The Company holds a diversified investment portfolio, consisting of fixed maturity securities and, to a much lesser extent, equity securities such as common stocks and exchange traded funds. The Company's fixed maturity securities are classified as available-for-sale.


	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	294,279	$	2,101	$	(1,387)	$	294,993
U.S. Treasury	117,690		151		(710)		117,131
States and municipalities	37,738		740		(126)		38,352
Foreign	32,656		26		(146)		32,536
Asset-backed securities	33,362		418		(47)		33,733
Mortgage-backed securities	155,197		1,926		(768)		156,355
Total fixed maturity securities	$	670,922	$	5,362	$	(3,184)	$	673,100


	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value

Fixed maturity securities:	in thousands
Corporate	$	262,302	$	3,982	$	(116)	$	266,168
U.S. Treasury	181,077		701		(161)		181,617
States and municipalities	29,182		967		(3)		30,146
Foreign	33,000		54		(62)		32,992
Asset-backed securities	31,899		394		(42)		32,251
Mortgage-backed securities	150,353		3,026		(282)		153,097
Total fixed maturity securities	$	687,813	$	9,124	$	(666)	$	696,271

The following table summarizes gross unrealized losses and the estimated fair value of available-for-sale fixed maturity securities that have continuously been in an unrealized loss position, as well as the length of time that such securities were in an unrealized loss position, as of March 31, 2026 and December 31, 2025:


	March 31, 2026
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	110,584	$	(1,377)	$	328	$	(10)	$	110,912	$	(1,387)
U.S. Treasury	81,022		(644)		2,943		(66)		83,965		(710)
States and municipalities	9,423		(126)		—		—		9,423		(126)
Foreign	22,573		(146)		—		—		22,573		(146)
Asset-backed securities	10,557		(47)		—		—		10,557		(47)
Mortgage-backed securities	61,225		(768)		—		—		61,225		(768)
Total fixed maturity securities	$	295,384	$	(3,108)	$	3,271	$	(76)	$	298,655	$	(3,184)


	December 31, 2025
	Less than 12 months				12 months or longer				Total
	Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses

Fixed maturity securities:	in thousands
Corporate	$	6,307	$	(7)	$	9,461	$	(108)	$	15,768	$	(115)
U.S. Treasury	35,150		(83)		14,948		(78)		50,098		(161)
States and municipalities	880		(3)		—		—		880		(3)
Foreign	17,009		(62)		—		—		17,009		(62)
Asset-backed securities	1,771		(5)		1,881		(37)		3,652		(42)
Mortgage-backed securities	10,312		(4)		20,889		(279)		31,201		(283)
Total fixed maturity securities	$	71,429	$	(164)	$	47,179	$	(502)	$	118,608	$	(666)

The Company regularly reviews all fixed maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of March 31, 2026 and December 31, 2025, unrealized losses were a result of interest rate changes, not a decline in the creditworthiness of the issuers. Accordingly, no allowance for credit loss was recorded as of March 31, 2026 and December 31, 2025.



	Amortized Cost		Estimated Fair Value

	in thousands
Due in one year or less	$	73,564	$	73,861
Due after one year through five years	304,782		305,173
Due after five years through ten years	103,650		103,615
Due after ten years	367		363
Mortgage-backed and asset-backed securities	188,559		190,088
Total fixed maturity securities	$	670,922	$	673,100

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The following table presents the components of "Net investment income" reported in the Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026		2025

Interest income:		in thousands
Cash and cash equivalents and restricted cash and cash equivalents		$	2,090	$	2,160
Fixed maturity securities		8,143		6,985
Total interest income		10,233		9,145
Dividends on equity securities		207		40
Gross investment income		10,440		9,185
Investment expenses		(177)		(127)
Net investment income		$	10,263	$	9,058

The table below presents the components of pre-tax "Net investment losses" reported in the Condensed Consolidated Statements of Operations, and the pre-tax change in net unrealized gains (losses) included in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025. The gross amounts of realized investment gains and losses on fixed maturity securities were not material to the Condensed Consolidated Financial Statements and are presented on a net basis in the table below:


	Three months ended March 31,
		2026		2025

Fixed maturity securities:		in thousands
Net realized investment gains		$	414	$	215
Equity securities:


Total change in fair value of equity securities		(2,703)		(530)
Net investment losses		$	(2,289)	$	(315)
Change in net unrealized gains (losses) on available-for-sale investments included in Other comprehensive income (loss):
Fixed maturity securities		$	(6,264)	$	5,098