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Investments In Securities and Fair Value (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2025 (in thousands)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Estimated Fair Value
Fixed maturity securities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions			$	9,050					$	76					$	(38)					$	9,088
Special revenue issuer obligations of U.S. states, territories and political subdivisions			13,422						56						(16)						13,462
Corporate debt securities			87,312						1,257						(18)						88,551
Total			$	109,784					$	1,389					$	(72)					$	111,101

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 September 30, 2025 (in thousands)			Cost						Estimated Fair Value
Equity securities, at fair value:
Common stocks			$	26,753					$	39,661
Total			$	26,753					$	39,661

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 September 30, 2025 are as follows:

			Available-for-Sale
(in thousands)			Amortized Cost						Estimated Fair Value
Due in one year or less			$	31,128					$	31,228
Due one year through five years			65,019						65,823
Due five years through ten years			9,648						9,861
Due after ten years			3,989						4,189
Total			$	109,784					$	111,101

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 September 30, 2025 and December 31, 2024:

			Less than 12 Months												12 Months or Longer												Total
As of September 30, 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			$	2,196					$	(36)					$	1,356					$	(2)					$	3,552					$	(38)
Special revenue issuer obligations of U.S. states, territories and political subdivisions			1,701						(4)						1,262						(12)						2,963						(16)
Corporate debt securities			5,763						(18)						—						—						5,763						(18)
Total			$	9,660					$	(58)					$	2,618					$	(14)					$	12,278					$	(72)

			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
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- and nine-month periods ended September 30, 2025 and 2024 are summarized as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)			2025						2024						2025						2024
Gross realized gains from securities:
Corporate debt securities			$	1					$	—					$	6					$	—
Common stocks			1,033						444						5,189						5,157
Total			$	1,034					$	444					$	5,195					$	5,157
Gross realized losses from securities:
Common stocks			$	(127)					$	(122)					$	(740)					$	(339)
Write-down of securities			—						—						—						(74)
Total			$	(127)					$	(122)					$	(740)					$	(413)
Net realized gains from securities			$	907					$	322					$	4,455					$	4,744
Gross realized gains (losses) on other investments:
Gains on other investments			$	—					$	242					$	1					$	243
Losses on other investments			—						(20)						—						(20)
Write-down of other assets			(50)						(309)						(469)						(309)
Total			$	(50)					$	(87)					$	(468)					$	(86)
Net realized investment gains			$	857					$	235					$	3,987					$	4,658
Changes in the estimated fair value of equity security investments			$	1,200					$	741					$	(1,005)					$	(18)
Net investment gains			$	2,057					$	976					$	2,982					$	4,640

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 September 30, 2025:

(in thousands)						Balance Sheet Classification						Carrying Value						Estimated Fair Value						Maximum Potential Loss (a)
Real estate LLCs or LPs						Other investments						$	13,273					$	14,920					$	16,592
Small business investment LPs						Other investments						622						622						—
Total												$	13,895					$	15,542					$	16,592

(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 September 30, 2025 and December 31, 2024:

As of September 30, 2025 (in thousands)			Level 1						Level 2 *						Level 3						Total
Fixed maturity securities:
Obligations of U.S. states, territories and political subdivisions			$	—					$	22,550					$	—					$	22,550
Corporate debt securities			—						88,551						—						88,551
Total			$	—					$	111,101					$	—					$	111,101

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 September 30, 2025 and December 31, 2024:

As of September 30, 2025 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Cash and cash equivalents			$	22,759					$	—					$	—					$	22,759
Accrued interest and dividends			1,470						—						—						1,470
Equity securities, at fair value:
Common stocks			39,661						—						—						39,661
Short-term investments:
Money market funds and U.S. Treasury bills			88,085						—						—						88,085
Total			$	151,975					$	—					$	—					$	151,975

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 September 30, 2025 and December 31, 2024:

As of September 30, 2025 (in thousands)			Level 1						Level 2						Level 3						Total
Financial assets:
Equity investments in unconsolidated affiliates, measurement alternative			$	—					$	—					$	7,892					$	7,892
Notes receivable			—						—						892						892
Total			$	—					$	—					$	8,784					$	8,784

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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