Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

7 — Fair Value Measurements

Fair value measurements are classified within one of three levels in the fair value hierarchy. The level assigned to a fair value measurement is based on the lowest level input that management judges to be significant to the fair value measurement in its entirety.

The three levels of the fair value hierarchy are as follows:

•Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2 — Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date for substantially the full term of the asset or liability.

•Level 3 — Pricing inputs are unobservable, but management believes that such inputs are predicated on the assumptions market participants would use to measure the asset or liability at fair value.

The Company's policy is to recognize significant transfers between levels, if any, at the end of the reporting period. There were no transfers between levels during the current and prior reporting periods.

Investments

Fixed maturity securities are classified as Level 2 within the fair value hierarchy and equity securities are classified as Level 1. The fair value of these investments is determined after considering various sources of information, including information provided by a third-party pricing service, which provides prices for substantially all of the Company's fixed maturity securities and equity securities. In determining fair value, the Company generally does not adjust the prices obtained from the pricing service. The Company obtains an understanding of the pricing service's valuation methodologies and related inputs, which include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers, duration, credit ratings, estimated cash flows, and prepayment speeds.

Refer to Note 6 — Investments for additional information related to the Company's investment portfolio.

Summary of assets and liabilities measured at fair value

The fair values of the Company's financial assets as of March 31, 2026 and December 31, 2025 are shown in the following tables:

	Estimated Fair Value as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Investments:	in thousands
Corporate	$	294,993	$	—	$	294,993	$	—
U.S. Treasury	117,131		—		117,131		—
States and municipalities	38,352		—		38,352		—
Foreign	32,536		—		32,536		—
Asset-backed securities	33,733		—		33,733		—
Mortgage-backed securities	156,355		—		156,355		—
Exchange traded funds	47,804		47,804		—		—
Total	$	720,904	$	47,804	$	673,100	$	—

	Estimated Fair Value as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Investments:	in thousands
Corporate	$	266,168	$	—	$	266,168	$	—
U.S. Treasury	181,617		—		181,617		—
States and municipalities	30,146		—		30,146		—
Foreign	32,992		—		32,992		—
Asset-backed securities	32,251		—		32,251		—
Mortgage-backed securities	153,097		—		153,097		—
Common stocks	34,871		34,871		—		—
Total	$	731,142	$	34,871	$	696,271	$	—