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SUMMARY OF INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Fair Value of Investments
A reconciliation of the amortized cost to fair value of investments in our available-for-sale fixed maturity portfolio, presented on a consolidated basis, as of September 30, 2025 and December 31, 2024, is provided below:
September 30, 2025
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$109,416 $468 $6,252 $— $103,632 
States, municipalities and political subdivisions249,977 1,653 1,914 — 249,716 
Corporate743,936 8,964 24,450 — 728,450 
Residential mortgage-backed649,677 7,308 26,613 — 630,372 
Commercial mortgage-backed143,857 2,407 10 — 146,254 
Other asset-backed157,264 1,212 534 — 157,942 
Total Available-for-Sale Fixed Maturities$2,054,127 $22,012 $59,773 $— $2,016,366 

December 31, 2024
Type of InvestmentAmortized CostGross Unrealized GainGross Unrealized LossAllowance for Credit LossesFair Value
AVAILABLE-FOR-SALE
US Treasury and government agencies$126,402 $153 $9,255 $— $117,301 
States, municipalities and political subdivisions252,936 52 5,084 — 247,904 
Corporate728,662 1,354 40,633 — 689,382 
Residential mortgage-backed623,431 864 40,884 — 583,411 
Commercial mortgage-backed102,975 624 44 — 103,554 
Other asset-backed127,125 593 940 — 126,779 
Total Available-for-Sale Fixed Maturities$1,961,531 $3,640 $96,840 $— $1,868,331 
Summary of Maturities
Available-For-Sale
September 30, 2025Amortized Cost Fair Value
Due in one year or less$70,764  $70,531 
Due after one year through five years288,363  287,062 
Due after five years through 10 years483,535  476,760 
Due after 10 years260,667  247,445 
Asset-backed securities950,798 934,568 
 $2,054,127  $2,016,366 
Summary of Unrealized Gain and Loss A summary of changes in net unrealized investment gain (loss), net of taxes, during the reporting period is as follows:
 Nine months ended September 30,
2025 2024
Change in net unrealized investment gain (loss)   
Available-for-sale fixed maturities(1)
$55,356 $39,468 
Income tax effect(11,629)(8,288)
Total change in net unrealized investment gain (loss), net of tax$43,727  $31,180 
(1) As a member of Lloyd's, the Company participates in the syndicate results which include unrealized gains and losses on investments. The change in net unrealized gains and losses on Lloyd's syndicate investments included above was $0.1 million as of September 30, 2025.
Summary of Fixed Maturities Unrealized Loss
The following tables summarize our fixed maturity securities that were in an unrealized loss position at September 30, 2025 and December 31, 2024. The securities are presented by the length of time they have been continuously in an unrealized loss position.
September 30, 2025Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies1 $900 $1 24 $74,062 $6,251 $74,962 $6,252 
States, municipalities and political subdivisions3039,700 241 56111,261 1,673 150,961 1,914 
Corporate44125,943 580 92248,875 23,870 374,818 24,450 
Residential mortgage-backed29 83,281 463 103 153,709 26,150 236,990 26,613 
Commercial mortgage-backed1 5,481 10 — — — 5,481 10 
Other asset-backed6 20,819 104 3 3,389 430 24,208 534 
Total Available-for-Sale111 $276,124 $1,399 $278 $591,296 $58,374 $867,420 $59,773 
December 31, 2024Less than 12 months12 months or longerTotal
Type of InvestmentNumber
of Issues		Fair
Value		Gross Unrealized
Loss		Number
of Issues		Fair
Value		Gross Unrealized LossFair
Value		Gross Unrealized Loss
AVAILABLE-FOR-SALE
US Treasury and government agencies5 $16,006 $67 28 $83,386 $9,188 $99,392 $9,255 
States, municipalities and political subdivisions67 92,003 1,159 72 135,350 3,925 227,353 5,084 
Corporate73 203,142 4,474 154 370,211 36,159 573,352 40,633 
Residential mortgage-backed79 318,810 4,549 131 151,879 36,335 470,689 40,884 
Commercial mortgage-backed4 8,198 44 — — — 8,198 44 
Other asset-backed14 32,645 804 2 3,915 136 36,560 940 
Total Available-for-Sale242 $670,804 $11,097 387 $744,741 $85,743 $1,415,544 $96,840 
Summary of Carrying Value of Commercial Mortgage Loans and Additional Information The following tables present the carrying value of our commercial mortgage loans and additional information at September 30, 2025 and December 31, 2024:
Commercial Mortgage Loans
September 30, 2025December 31, 2024
Loan-to-valueCarrying ValueCarrying Value
Less than 65%$32,160 $32,499 
65%-75%8,320 8,468 
Total amortized cost$40,480 $40,967 
Allowance for mortgage loan losses(1,147)(45)
Mortgage loans, net$39,333 $40,922 
Commercial Mortgage Loans by Region
September 30, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
East North Central$3,176 7.8 %$3,218 7.9 %
Southern Atlantic16,868 41.8 17,021 41.4 
East South Central7,048 17.4 7,257 17.7 
New England6,588 16.3 6,588 16.1 
Middle Atlantic2,041 5.0 2,078 5.1 
Mountain1,992 4.9 1,992 4.9 
West North Central2,767 6.8 2,813 6.9 
Total mortgage loans at amortized cost$40,480 100.0 %$40,967 100.0 %
Commercial Mortgage Loans by Property Type
September 30, 2025December 31, 2024
Carrying ValuePercent of TotalCarrying ValuePercent of Total
Commercial   
Multifamily$8,229 20.3 %$8,362 20.4 %
Office10,378 25.7 10,615 25.9 
Industrial
9,855 24.4 9,912 24.2 
Retail
9,977 24.6 10,000 24.4 
Mixed use/Other
2,041 5.0 2,078 5.1 
Total mortgage loans at amortized cost$40,480 100.0 %$40,967 100.0 %
Summary of Amortized Cost Basis by Year of Origination and Credit Quality Indicator The table below shows mortgage loans by year of origination as of September 30, 2025.
Amortized Cost Basis by Year of Origination and Credit Quality Indicator
20232022202020192018Total
Commercial mortgage loans:
Risk Rating:
1-2 internal grade$8,109 $97 5,053 $7,639 $12,994 $33,892 
3-4 internal grade— — — — 6,588 6,588 
Total commercial mortgage loans$8,109 $97 $5,053 $7,639 $19,582 $40,480 
Summary of Rollforward of Allowance for Mortgage Loan Losses
As of September 30, 2025, the Company had a credit loss allowance of $1,147, summarized in the following rollforward:

Beginning balance, January 1, 2025$45 
Current-period provision for expected credit losses1,102 
Write-off charged against the allowance, if any— 
Recoveries of amounts previously written off, if any— 
Ending balance, September 30, 2025
$1,147 
Summary of Net Investment Gains and Losses
Details of net investment gains (losses) reported on the accompanying Consolidated Statements of Income were as follows:
Three months ended September 30,Nine months ended September 30,
2025 202420252024
Net investment gains (losses):   
Fixed maturities:
Available-for-sale$(609)$(1,731)$(1,406)$(5,776)
Allowance for credit losses— — — 1 
Equity securities
Net gains (losses) recognized on equity securities sold during the period— — — 1,362 
Unrealized gains (losses) recognized during the period on equity securities held at reporting date— — — — 
Net gains (losses) recognized during the reporting period on equity securities— — — 1,362 
Mortgage loans allowance for credit losses— — (1,102)10 
Other long-term investments204  51 347 292 
Total net investment gains (losses)$(405) $(1,680)$(2,161)$(4,111)
Summary of Proceeds and Gross Realized Gains (Losses)
The proceeds and gross realized gains (losses) on the sale of available-for-sale fixed maturity securities are as follows:

 Three months ended September 30,Nine months ended September 30,
2025 202420252024
Proceeds from sales$95,625  $163,380 $119,943 $397,379 
Gross realized gains76  362 100 1,859 
Gross realized losses(685) (2,093)(1,506)(7,635)
Summary of Net Investment Income
Net investment income is comprised of the following:

Investment Results
Three months ended September 30,Nine months ended September 30,
(In thousands)2025202420252024
Investment income:
Interest on fixed maturities$21,874 $18,719 $64,300 $49,826 
Dividends on equity securities— — — 341 
Income on other long-term investments2,655 5,408 4,584 5,789 
Other4,381 3,173 11,415 11,259 
Total investment income$28,910 $27,300 $80,299 $67,215 
Less investment expenses2,918 2,841 9,176 8,385 
Net investment income$25,992 $24,459 $71,123 $58,830