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Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments [Abstract]  
Schedule of Available-for-Sale Investments
The Company’s available-for-sale fixed maturity securities are summarized as follows:
 Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in thousands)
March 31, 2025    
Fixed maturity securities:    
State and municipal
$224,185 $699 $(23,883)$201,001 
Residential mortgage-backed
379,128 751 (19,650)360,229 
Corporate
543,057 2,679 (24,367)521,369 
Commercial mortgage and asset-backed
164,442 110 (6,579)157,973 
U.S. Treasury securities and obligations guaranteed by the U.S. government
19,290 6 (241)19,055 
Total fixed maturity securities, available-for-sale$1,330,102 $4,245 $(74,720)$1,259,627 
December 31, 2024    
Fixed maturity securities:    
State and municipal
$223,009 $598 $(27,043)$196,564 
Residential mortgage-backed
352,064 32 (25,869)326,227 
Corporate
503,610 1,358 (29,483)475,485 
Commercial mortgage and asset-backed
178,238 112 (7,892)170,458 
U.S. Treasury securities and obligations guaranteed by the U.S. government
21,416 2 (419)20,999 
Total fixed maturity securities, available-for-sale$1,278,337 $2,102 $(90,706)$1,189,733 
Schedule of Available-for-Sale Investments by Contractual Maturity
The amortized cost and fair value of available-for-sale investments in fixed maturity securities at March 31, 2025 are summarized, by contractual maturity, as follows:
 Cost or
Amortized
Cost		Fair
Value
 (in thousands)
One year or less$25,426 $25,214 
After one year through five years364,219 358,245 
After five years through ten years250,036 231,251 
After ten years146,851 126,715 
Residential mortgage-backed379,128 360,229 
Commercial mortgage and asset-backed164,442 157,973 
Total$1,330,102 $1,259,627 
Schedule of Gross Unrealized Losses and Fair Value for Available-for-Sale Securities
The following table shows the Company’s gross unrealized losses and fair value for available-for-sale securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position:
 Less Than 12 Months12 Months or MoreTotal
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in thousands)
March 31, 2025      
Fixed maturity securities:      
State and municipal$29,844 $(615)$152,003 $(23,268)$181,847 $(23,883)
Residential mortgage-backed148,773 (2,530)140,732 (17,120)289,505 (19,650)
Corporate107,601 (2,706)221,095 (21,661)328,696 (24,367)
Commercial mortgage and asset-backed32,772 (68)98,840 (6,511)131,612 (6,579)
U.S. Treasury securities and obligations guaranteed by the U.S. government
7,377 (39)8,479 (202)15,856 (241)
Total fixed maturity securities, available-for-sale$326,367 $(5,958)$621,149 $(68,762)$947,516 $(74,720)
December 31, 2024      
Fixed maturity securities:      
State and municipal$35,979 $(1,087)$146,547 $(25,956)$182,526 $(27,043)
Residential mortgage-backed179,807 (5,285)140,559 (20,584)320,366 (25,869)
Corporate149,149 (4,281)220,743 (25,202)369,892 (29,483)
Commercial mortgage and asset-backed17,991 (65)101,525 (7,827)119,516 (7,892)
U.S. Treasury securities and obligations guaranteed by the U.S. government
7,653 (115)12,412 (304)20,065 (419)
Total fixed maturity securities, available-for-sale$390,579 $(10,833)$621,786 $(79,873)$1,012,365 $(90,706)
Schedule of Net Unrealized Gains and Losses on Investments
The Company’s net realized and unrealized gains and losses on investments are summarized as follows:
 Three Months Ended
March 31,
 20252024
 (in thousands)
Fixed maturity securities:  
Gross realized gains$32 $— 
Gross realized losses(7)(311)
 25 (311)
Bank loan participations:  
Gross realized gains92 308 
Gross realized losses(1,766)(948)
Changes in fair values of bank loan participations(640)359 
 (2,314)(281)
Equity securities:  
Gross realized gains210 1,124 
Gross realized losses— (177)
Changes in fair values of equity securities708 4,228 
 918 5,175 
Short-term investments and other:  
Gross realized gains1 — 
Gross realized losses(1)— 
Changes in fair values of short-term investments and other— — 
 — — 
Total$(1,371)$4,583 
Schedule of Net Realized Gains and Losses on Investments
The Company’s net realized and unrealized gains and losses on investments are summarized as follows:
 Three Months Ended
March 31,
 20252024
 (in thousands)
Fixed maturity securities:  
Gross realized gains$32 $— 
Gross realized losses(7)(311)
 25 (311)
Bank loan participations:  
Gross realized gains92 308 
Gross realized losses(1,766)(948)
Changes in fair values of bank loan participations(640)359 
 (2,314)(281)
Equity securities:  
Gross realized gains210 1,124 
Gross realized losses— (177)
Changes in fair values of equity securities708 4,228 
 918 5,175 
Short-term investments and other:  
Gross realized gains1 — 
Gross realized losses(1)— 
Changes in fair values of short-term investments and other— — 
 — — 
Total$(1,371)$4,583 
Schedule of Other Invested Assets
The Company invests selectively in private debt and equity opportunities. These investments, which together comprise the Company’s other invested assets, are primarily focused in renewable energy, limited partnerships, and private debt.
 Carrying ValueInvestment Income
 March 31,December 31,Three Months Ended
March 31,
 2025202420252024
 (in thousands)
Renewable energy LLCs (a)
Excess and Surplus Lines$7,643 $7,690 $— $(286)
Corporate & Other— — — — 
7,643 7,690 — (286)
Renewable energy notes receivable (b)
Excess and Surplus Lines— — — 61 
Corporate & Other— — — 77 
— — — 138 
Limited partnerships (c)
Excess and Surplus Lines16,231 14,644 9 (115)
Corporate & Other464 464 — — 
16,695 15,108 9 (115)
Private Debt (d)
Excess and Surplus Lines28,430 13,902 191 118 
Corporate & Other— — — — 
28,430 13,902 191 118 
Total other invested assets
Excess and Surplus Lines52,304 36,236 200 (222)
Corporate & Other464 464 — 77 
$52,768 $36,700 $200 $(145)
 
(a)The Company's Excess and Surplus Lines segment owns equity interests ranging from 3.6% to 5.0% in various LLCs whose principal objective is capital appreciation and income generation from owning and operating renewable energy production facilities (wind and solar). The equity method is used to account for the Company’s LLC investments. Income for the LLCs primarily reflects adjustments to the carrying values of investments in renewable energy projects to their determined fair values. The fair value adjustments are included in revenues for the LLCs. Expenses for the LLCs are not significant and are comprised of administrative and interest expenses. The Company received cash distributions from these investments totaling $48,000 and $14,000 in the three months ended March 31, 2025 and 2024, respectively.
(b)The Company's Excess and Surplus Lines and Corporate and Other segments invested in two notes receivable for renewable energy projects. Interest on the notes was fixed at 12%. During the three months ended March 31, 2024, the Company received final principal repayments of $608,000 and $761,000 on the notes receivable in the Company's Excess and Surplus Lines segment and Corporate and Other segment, respectively.
(c)The Company owns investments in limited partnerships that invest in concentrated portfolios including publicly-traded small cap equities, loans of middle market private equity sponsored companies, private equity general partnership interests, commercial mortgage-backed securities, specialty private credit, and tranches of distressed home loans. Income from the partnerships is recognized under the equity method of accounting. At March 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.0 million in the limited partnerships.
(d)The Company's Excess and Surplus Lines segment has invested in four notes receivable for structured private specialty credit. Interest on the notes, which mature in 2031, is fixed at 4.25% and 5.25%. Interest on the notes, which mature in 2035, is fixed at 6.50% and 8.00%. At March 31, 2025, the Company’s Excess and Surplus Lines segment has outstanding commitments to invest another $5.6 million in these notes.