Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair value Hierarchy of Financial Assets and Financial Liabilities Measured on a Recurring Basis

At September 30, 2024 and December 31, 2023, the Company classified its financial instruments measured at fair value on a recurring basis in the following valuation hierarchy:

September 30, 2024	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bonds	$	48,693	$	—	$	—	$	—	$	48,693
U.S. agency bonds – mortgage-backed	—		24,958		—		—		24,958
Non-U.S. government bonds	—		48,742		—		—		48,742
Collateralized loan obligations	—		65,837		—		—		65,837
Corporate bonds	—		37,526		—		—		37,526
Equity securities	—		—		19,311		—		19,311
Other investments	—		—		33,674		33,181		66,855
Total investments	$	48,693	$	177,063	$	52,985	$	33,181	$	311,922
As a percentage of total assets	3.5%		12.7%		3.8%		2.4%		22.4%
Underwriting-related derivative liability	$	—	$	—	$	3,984	$	—	$	3,984

December 31, 2023	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value Based on NAV Practical Expedient		Total Fair Value
Fixed maturities
U.S. treasury bonds	$	55,052	$	—	$	—	$	—	$	55,052
U.S. agency bonds – mortgage-backed	—		26,651		—		—		26,651
Non-U.S. government bonds	—		20,751		—		—		20,751
Collateralized loan obligations	—		78,803		—		—		78,803
Corporate bonds	—		63,962		5,382		—		69,344
Equity securities	81		—		19,351		25,867		45,299
Other investments	—		—		27,750		86,056		113,806
Total investments	$	55,133	$	190,167	$	52,483	$	111,923	$	409,706
As a percentage of total assets	3.6%		12.5%		3.5%		7.4%		27.0%
Underwriting-related derivative liability	$	—	$	—	$	3,984	$	—	$	3,984

Schedule of Significant Unobservable Inputs for Determining Fair Value of Other Investments

The following table provides a summary of quantitative information regarding the significant unobservable inputs used in determining the fair value of other investments measured at fair value on a recurring basis under the Level 3 classification at September 30, 2024:

	Fair Value		Valuation Technique	Unobservable Inputs	Range
Privately held equity securities - common shares	$	41,681	Quarterly financial statements	Price/book ratios of comparable public companies
Privately held equity securities - preferred shares	11,304		Quarterly financial statements	Privately calculated enterprise valuations
Total Level 3 investments	$	52,985
Underwriting-related derivative liability	$	3,984	Discounted cash flows	Duration matched discount rates	5.0%	to	6.0%

Schedule of Reconciliation of Other Investments Measured at Fair value on a Recurring Basis Using Level 3 Inputs

The following table shows the reconciliation of beginning and ending balances for investments measured at fair value on a recurring basis using Level 3 inputs for the three and nine months ended September 30, 2024 and 2023, respectively. The Company includes any related interest and dividend income in net investment income and are excluded from the reconciliation in the table below:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Balance - beginning of period	$	52,468	$	21,198	$	52,483	$	18,806
Sales	(1,628)		—		(1,628)		—
Net realized and unrealized gains recognized in the statement of income	2,145		200		7,138		1,592
Purchases	—		1,600		—		2,600
Transfers out of Level 3 into Level 2	—		—		(5,008)		—
Total Level 3 investments - end of period	$	52,985	$	22,998	$	52,985	$	22,998

Schedule of Carrying Values and Fair Values of Financial Instruments not Measured at Fair Value

The following table presents the respective carrying value and fair value for the Senior Notes as at September 30, 2024 and December 31, 2023:

	September 30, 2024				December 31, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
Senior Notes - MHLA – 6.625%	$	110,000	$	72,204	$	110,000	$	73,744
Senior Notes - MHNC – 7.75%	152,361		106,104		152,361		115,855
Total Senior Notes	$	262,361	$	178,308	$	262,361	$	189,599