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Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The tables below presents information about the Company’s financial assets measured at fair value on a recurring
basis:
December 31, 2025
Total
Level 1
Level 2
Level 3
U.S. Treasury and U.S. government agencies
$30,722
$30,722
$—
$—
Corporate debt securities
206,799
—
206,799
—
Asset-backed securities
92,968
—
92,968
—
Short-term investments
18,121
—
18,121
—
Total
$348,610
$30,722
$317,888
$—
December 31, 2024
Total
Level 1
Level 2
Level 3
U.S. Treasury and U.S. government agencies
$75,234
$75,234
$—
$—
Corporate debt securities
108,790
28,222
80,568
—
Asset-backed securities
30,021
—
30,021
—
Total
$214,045
$103,456
$110,589
$—
The Company had no assets carried at fair value in the Level 3 category as of December 31, 2025 and December 31,
2024.
The Company classifies U.S. Treasury bonds and government agencies, short-term investments, and some corporate
debt securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in
active markets. Corporate debt securities and asset-backed securities categorized as Level 2 were valued using a
market approach. Valuations were based upon quoted prices for similar assets in active markets, quoted prices for
identical or similar assets in inactive markets, or valuations based on models where the significant inputs are
observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated
by observable market data.
During 2025 and 2024, the Company had no event or circumstance change that would cause an instrument to be
transferred between levels.
The following table summarizes the carrying value and estimated fair value of the Company’s financial instruments
not carried at fair value as of the date presented:
December 31, 2025
December 31, 2024
Carrying
Value
Estimated
Fair Value
Carrying
Value
Estimated
Fair Value
Long-term debt:
Surplus note
$618
$499
$1,029
$885
The Company’s long-term debt represents a surplus note and fair value was determined by management from the
expected cash flows discounted using the interest rate quoted by the holder. The Florida State Board of
Administration (“FSBA”) is the holder of the surplus note, and the quoted interest rate is equivalent to the 10-year
Constant Maturity Treasury Rate, adjusted quarterly. The Company’s use of funds from the surplus note is limited
by the terms of the agreement, therefore, the Company has determined the interest rate quoted by the FSBA to be
appropriate for purposes of establishing the fair value of the surplus note (Level 3).