Investments

12 Months Ended

Dec. 31, 2025

Available-for-Sale Securities

The amortized cost and estimated fair value of available-for-sale securities were as follows:


	December 31, 2025
	Amortized Cost	Allowance for Credit Loss	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
U.S. Treasury and U.S. government agencies	$30,646	$—	$76	$—	$30,722
Corporate debt securities	205,109	—	1,793	(103)	206,799
Asset-backed securities	92,155	—	826	(13)	92,968
Total fixed maturity securities	327,910	—	2,695	(116)	330,489
Short-term investments	18,121	—	1	(1)	18,121
Total available-for-sale investments	$346,031	$—	$2,696	$(117)	$348,610


	December 31, 2024
	Amortized Cost	Allowance for Credit Loss	Gross Unrealized Gains	Gross Unrealized Losses	Estimated Fair Value
U.S. Treasury and U.S. government agencies	$75,532	$—	$—	$(298)	$75,234
Corporate debt securities	109,174	—	164	(548)	108,790
Asset-backed securities	29,799	—	262	(40)	30,021
Total fixed maturity securities	214,505	—	426	(886)	214,045
Total available-for-sale investments	$214,505	$—	$426	$(886)	$214,045

A summary of the aggregate estimated fair values of available-for-sale securities with unrealized losses segregated

by time period in an unrealized loss position is as follows:


	December 31, 2024
	Less than 12 months		12 months or greater		Total
	Estimated Fair Value	Unrealized losses	Estimated Fair Value	Unrealized losses	Estimated Fair Value	Unrealized losses
U.S. Treasury and U.S. government agencies	$21,209	$(145)	$41,355	$(153)	$62,564	$(298)
Corporate debt securities	60,993	(198)	47,797	(350)	108,790	(548)
Asset-backed securities	13,869	(11)	16,152	(29)	30,021	(40)
Total	$96,071	$(354)	$105,304	$(532)	$201,375	$(886)

As of December 31, 2025 and December 31, 2024, there were 17 and 67 available-for-sale fixed-maturity securities,

respectively, in an unrealized loss position.

A summary of the amortized cost and estimated fair value of available-for-sale securities at December 31, 2025, by

contractual maturity is as follows. The expected maturities may differ from the contractual maturities because

certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost	Estimated Fair Value
Years to maturity
Government and corporate securities:
Due in one year or less	$77,342	$77,485
Due after one year through five years	175,461	177,069
Due after five years through 10 years	1,073	1,088
Due after 10 years	–	–
Other securities, which provide for periodic payments:
Asset-backed securities	92,155	92,968
Total	$346,031	$348,610

The following table presents components of the Company’s net investment income as follows:


	Year Ended December 31,
	2025	2024
Fixed maturities, available-for-sale	$11,497	$7,842
Short-term investments	396	—
Cash and cash equivalents	10,536	6,735
Gross investment income	22,429	14,577
Investment expenses	(725)	(397)
Net investment income	$21,704	$14,180

Proceeds from sales or maturities of fixed maturity available-for-sale securities for the year ended December 31,

2025 were $120,267, with $688 and $121 of gross realized gains and losses, respectively. Proceeds from sales of

fixed maturity available-for-sale securities for the year ended December 31, 2024 were $83,223, with $170 and $51

of gross realized gains and losses, respectively. Proceeds from sales or maturities of short-term securities for the

year ended December 31, 2025 were $15,144, with $2 and $0 of gross realized gains and losses, respectively.

Proceeds from sales or maturities of short-term securities for the year ended December 31, 2024 were $1,957, with

no gross realized gains or losses.

The Company recorded the following activity pertaining to the allowance for credit losses:


	December 31,
	2025	2024
Beginning balance - allowance for credit loss	$—	$—
Additions to the allowance for losses not previously recorded	—	—
Revisions to the allowance for losses previously recorded	—	—
Reduction in allowance for securities sold or impaired	—	—
Ending balance - allowance for credit loss	$—	$—