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Investments In Securities and Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Gains (Losses) and Amortized Cost for Securities

The estimated fair value, gross unrealized holding gains, gross unrealized holding losses and amortized cost for fixed maturity securities by major classification are as follows:

As of March 31, 2025 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations			$	300					$	1					$	—					$	301
General obligations of U.S. states, territories and political subdivisions			6,304						6						(53)						6,257
Special revenue issuer obligations of U.S. states, territories and political subdivisions			18,202						50						(120)						18,132
Corporate debt securities			92,917						741						(19)						93,639
Total			$	117,723					$	798					$	(192)					$	118,329

As of December 31, 2024 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
Government obligations			$	300					$	2					$	—					$	302
General obligations of U.S. states, territories and political subdivisions			8,129						11						(31)						8,109
Special revenue issuer obligations of U.S. states, territories and political subdivisions			16,523						51						(73)						16,501
Corporate debt securities			87,636						556						(132)						88,060
Total			$	112,588					$	620					$	(236)					$	112,972

The cost and estimated fair value of equity securities are as follows:

As of March 31, 2025 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	23,854					$	34,589
Total			$	23,854					$	34,589

As of December 31, 2024 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	25,980					$	39,893
Total			$	25,980					$	39,893

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2025 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	47,495					$	47,575
Due one year through five years			58,419						58,805
Due five years through ten years			6,521						6,563
Due after ten years			5,288						5,386
Total			$	117,723					$	118,329

Schedule of Unrealized Loss on Investments

The following table presents the gross unrealized losses on fixed maturity securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2025 and December 31, 2024:

			Less than 12 Months												12 Months or Longer												Total
As of March 31, 2025 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
General obligations of U.S. states, territories and political subdivisions			$	1,416					$	(33)					$	2,666					$	(20)					$	4,082					$	(53)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			2,604						(94)						2,821						(26)						5,425						(120)
Corporate debt securities			7,998						(19)						—						—						7,998						(19)
Total			$	12,018					$	(146)					$	5,487					$	(46)					$	17,505					$	(192)

			Less than 12 Months												12 Months or Longer												Total
As of December 31, 2024 (in thousands)			Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses						Estimated Fair Value						Unrealized Losses
Government obligations			$	—					$	—					$	—					$	—					$	—					$	—
General obligations of U.S. states, territories and political subdivisions			1,960						(2)						2,780						(29)						4,740						(31)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			5,477						(45)						2,828						(28)						8,305						(73)
Corporate debt securities			22,641						(131)						149						(1)						22,790						(132)
Total			$	30,078					$	(178)					$	5,757					$	(58)					$	35,835					$	(236)

Gain (Loss) on Securities

Gross investment gains and losses for the three-month periods ended March 31, 2025 and 2024 are summarized as follows:

						Three Months Ended March 31,
(in thousands)						2025						2024
Gross realized gains from securities:
Corporate debt securities						$	3					$	—
Common stocks						2,557						2,807
Total						$	2,560					$	2,807
Gross realized losses from securities:
Common stocks						$	(287)					$	(162)
Write-down of securities						—						(53)
Total						$	(287)					$	(215)
Net realized gains from securities						$	2,273					$	2,592
Gross realized gains (losses) on other investments:
Net gains on other assets and investments						$	1					$	—
Write-down of other assets						(275)						—
Total						$	(274)					$	—
Net realized investment gains						$	1,999					$	2,592
Changes in the estimated fair value of equity security investments						$	(3,178)					$	(170)
Net investment (losses) gains						$	(1,179)					$	2,422

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of March 31, 2025:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	10,659					$	12,038					$	16,600
Small business investment LPs						Other investments						176						177						80
Total												$	10,835					$	12,215					$	16,680

(a) Maximum potential loss is calculated as the total investment in the LLC or LP, including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, fixed maturity securities carried at estimated fair value as of March 31, 2025 and December 31, 2024:

As of March 31, 2025 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	301					$	24,389					$	—					$	24,690
Corporate debt securities			—						93,639						—						93,639
Total			$	301					$	118,028					$	—					$	118,329

As of December 31, 2024 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	302					$	24,610					$	—					$	24,912
Corporate debt securities			—						88,060						—						88,060
Total			$	302					$	112,670					$	—					$	112,972

*Denotes fair market value obtained from pricing services.

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The following table presents, by level, estimated fair values of equity investments and other financial instruments as of March 31, 2025 and December 31, 2024:

As of March 31, 2025 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	27,603					$	—					$	—					$	27,603
Accrued interest and dividends			1,580						—						—						1,580
Equity securities, at fair value:
Common stocks			34,589						—						—						34,589
Short-term investments:
Money market funds and U.S. Treasury bills			54,141						—						—						54,141
Total			$	117,913					$	—					$	—					$	117,913

As of December 31, 2024 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	24,654					$	—					$	—					$	24,654
Accrued interest and dividends			1,469						—						—						1,469
Equity securities, at fair value:
Common stocks			39,893						—						—						39,893
Short-term investments:
Money market funds and U.S. Treasury bills			59,101						—						—						59,101
Total			$	125,117					$	—					$	—					$	125,117

Fair Value Measurements, Nonrecurring

The following table presents assets measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024:

As of March 31, 2025 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	7,920					$	7,920
Notes receivable			—						—						929						929
Total			$	—					$	—					$	8,849					$	8,849

As of December 31, 2024 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	8,166					$	8,166
Notes receivable			—						—						641						641
Total			$	—					$	—					$	8,807					$	8,807

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