Changes in interest rates subsequent to June 30, 2025 may affect the fair value of the Company's investments.

The fair value of the Company's fixed maturities is initially calculated by a third-party pricing service. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of proprietary models, produce valuation information in the form of a single fair value for individual fixed-income and other securities for which a fair value has been requested. The inputs used by the valuation service providers include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, liquidity spreads, currency rates and other information, as applicable. Credit and liquidity spreads are typically implied from completed transactions and transactions of comparable securities. Valuation service providers also use proprietary discounted cash flow models that are widely accepted in the financial services industry and similar to those used by other market participants to value the same financial information. The valuation models take into account, among other things, market observable information as of the measurement date, as described above, as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector and, where applicable, collateral quality and other issue or issuer specific information. Executing valuation models effectively requires seasoned professional judgment and experience.

Any change in the estimated fair value of the Company's fixed-income securities would impact the amount of unrealized gain or loss the Company has recorded, which could change the amount the Company has recorded for its investments and other comprehensive income (loss) on its Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025.

The following table presents the fair value of the Company's financial instruments measured on a recurring basis by level at June 30, 2025 and December 31, 2024, respectively:


	Total		Level 1		Level 2		Level 3
June 30, 2025
U.S. government and agency securities	$	109,590	$	—	$	109,590	$	—
Corporate securities		66,292		—		66,292		—
Mortgage-backed securities		31,567		—		31,567		—
States, municipalities and political subdivisions		21,709		—		21,709		—
Asset-backed securities		12,891		—		12,891		—
Public utilities		6,298		—		6,298		—
Foreign government		597		—		597		—
Total fixed maturities		248,944		—		248,944		—
Mutual funds		35,480		35,480		—		—
Other common stocks (1)		—		—		—		—
Total equity securities		35,480		35,480		—		—
Other investments (2)		20,364		—		20,364		—
Total investments	$	304,788	$	35,480	$	269,308	$	—

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 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.

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; this is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). There were no financial instruments measured on a non-recurring basis at June 30, 2025 and December 31, 2024.

The carrying amounts for the following financial instrument categories approximate their fair values at June 30, 2025 and December 31, 2024 because of their short-term nature: cash and cash equivalents, accrued investment income, premiums receivable, reinsurance recoverable, reinsurance payable, other assets, and other liabilities. The carrying amount of the Company's senior notes approximate fair value as the interest rates and terms are variable.

The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company has implemented a system of processes and controls designed to provide assurance that its assets and liabilities are appropriately valued. For fair values received from third parties, the Company's processes are designed to provide assurance that the valuation methodologies and inputs are appropriate and consistently applied, the assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded.

At the end of each quarter, the Company determines whether it needs to transfer the fair values of any securities between levels of the fair value hierarchy and, if so, the Company reports the transfer as of the end of the quarter. During the quarter ended June 30, 2025, the Company transferred no investments between levels.

For the Company's investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal governments, and corporate bonds, the Company obtains the fair values from its investment custodians, which use a third-party valuation service. The valuation service calculates prices for the Company's investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, and adds final spreads to the U.S. Treasury curve at 3 p.m. (ET) as of quarter end. Since the inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, they represent Level 2 inputs.

The Company acquired investments in limited partnerships, recorded in the other investments line of the Company's Unaudited Condensed Consolidated Balance Sheets, and these investments are currently being measured at estimated fair value utilizing a net asset value per share practical expedient.

The information presented in the table below is as of June 30, 2025 and December 31, 2024:


	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
June 30, 2025
Limited partnership investments (1)	$	2,680	$	541	$	—	$	3,221
Surplus note (1)		6,000		—		—		6,000
Short-term investments		20,357		7		—		20,364
Total other investments	$	29,037	$	548	$	—	$	29,585

December 31, 2024
Limited partnership investments (1)	$	2,556	$	573	$	—	$	3,129
Short-term investments		20,413		81		—		20,494
Total other investments	$	22,969	$	654	$	—	$	23,623

(1)Distributions will be generated from operating income, from investment gains, 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.

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The cash on deposit with state regulators is available to settle insurance liabilities. The Company also uses trust funds in certain reinsurance transactions.