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Note 4 - Reserve for Losses and Loss Adjustment Expenses | 6 Months Ended
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Jun. 30, 2025
Insurance [Abstract] |
Reserve for Losses and Loss Adjustment Expenses [Text Block] | 4. Reserve for Losses and Loss Adjustment Expenses The following table represents a reconciliation of changes in the ending reserve balances for losses and loss adjustment expenses (“LAE”):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Reserve for losses and LAE net of reinsurance recoverables at beginning of period |  | $ | 182,661 |  |  | $ | 110,163 |  |  | $ | 155,299 |  |  | $ | 97,653 |
Add: Balance acquired from FIA(1) |  |  | — |  |  |  | — |  |  | $ | 6,788 |  |  |  | — |
Add: Incurred losses and LAE, net of reinsurance, related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 52,698 |  |  |  | 33,355 |  |  |  | 95,757 |  |  |  | 59,688 |
Prior years |  |  | (6,515 | ) |  |  | (2,924 | ) |  |  | (10,830 | ) |  |  | (2,420 | )
Total incurred |  |  | 46,183 |  |  |  | 30,431 |  |  |  | 84,927 |  |  |  | 57,268 |
Deduct: Loss and LAE payments, net of reinsurance, related to: |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  | 17,659 |  |  |  | 6,861 |  |  |  | 22,657 |  |  |  | 11,756 |
Prior years |  |  | 12,000 |  |  |  | 14,972 |  |  |  | 25,172 |  |  |  | 24,404 |
Total payments |  |  | 29,659 |  |  |  | 21,833 |  |  |  | 47,829 |  |  |  | 36,160 |
Reserve for losses and LAE net of reinsurance recoverables at end of period |  |  | 199,185 |  |  |  | 118,761 |  |  |  | 199,185 |  |  |  | 118,761 |
Add: Reinsurance recoverables on unpaid losses and LAE at end of period |  |  | 399,471 |  |  |  | 347,840 |  |  |  | 399,471 |  |  |  | 347,840 |
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE at end of period |  | $ | 598,656 |  |  | $ | 466,601 |  |  | $ | 598,656 |  |  | $ | 466,601 |
(1) Represents amounts recognized in Reserve for losses and LAE net of reinsurance recoverables upon acquisition of FIA on 1/1/2025, in accordance with ASC 805, Business Combinations. See Note 12 for additional information regarding the acquisition. Considerable variability is inherent in the estimate of the reserve for losses and LAE. Although management believes the liability recorded for losses and LAE is adequate, the variability inherent in this estimate could result in changes to the ultimate liability, which may be material to stockholders’ equity. The Company experienced favorable prior year development of $6.5 million and favorable prior year development of $2.9 million during the three months ended June 30, 2025 and 2024, respectively. The Company experienced favorable prior year development of $10.8 million and favorable prior year development of $2.4 million during the six months ended June 30, 2025 and 2024, respectively. Favorable prior year development during the three months ended June 30, 2025 was primarily due to lower than anticipated severity of attritional losses. Favorable prior year development during the three months ended June 30, 2024 was primarily due to lower than anticipated severity of attritional losses. Favorable prior year development during the six months ended June 30, 2025 was primarily due to lower than anticipated severity of attritional losses. Favorable prior year development during the six months ended June 30, 2024 was primarily due to lower than anticipated severity of attritional losses.

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