Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis as of March 31, 2025 are summarized below:

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	201,001	$	—	$	201,001
Residential mortgage-backed	—		360,229		—		360,229
Corporate	—		521,369		—		521,369
Commercial mortgage and asset-backed	—		157,973		—		157,973
U.S. Treasury securities and obligations guaranteed by the U.S. government	19,055		—		—		19,055
Total fixed maturity securities, available-for-sale	$	19,055	$	1,240,572	$	—	$	1,259,627
Equity securities:
Preferred stock	—		72,269		—		72,269
Common stock	12,906		2,569		2		15,477
Total equity securities	$	12,906	$	74,838	$	2	$	87,746
Bank loan participations	$	—	$	144,014	$	—	$	144,014
Short-term investments	$	—	$	79,091	$	—	$	79,091

Assets measured at fair value on a recurring basis as of December 31, 2024 are summarized below:

	Fair Value Measurements Using
	Quoted Prices in Active Markets for Identical Assets Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
	(in thousands)
Fixed maturity securities, available-for-sale:
State and municipal	$	—	$	196,564	$	—	$	196,564
Residential mortgage-backed	—		326,227		—		326,227
Corporate	—		475,485		—		475,485
Commercial mortgage and asset-backed	—		170,458		—		170,458
U.S. Treasury securities and obligations guaranteed by the U.S. government	20,999		—		—		20,999
Total fixed maturity securities, available-for-sale	$	20,999	$	1,168,734	$	—	$	1,189,733
Equity securities:
Preferred stock	—		71,245		—		71,245
Common stock	12,693		2,536		5		15,234
Total equity securities	$	12,693	$	73,781	$	5	$	86,479
Bank loan participations	$	—	$	142,410	$	—	$	142,410
Short-term investments	$	—	$	97,074	$	—	$	97,074

Schedule of Reconciliation of Securities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs

A reconciliation of the beginning and ending balances of available-for-sale fixed maturity securities, equity securities, and bank loan participations measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is shown below:

	Three Months Ended March 31,
	2025		2024
	(in thousands)
Beginning balance	$	5	$	11
Transfers out of Level 3	—		—
Transfers in to Level 3	—		—
Purchases	—		—
Sales	—		—
Maturities, calls and paydowns	—		—
Amortization of discount	—		—
Total gains or losses (realized/unrealized):
Included in earnings	(3)		6
Included in other comprehensive income	—		—
Ending balance	$	2	$	17

Schedule of Carrying Value and Fair Value of Financial Instruments

The carrying values and fair values of financial instruments are summarized below:

	March 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)
Assets
Fixed maturity securities, available-for-sale	$	1,259,627	$	1,259,627	$	1,189,733	$	1,189,733
Equity securities	87,746		87,746		86,479		86,479
Bank loan participations	144,014		144,014		142,410		142,410
Cash and cash equivalents	279,427		279,427		362,345		362,345
Restricted cash equivalents	29,012		29,012		28,705		28,705
Short-term investments	79,091		79,091		97,074		97,074
Other invested assets – notes receivable	28,430		28,692		13,902		12,877
Liabilities
Senior debt	225,800		226,366		200,800		201,787
Junior subordinated debt	104,055		121,480		104,055		121,766