The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at March 31, 2026 are summarized as follows:


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	313,513	$	(22	)	$	313,491	$	1,101	$	(8,241	)	$	306,351
Corporate bonds		16,184		(43	)		16,141		—		(488	)		15,653
U.S. agency-based mortgage-backed securities		2,315		—			2,315		16		(93	)		2,238
U.S. Treasury securities and obligations of U.S. government agencies		8,590		—			8,590		3		(185	)		8,408
Asset-backed securities		9		—			9		—		—			9
Totals	$	340,611	$	(65	)	$	340,546	$	1,120	$	(9,007	)	$	332,659

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at March 31, 2026 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	168,422	$	334	$	(6,887	)	$	161,869	$	—
Corporate bonds		142,138		1,282		(1,088	)		142,332		—
U.S. agency-based mortgage-backed securities		3,811		—		(317	)		3,494		—
U.S. Treasury securities and obligations of U.S. government agencies		6,941		—		(425	)		6,516		—
Totals	$	321,312	$	1,616	$	(8,717	)	$	314,211	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2026 are summarized as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	31,164	$	24,676	$	—	$	55,840
Total equity securities	$	31,164	$	24,676	$	—	$	55,840


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	322,430	$	(23	)	$	322,407	$	2,030	$	(6,908	)	$	317,529
Corporate bonds		16,751		(50	)		16,701		—		(456	)		16,245
U.S. agency-based mortgage-backed securities		2,403		—			2,403		26		(81	)		2,348
U.S. Treasury securities and obligations of U.S. government agencies		8,567		—			8,567		6		(128	)		8,445
Asset-backed securities		9		—			9		—		—			9
Totals	$	350,160	$	(73	)	$	350,087	$	2,062	$	(7,573	)	$	344,576

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2025 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	163,042	$	630	$	(5,482	)	$	158,190	$	—
Corporate bonds		137,198		2,231		(725	)		138,704		—
U.S. agency-based mortgage-backed securities		3,946		—		(305	)		3,641		—
U.S. Treasury securities and obligations of U.S. government agencies		12,930		—		(427	)		12,503		—
Totals	$	317,116	$	2,861	$	(6,939	)	$	313,038	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2025 are summarized as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	31,165	$	26,328	$	—	$	57,493
Total equity securities	$	31,165	$	26,328	$	—	$	57,493

A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Maturity:
Within one year	$	28,535	$	28,444	$	28,620	$	28,561
After one year through five years		72,149		70,410		76,161		74,506
After five years through ten years		120,858		117,201		119,321		116,970
After ten years		116,680		114,357		123,573		122,182
U.S. agency-based mortgage-backed securities		2,315		2,238		2,403		2,348
Asset-backed securities		9		9		9		9
Totals	$	340,546	$	332,659	$	350,087	$	344,576

A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows:


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	28,846	$	28,781	$	41,029	$	40,939
After one year through five years		89,171		87,825		76,260		75,796
After five years through ten years		74,422		73,244		76,895		76,076
After ten years		125,062		120,867		118,986		116,586
U.S. agency-based mortgage-backed securities		3,811		3,494		3,946		3,641
Totals	$	321,312	$	314,211	$	317,116	$	313,038


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
March 31, 2026
Available-for-Sale
States and political subdivisions	$	67,158	$	1,536	$	59,936	$	5,351	$	127,094	$	6,887
Corporate bonds		53,708		281		26,777		807		80,485		1,088
U.S. agency-based mortgage-backed securities		—		—		3,494		317		3,494		317
U.S. Treasury securities and obligations of U.S. government agencies		—		—		6,516		425		6,516		425
Total available-for-sale securities	$	120,866	$	1,817	$	96,723	$	6,900	$	217,589	$	8,717

At March 31, 2026, the Company held 179 individual fixed maturity securities classified as available-for-sale that were in an unrealized loss position.


	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(in thousands)
December 31, 2025
Available-for-Sale
States and political subdivisions	$	28,892	$	634	$	76,440	$	4,848	$	105,332	$	5,482
Corporate bonds		5,537		8		31,115		717		36,652		725
U.S. agency-based mortgage-backed securities		—		—		3,641		305		3,641		305
U.S. Treasury securities and obligations of U.S. government agencies		—		—		12,503		427		12,503		427
Total available-for-sale securities	$	34,429	$	642	$	123,699	$	6,297	$	158,128	$	6,939

The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended March 31, 2026.


	States and Political Subdivisions			Corporate Bonds			U.S. Agency -Based Mortgage- Backed Securities		U.S. Treasury Securities and Obligations of U.S. Government Agencies		Asset-Backed Securities		Totals
	(in thousands)
Balance at December 31, 2025	$	23		$	50		$	—	$	—	$	—	$	73
Provision for credit loss benefit		(1	)		(7	)		—		—		—		(8	)
Balance at March 31, 2026	$	22		$	43		$	—	$	—	$	—	$	65

As of March 31, 2026, the Company has established an allowance for credit losses on 261 held-to-maturity securities totaling $0.1 million. Most of those securities were issued by states and political subdivisions (252 securities) and corporate bonds (8 securities).

The Company had no allowance for credit losses on investments classified as available-for-sale for the period ended March 31, 2026.

The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, Standard and Poor’s, and Fitch to determine the probability of default. If there are three ratings, the median rating is used. If there are only two ratings, the lower rating is used. If there is one rating, that rating is used. For corporate fixed income securities (given a rating), the probability of default comes from Moody’s annual study of corporate bond defaults published each February. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities (given a rating), the probability of default comes from Moody’s annual study of municipal bond defaults published annually.

The calculation of the credit loss allowance takes the amortized cost of the fixed income security and assumes default and recovery based on the average recovery rates from the Moody’s default studies. The amortized cost of the security, plus any accrued interest, minus the amount recovered, is the estimated full amount the Company could lose in a default scenario. Then this amount is multiplied by the probability of default to determine the allowance for credit loss. The lower the security is rated, the higher likelihood of default, and therefore a higher allowance for credit loss. The longer to the maturity date of a security, the higher the default risk.

The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of March 31, 2026.


	States and Political Subdivisions		Corporate Bonds		U.S. Agency -Based Mortgage- Backed Securities		U.S. Treasury Securities and Obligations of U.S. Government Agencies		Asset-Backed Securities		Totals
	Amortized Cost
	(in thousands)
AAA/AA/A ratings	$	313,513	$	9,683	$	2,315	$	8,590	$	—	$	334,101
Baa/BBB ratings		—		6,501		—		—		9		6,510
Total	$	313,513	$	16,184	$	2,315	$	8,590	$	9	$	340,611

Net realized losses in the quarter ended March 31, 2026 were immaterial compared to immaterial net realized gains in the quarter ended March 31, 2025. Net realized results for both periods were attributable to the sales of fixed maturity securities classified as available-for-sale and redemption of fixed maturity securities.

During the three months ended March 31, 2026, the Company recognized through income $1.7 million of net unrealized losses on equity securities compared to $3.2 million of net unrealized losses on equity securities for the same period in 2025.

Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

The Company invests in Exchange Traded Funds with the objective of diversifying portfolio holdings.