Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

At March 31, 2026, assets measured at fair value on a recurring basis are summarized below:


		March 31, 2026
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	161,869			$	—			$	161,869
Corporate bonds			—				142,332				—				142,332
U.S. agency-based mortgage-backed securities			—				3,494				—				3,494
U.S. Treasury securities			6,516				—				—				6,516
Total securities available-for-sale—fixed maturity			6,516				307,695				—				314,211
Equity securities:
Domestic common stock - Exchange Traded Funds			55,840				—				—				55,840
Total		$	62,356			$	307,695			$	—			$	370,051

At December 31, 2025, assets measured at fair value on a recurring basis are summarized below:


		December 31, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	158,190			$	—			$	158,190
Corporate bonds			—				138,704				—				138,704
U.S. agency-based mortgage-backed securities			—				3,641				—				3,641
U.S. Treasury securities			12,503				—				—				12,503
Total securities available-for-sale—fixed maturity		$	12,503			$	300,535			$	—			$	313,038
Equity securities:
Domestic common stock - Exchange Traded Funds			57,493				—				—				57,493
Total		$	69,996			$	300,535			$	—			$	370,531

Schedule of Assets Measured at Amortized Cost Net of Allowance For Credit Losses

At March 31, 2026, assets measured at amortized cost net of allowance for credit losses are summarized below:


		March 31, 2026
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	306,351			$	—			$	306,351
Corporate bonds			—				15,653				—				15,653
U.S. agency-based mortgage-backed securities			—				2,238				—				2,238
U.S. Treasury securities			8,408				—				—				8,408
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,408			$	324,251			$	—			$	332,659

At December 31, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:


		December 31, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	317,529			$	—			$	317,529
Corporate bonds			—				16,245				—				16,245
U.S. agency-based mortgage-backed securities			—				2,348				—				2,348
U.S. Treasury securities			8,445				—				—				8,445
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,445			$	336,131			$	—			$	344,576

Summary of Carrying Amounts and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying amounts and corresponding fair values for financial instruments:


		As of March 31, 2026								As of December 31, 2025
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	340,546			$	332,659			$	350,087			$	344,576
Fixed maturity securities—available-for-sale			314,211				314,211				313,038				313,038
Equity securities			55,840				55,840				57,493				57,493
Short-term investments			28,753				28,753				14,237				14,237
Cash and cash equivalents			34,226				34,226				61,926				61,926