The following table summarizes the amortized cost and fair value of the Company’s fixed maturity securities, all of which are classified as available for sale:


			Gross Unrealized
As of June 30, 2024	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	298,225	$	50	$	(495)	$	297,780
State and municipal	56,978		—		(5,472)		51,506
Commercial mortgage-backed securities	41,970		19		(1,083)		40,906
Residential mortgage-backed securities	148,670		827		(5,637)		143,860
Asset-backed securities	54,650		100		(858)		53,892
Corporate	121,289		63		(3,097)		118,255
Total	$	721,782	$	1,059	$	(16,642)	$	706,199


			Gross Unrealized
As of December 31, 2023	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	252,294	$	579	$	(332)	$	252,541
State and municipal	55,984		—		(5,264)		50,720
Commercial mortgage-backed securities	26,573		29		(1,166)		25,436
Residential mortgage-backed securities	79,032		680		(5,010)		74,702
Asset-backed securities	42,964		32		(963)		42,033
Corporate	112,166		80		(3,054)		109,192
Total	$	569,013	$	1,400	(15,789)		$	554,624

The amortized cost and fair value of fixed maturity securities at June 30, 2024 and December 31, 2023, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities because certain issuers may have the right to call or prepay obligations.


As of June 30, 2024	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	191,050	$	190,739
Due after one year through five years	221,169		217,001
Due after five years through ten years	46,896		44,858
Due after ten years	17,377		14,943
	476,492		467,541
Commercial mortgage-backed securities	41,970		40,906
Residential mortgage-backed securities	148,670		143,860
Asset-backed securities	54,650		53,892
Total	$	721,782	$	706,199


As of December 31, 2023	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	254,656	$	254,443
Due after one year through five years	122,274		118,585
Due after five years through ten years	27,145		25,265
Due after ten years	16,369		14,160
	420,444		412,453
Commercial mortgage-backed securities	26,573		25,436
Residential mortgage-backed securities	79,032		74,702
Asset-backed securities	42,964		42,033
Total	$	569,013	$	554,624


	Three Months Ended June 30,
	2024		2023
	($ in thousands)
U.S. government and government agency	$	3,836	$	656
State and municipal	388		388
Commercial mortgage-backed securities	468		363
Residential mortgage-backed securities	1,920		246
Asset-backed securities	(33)		894
Corporate	1,071		893
Short-term investments	103		208
Cash and cash equivalents	1,204		511
Gross investment income	8,957		4,159
Investment expenses	(180)		(111)
Net investment income	$	8,777	$	4,048


	Six Months Ended June 30,
	2024		2023
	($ in thousands)
U.S. government and government agency	7,523		$	938
State and municipal	775		775
Commercial mortgage-backed securities	842		628
Residential mortgage-backed securities	2,164		462
Asset-backed securities	1,040		1,493
Corporate	2,003		1,589
Short-term investments	215		631
Cash and cash equivalents	2,219		1,096
Gross investment income	16,781		7,612
Investment expenses	(344)		(211)
Net investment income	$	16,437	$	7,401

There were $1.9 thousand net realized investment gains (losses) for the three and six months ended June 30, 2024 from the sale of investments and nil for the three and six months ended June 30, 2023.

The Company is required to maintain assets as collateral in trust accounts to support the obligations of the AmFam Quota Share Agreement. The assets held in trust include fixed maturity securities, short-term investments and restricted cash and cash equivalents. The Company is entitled to interest income earned on these restricted assets, which is included in net investment income in the Condensed Consolidated Statements of Income and Comprehensive Income.


As of	June 30, 2024		December 31, 2023
	($ in thousands)
U.S. government and government agency	$	224,415	$	142,297
State and municipal	19,428		19,585
Commercial mortgage-backed securities	20,781		9,333
Residential mortgage-backed securities	77,507		35,313
Asset-backed securities	33,330		23,798
Corporate	59,189		49,632
Restricted fixed maturity securities	434,650		279,958
Restricted short-term investments	12,712		4,864
Restricted cash and cash equivalents	18,494		1,698
Restricted assets	$	465,856	$	286,520

The following table summarizes available for sale securities in an unrealized loss position, the fair value and gross unrealized loss by length of time the security has been in a continual unrealized loss position:


	Less than 12 Months				12 Months or Greater				Total
As of June 30, 2024	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	212,928	$	(336)	$	20,055	$	(159)	$	232,983	$	(495)
State and municipal	1,026		(4)		50,480		(5,468)		51,506		(5,472)
Commercial mortgage-backed securities	9,883		(98)		18,364		(985)		28,247		(1,083)
Residential mortgage-backed securities	49,110		(284)		40,197		(5,353)		89,307		(5,637)
Asset-backed securities	15,946		(81)		23,614		(777)		39,560		(858)
Corporate	34,712		(220)		76,048		(2,877)		110,760		(3,097)
Total	$	323,605	$	(1,023)	$	228,758	$	(15,619)	$	552,363	$	(16,642)


	Less than 12 Months				12 Months or Greater				Total
As of December 31, 2023	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	48,598	$	(69)	$	10,970	$	(263)	$	59,568	$	(332)
State and municipal	2,992		(14)		47,728		(5,250)		50,720		(5,264)
Commercial mortgage-backed securities	2,485		(53)		18,423		(1,113)		20,908		(1,166)
Residential mortgage-backed securities	17,536		(609)		31,502		(4,401)		49,038		(5,010)
Asset-backed securities	16,253		(71)		18,491		(892)		34,744		(963)
Corporate	24,976		(173)		62,733		(2,881)		87,709		(3,054)
Total	$	112,840	$	(989)	$	189,847	$	(14,800)	$	302,687	$	(15,789)

All of the securities in an unrealized loss position are rated investment grade. For fixed maturity securities that management does not intend to sell or are required to sell, there is no portion of the decline in value that is considered to be due to credit factors that would be recognized in earnings. Declines in value are considered to be due to non-credit factors and are recognized in Other Comprehensive Income.

The Company has evaluated its fixed maturity securities in an unrealized loss position and concluded that the unrealized losses are due primarily to temporary market and sector-related factors rather than to issuer-specific factors. None of these securities are delinquent or in default under financial covenants. Based on the assessment of these issuers, the Company expects them to continue to meet their contractual payment obligations as they become due.