Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables present the categorization for our financial instruments measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024:


March 31, 2025			Fair Value Measurements
Description	Total		Level 1		Level 2		Level 3
Fixed Maturity, Available-for-Sale:
US Treasury and government agencies	$	118,394	$	33,071	$	85,323	$	—

States, municipalities and political subdivisions	263,431		—		263,431		—
Corporate	676,193		—		676,193		—
Residential mortgage-backed	605,750		—		605,750		—
Commercial mortgage-backed	130,549		—		130,549		—
Other asset-backed	136,774		—		136,774		—
Total Fixed Maturity, Available-for-Sale	$	1,931,091	$	33,071	$	1,898,020	$	—










Short-Term Investments	590		100		490		—
Money Market Accounts	35,968		35,968		—		—
Corporate-Owned Life Insurance	12,838		—		12,838		—
Total Assets Measured at Fair Value	$	1,980,487	$	69,139	$	1,911,348	$	—


December 31, 2024			Fair Value Measurements
Description	Total		Level 1		Level 2		Level 3
Fixed Maturity, Available-for-Sale:
US Treasury and government agencies	$	117,301	$	30,914	$	86,387	$	—

States, municipalities and political subdivisions	247,904		—		247,904		—
Corporate	689,382				689,382		—
Residential mortgage-backed	583,411		—		583,411		—
Commercial mortgage-backed	103,554		—		103,554		—
Other asset-backed	126,779				126,779		—
Total Fixed Maturity, Available-for-Sale	$	1,868,331	$	30,914	$	1,837,417	$	—










Short-Term Investments	100		100		—		—
Money Market Accounts	23,098		23,098		—		—
Corporate-Owned Life Insurance	13,003		—		13,003		—
Total Assets Measured at Fair Value	$	1,904,532	$	54,112	$	1,850,420	$	—

Summary of Financial Instruments Not Carried at Fair Value on Recurring Basis

The fair value of financial instruments that are not carried at fair value on a recurring basis in the financial statements at March 31, 2025 and December 31, 2024 are summarized below:


March 31, 2025
Description	Fair Value Total		Level 1		Level 2		Level 3		Net Asset Value
Financial assets:
Cash and cash equivalents	$	147,710	$	147,710	$	—	$	—	$	—
Other Long Term Investments(1)	$	193,090	$	—	$	1,409	$	—	$	191,681
Mortgage Loans	$	38,512	$	—	$	—	$	38,512	$	—
Total	$	379,312	$	147,710	$	1,409	$	38,512	$	191,681

Financial Liabilities:
Long Term Debt	$	109,661	$	—	$	109,661	$	—	$	—
Total	$	109,661	$	—	$	109,661	$	—	$	—

(1) As a member of Lloyd's, the Company participates in the syndicate results which include the fair value of the investments. As of December 31, 2024, these investments are included in other long-term investments. The fair value of Lloyd's syndicate investments included in other long-term investments was $92.0 million as of March 31, 2025. Also included in our other long term investments on the Consolidated Balance Sheets is our interest in limited liability partnerships with a current fair value of $99.7 million at March 31, 2025.


December 31, 2024
Description	Fair Value Total		Level 1		Level 2		Level 3		Net Asset Value
Financial assets:
Cash and cash equivalents	$	177,851	$	177,851	$	—	$	—	$	—
Other Long Term Investments(1)	183,741		—		1,277		—		182,464
Mortgage Loans	38,879		—		—		38,879		—
Total	$	400,471	$	177,851	$	1,277	$	38,879	$	182,464

Financial Liabilities:
Long Term Debt	$	108,353	$	—	$	108,353	$	—	$	—
Total	$	108,353	$	—	$	108,353	$	—	$	—