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Investments (Tables)

6 Months Ended

Jun. 30, 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 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

Equity Securities Fair Value

Equity securities are summarized as follows:

	June 30, 2025									December 31, 2024
	Estimated Fair Value				Percent of Total					Estimated Fair Value				Percent of Total
Mutual funds	$	35,480				87.6		%		$	31,818				86.5		%
Other common stocks		5,022				12.4					4,976				13.5
Total equity securities	$	40,502				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 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.

Investments Classified by Contractual Maturity Date

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		%

Investment Income

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

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
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.

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 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.

Schedule of Investments in Limited Partnerships

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.

Restrictions on Cash and Cash Equivalents

The following table presents the components of restricted assets:

	June 30, 2025				December 31, 2024
Trust funds	$	91,377			$	62,013
Cash on deposit (regulatory deposits)		350				344
Total restricted cash	$	91,727			$	62,357

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