Kinsale Capital第二季收入升17% 淨收入增31% 綜合成本率改善至77.6%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q 

☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the quarterly period ended June 30, 2026 

☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______ to _______

Commission File Number: 001-37848 

KINSALE CAPITAL GROUP, INC.
(Exact name of registrant as specified in its charter)

Delaware
98-0664337
(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification Number)

2025 Staples Mill Road 
Richmond, Virginia 23230 
(Address of principal executive offices, including zip code)
(804) 289-1300 
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareKNSLNew York Stock Exchange

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒   No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐     No  ☒
Number of shares of the registrant's common stock outstanding at July 17, 2026: 22,778,425

Table of Contents

KINSALE CAPITAL GROUP, INC.
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION

Item 1.Financial Statements
4

Consolidated Balance Sheets at June 30, 2026 (Unaudited) and December 31, 2025
4

Consolidated Statements of Income and Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2026 and 2025
5

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) for Each Quarter Within the Six Months Ended June 30, 2026 and 2025
6

Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2026 and 2025
7

Notes to Condensed Consolidated Financial Statements (Unaudited)
8

Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
28

Item 3.Quantitative and Qualitative Disclosures About Market Risk
52

Item 4.Controls and Procedures
52

PART II. OTHER INFORMATION

Item 1.Legal Proceedings
54

Item 1A.Risk Factors
54

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
54

Item 5.Other Information
55

Item 6.Exhibits
55

Signatures
56

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Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to historical or current fact. These statements may discuss, among others, our future financial performance, our business prospects and strategy, our anticipated financial position, liquidity and capital, dividends and general market and industry conditions. You can identify forward-looking statements by words such as "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects," "believes," "seeks," "outlook," "future," "will," "would," "should," "could," "may," "can have," "prospects" or similar terms. Forward-looking statements are based on management’s current expectations and assumptions about future events, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict. These statements are only predictions and are not guarantees of future performance. Actual results may differ materially from those contemplated by a forward-looking statement. Factors that may cause such differences include, without limitation:
•the possibility that our loss reserves may be inadequate to cover our actual losses, which could have a material adverse effect on our financial condition, results of operations and cash flows;
•the inherent uncertainty of models resulting in actual losses that are materially different than our estimates;
•the failure of any of the loss limitations or exclusions we employ, or change in other claims or coverage issues, having a material adverse effect on our financial condition or results of operations;
•the inability to obtain reinsurance coverage at reasonable prices and on terms that adequately protect us;
•the possibility that severe weather conditions and catastrophes, including due to climate change, pandemics and similar events adversely affecting our business, results of operations and financial condition;
•adverse economic factors, including recession, inflation, periods of high unemployment or lower economic activity resulting in the sale of fewer policies than expected or an increase in frequency or severity of claims and premium defaults or both, affecting our growth and profitability;
•a decline in our financial strength rating adversely affecting the amount of business we write;
•the potential loss of one or more key executives or an inability to attract and retain qualified personnel adversely affecting our results of operations;
•our reliance on a select group of brokers;
•the changing market conditions of our excess and surplus lines ("E&S") insurance operations, as well as the cyclical nature of our business, affecting our financial performance;
•our employees taking excessive risks;
•the intense competition for business in our industry;
•the effects of litigation having an adverse effect on our business;
•the performance of our investment portfolio adversely affecting our financial results;
•the ability to pay dividends being dependent on our ability to obtain cash dividends or other permitted payments from our insurance subsidiary;
•being forced to sell investments to meet our liquidity requirements;
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•our credit agreements contain a number of financial and other covenants, the breach of which could result in acceleration of payment of amounts due under our borrowings;
•extensive regulation adversely affecting our ability to achieve our business objectives or the failure to comply with these regulations adversely affecting our financial condition and results of operations; and
•the other risks and uncertainties discussed in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2025.
Forward-looking statements speak only as of the date on which they are made. Except as expressly required under federal securities laws or the rules and regulations of the Securities and Exchange Commission ("SEC"), we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements

 KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
June 30,December 31,
20262025
(in thousands, except share and per share data)
Assets
Investments:
Fixed-maturity securities, available for sale, at fair value (amortized cost: $4,566,942, allowance for credit losses: $56 – 2026; $4,382,725 and $29 – 2025)
$4,470,546 $4,341,450 
Equity securities, at fair value (cost: $581,805 – 2026; $482,926 – 2025)
773,118 626,399 

Real estate investments, net54,668 55,236 
Short-term investments— 3,864 
Total investments5,298,332 5,026,949 
Cash and cash equivalents210,511 163,361 
Investment income due and accrued33,486 30,971 
Premiums and fees receivable, net of allowance for credit losses of $29,922 – 2026; $27,328 – 2025
148,047 124,593 
Reinsurance recoverables, net of allowance for credit losses of $1,097 – 2026; $1,072 – 2025
415,096 394,329 
Ceded unearned premiums44,398 44,506 
Deferred policy acquisition costs, net of ceding commissions124,743 118,737 
Intangible assets3,538 3,538 
Deferred income tax asset, net46,297 42,191 
Other assets104,382 94,386 
Total assets$6,428,830 $6,043,561 

Liabilities and Stockholders' Equity
Liabilities:
Reserves for unpaid losses and loss adjustment expenses$3,192,552 $2,890,870 
Unearned premiums891,575 860,394 
Payable to reinsurers32,437 34,385 
Accounts payable and accrued expenses36,526 66,301 
Debt224,535 224,397 

Other liabilities16,091 7,631 
Total liabilities4,393,716 4,083,978 

Stockholders’ equity:
Common stock, $0.01 par value, 400,000,000 shares authorized, 23,500,184 and 22,778,425 shares issued and outstanding at June 30, 2026; 23,380,413 and 23,145,751 shares issued and outstanding at December 31, 2025
235 234 
Additional paid-in capital379,502 373,681 
Retained earnings1,993,917 1,716,945 
Accumulated other comprehensive loss(74,216)(30,692)
Treasury stock, at cost (721,759 shares – 2026, 234,662 – 2025)
(264,324)(100,585)
Total stockholders’ equity2,035,114 1,959,583 
Total liabilities and stockholders’ equity$6,428,830 $6,043,561 

See accompanying notes to condensed consolidated financial statements.
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Income and Comprehensive Income (Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands, except per share data)
Revenues:
Gross written premiums$527,608 $555,522 $1,009,626 $1,039,797 
Ceded written premiums(75,125)(96,822)(153,881)(199,392)
Net written premiums452,483 458,700 855,745 840,405 
Change in unearned premiums(34,886)(75,087)(31,289)(91,002)
Net earned premiums417,597 383,613 824,456 749,403 
Fee income11,941 10,796 22,936 20,355 
Net investment income55,740 46,473 111,163 90,292 
Change in the fair value of equity securities
56,196 28,621 47,840 31,659 
Net realized investment gains6,729 136 8,448 673 
Change in allowance for credit losses on investments— 5 (27)(15)
Other income316 170 412 844 
Total revenues548,519 469,814 1,015,228 893,211 

Expenses:
Losses and loss adjustment expenses230,922 217,359 466,041 450,335 
Underwriting, acquisition and insurance expenses93,171 81,597 181,405 156,509 
Interest expense3,323 2,557 6,490 5,095 
Other expenses1,299 12 1,828 672 
Total expenses328,715 301,525 655,764 612,611 
Income before income taxes219,804 168,289 359,464 280,600 
Total income tax expense 43,930 34,168 71,036 57,252 
Net income175,874 134,121 288,428 223,348 
Other comprehensive (loss) income:
Change in net unrealized losses on available-for-sale investments, net of taxes(8,611)14,453 (43,524)40,835 
Total comprehensive income$167,263 $148,574 $244,904 $264,183 

Earnings per share:
Basic$7.73 $5.79 $12.61 $9.64 
Diluted$7.72 $5.76 $12.58 $9.59 

Weighted-average shares outstanding:
Basic22,758 23,175 22,867 23,172 
Diluted22,785 23,291 22,921 23,301 

See accompanying notes to condensed consolidated financial statements.
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders' Equity (Unaudited)

Shares of Common StockCommon StockAdditional Paid-in CapitalRetained EarningsAccumu-
lated
 Other 
Compre-
hensive 
LossTreasury Stock, at CostTotal 
Stock-
holders' Equity
(in thousands, except share and per share data)
Balance at December 31, 2025
23,145,751 $234 $373,681 $1,716,945 $(30,692)$(100,585)$1,959,583 
Issuance of common stock under stock-based compensation plan
98,649 1 510 — — — 511 
Stock-based compensation expense
— — 4,982 — — — 4,982 
Restricted shares withheld for taxes(17,283)— (6,734)— — — (6,734)
Dividends declared ($0.25 per share)
— — — (5,766)— — (5,766)
Other comprehensive loss, net of tax— — — — (34,913)— (34,913)
Net income— — — 112,554 — — 112,554 
Treasury stock acquired – share repurchases
(166,042)— — — — (62,871)(62,871)
Balance at March 31, 202623,061,075 235 372,439 1,823,733 (65,605)(163,456)1,967,346 
Issuance of common stock under stock-based compensation plan
38,473 — 666 — — — 666 
Stock-based compensation expense
— — 6,420 — — — 6,420 
Restricted shares withheld for taxes (68)— (23)— — — (23)
Dividends declared ($0.25 per share)
— — — (5,690)— — (5,690)
Other comprehensive loss, net of tax— — — — (8,611)— (8,611)
Net income— — — 175,874 — — 175,874 
Treasury stock acquired – share repurchases
(321,055)— — — — (100,868)(100,868)
Balance at June 30, 202622,778,425 $235 $379,502 $1,993,917 $(74,216)$(264,324)$2,035,114 

Balance at December 31, 2024
23,272,157 $233 $361,398 $1,229,136 $(97,206)$(10,000)$1,483,561 
Issuance of common stock under stock-based compensation plan
73,276 1 234 — — — 235 
Stock-based compensation expense
— — 3,770 — — — 3,770 
Restricted shares withheld for taxes(14,467)— (6,248)— — — (6,248)
Dividends declared ($0.17 per share)
— — — (3,953)— — (3,953)
Other comprehensive income, net of tax— — — — 26,382 — 26,382 
Net income— — — 89,227 — — 89,227 
Treasury stock acquired – share repurchases(23,348)— — — — (9,999)(9,999)
Balance at March 31, 202523,307,618 234 359,154 1,314,410 (70,824)(19,999)1,582,975 
Issuance of common stock under stock-based compensation plan
14,884 — 244 — — — 244 
Stock-based compensation expense
— — 4,774 — — — 4,774 
Restricted shares withheld for taxes (69)— (34)— — — (34)
Dividends declared ($0.17 per share)
— — — (3,960)— — (3,960)
Other comprehensive income, net of tax— — — — 14,453 — 14,453 
Net income— — — 134,121 — — 134,121 
Treasury stock acquired – share repurchases(23,309)— — — — (10,000)(10,000)
Balance at June 30, 202523,299,124 $234 $364,138 $1,444,571 $(56,371)$(29,999)$1,722,573 

See accompanying notes to condensed consolidated financial statements.
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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)

Six Months Ended June 30,
20262025
(in thousands)
Operating activities:
Net cash provided by operating activities$490,776 $498,870 

Investing activities:
Purchase of property and equipment(10,340)(29,152)

Change in short-term investments, net3,874 (30,000)
Purchases – fixed-maturity securities(729,472)(939,534)
Purchases – equity securities(148,868)(94,894)
Sales – fixed-maturity securities367,088 282,740 
Sales – equity securities58,512 11,585 
Maturities and calls – fixed-maturity securities195,708 359,007 

Net cash used in investing activities(263,498)(440,248)

Financing activities:

Proceeds from borrowing under credit facility30,000 — 
Repayment of credit facility(30,000)— 

Payroll taxes withheld and remitted on share-based payments(6,757)(6,282)
Proceeds from stock options exercised1,177 479 
Dividends paid(11,470)(7,932)
Treasury stock acquired – share repurchases
(163,078)(19,999)
Net cash used in financing activities(180,128)(33,734)
Net change in cash and cash equivalents47,150 24,888 
Cash and cash equivalents at beginning of year163,361 113,213 
Cash and cash equivalents at end of period$210,511 $138,101 

 
See accompanying notes to condensed consolidated financial statements.

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KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

1.    Summary of Significant Accounting Policies
Basis of presentation
The unaudited condensed consolidated financial statements and notes have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and do not contain all of the information and footnotes required by U.S. GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements of Kinsale Capital Group, Inc. and its subsidiaries ("the Company") included in the Annual Report on Form 10-K for the year ended December 31, 2025. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. Such adjustments consist only of normal recurring items. All significant intercompany balances and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results of operations for the full year.
Use of estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 
Prospective accounting pronouncements
Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
In November 2024, the FASB issued ASU 2024-03, "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect the guidance will have on its disclosures.
ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software
In September 2025, the FASB issued ASU 2025-06, "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Targeted Improvements to the Accounting for Internal-Use Software," to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles – Goodwill and Other – Internal-Use Software. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect the guidance will have on its financial statements.
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2.     Investments
Available-for-sale investments
The following tables summarize the available-for-sale investments at June 30, 2026 and December 31, 2025:

June 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies
$866 $3 $(6)$— $863 
Obligations of states, municipalities and political subdivisions
114,114 85 (17,881)(2)96,316 
Corporate and other securities1,744,487 9,182 (33,226)(54)1,720,389 
Asset-backed securities571,235 2,173 (1,640)— 571,768 
Residential mortgage-backed securities
1,623,483 1,346 (53,959)— 1,570,870 
Commercial mortgage-backed securities512,757 1,276 (3,693)— 510,340 
Total fixed-maturity securities$4,566,942 $14,065 $(110,405)$(56)$4,470,546 

December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit LossesEstimated Fair Value
(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies
$861 $14 $(1)$— $874 
Obligations of states, municipalities and political subdivisions
146,222 51 (18,410)(3)127,860 
Corporate and other securities1,711,348 28,798 (26,232)(26)1,713,888 
Asset-backed securities582,780 6,377 (638)— 588,519 
Residential mortgage-backed securities
1,491,642 6,378 (38,750)— 1,459,270 
Commercial mortgage-backed securities449,872 3,632 (2,465)— 451,039 
Total fixed-maturity securities$4,382,725 $45,250 $(86,496)$(29)$4,341,450 

Available-for-sale securities in a loss position
The Company regularly reviews all its available-for-sale investments with unrealized losses to assess whether the decline in the fair value is deemed to be a credit loss. The Company considers a number of factors in completing its review of credit losses, including the extent to which a security's fair value has been below cost and the financial condition of an issuer. In addition to specific issuer information, the Company also evaluates the current market and interest rate environment. Generally, a decline in a security’s value caused by a change in the market or interest rate environment does not constitute a credit loss.
For fixed-maturity securities, the Company also considers whether it intends to sell the security or, if it is more likely than not that it will be required to sell the security before recovery, and its ability to recover all amounts outstanding when contractually due. When assessing whether it intends to sell a fixed-maturity security or, if it is 
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likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs and potential sales of investments to capitalize on favorable pricing. 
For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, an impairment is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company does not intend to sell or for which it is more likely than not that the Company would not be required to sell before recovery of its amortized cost, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. Inputs into the cash flow analysis include default rates and recoverability rates based on credit rating. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.
The Company reports investment income due and accrued separately from available-for-sale investments and has elected not to measure an allowance for credit losses for investment income due and accrued. Investment income due and accrued is written off through earnings at the time the issuer of the bond defaults or is expected to default on payments.
At June 30, 2026, the Company's credit loss review resulted in an allowance for credit losses on four securities. The following table presents changes in the allowance for expected credit losses on available-for-sale securities for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in thousands)
Beginning balance$56 $47 $29 $27 
Increase to allowance from securities for which credit losses were not previously recorded— — 43 — 
Reduction from securities sold during the period— (2)(16)(14)
Net increase (decrease) from securities that had an allowance at the beginning of the period— (3)— 29 
Ending balance$56 $42 $56 $42 

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The following tables summarize gross unrealized losses and estimated fair value for available-for-sale investments by length of time that the securities have continuously been in an unrealized loss position:

June 30, 2026
Less than 12 Months12 Months or LongerTotal
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(in thousands)
Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies$290 $(6)$— $— $290 $(6)
Obligations of states, municipalities and political subdivisions
3,954 (18)84,795 (17,863)88,749 (17,881)
Corporate and other securities
643,069 (8,022)187,883 (25,204)830,952 (33,226)
Asset-backed securities218,417 (1,307)8,320 (333)226,737 (1,640)
Residential mortgage-backed securities
1,142,495 (14,848)209,143 (39,111)1,351,638 (53,959)
Commercial mortgage-backed securities169,262 (1,371)63,588 (2,322)232,850 (3,693)
Total fixed-maturity securities$2,177,487 $(25,572)$553,729 $(84,833)$2,731,216 $(110,405)

At June 30, 2026, the Company held 737 fixed-maturity securities in an unrealized loss position with a total estimated fair value of $2.7 billion and gross unrealized losses of $110.4 million. Of these securities, 399 were in a continuous unrealized loss position for greater than one year. As discussed above, the Company regularly reviews all fixed-maturity securities within its investment portfolio to determine whether a credit loss has occurred. Based on the Company's review as of June 30, 2026, except for securities previously discussed, unrealized losses were caused by interest rate changes or other market factors and were not credit-specific issues. At June 30, 2026, 83.8% of the Company’s fixed-maturity securities were rated "A-" or better and all of the Company’s fixed-maturity securities made expected coupon payments under the contractual terms of the securities. 
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December 31, 2025
Less than 12 Months
12 Months or Longer
Total

Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses
Estimated Fair Value
Gross Unrealized Losses

(in thousands)

Fixed-maturity securities:
U.S. Treasury securities and obligations of U.S. government agencies
$296 $(1)$— $— $296 $(1)
Obligations of states, municipalities and political subdivisions
1,043 (2)118,027 (18,408)119,070 (18,410)
Corporate and other securities
101,385 (597)239,152 (25,635)340,537 (26,232)
Asset-backed securities92,682 (384)7,759 (254)100,441 (638)
Residential mortgage-backed securities
387,397 (779)228,531 (37,971)615,928 (38,750)
Commercial mortgage-backed securities103,868 (296)44,139 (2,169)148,007 (2,465)
Total fixed-maturity securities$686,671 $(2,059)$637,608 $(84,437)$1,324,279 $(86,496)

Contractual maturities of available-for-sale fixed-maturity securities
The amortized cost and estimated fair value of available-for-sale fixed-maturity securities at June 30, 2026 are summarized, by contractual maturity, as follows:

June 30, 2026
AmortizedEstimated
CostFair Value
(in thousands)
Due in one year or less$24,976 $24,830 
Due after one year through five years761,032 761,382 
Due after five years through ten years827,429 817,863 
Due after ten years246,030 213,493 
Asset-backed securities571,235 571,768 
Residential mortgage-backed securities1,623,483 1,570,870 
Commercial mortgage-backed securities512,757 510,340 
Total fixed-maturity securities $4,566,942 $4,470,546 

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties, and the lenders may have the right to put the securities back to the borrower.
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Real estate investments
Real estate investments represents directly owned property held for investment purposes. In December 2025, the Company reclassified its former headquarters and related assets to real estate investments. Real estate investments consisted of the following: 

June 30, 2026December 31, 2025
(in thousands)
Building$37,190 $37,190 
Parking deck5,072 5,072 
Land18,112 18,112 
Land improvements474 474 
Furniture and fixtures97 97 

Real estate investments60,945 60,945 
Accumulated depreciation(6,277)(5,709)
Real estate investments, net$54,668 $55,236 

Net investment income
The followin