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v3.23.3

Note 2 - Investments (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes Tables |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
September 30, 2023 |  | Cost or Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
|  | (in thousands) |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 44,783 |  |  | $ | — |  |  | $ | (2,093 | ) |  | $ | — |  |  | $ | 42,690 |
States, territories, and possessions |  |  | 5,842 |  |  |  | — |  |  |  | (629 | ) |  |  | — |  |  |  | 5,213 |
Political subdivisions |  |  | 4,433 |  |  |  | — |  |  |  | (585 | ) |  |  | — |  |  |  | 3,848 |
Special revenue excluding mortgage/asset-backed securities |  |  | 33,236 |  |  |  | — |  |  |  | (5,368 | ) |  |  | — |  |  |  | 27,868 |
Corporate and other |  |  | 305,998 |  |  |  | 175 |  |  |  | (28,336 | ) |  |  | (904 | ) |  |  | 276,933 |
Mortgage/asset-backed securities |  |  | 253,287 |  |  |  | 316 |  |  |  | (18,248 | ) |  |  | — |  |  |  | 235,355 |
Total available-for-sale investments |  | $ | 647,579 |  |  | $ | 491 |  |  | $ | (55,259 | ) |  | $ | (904 | ) |  | $ | 591,907 |
|  |  |  |  |  | Gross |  |  | Gross |  |  | Allowance |  |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | for |  |  | Fair |
December 31, 2022 |  | Cost or Cost |  |  | Gains |  |  | Losses |  |  | Credit Losses |  |  | Value |
|  | (in thousands) |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 50,802 |  |  | $ | 2 |  |  | $ | (2,253 | ) |  | $ | — |  |  | $ | 48,551 |
States, territories, and possessions |  |  | 5,857 |  |  |  | 49 |  |  |  | (552 | ) |  |  | — |  |  |  | 5,354 |
Political subdivisions |  |  | 4,919 |  |  |  | — |  |  |  | (621 | ) |  |  | — |  |  |  | 4,298 |
Special revenue excluding mortgage/asset-backed securities |  |  | 37,260 |  |  |  | 26 |  |  |  | (4,487 | ) |  |  | — |  |  |  | 32,799 |
Corporate and other |  |  | 278,164 |  |  |  | 79 |  |  |  | (23,912 | ) |  |  | (236 | ) |  |  | 254,095 |
Mortgage/asset-backed securities |  |  | 184,578 |  |  |  | 251 |  |  |  | (14,862 | ) |  |  | — |  |  |  | 169,967 |
Total available-for-sale investments |  | $ | 561,580 |  |  | $ | 407 |  |  | $ | (46,687 | ) |  | $ | (236 | ) |  | $ | 515,064 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] |
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
September 30, 2023 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (in thousands) |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 2,338 |  |  | $ | (12 | ) |  | $ | 40,352 |  |  | $ | (2,081 | ) |  | $ | 42,690 |  |  | $ | (2,093 | )
States, territories, and possessions |  |  | 2,041 |  |  |  | (30 | ) |  |  | 3,172 |  |  |  | (599 | ) |  |  | 5,213 |  |  |  | (629 | )
Political subdivisions |  |  | — |  |  |  | — |  |  |  | 3,848 |  |  |  | (585 | ) |  |  | 3,848 |  |  |  | (585 | )
Special revenue excluding mortgage/asset-backed securities |  |  | 2,617 |  |  |  | (148 | ) |  |  | 25,251 |  |  |  | (5,220 | ) |  |  | 27,868 |  |  |  | (5,368 | )
Corporate and other |  |  | 66,836 |  |  |  | (3,296 | ) |  |  | 197,097 |  |  |  | (25,040 | ) |  |  | 263,933 |  |  |  | (28,336 | )
Mortgage/asset-backed securities |  |  | 88,543 |  |  |  | (2,414 | ) |  |  | 117,318 |  |  |  | (15,834 | ) |  |  | 205,861 |  |  |  | (18,248 | )
Total available-for-sale investments |  | $ | 162,375 |  |  | $ | (5,900 | ) |  | $ | 387,038 |  |  | $ | (49,359 | ) |  | $ | 549,413 |  |  | $ | (55,259 | )
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
December 31, 2022 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (in thousands) |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 41,077 |  |  | $ | (1,523 | ) |  | $ | 6,853 |  |  | $ | (730 | ) |  | $ | 47,930 |  |  | $ | (2,253 | )
States, territories, and possessions |  |  | 3,227 |  |  |  | (552 | ) |  |  | — |  |  |  | — |  |  |  | 3,227 |  |  |  | (552 | )
Political subdivisions |  |  | 4,298 |  |  |  | (621 | ) |  |  | — |  |  |  | — |  |  |  | 4,298 |  |  |  | (621 | )
Special revenue excluding mortgage/asset-backed securities |  |  | 25,091 |  |  |  | (3,287 | ) |  |  | 5,080 |  |  |  | (1,200 | ) |  |  | 30,171 |  |  |  | (4,487 | )
Corporate and other |  |  | 192,185 |  |  |  | (15,667 | ) |  |  | 55,605 |  |  |  | (8,481 | ) |  |  | 247,790 |  |  |  | (24,148 | )
Mortgage/asset-backed securities |  |  | 118,815 |  |  |  | (9,908 | ) |  |  | 32,448 |  |  |  | (4,954 | ) |  |  | 151,263 |  |  |  | (14,862 | )
Total available-for-sale investments |  | $ | 384,693 |  |  | $ | (31,558 | ) |  | $ | 99,986 |  |  | $ | (15,365 | ) |  | $ | 484,679 |  |  | $ | (46,923 | )
Investments Classified by Contractual Maturity Date [Table Text Block] |
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (in thousands) |
Due within one year |  | $ | 42,127 |  |  | $ | 40,783 |
Due after one year through five years |  |  | 183,123 |  |  |  | 170,789 |
Due after five years through ten years |  |  | 131,751 |  |  |  | 114,833 |
Due after ten years |  |  | 37,291 |  |  |  | 30,147 |
Mortgage and asset-backed securities |  |  | 253,287 |  |  |  | 235,355 |
|  | $ | 647,579 |  |  | $ | 591,907 |
Investment Income [Table Text Block] |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Interest income |  | $ | 5,952 |  |  | $ | 3,688 |  |  | $ | 16,468 |  |  | $ | 9,328 |
Dividend income |  |  | 211 |  |  |  | 178 |  |  |  | 602 |  |  |  | 518 |
Investment expense |  |  | (134 | ) |  |  | (122 | ) |  |  | (380 | ) |  |  | (384 | )
Net investment income |  | $ | 6,029 |  |  | $ | 3,744 |  |  | $ | 16,690 |  |  | $ | 9,462 |
Gain (Loss) on Securities [Table Text Block] |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |  |  | (in thousands) |
Realized gains: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on sales of fixed maturity securities |  | $ | — |  |  | $ | 2 |  |  | $ | 65 |  |  | $ | 10 |
Gains on sales of equity securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total realized gains |  |  | — |  |  |  | 2 |  |  |  | 65 |  |  |  | 10 |
Realized losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses on sales of fixed maturity securities |  |  | — |  |  |  | (195 | ) |  |  | (32 | ) |  |  | (309 | )
Losses on sales of equity securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total realized losses |  |  | — |  |  |  | (195 | ) |  |  | (32 | ) |  |  | (309 | )
Net realized investment gains |  |  | — |  |  |  | (193 | ) |  |  | 33 |  |  |  | (299 | )
Change in allowance for credit losses |  |  | — |  |  |  | — |  |  |  | (667 | ) |  |  | — |
Net unrealized (losses) gains on equity securities |  |  | (1,299 | ) |  |  | (2,163 | ) |  |  | 608 |  |  |  | (8,070 | )
Net unrealized losses on equity method investment |  |  | (77 | ) |  |  | — |  |  |  | (77 | ) |  |  | — |
Net realized and unrealized gains (losses) on investments |  | $ | (1,376 | ) |  | $ | (2,356 | ) |  | $ | (103 | ) |  | $ | (8,369 | )

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