Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30, 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 September 30, 2025 (Dollars in thousands)	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities:
U.S. treasuries	$	577,001	$	—	$	—	$	577,001
Obligations of states and political subdivisions		—		14,150		—		14,150
Mortgage-backed securities		—		223,207		—		223,207
Commercial mortgage-backed securities		—		57,321		—		57,321
Asset-backed securities		—		150,986		—		150,986
Corporate bonds		—		205,268		—		205,268
Foreign corporate bonds		—		81,446		—		81,446
Total fixed maturities		577,001		732,378		—		1,309,379
Equity securities		21,019		12,606		—		33,625
Total assets measured at fair value	$	598,020	$	744,984	$	—	$	1,343,004


	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 September 30, 2025 and December 31, 2024.


	September 30, 2025				December 31, 2024
(Dollars in thousands)	Fair Value		Future Funding Commitment		Fair Value		Future Funding Commitment
European Non-Performing Loan Fund, LP (1)	$	2,146	$	14,214	$	2,628	$	14,214
Mortgage Debt Fund, LP (2)		7,368		—		8,882		—
Global Debt Fund, LP (3)		9,570		—		17,903		—
Total	$	19,084	$	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 September 30, 2025, the Company has funded $35.8 million of this commitment leaving $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 as well as other securities that offer attractive investment opportunities. 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 $9.2 million were received during the nine months ended September 30, 2025.