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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Company's Invested Assets Measured at Fair Value on Recurring Basis | The following table presents information about the Company’s invested assets measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value.
|  | Fair Value Measurements |
As of March 31, 2025 (Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 543,510 |  |  | $ | — |  |  | $ | — |  |  | $ | 543,510 |
Obligations of states and political subdivisions |  |  | — |  |  |  | 16,484 |  |  |  | — |  |  |  | 16,484 |
Mortgage-backed securities |  |  | — |  |  |  | 208,636 |  |  |  | — |  |  |  | 208,636 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 67,557 |  |  |  | — |  |  |  | 67,557 |
Asset-backed securities |  |  | — |  |  |  | 141,700 |  |  |  | — |  |  |  | 141,700 |
Corporate bonds |  |  | — |  |  |  | 245,884 |  |  |  | — |  |  |  | 245,884 |
Foreign corporate bonds |  |  | — |  |  |  | 91,628 |  |  |  | — |  |  |  | 91,628 |
Total fixed maturities |  |  | 543,510 |  |  |  | 771,889 |  |  |  | — |  |  |  | 1,315,399 |
Equity securities |  |  | — |  |  |  | 12,408 |  |  |  | — |  |  |  | 12,408 |
Total assets measured at fair value |  | $ | 543,510 |  |  | $ | 784,297 |  |  | $ | — |  |  | $ | 1,327,807 |
|  | Fair Value Measurements |
As of December 31, 2024 (Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasuries |  | $ | 875,246 |  |  | $ | — |  |  | $ | — |  |  | $ | 875,246 |
Obligations of states and political subdivisions |  |  | — |  |  |  | 16,335 |  |  |  | — |  |  |  | 16,335 |
Mortgage-backed securities |  |  | — |  |  |  | 58,920 |  |  |  | — |  |  |  | 58,920 |
Commercial mortgage-backed securities |  |  | — |  |  |  | 65,568 |  |  |  | — |  |  |  | 65,568 |
Asset-backed securities |  |  | — |  |  |  | 135,427 |  |  |  | — |  |  |  | 135,427 |
Corporate bonds |  |  | — |  |  |  | 156,096 |  |  |  | — |  |  |  | 156,096 |
Foreign corporate bonds |  |  | — |  |  |  | 74,316 |  |  |  | — |  |  |  | 74,316 |
Total fixed maturities |  |  | 875,246 |  |  |  | 506,662 |  |  |  | — |  |  |  | 1,381,908 |
Equity securities |  |  | — |  |  |  | 12,284 |  |  |  | — |  |  |  | 12,284 |
Total assets measured at fair value |  | $ | 875,246 |  |  | $ | 518,946 |  |  | $ | — |  |  | $ | 1,394,192 |
Fair Value and Future Funding Commitments Related to These Investments | The following table provides the fair value and future funding commitments related to these investments at March 31, 2025 and December 31, 2024.
|  | March 31, 2025 |  |  | December 31, 2024 |
(Dollars in thousands) |  | Fair Value |  |  | Future Funding Commitment |  |  | Fair Value |  |  | Future Funding Commitment |
European Non-Performing Loan Fund, LP (1) |  | $ | 2,389 |  |  | $ | 14,214 |  |  | $ | 2,628 |  |  | $ | 14,214 |
Mortgage Debt Fund, LP (2) |  |  | 8,263 |  |  |  | — |  |  |  | 8,882 |  |  |  | — |
Global Debt Fund, LP (3) |  |  | 13,263 |  |  |  | — |  |  |  | 17,903 |  |  |  | — |
Total |  | $ | 23,915 |  |  | $ | 14,214 |  |  | $ | 29,413 |  |  | $ | 14,214 |
(1) This limited partnership invests in distressed securities and assets through senior and subordinated, secured and unsecured debt and equity, in both public and private large-cap and middle-market companies. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. As of March 31, 2025, the Company has funded $35.8 million of this commitment le aving $14.2 million as unfunded. Since the investment period has concluded, the Company does not expect any capital calls will be made prospectively. (2) This limited partnership invests in REIT qualifying assets such as mortgage loans, investor property loans, and commercial mortgage loans. The Company does not have the ability to sell or transfer its limited partnership interest without consent from the general partner. The Company does not have the contractual option to redeem its limited partnership interest but receives distributions based on the liquidation of the underlying assets. (3) This limited partnership invests in performing, stressed or distressed securities and loans across the global fixed income markets. The Company does have the contractual option to withdraw all or a portion of its limited partnership interest by providing notice to the fund. On July 31, 2023, the Company provided the Global Debt Fund, LP with a formal withdrawal request to fully redeem the partnership interest. Partial redemption proceeds of $4.4 m illion were received during the quarter ended March 31, 2025.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
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