Employers Holdings第二季每股盈利1.59美元 上半年回購逾1億美元股份

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 

OR

☐ 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: 001-33245 

EMPLOYERS HOLDINGS, INC. 
(Exact name of registrant as specified in its charter)

Nevada04-3850065
(State or other jurisdiction
of incorporation or organization)(I.R.S. Employer
Identification No.)

5340 Kietzke Lane, Suite 202

Reno,
Nevada89511

(Address of principal executive offices and zip code)

(888) 682-6671
(Registrant’s telephone number, including area code)

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

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per shareEIGNew 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, a smaller reporting company, or an emerging growth company. See 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 ☑
As of July 28, 2026, there were 17,960,506 shares of the registrant's common stock outstanding.

TABLE OF CONTENTS

  Page
No.
PART I – FINANCIAL INFORMATION

   
Item 1
Consolidated Financial Statements
 
 Consolidated Balance Sheets as of June 30, 2026 (Unaudited) and December 31, 2025
2

 Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
4

Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
5

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

 Notes to Consolidated Financial Statements (Unaudited)
9

Item 2
Management’s Discussion and Analysis of Consolidated Financial Condition and Results of Operations
29

Item 3
Quantitative and Qualitative Disclosures About Market Risk
42

Item 4
Controls and Procedures
44

   
 PART II – OTHER INFORMATION
 
   
Item 1
Legal Proceedings
45

Item 1A
Risk Factors
45

Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
45

Item 3
Defaults Upon Senior Securities
45

Item 4
Mine Safety Disclosures
45

Item 5
Other Information
45

Item 6
Exhibits
46

Signatures
47

PART I – FINANCIAL INFORMATION
Item 1.  Consolidated Financial Statements

Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
As ofAs of
June 30,
2026December 31,
2025
Assets(unaudited)
Investments:  
Fixed maturity securities at fair value (amortized cost $2,054.5 at June 30, 2026 and $2,031.8 at December 31, 2025, less CECL allowance of $1.1 at June 30, 2026 and $0.4 at December 31, 2025)
$2,037.9 $2,040.7 
Equity securities at fair value (cost $87.1 at June 30, 2026 and $96.5 at December 31, 2025)
171.5 184.0 
Equity securities at cost
8.7 7.5 
Other invested assets (cost $77.4 at June 30, 2026 and $79.4 at December 31, 2025)
96.1 96.5 
Short-term investments at fair value (amortized cost $21.7 at June 30, 2026 and $10.1 at December 31, 2025)
21.7 10.1 
Total investments2,335.9 2,338.8 
Cash and cash equivalents113.3 159.8 
Restricted cash and cash equivalents0.2 0.2 
Accrued investment income16.3 15.5 
Premiums receivable (less CECL allowance of $24.7 at June 30, 2026 and $22.6 at December 31, 2025)
332.1 335.4 
Reinsurance recoverable for:
Paid losses 7.3 5.9 
Unpaid losses (less CECL allowance of $0.8 at June 30, 2026 and $0.8 at December 31, 2025)
379.3 385.7 

Deferred policy acquisition costs56.3 57.1 
Federal income taxes recoverable10.4 16.1 
Deferred income tax asset, net18.5 14.3 
Property and equipment, net6.2 6.5 
Operating lease right-of-use assets3.4 3.7 
Intangible assets, net13.6 13.6 
Goodwill36.2 36.2 

Cloud computing arrangements15.2 12.9 
Other assets36.1 34.9 
Total assets$3,380.3 $3,436.6 
Liabilities and stockholders’ equity  

Unpaid losses and loss adjustment expenses$1,775.2 $1,805.8 
Unearned premiums385.1 391.9 

Commissions and premium taxes payable55.1 59.9 
Accounts payable and accrued expenses18.7 23.4 

Deferred reinsurance gain—LPT Agreement85.3 88.0 
Short-term debt
— 16.0 

Operating lease liability3.6 3.9 
Non-cancellable obligations6.2 7.7 
Long-term debt
125.0 19.0 
Other liabilities67.3 65.3 
Total liabilities$2,521.5 $2,480.9 
Commitments and contingencies (Notes 3 and 6)

2

Employers Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
(in millions, except share data)
As ofAs of
June 30,
2026December 31,
2025
Stockholders’ equity:(unaudited) 
Common stock, $0.01 par value; 150,000,000 shares authorized; 58,352,888 and 58,276,637 shares issued and 17,954,305 and 20,342,135 shares outstanding at June 30, 2026 and December 31, 2025, respectively
$0.6 $0.6 
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued— — 
Additional paid-in capital429.3 427.8 
Retained earnings1,480.5 1,453.8 
Accumulated other comprehensive (loss) income, net of tax
(12.2)7.3 
Treasury stock, at cost (40,398,583 shares at June 30, 2026 and 37,934,502 shares at December 31, 2025)
(1,039.4)(933.8)
Total stockholders’ equity858.8 955.7 
Total liabilities and stockholders’ equity$3,380.3 $3,436.6 

See accompanying unaudited notes to the consolidated financial statements.
3

Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(in millions, except per share data)
Three Months EndedSix Months Ended

 June 30,June 30,
 2026202520262025
Revenues(unaudited)(unaudited)
Net premiums earned$174.1 $198.3 $355.0 $381.3 
Net investment income27.4 27.1 55.7 59.2 
Net realized and unrealized gains on investments18.7 20.9 17.0 8.1 

Other income— — 0.1 0.3 
Total revenues220.2 246.3 427.8 448.9 
Expenses  
Losses and loss adjustment expenses122.3 140.1 251.5 260.8 
Commission expense22.2 26.1 45.9 49.1 

Underwriting expenses
39.7 43.1 80.6 86.0 
Interest and financing expenses1.3 — 2.4 0.1 

Total expenses185.5 209.3 380.4 396.0 
Net income before income taxes
34.7 37.0 47.4 52.9 
Income tax expense
5.6 7.3 8.2 10.4 
Net income
$29.1 $29.7 $39.2 $42.5 

Comprehensive income
Unrealized AFS investment (losses) gains arising during the period, net of tax benefit (expense) of $1.0 and $(2.0) for the three months ended June 30, 2026 and 2025, respectively, and $5.5 and $(7.7) and for the six months ended June 30, 2026 and 2025, respectively
$(3.6)$7.4 $(20.3)$28.5 
Reclassification adjustment for realized AFS investment losses in net income, net of tax benefit of $(0.1) for the three months ended June 30, 2026, and $(0.2) for each of the six months ended June 30, 2026 and 2025, respectively
0.4 0.1 0.8 0.8 
Other comprehensive (loss) income, net of tax
(3.2)7.5 (19.5)29.3 
Total comprehensive income$25.9 $37.2 $19.7 $71.8 

Earnings per common share (Note 13):

Basic$1.60 $1.24 $2.09 $1.76 
Diluted$1.59 $1.23 $2.07 $1.74 
Cash dividends declared per common share and eligible equity plan awards
$0.34 $0.32 $0.66 $0.62 

See accompanying unaudited notes to the consolidated financial statements.
4

Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
For the Three Months Ended June 30, 2026 and 2025
(Unaudited)

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss), Net
Treasury Stock at CostTotal Stockholders’ Equity
Shares IssuedAmount
(in millions, except share data)
Balance, April 1, 202658,343,299 $0.6 $428.5 $1,457.8 $(9.0)$(1,011.4)$866.5 
Stock-based obligations— — 0.9 — — — 0.9 

Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings9,589 — (0.1)— — — (0.1)
Acquisitions of common stock
— — — — — (28.0)(28.0)
Dividends declared— — — (6.4)— — (6.4)
Net income for the period— — — 29.1 — — 29.1 

Change in net unrealized losses on AFS investments, net of taxes of $0.9
— — — — (3.2)— (3.2)
Balance, June 30, 202658,352,888 $0.6 $429.3 $1,480.5 $(12.2)$(1,039.4)$858.8 

Balance, April 1, 202558,244,858 $0.6 $424.1 $1,478.5 $(60.7)$(766.8)$1,075.7 
Stock-based obligations— — 1.6 — — — 1.6 

Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings12,351 — — — — — — 
Acquisitions of common stock— — — — — (23.4)(23.4)
Dividends declared— — — (8.0)— — (8.0)
Net income for the period
— — — 29.7 — — 29.7 

Change in net unrealized losses on AFS investments, net of taxes of $(2.0)
— — — — 7.5 — 7.5 
Balance, June 30, 202558,257,209 $0.6 $425.7 $1,500.2 $(53.2)$(790.2)$1,083.1 

See accompanying unaudited notes to the consolidated financial statements.

5

Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Stockholders’ Equity
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)

Common StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss), Net
Treasury Stock at CostTotal Stockholders’ Equity
Shares IssuedAmount
(in millions, except share data)
Balance, January 1, 202658,276,637 $0.6 $427.8 $1,453.8 $7.3 $(933.8)$955.7 
Stock-based obligations— — 2.6 — — — 2.6 

Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings76,251 — (1.1)— — — (1.1)
Acquisitions of common stock(1) 
— — — — — (105.6)(105.6)
Dividends declared— — — (12.5)— — (12.5)
Net income for the period— — — 39.2 — — 39.2 

Change in net unrealized losses on AFS investments, net of taxes of $5.3
— — — — (19.5)— (19.5)
Balance, June 30, 202658,352,888 $0.6 $429.3 $1,480.5 $(12.2)$(1,039.4)$858.8 

Balance, January 1, 202558,184,861 $0.6 $424.2 $1,472.9 $(82.5)$(746.5)$1,068.7 
Stock-based obligations— — 2.8 — — — 2.8 

Vesting of RSUs and PSUs, net of shares withheld to satisfy tax withholdings72,348 — (1.3)— — — (1.3)
Acquisitions of common stock— — — — — (43.7)(43.7)
Dividends declared— — — (15.2)— — (15.2)
Net income for the period— — — 42.5 — — 42.5 

Change in net unrealized losses on AFS investments, net of taxes of $(7.9)
— — — — 29.3 — 29.3 
Balance, June 30, 202558,257,209 $0.6 $425.7 $1,500.2 $(53.2)$(790.2)$1,083.1 
(1) Amount includes applicable excise tax as imposed by the Inflation Reduction Act of 2022 (See Note 7).

See accompanying unaudited notes to the consolidated financial statements.

6

Employers Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in millions)
 Six Months Ended

 June 30,
 20262025
Operating activities(unaudited)
Net income$39.2 $42.5 
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation
1.8 1.7 
Stock-based compensation2.6 2.8 
Amortization of cloud computing assets
4.5 5.0 
Amortization of discounts and premiums on investments, net
(1.3)(1.1)
Allowance for expected credit losses2.1 3.1 
Deferred income tax expense 1.0 1.2 
Net realized and unrealized (gains) on investments(17.0)(8.1)

Change in operating assets and liabilities:  

Premiums receivable1.2 (23.9)
Reinsurance recoverable on paid and unpaid losses5.0 10.6 

Cloud computing arrangements(6.8)(1.4)
Operating lease right-of-use assets0.3 0.7 
Current federal income taxes5.7 (2.7)
Unpaid losses and loss adjustment expenses(30.6)(21.4)
Unearned premiums(6.8)27.4 
Accounts payable, accrued expenses and other liabilities0.1 (5.5)
Deferred reinsurance gain—LPT Agreement(2.7)(3.3)

Operating lease liabilities(0.3)(0.8)
Non-cancellable obligations(1.5)(3.9)
Other(4.6)(8.3)
Net cash (used in) provided by operating activities(8.1)14.6 
Investing activities  
Purchases of fixed maturity securities(268.3)(108.9)
Purchases of equity securities(24.4)(44.6)
Purchases of short-term investments(27.7)(9.0)
Purchases of other invested assets
(2.4)(3.0)
Distributions from other invested assets
4.4 8.0 
Proceeds from sale of fixed maturity securities79.0 75.8 
Proceeds from sale of equity securities52.1 41.0 
Proceeds from maturities and redemptions of fixed maturity securities167.7 90.7 
Proceeds from sales and maturities of short-term investments
16.1 0.1 
Net change in unsettled investment purchases and sales(0.2)(2.5)
Capital expenditures and other(1.5)(1.4)

Net cash (used in) provided by investing activities
(5.2)46.2 
Financing activities  

Acquisition of common stock and excise tax payments
(109.5)(43.3)
Cash transactions related to stock-based compensation(1.1)(1.3)
Dividends paid to stockholders(12.6)(15.4)
Proceeds from FHLB advances70.0 — 

Proceeds from line of credit advances20.0 — 

Net cash (used in) financing activities(33.2)(60.0)
Net (decrease) increase in cash, cash equivalents and restricted cash
(46.5)0.8 
Cash, cash equivalents and restricted cash at the beginning of the period160.0 68.5 
Cash, cash equivalents and restricted cash at the end of the period$113.5 $69.3 

7

The following table presents our cash, cash equivalents and restricted cash by category within the Consolidated Balance Sheets:

As ofAs of
June 30,
2026December 31,
2025
(unaudited)

(in millions)
Cash and cash equivalents$113.3 $159.8 
Restricted cash and cash equivalents supporting reinsurance obligations0.2 0.2 
Total cash, cash equivalents and restricted cash$113.5 $160.0 

See accompanying unaudited notes to the consolidated financial statements.
8

Employers Holdings, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
 (Unaudited)

1. Basis of Presentation and Summary of Operations
Employers Holdings, Inc. (EHI) is a Nevada holding company. Through its wholly owned insurance subsidiaries, Employers Insurance Company of Nevada (EICN), Employers Compensation Insurance Company (ECIC), Employers Preferred Insurance Company (EPIC), Employers Assurance Company (EAC), and Cerity Insurance Company (CIC), EHI is engaged in the commercial property and casualty insurance industry, specializing in workers’ compensation, excess workers’ compensation, and related services. Unless otherwise indicated, all references to the “Company” refer to EHI, together with its subsidiaries.
In 1999, the Nevada State Industrial Insurance System (the Fund) entered into a retroactive 100% quota share reinsurance agreement (the LPT Agreement) through a loss portfolio transfer transaction with third party reinsurers. The LPT Agreement, which ceded to the reinsurers substantially all of the Fund's outstanding losses as of June 30, 1999 for claims with original dates of injury prior to July 1, 1995, provides coverage for losses up to $2.0 billion, excluding losses for burial and transportation expenses. The LPT Agreement will remain in effect until, whichever of the following occurs first: (i) all claims under the covered policies have closed; (ii) the LPT Agreement is commuted or terminated, upon the mutual agreement of the parties; or (iii) the reinsurers’ aggregate maximum limit of liability is exhausted. The LPT Agreement does not provide for any additional termination terms. On January 1, 2000, EICN assumed all of the assets, liabilities, and operations of the Fund, including the Fund’s rights and obligations associated with the LPT Agreement (See Note 9). 
The Company accounts for the LPT Agreement as retroactive reinsurance. Upon entry into the LPT Agreement, an initial deferred reinsurance gain (the Deferred Gain) was recorded as a liability on the Company’s Consolidated Balance Sheets. 
The accompanying consolidated financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934 (Exchange Act), as amended. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal, recurring adjustments) necessary for a fair presentation of the Company’s consolidated financial position and results of operations for the periods presented have been included. The results of operations for an interim period are not necessarily indicative of the results for an entire year. These financial statements have been prepared consistent with the accounting policies described in the Company’s Form 10-K for the year ended December 31, 2025 (Annual Report).
The Company operates as a single operating segment, Insurance Operations, through its wholly owned subsidiaries. Detailed financial information about the Company's single operating segment is presented in Note 14.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. As a result, actual results could differ from these estimates. The most significant areas that require management judgment are the estimate of unpaid losses and loss adjustment expenses (LAE), evaluation of reinsurance recoverables, recognition of premium revenue, recoverability of deferred income taxes, and valuation of investments.

9

2. New Accounting Standards
Recently Issued Accounting Standards
In December 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-11 Interim Reporting (Topic 270). The amendments in this update clarify the interim disclosure requirements under GAAP and the applicability of Topic 270, Interim Reporting. The amendments in this update provide a comprehensive list of interim disclosures currently required by GAAP and are intended to clarify existing requirements rather than expand or reduce them. The amendments also introduce a disclosure principle requiring entities to disclose events occurring since the end of the most recent annual reporting period that have a material impact on the entity, even if such disclosures are not specifically identified in Topic 270. In addition, the Update clarifies the scope of Topic 270, the types of interim reporting, and the form and content of interim financial statements prepared in accordance with GAAP. This update is effective for interim periods within annual periods beginning after December 15, 2027. Early adoption is permitted. The Company will adopt this standard when it becomes effective.
In September 2025, the Financial Accounting Standards Board (FASB) issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40). The amendments in this update eliminate all references to project stages and require capitalization of software costs when: (i) management authorizes and commits to funding the software project, and (ii) it is probable the software project will be completed and used as intended, known as the "probable-to-completion recognition threshold." Entities must consider whether there is significant uncertainty associated with the development activities of the software in determining if the threshold is met. To determine whether significant development uncertainty exists, the amendment considers the following: (i) whether uncertainties related to novel or unproven software functions or features, if identified, have been resolved through coding and testing, and (ii) whether the software’s required functions and performance criteria have been defined or are still being revised. In addition, the amendments in the update specify that property, plant, and equipment disclosure requirements are required for capitalized internal-use software costs, regardless of financial statement presentation and also incorporate the recognition requirements for website-specific development costs. This update is effective for fiscal years beginning after December 15, 2027 and interim periods within those fiscal years. Entities may apply the guidance using a prospective, retrospective, or modified transition approach. The Company will adopt this standard when it becomes effective.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update require further disaggregation of certain relevant costs and expenses into specified categories in disclosures within the footnotes to the financial statements at each interim and annual reporting period. Relevant expense captions required to be disclosed include the following, as applicable: (i) purchases of inventory; (ii) employee compensation; (iii) depreciation; (iv) intangible asset amortization; and (v) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (or other depletion expenses). In addition, the amendments require a qualitative description of the amounts of other items remaining in relevant expense captions that are not separately disaggregated. In addition, a separate disclosure of the total amount of selling expenses should be presented and, in annual reporting periods, an entity's definition of selling expenses should be disclosed. This update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will adopt this standard when it becomes effective.
Recently Adopted Accounting Standards
None

3. Valuation of Financial Instruments
Financial Instruments Carried at Fair Value
The carrying value and the estimated fair value of the Company’s financial instruments at fair value were as follows:

June 30, 2026December 31, 2025
 Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
 (in millions)
Financial assets  
Total investments at fair value$2,231.1 $2,231.1 $2,234.8 $2,234.8 
Cash and cash equivalents113.3 113.3 159.8 159.8 
Restricted cash and cash equivalents0.2 0.2 0.2 0.2 
Financial liabilities  
Credit agreement (Note 10)
$20.0 $20.0 $— $— 
FHLB advances (Note 10)
105.0 103.5 35.0 35.0 

10

Assets and liabilities recorded at fair value on the Company’s Consolidated Balance Sheets are categorized based upon the levels of judgment associated with the inputs used to measure their fair value. Level inputs are defined as follows:
•Level 1 - Inputs are unadjusted quoted market prices for identical assets or liabilities in active markets at the measurement date.
•Level 2 - Inputs other than Level 1 prices that are observable for similar assets or liabilities through corroboration with market data at the measurement date.
•Level 3 - Inputs that are unobservable that reflect management’s best estimate of what willing market participants would use in pricing the assets or liabilities at the measurement date.
The Company uses third party pricing services to assist with its investment accounting function. The ultimate pricing source varies depending on the investment security and pricing service used, but investment securities valued on the basis of observable inputs (Levels 1 and 2) are generally assigned values on the basis of actual transactions. Securities valued on the basis of pricing models with significant unobservable inputs or non-binding broker quotes are classified as Level 3. Transfers between levels of the fair value hierarchy are recognized as of the date of the event or change in circumstances that caused the transfer. The Company performs quarterly analyses on the prices it receives from third parties to determine whether the prices are reasonable estimates of fair value, including confirming the fair values of these securities through observable market prices using an alternative pricing source, as it is ultimately management’s responsibility to ensure that the fair values reflected in the Company’s consolidated financial statements are appropriate. If differences are noted in these analyses, the Company may obtain additional information from other pricing services to validate the quoted price.
The Company bases all of its estimates of fair value for assets on bid prices, when available, as they represent what a third-party market participant would be willing to pay in an arm’s length transaction.
For securities not actively traded, third party pricing services may use quoted market prices of similar instruments or discounted cash flow analyses, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, broker quotes, benchmark yields, credit spreads, default rates, and prepayment speed assumptions. There were no material adjustments to the valuation methodology utilized by third party pricing services as of June 30, 2026 and December 31, 2025.
These methods of valuation only produce an estimate of fair value if there is objectively verifiable information to produce a valuation. If objectively verifiable information is not available, the Company would be required to produce an estimate of fair value using some of the same methodologies, making assumptions for market-based inputs that are unavailable.
As of June 30, 2026, the Company's insurance subsidiaries had aggregate Federal Home Loan Bank of San Francisco (FHLB) advances outstanding totaling $105.0 million, bearing fixed interest rates ranging from 3.74% to 3.87% and maturing between February 2029 and May 2029. The estimated fair value of FHLB advances is determined using a discounted cash flow methodology incorporating current FHLB advance rates for instruments of comparable remaining terms as of the measurement date. FHLB advances are classified as Level 2 within the fair value hierarchy as these advances are not actively traded (See Note 10).
As of June 30, 2026, the Company held $80.1 million of fixed maturity securities at fair value that were designated Level 3. These private placement securities were designated as Level 3 securities due to the limited amount of observable market information available.
11

The following table presents the Company’s investments at fair value and the corresponding fair value measurements.

June 30, 2026December 31, 2025
Level 1Level 2Level 3Level 1Level 2Level 3
(in millions)
Fixed maturity securities:
U.S. Treasuries$— $80.9 $— $— $80.1 $— 

States and municipalities— 151.7 — — 159.9 — 
Corporate securities— 637.8 65.0 — 600.8 54.5 
Residential mortgage-backed securities
— 745.3 2.9 — 799.9 3.0 
Commercial mortgage-backed securities
— 30.0 — — 28.9 — 
Asset-backed securities— 156.1 10.2 — 150.3 12.8 
Collateralized loan obligations— 2.5 — — 12.5 — 
Foreign government securities— — 2.0 — — 2.0 
Other securities
— 153.5 — — 136.0 — 
Total fixed maturity securities$— $1,957.8 $80.1 $— $1,968.4 $72.3 
Equity securities at fair value:
Industrial and miscellaneous$149.1 $— $— $157.9 $— $— 

Other22.4 — — 26.1 — — 
Total equity securities at fair value$171.5 $— $— $184.0 $— $— 
Short-term investments$— $21.7 $— $— $10.1 $— 
Total investments at fair value$171.5 $1,979.5 $80.1 $184.0 $1,978.5 $72.3 

The following table provides a reconciliation of the beginning and ending balances that are measured using Level 3