Investments (Tables)

12 Months Ended

Dec. 31, 2025

Investments.

Gross unrealized gains and losses on investments in securities

	As of December 31, 2025
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses (3)		Value
U.S. Treasury securities	$	4,211	$	—	$	22	$	(28)	$	4,205
Obligations of states and political subdivisions		38,837		—		532		(1,651)		37,718
Residential mortgage-backed securities (1)		376,354		—		5,075		(15,382)		366,047
Commercial mortgage-backed securities		162,755		—		702		(6,439)		157,018
Other asset-backed securities		170,332		—		373		(1,196)		169,509
Corporate and other securities		584,746		—		7,431		(11,126)		581,051
Subtotal, fixed maturity securities		1,337,235		—		14,135		(35,822)		1,315,548
Equity securities (2)		201,591		—		27,327		(7,965)		220,953
Other invested assets (4)		151,020		—		—		—		151,020
Totals	$	1,689,846	$	—	$	41,462	$	(43,787)	$	1,687,521

	As of December 31, 2024
	Cost or		Allowance for		Gross Unrealized				Estimated
	Amortized		Expected Credit						Fair
	Cost		Losses		Gains		Losses (3)		Value
U.S. Treasury securities	$	2,418	$	—	$	2	$	(77)	$	2,343
Obligations of states and political subdivisions		38,581		—		170		(2,585)		36,166
Residential mortgage-backed securities (1)		327,161		—		601		(26,535)		301,227
Commercial mortgage-backed securities		140,124		—		91		(10,840)		129,375
Other asset-backed securities		65,456		—		155		(1,894)		63,717
Corporate and other securities		607,298		(1,198)		2,734		(26,444)		582,390
Subtotal, fixed maturity securities		1,181,038		(1,198)		3,753		(68,375)		1,115,218
Short-term investments		19,970		—		5		—		19,975
Equity securities (2)		201,258		—		29,244		(9,080)		221,422
Other invested assets (4)		156,444		—		—		—		156,444
Totals	$	1,558,710	$	(1,198)	$	33,002	$	(77,455)	$	1,513,059

(1) Residential mortgage-backed securities consist primarily of obligations of U.S. Government agencies including collateralized mortgage obligations issued, guaranteed and/or insured by the following issuers: Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage Association (FNMA) and the Federal Home Loan Bank (FHLB).

(2) Equity securities include common stock, preferred stock, mutual funds and interests in mutual funds held to fund the Company’s executive deferred compensation plan.

(3) The Company’s investment portfolio included 700 and 884 securities in an unrealized loss position at December 31, 2025 and 2024, respectively.

(4) Other invested assets are generally accounted for under the equity method which approximated fair value.

Amortized cost and the estimated fair value of fixed maturity securities, by maturity

	As of December 31, 2025
	Amortized		Estimated
	Cost		Fair Value
Due in one year or less	$	7,477	$	7,451
Due after one year through five years		303,371		299,617
Due after five years through ten years		296,277		295,111
Due after ten years through twenty years		19,835		19,929
Due after twenty years		834		866
Asset-backed securities		709,441		692,574
Totals	$	1,337,235	$	1,315,548

Gross realized gains and losses on sales of investments

	Years Ended December 31,
	2025		2024		2023
Gross realized gains
Fixed maturity securities	$	2,296	$	1,482	$	1,025
Equity securities		30,216		13,304		8,584
Gross realized losses
Fixed maturity securities		(10,844)		(3,020)		(3,577)
Equity securities		(3,686)		(4,046)		(4,705)
Net realized gains on investments	$	17,982	$	7,720	$	1,327

Gross unrealized losses included in the Company's investment portfolio and the fair value of those securities

The following tables as of December 31, 2025 and 2024 present the gross unrealized losses included in the Company’s investment portfolio and the fair value of those securities aggregated by investment category. The tables also present the length of time that they have been in a continuous unrealized loss position.
	As of December 31, 2025
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	1,474	$	28	$	1,474	$	28
Obligations of states and political subdivisions		1,199		6		10,684		1,645		11,883		1,651
Residential mortgage-backed securities		26,318		153		156,857		15,229		183,175		15,382
Commercial mortgage-backed securities		15,491		108		103,960		6,331		119,451		6,439
Other asset-backed securities		95,322		146		10,113		1,050		105,435		1,196
Corporate and other securities		91,652		464		176,063		10,662		267,715		11,126
Subtotal, fixed maturity securities		229,982		877		459,151		34,945		689,133		35,822
Equity securities		68,924		5,162		7,967		2,803		76,891		7,965
Total temporarily impaired securities	$	298,906	$	6,039	$	467,118	$	37,748	$	766,024	$	43,787

	As of December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Estimated		Unrealized		Estimated		Unrealized		Estimated		Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
U.S. Treasury securities	$	—	$	—	$	1,742	$	77	$	1,742	$	77
Obligations of states and political subdivisions		13,289		315		19,209		2,270		32,498		2,585
Residential mortgage-backed securities		94,528		2,401		162,260		24,134		256,788		26,535
Commercial mortgage-backed securities		3,050		9		121,152		10,831		124,202		10,840
Other asset-backed securities		11,298		278		22,018		1,616		33,316		1,894
Corporate and other securities		129,953		2,342		287,179		24,102		417,132		26,444
Subtotal, fixed maturity securities		252,118		5,345		613,560		63,030		865,678		68,375
Equity securities		49,268		4,030		21,285		5,050		70,553		9,080
Total temporarily impaired securities	$	301,386	$	9,375	$	634,845	$	68,080	$	936,231	$	77,455

Reconciliation of beginning and ending balances of allowance for expected credit losses on fixed maturities classified as available for sale

		Year Ended December 31,
		2025		2024		2023
Beginning of period	$	1,198	$	1,208	$	678
Credit losses on securities with no previously recorded credit losses		303		683		1,395
Net increases (decreases) in allowance on previously impaired securities		29		18		254
Reduction due to sales		(1,530)		(711)		(771)
Write-offs charged against allowance		—		—		(348)
Recoveries of amounts previously written off		—		—		—
Ending balance of period	$	—	$	1,198	$	1,208

Components of net investment income

	Years Ended December 31,
	2025		2024		2023
Interest on fixed maturity securities	$	55,620	$	47,219	$	46,609
Dividends on equity securities		6,725		6,959		7,298
Equity in earnings of other invested assets		4,025		4,654		5,521
Interest on other assets		307		339		219
Total Investment Income		66,677		59,171		59,647
Investment expenses		3,945		3,451		3,270
Net investment income	$	62,732	$	55,720	$	56,377