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 December 31, 2025	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	80,184	$	184	$	—	$	80,368
State and municipal	131,607		713		(3,042)		129,278
Commercial mortgage-backed securities	170,496		1,688		(862)		171,322
Residential mortgage-backed securities	317,905		4,071		(3,415)		318,561
Asset-backed securities	168,363		931		(290)		169,004
Corporate	495,673		7,510		(710)		502,473
Total	$	1,364,228	$	15,097	$	(8,319)	$	1,371,006


			Gross Unrealized
As of December 31, 2024	Amortized Cost		Gains		Losses		Fair Value
	($ in thousands)
Fixed maturity securities
U.S. government and government agency	$	204,205	$	315	$	(108)	$	204,412
State and municipal	73,289		—		(5,505)		67,784
Commercial mortgage-backed securities	83,029		349		(940)		82,438
Residential mortgage-backed securities	197,589		649		(6,135)		192,103
Asset-backed securities	121,155		259		(837)		120,577
Corporate	214,878		238		(2,441)		212,675
Total	$	894,145	$	1,810	$	(15,966)	$	879,989

The amortized cost and fair value of fixed maturity securities at December 31, 2025 and 2024, 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 December 31, 2025	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	113,224	$	113,298
Due after one year through five years	391,104		395,094
Due after five years through ten years	119,589		120,687
Due after ten years	83,547		83,040
	707,464		712,119
Commercial mortgage-backed securities	170,496		171,322
Residential mortgage-backed securities	317,905		318,561
Asset-backed securities	168,363		169,004
Total	$	1,364,228	$	1,371,006


As of December 31, 2024	Amortized Cost		Fair Value
	($ in thousands)
Fixed maturity securities
Due in one year or less	$	206,764	$	206,721
Due after one year through five years	208,179		205,012
Due after five years through ten years	45,230		43,199
Due after ten years	32,199		29,939
	492,372		484,871
Commercial mortgage-backed securities	83,029		82,438
Residential mortgage-backed securities	197,589		192,103
Asset-backed securities	121,155		120,577
Total	$	894,145	$	879,989


Years Ended December 31,	2025		2024		2023
	($ in thousands)
U.S. government and government agency	$	5,926	$	14,514	$	4,673
State and municipal	3,904		1,832		1,550
Commercial mortgage-backed securities	5,808		2,584		1,381
Residential mortgage-backed securities	13,060		6,517		962
Asset-backed securities	6,375		3,043		3,708
Corporate	17,459		5,768		3,448
Short-term investments	214		480		943
Cash and cash equivalents	6,244		6,193		3,190
Gross investment income	58,990		40,931		19,855
Investment expenses	(1,163)		(810)		(484)
Net investment income	$	57,827	$	40,121	$	19,371

For the years ended December 31, 2025, 2024, and 2023, there were $42.9 thousand, $(16.2) thousand, and nil net realized gains (losses) from the sale of investments, respectively.

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 Consolidated Statements of Income and Comprehensive Income.


As of December 31,	2025		2024
	($ in thousands)
U.S. government and government agency	$	60,237	$	97,130
State and municipal	73,453		33,842
Commercial mortgage-backed securities	100,934		50,504
Residential mortgage-backed securities	204,459		115,323
Asset-backed securities	95,908		63,197
Corporate	303,849		124,836
Restricted fixed maturity securities	838,840		484,832
Restricted short-term investments	—		9,997
Restricted cash and cash equivalents	40,225		124,582
Restricted assets	$	879,065	$	619,411

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 December 31, 2025	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	$	—	$	—	$	—	$	—	$	—	$	—
State and municipal	21,959		(122)		43,392		(2,920)		65,351		(3,042)
Commercial mortgage-backed securities	63,162		(312)		7,055		(550)		70,217		(862)
Residential mortgage-backed securities	40,180		(164)		29,284		(3,251)		69,464		(3,415)
Asset-backed securities	26,304		(168)		5,627		(122)		31,931		(290)
Corporate	46,922		(119)		23,323		(591)		70,245		(710)
Total	$	198,527	$	(885)	$	108,681	$	(7,434)	$	307,208	$	(8,319)


	Less than 12 Months				12 Months or Greater				Total
As of December 31, 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	$	55,237	$	(108)	$	—	$	—	$	55,237	$	(108)
State and municipal	22,011		(566)		45,773		(4,939)		67,784		(5,505)
Commercial mortgage-backed securities	16,579		(112)		13,087		(828)		29,666		(940)
Residential mortgage-backed securities	100,817		(1,244)		29,879		(4,891)		130,696		(6,135)
Asset-backed securities	42,543		(472)		9,420		(365)		51,963		(837)
Corporate	118,237		(811)		43,125		(1,630)		161,362		(2,441)
Total	$	355,424	$	(3,313)	$	141,284	$	(12,653)	$	496,708	$	(15,966)

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.