v3.26.1
Surplus Note
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Surplus Note
8. Surplus Note
The Company issued a surplus note on June 2, 2025 in the amount of $50.0 million with a fixed interest rate of 9.5% for a term of 15 years. The surplus note is callable by the Company in 7 years. Interest on the outstanding principal is payable on September 1 and March 1 every year. Payment of principal and interest requires regulatory approval before such payment may be made. The Company paid $2.4 million in interest for the three months ended March 31, 2026.
March 31,
2026		December 31,
2025
(in millions)
Surplus note$50.0 $50.0 
Less: unamortized debt issuance costs (2.1)(2.1)
Total surplus note, net
$47.9 $47.9 
The Company’s surplus note is recorded at its carrying value. The estimated fair value of the surplus note as of March 31, 2026 approximates its carrying value. The fair value measurement is classified as Level 2 within the fair value hierarchy based on observable market inputs.