The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2026 and December 31, 2025:


	Cost or Adjusted/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2026
U.S. government and agency securities	$	91,463	$	260	$	92	$	91,631
Corporate securities		83,723		43		4,130		79,636
Mortgage-backed securities		32,922		211		3,835		29,298
States, municipalities and political subdivisions		32,416		52		1,248		31,220
Asset-backed securities		12,551		22		664		11,909
Public utilities		10,031		17		208		9,840
Foreign government		589		1		1		589
Total fixed maturities	$	263,695	$	606	$	10,178	$	254,123

December 31, 2025
U.S. government and agency securities	$	91,496	$	622	$	—	$	92,118
Corporate securities		84,332		173		3,760		80,745
Mortgage-backed securities		34,299		259		3,847		30,711
States, municipalities and political subdivisions		28,155		87		1,164		27,078
Asset-backed securities		13,246		49		638		12,657
Public utilities		9,384		41		179		9,246
Foreign government		591		6		—		597
Total fixed maturities	$	261,503	$	1,237	$	9,588	$	253,152

When the Company sells investments, the Company calculates the gain or loss realized on the sale by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. The Company determines the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following table details the Company's realized gains (losses) by major investment category for the three months ended March 31, 2026 and 2025, respectively:


	2026				2025
	Gains (Losses)		Fair Value at Sale(1)		Gains (Losses)			Fair Value at Sale(1)
Three Months Ended March 31,
Fixed maturities	$	6	$	3,839	$	2		$	6,311
Equity securities		—		—		1,383			9,998
Short-term investments		—		—		—			149
Total realized gains		6		3,839		1,385			16,458
Fixed maturities		—		—		(3	)		1,000
Total realized losses		—		—		(3	)		1,000
Net realized investment gains	$	6	$	3,839	$	1,382		$	17,458

(1) Fair value at sale includes maturities and paydowns executed at par value.

The table below summarizes the Company's fixed maturities at March 31, 2026 by contractual maturity period. Actual results may differ, as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.


	March 31, 2026
	Cost or Amortized Cost		Percent of Total			Fair Value		Percent of Total
Due in one year or less	$	49,431		18.7	%	$	49,406		19.4	%
Due after one year through five years		151,844		57.7			148,195		58.3
Due after five years through ten years		13,717		5.2			12,584		5.0
Due after ten years		3,230		1.2			2,731		1.1
Asset and mortgage-backed securities		45,473		17.2			41,207		16.2
Total	$	263,695		100.0	%	$	254,123		100.0	%

The Company has a quarterly portfolio monitoring process to identify and evaluate each fixed-income security whose carrying value may be impaired as a result of a credit loss. For each fixed-income security in an unrealized loss position, if the Company

determines that it intends to sell the security or that it is more likely than not that it will be required to sell the security before recovery of the cost or amortized cost basis for reasons such as liquidity needs, contractual or regulatory requirements, the security's entire decline in fair value is recorded in earnings.

If management decides not to sell the fixed-income security and it is more likely than not that the Company will not be required to sell the fixed-income security before recovery of its amortized cost basis, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. This is typically indicated by a change in the rating of the security assigned by a rating agency, and any adverse conditions specifically related to the security or industry, among other factors. If the assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in earnings. Credit loss is limited to the difference between a security's amortized cost basis and its fair value. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

During the three months ended March 31, 2026, the Company determined that none of its fixed-income securities shown in the table below that are in an unrealized loss position have declines in fair value that are reflected as a result of credit losses. Therefore, no credit loss allowance was recorded at March 31, 2026. The issuers of the Company's debt security investments continue to make interest payments on a timely basis. The Company does not intend to sell, nor is it likely that it will be required to sell the debt securities before it recovers the amortized cost basis. Equity securities are reported at fair value with changes in fair value recognized in the valuation of equity investments.

The following table presents an aging of the Company's unrealized investment losses by investment class:


	Less Than Twelve Months						Twelve Months or More
	Number of Securities(1)		Gross Unrealized Losses		Fair Value		Number of Securities(1)		Gross Unrealized Losses		Fair Value
March 31, 2026
U.S. government and agency securities		3	$	92	$	30,266		—	$	—	$	—
Corporate securities		75		230		29,671		73		3,900		43,920
Mortgage-backed securities		5		9		1,259		53		3,826		24,774
States, municipalities and political subdivisions		36		92		10,424		23		1,156		14,445
Asset-backed securities		2		1		133		22		663		6,970
Public utilities		11		36		4,556		6		172		3,461
Foreign governments		1		1		423		—		—		—
Total fixed maturities		133	$	461	$	76,732		177	$	9,717	$	93,570

December 31, 2025
U.S. government and agency securities		—	$	—	$	—		—	$	—	$	—
Corporate securities		27		57		11,165		78		3,703		46,381
Mortgage-backed securities		2		5		263		54		3,842		26,094
States, municipalities and political subdivisions		13		24		4,528		24		1,140		14,992
Asset-backed securities		3		2		591		21		636		6,715
Public utilities		4		5		1,772		6		174		3,472
Foreign governments		—		—		—		—		—		—
Total fixed maturities		49	$	93	$	18,319		183	$	9,495	$	97,654

(1) This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on the Company's Unaudited Condensed Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that the Company can access.

(b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or

(c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect the Company's estimates of the assumptions that market participants would use in valuing the assets and liabilities.

The Company estimates the fair value of its investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE, Nasdaq and NYSE American. For securities for which quoted prices in active markets are unavailable, the Company uses a third-party pricing service that utilizes quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs to estimate the fair value of those securities for which quoted prices are unavailable. The Company's estimates of fair value reflect the interest rate environment that existed as of the close of business on March 31, 2026 and December 31, 2025. Changes in interest rates subsequent to March 31, 2026 may affect the fair value of the Company's investments.

The fair value of the Company's fixed maturities is initially calculated by a third-party pricing service. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of proprietary models, produce valuation information in the form of a single fair value for individual fixed-income and other securities for which a fair value has been requested. The inputs used by the valuation service providers include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, liquidity spreads, currency rates and other information, as applicable. Credit and liquidity spreads are typically implied from completed transactions and transactions of comparable securities. Valuation service providers also use proprietary discounted cash flow models that are widely accepted in the financial services industry and similar to those used by other market participants to value the same financial information. The valuation models take into account, among other things, market observable information as of the measurement date, as described above, as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector and, where applicable, collateral quality and other issue or issuer specific information. Executing valuation models effectively requires seasoned professional judgment and experience.

Any change in the estimated fair value of the Company's fixed-income securities would impact the amount of unrealized gain or loss the Company has recorded, which could change the amount the Company has recorded for its investments and other comprehensive income (loss) on its Unaudited Condensed Consolidated Balance Sheets as of March 31, 2026.

The following table presents the fair value of the Company's financial instruments measured on a recurring basis by level at March 31, 2026 and December 31, 2025, respectively:


	Total		Level 1		Level 2		Level 3
March 31, 2026
U.S. government and agency securities	$	91,631	$	—	$	91,631	$	—
Corporate securities		79,636		—		79,636		—
Mortgage-backed securities		29,298		—		29,298		—
States, municipalities and political subdivisions		31,220		—		31,220		—
Asset-backed securities		11,909		—		11,909		—
Public utilities		9,840		—		9,840		—
Foreign government		589		—		589		—
Total fixed maturities		254,123		—		254,123		—
Mutual funds		59,667		59,667		—		—
Other common stocks (1)		—		—		—		—
Total equity securities		59,667		59,667		—		—
Other investments (2)		22,301		—		21,237		1,064
Total investments	$	336,091	$	59,667	$	275,360	$	1,064

December 31, 2025
U.S. government and agency securities	$	92,118	$	—	$	92,118	$	—
Corporate securities		80,745		—		80,745		—
Mortgage-backed securities		30,711		—		30,711		—
States, municipalities and political subdivisions		27,078		—		27,078		—
Asset-backed securities		12,657		—		12,657		—
Public utilities		9,246		—		9,246		—
Foreign government		597		—		597		—
Total fixed maturities		253,152		—		253,152		—
Mutual Funds		56,637		56,637		—		—
Other common stocks (1)		—		—		—		—
Total equity securities		56,637		56,637		—		—
Other investments (2)		21,096		—		21,096		—
Total investments	$	330,885	$	56,637	$	274,248	$	—

(1) Other common stocks in the fair value hierarchy exclude common stock interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.

(2) Other investments included in the fair value hierarchy exclude investments that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient and investments carried at amortized cost.

Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis; this is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). There were no financial instruments measured on a non-recurring basis at March 31, 2026 and December 31, 2025.

The carrying amounts for the following financial instrument categories approximate their fair values at March 31, 2026 and December 31, 2025 because of their short-term nature: cash and cash equivalents, accrued investment income, premiums receivable, reinsurance recoverable, reinsurance payable, other assets, and other liabilities. The carrying amount of the Company's senior notes approximates fair value.

The Company is responsible for the determination of fair value and the supporting assumptions and methodologies. The Company has implemented a system of processes and controls designed to provide assurance that its assets and liabilities are appropriately valued. For fair values received from third parties, the Company's processes are designed to provide assurance that the valuation methodologies and inputs are appropriate and consistently applied, the assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded.

At the end of each quarter, the Company determines whether it needs to transfer the fair values of any securities between levels of the fair value hierarchy and, if so, the Company reports the transfer as of the end of the quarter. During the quarter ended March 31, 2026 and 2025, the Company transferred no investments between levels.

For the Company's investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal governments, and corporate bonds, the Company obtains the fair values from its investment custodians, which use a third-party valuation service. The valuation service calculates prices for the Company's investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, and adds final spreads to the U.S. Treasury curve at 3 p.m. (ET) as of quarter end. Since the inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, they represent Level 2 inputs.

The expected annual dividend yield for these warrants is based on no dividends being paid in future quarters. The expected volatility is a historical volatility calculated based on the daily closing prices of a publicly traded entity with a similar profile to the underlying entity. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at March 31, 2026. Expected term takes into account the remaining contractual term of the warrant.

The Company acquired investments in limited partnerships recorded in the other investments line of the Company's Unaudited Condensed Consolidated Balance Sheets. These investments are currently being measured at estimated fair value utilizing a net asset value per share practical expedient. Any change in the fair value of these investments is recorded in the net unrealized gain (loss) on equity securities line on the Company's Unaudited Condensed Consolidated Statements of Comprehensive Income. Dividend and interest income is recognized in the net investment income line of the Company's Unaudited Condensed Consolidated Statements of Comprehensive Income.

The Company has also acquired an investment in a commercial mortgage loan, which is classified as held-for-long-term-investment and a surplus note, which is classified as held-to-maturity. Both of these investments are carried on the balance sheet at amortized cost. Finally, the Company holds short-term investments, which are level 2 investments carried at fair value.

The information presented in the table below is as of March 31, 2026 and December 31, 2025:


	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
March 31, 2026
Limited partnership investments (1)	$	3,007	$	1,508	$	—	$	4,515
Real estate management LLC		2,002		—		—		2,002
Surplus note (1)		6,000		—		—		6,000
Warrants		—		1,064		—		1,064
Commercial mortgage loans		6,840		—		—		6,840
Short-term investments		21,260		3		26		21,237
Total other investments	$	39,109	$	2,575	$	26	$	41,658

December 31, 2025
Limited partnership investments (1)	$	3,024	$	1,093	$	—	$	4,117
Real estate management LLC		2,000		—		—		2,000
Surplus note (1)		6,000		—		—		6,000
Commercial mortgage loans		6,840		—		—		6,840
Short-term investments		21,090		13		7		21,096
Total other investments	$	38,954	$	1,106	$	7	$	40,053

(1)Distributions will be generated from operating income, investment gains, underlying investments of funds, and from liquidation of the underlying assets of the funds. The Company estimates that the underlying assets of the funds will be liquidated over the next four to seven years.

During the second quarter of 2025, the Company invested $6 million in a surplus note, as seen in the table above. As a term of this investment, during the three months ended September 30, 2025, the Company was issued 18,497 warrants to purchase common stock of the issuer of the surplus note for no additional consideration. These warrants are free-standing in nature and are not being used as a hedging instrument. The Company does not invest in derivatives as part of its investment strategy and is only a holder of these warrants as a product of its strategy to invest in this surplus note.

As of March 31, 2026, the fair value of these warrants was $1,064,000, utilizing the assumptions outlined above. As of December 31, 2025, the Company had not assigned a value to these warrants. This change in fair value was recorded in the net unrealized gain (loss) on equity securities line of the Unaudited Condensed Consolidated Statements of Comprehensive Income and the asset is recorded in the other investments line of the Company's Unaudited Condensed Consolidated Balance Sheets. For the three months ended March 31, 2025, these warrants had no impact on the Company's financial position or financial performance as the Company did not have sufficient information to assign value to these warrants. These warrants did not impact the statement of cash flows for either period.

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The cash on deposit with state regulators is available to settle insurance liabilities. The Company also uses trust funds in certain reinsurance transactions.