Investments (Tables)

9 Months Ended

Sep. 30, 2025

Investments [Abstract]

Investments Aggregated by Type and Industry

Fixed maturities were comprised of the following:

	September 30, 2025
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	23,952	$	172	$	1,609	$	—	$	25,389
Loan backed and structured securities		28,737		176		2,045		—		30,606
Obligations of states and political subdivisions		7,393		16		1,389		—		8,766
Corporate securities:
Utilities and telecom		30,162		312		2,539		—		32,389
Financial services		62,866		1,036		3,129		—		64,959
Other business – diversified		38,158		219		3,060		—		40,999
Other consumer – diversified		43,997		106		4,511		—		48,402
Total corporate securities		175,183		1,673		13,239		—		186,749
Redeemable preferred stocks:
Other consumer – diversified		204		11		—		—		193
Total redeemable preferred stocks		204		11		—		—		193
Total fixed maturities	$	235,469	$	2,048	$	18,282	$	—	$	251,703

	December 31, 2024
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Cost or Amortized Cost
Fixed maturities:
Bonds:
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	22,251	$	24	$	2,144	$	—	$	24,371
Loan backed and structured securities		22,290		17		2,457		—		24,730
Obligations of states and political subdivisions		7,623		9		1,517		—		9,131
Corporate securities:
Utilities and telecom		24,623		108		3,206		—		27,721
Financial services		59,564		563		4,768		—		63,769
Other business – diversified		34,117		160		3,919		—		37,876
Other consumer – diversified		41,957		33		6,585		—		48,509
Total corporate securities		160,261		864		18,478		—		177,875
Redeemable preferred stocks:
Other consumer – diversified		187		—		5		—		192
Total redeemable preferred stocks		187		—		5		—		192
Total fixed maturities	$	212,612	$	914	$	24,601	$	—	$	236,299

Equity securities were comprised of the following:

	September 30, 2025
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,281	$	971	$	—	$	310
Communications		9,151		4,518		—		4,633
Total equity securities	$	10,432	$	5,489	$	—	$	4,943

	December 31, 2024
	Estimated Fair Value		Gross Unrealized Gains		Gross Unrealized Losses		Cost or Amortized Cost
Equity securities:
Common and non-redeemable preferred stocks:
Financial services	$	1,149	$	843	$	—	$	306
Communications		6,751		2,118		—		4,633
Total equity securities	$	7,900	$	2,961	$	—	$	4,939

Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity

The carrying value and amortized cost of the Company’s investments in fixed maturities at September 30, 2025 and December 31, 2024 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties.

	September 30, 2025				December 31, 2024
	Carrying Value		Amortized Cost		Carrying Value		Amortized Cost
Due in one year or less	$	7,915	$	8,002	$	7,484	$	7,497
Due after one year through five years		66,531		67,793		62,722		64,703
Due after five years through ten years		27,745		28,319		32,820		35,552
Due after ten years		96,421		107,897		80,199		95,466
Asset backed securities		36,857		39,692		29,387		33,081
Totals	$	235,469	$	251,703	$	212,612	$	236,299

Investment Securities with Continuous Unrealized Loss Position

The following tables present the Company’s unrealized loss aging for securities by type and length of time the security was in a continuous unrealized loss position as of September 30, 2025 and December 31, 2024.

	September 30, 2025
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	739	$	7	$	14,050	$	1,602	$	14,789	$	1,609
Loan backed and structured securities		850		4		15,802		2,041		16,652		2,045
Obligations of states and political subdivisions		406		—		5,966		1,389		6,372		1,389
Corporate securities		11,252		133		120,826		13,106		132,078		13,239
Total temporarily impaired securities	$	13,247	$	144	$	156,644	$	18,138	$	169,891	$	18,282

	December 31, 2024
	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. Government agencies and authorities	$	3,753	$	33	$	16,136	$	2,111	$	19,889	$	2,144
Loan backed and structured securities		1,010		5		16,069		2,452		17,079		2,457
Obligations of states and political subdivisions		—		—		5,839		1,517		5,839		1,517
Corporate securities		18,510		755		125,930		17,723		144,440		18,478
Redeemable preferred stocks		188		5		—		—		188		5
Total temporarily impaired securities	$	23,461	$	798	$	163,974	$	23,803	$	187,435	$	24,601

Summary of Realized Investment Gains (Losses)

The following tables summarize realized investment gains and losses for the three month and nine month periods ended September 30, 2025 and 2024.

	Three Months Ended September 30, 2025
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	43		$	—	$	—	$	43
Losses		(41	)		—		—		(41	)
Realized investment gains, net	$	2		$	—	$	—	$	2

	Three Months Ended September 30, 2024
	Fixed Maturities		Equity Securities		Other Invested Assets		Total
Gains	$	4	$	—	$	—	$	4
Losses		—		—		—		—
Realized investment gains, net	$	4	$	—	$	—	$	4

	Nine Months Ended September 30, 2025
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	196		$	—	$	—	$	196
Losses		(178	)		—		—		(178	)
Realized investment gains, net	$	18		$	—	$	—	$	18

	Nine Months Ended September 30, 2024
	Fixed Maturities			Equity Securities		Other Invested Assets		Total
Gains	$	19		$	—	$	—	$	19
Losses		(2	)		—		—		(2	)
Realized investment gains, net	$	17		$	—	$	—	$	17

Unrealized Gains (Losses) on Equity Securities

The following table presents the change in unrealized gains (losses) related to equity securities still held for the three month and nine month periods ended September 30, 2025 and 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025		2024
Net realized and unrealized gains (losses) recognized during the period on equity securities	$	(848	)	$	(1,746	)	$	2,528	$	(1,617	)
Less: Net realized gains recognized during the period on equity securities sold during the period		—			—			—		—
Unrealized gains (losses) recognized during the reporting period on equity securities, net	$	(848	)	$	(1,746	)	$	2,528	$	(1,617	)