Investments (Tables)

3 Months Ended

Mar. 31, 2026

Debt and Equity Securities, FV-NI

Schedule of Available-for-sale Securities Reconciliation

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

Equity Securities Fair Value

Equity securities are summarized as follows:

	March 31, 2026					December 31, 2025
	Estimated Fair Value		Percent of Total			Estimated Fair Value		Percent of Total
Mutual funds	$	59,667		92.2	%	$	56,637		91.8	%
Other common stocks		5,048		7.8			5,048		8.2
Total equity securities	$	64,715		100.0	%	$	61,685		100.0	%

Schedule of Realized Gain (Loss)

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.

Investments Classified by Contractual Maturity Date

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	%

Investment Income

The following table summarizes net investment income by major investment category:

	Three Months Ended March 31,
	2026			2025
Fixed maturities	$	2,199		$	2,646
Equity securities		238			130
Other investments		544			270
Cash and cash equivalents		2,164			1,554
Investment income		5,145			4,600
Investment expenses		(66	)		(89	)
Net investment income	$	5,079		$	4,511

Schedule of Unrealized Loss on 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.

Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis

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.

Schedule of Warrants Fair Value Estimated Using Black-Scholes-Merton Formula

The Company's warrants fair value was estimated using the Black-Scholes-Merton formula. The following assumptions were used to value the warrants as of March 31, 2026:

	March 31, 2026
Price per common share	$	57.54
Expected annual dividend yield		—	%
Expected volatility		51.09	%
Risk-free interest rate		4.30	%
Expected term	9.37

Schedule of Investments in Limited Partnerships

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.

Restrictions on Cash and Cash Equivalents

The following table presents the components of restricted assets:

	March 31, 2026		December 31, 2025
Trust funds	$	121,574	$	93,734
Cash on deposit (regulatory deposits)		362		358
Total restricted cash	$	121,936	$	94,092