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Note 2 - Investments | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Investments The Company’s available‑for‑sale investments are summarized as follows:
|  | Amortized |  |  | Gross |  |  | Gross |  |  | Allowance for |  |  |  |
|  | Cost or |  |  | Unrealized |  |  | Unrealized |  |  | Credit |  |  | Fair |
June 30, 2025 |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 20,635 |  |  | $ | 51 |  |  | $ | (348 | ) |  | $ | — |  |  | $ | 20,338 |
U.S. States, Territories, and Political Subdivisions |  |  | 19,832 |  |  |  | 58 |  |  |  | (1,518 | ) |  |  | — |  |  |  | 18,372 |
Special revenue excluding mortgage/asset-backed securities |  |  | 19,406 |  |  |  | 13 |  |  |  | (2,446 | ) |  |  | — |  |  |  | 16,973 |
Corporate and other |  |  | 588,794 |  |  |  | 5,904 |  |  |  | (11,863 | ) |  |  | — |  |  |  | 582,835 |
Mortgage/asset-backed securities |  |  | 482,070 |  |  |  | 3,298 |  |  |  | (10,520 | ) |  |  | — |  |  |  | 474,848 |
Total available-for-sale investments |  | $ | 1,130,737 |  |  | $ | 9,324 |  |  | $ | (26,695 | ) |  | $ | — |  |  | $ | 1,113,366 |
|  | Amortized |  |  | Gross |  |  | Gross |  |  | Allowance for |  |  |  |
|  | Cost or |  |  | Unrealized |  |  | Unrealized |  |  | Credit |  |  | Fair |
December 31, 2024 |  | Cost |  |  | Gains |  |  | Losses |  |  | Losses |  |  | Value |
|  | (in thousands) |
Fixed maturities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 33,449 |  |  | $ | 6 |  |  | $ | (649 | ) |  | $ | — |  |  | $ | 32,806 |
U.S. States, Territories, and Political Subdivisions |  |  | 10,606 |  |  |  | 29 |  |  |  | (857 | ) |  |  | — |  |  |  | 9,778 |
Special revenue excluding mortgage/asset-backed securities |  |  | 30,283 |  |  |  | 85 |  |  |  | (3,734 | ) |  |  | — |  |  |  | 26,634 |
Corporate and other |  |  | 492,395 |  |  |  | 1,689 |  |  |  | (18,349 | ) |  |  | (244 | ) |  |  | 475,491 |
Mortgage/asset-backed securities |  |  | 406,597 |  |  |  | 1,408 |  |  |  | (13,668 | ) |  |  | — |  |  |  | 394,337 |
Total available-for-sale investments |  | $ | 973,330 |  |  | $ | 3,217 |  |  | $ | (37,257 | ) |  | $ | (244 | ) |  | $ | 939,046 |
Security holdings in an unrealized loss position As of June 30, 2025, the Company held 491 fixed maturity securities in an unrealized loss position with a total estimated fair value of $495.2 million and total gross unrealized losses of $26.7 million. As of December 31, 2024, the Company held 595 fixed maturity securities in an unrealized loss position with a total estimated fair value of $664.0 million and total gross unrealized losses of $37.3 million. The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of June 30, 2025 and December 31, 2024, are as follows:
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
June 30, 2025 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (in thousands) |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 7,152 |  |  | $ | (3 | ) |  | $ | 10,029 |  |  | $ | (345 | ) |  | $ | 17,181 |  |  | $ | (348 | )
U.S. States, Territories, and Political Subdivisions |  |  | 7,358 |  |  |  | (1,099 | ) |  |  | 8,069 |  |  |  | (419 | ) |  |  | 15,427 |  |  |  | (1,518 | )
Special revenue excluding mortgage/asset-backed securities |  |  | 1,618 |  |  |  | (99 | ) |  |  | 14,481 |  |  |  | (2,347 | ) |  |  | 16,099 |  |  |  | (2,446 | )
Corporate and other |  |  | 111,899 |  |  |  | (3,475 | ) |  |  | 143,214 |  |  |  | (8,388 | ) |  |  | 255,113 |  |  |  | (11,863 | )
Mortgage/asset-backed securities |  |  | 102,968 |  |  |  | (1,122 | ) |  |  | 88,382 |  |  |  | (9,398 | ) |  |  | 191,350 |  |  |  | (10,520 | )
Total available-for-sale investments |  | $ | 230,995 |  |  | $ | (5,798 | ) |  | $ | 264,175 |  |  | $ | (20,897 | ) |  | $ | 495,170 |  |  | $ | (26,695 | )
|  | Less Than 12 Months |  |  | More Than 12 Months |  |  | Total |
|  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |  |  | Fair |  |  | Unrealized |
December 31, 2024 |  | Value |  |  | Losses |  |  | Value |  |  | Losses |  |  | Value |  |  | Losses |
|  | (in thousands) |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Governments |  | $ | 16,507 |  |  | $ | (65 | ) |  | $ | 14,291 |  |  | $ | (584 | ) |  | $ | 30,798 |  |  | $ | (649 | )
U.S. States, Territories, and Political Subdivisions |  |  | 2,614 |  |  |  | (419 | ) |  |  | 5,076 |  |  |  | (438 | ) |  |  | 7,690 |  |  |  | (857 | )
Special revenue excluding mortgage/asset-backed securities |  |  | 2,182 |  |  |  | (426 | ) |  |  | 21,733 |  |  |  | (3,308 | ) |  |  | 23,915 |  |  |  | (3,734 | )
Corporate and other |  |  | 181,179 |  |  |  | (4,996 | ) |  |  | 176,531 |  |  |  | (13,353 | ) |  |  | 357,710 |  |  |  | (18,349 | )
Mortgage/asset-backed securities |  |  | 152,287 |  |  |  | (2,820 | ) |  |  | 91,572 |  |  |  | (10,848 | ) |  |  | 243,859 |  |  |  | (13,668 | )
Total available-for-sale investments |  | $ | 354,769 |  |  | $ | (8,726 | ) |  | $ | 309,203 |  |  | $ | (28,531 | ) |  | $ | 663,972 |  |  | $ | (37,257 | )
The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. The Company considers numerous factors in its review as described in Note 1 of the Notes to the Consolidated Financial Statements in the 2024 Annual Report on Form 10-K. Based on the Company’s review as of June 30, 2025, the Company determined that the fixed maturity securities’ unrealized losses were primarily the result of the interest rate environment and not the credit quality of the issuers. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of their amortized cost basis. Contractual maturities of available‑for‑sale fixed maturity securities The amortized cost and fair value of fixed maturity securities at June 30, 2025, by contractual maturity, are shown below.
|  | Amortized |  |  | Fair |
|  | Cost |  |  | Value |
|  | (in thousands) |
Due within one year |  | $ | 69,498 |  |  | $ | 69,428 |
Due after one year through five years |  |  | 250,894 |  |  |  | 248,447 |
Due after five years through ten years |  |  | 214,429 |  |  |  | 213,039 |
Due after ten years |  |  | 113,846 |  |  |  | 107,604 |
Mortgage and asset-backed securities |  |  | 482,070 |  |  |  | 474,848 |
|  | $ | 1,130,737 |  |  | $ | 1,113,366 |
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. Net investment income summary Net investment income is summarized as follows:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Interest income |  | $ | 13,344 |  |  | $ | 7,626 |  |  | $ | 25,308 |  |  | $ | 14,952 |
Dividend income |  |  | 242 |  |  |  | 257 |  |  |  | 559 |  |  |  | 455 |
Investment income (expense) |  |  | (216 | ) |  |  | 77 |  |  |  | (426 | ) |  |  | (309 | )
Net investment income |  | $ | 13,370 |  |  | $ | 7,960 |  |  | $ | 25,441 |  |  | $ | 15,098 |
Net realized and unrealized investment gains and losses The following table presents net realized and unrealized investment gains and losses:
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Realized gains: |  |  |  |  |  |  |  |  |  |  |  |
Gains on sales of fixed maturity securities |  | $ | 409 |  |  | $ | 18 |  |  | $ | 434 |  |  | $ | 18 |
Gains on sales of equity securities |  |  | 218 |  |  |  | — |  |  |  | 234 |  |  |  | — |
Total realized gains |  |  | 627 |  |  |  | 18 |  |  |  | 668 |  |  |  | 18 |
Realized losses: |  |  |  |  |  |  |  |  |  |  |  |
Losses on sales of fixed maturity securities |  |  | (298 | ) |  |  | — |  |  |  | (758 | ) |  |  | (2 | )
Losses on sales of equity securities |  |  | (225 | ) |  |  | — |  |  |  | (234 | ) |  |  | (1,204 | )
Total realized losses |  |  | (523 | ) |  |  | — |  |  |  | (992 | ) |  |  | (1,206 | )
Net realized investment gains (losses) |  |  | 104 |  |  |  | 18 |  |  |  | (324 | ) |  |  | (1,188 | )
Change in allowance for credit losses |  |  | — |  |  |  | (327 | ) |  |  | 244 |  |  |  | (327 | )
Net unrealized gains on equity securities |  |  | 5,659 |  |  |  | 388 |  |  |  | 3,327 |  |  |  | 4,617 |
Net unrealized gains (losses) on equity method investment |  |  | 2,286 |  |  |  | (245 | ) |  |  | 2,268 |  |  |  | (266 | )
Net unrealized gains on other investments |  |  | 257 |  |  |  | 198 |  |  |  | 453 |  |  |  | 198 |
Net realized and unrealized gains on investments |  | $ | 8,306 |  |  | $ | 32 |  |  | $ | 5,968 |  |  | $ | 3,034 |
Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date. Proceeds from the sale of fixed maturity securities were $3.0 million and immaterial for the three months ended June 30, 2025 and 2024, respectively. Proceeds from the sale of equity securities were $4.6 million and immaterial for the three months ended June 30, 2025 and 2024, respectively. Proceeds from the sale of fixed maturity securities were $8.8 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively. Proceeds from the sale of equity securities were $6.4 million and immaterial for the six months ended June 30, 2025 and 2024, respectively. The Company places securities on statutory deposit with certain state agencies to retain the right to do business in those states. These securities are included in available‑for‑sale investments on the balance sheet. As of June 30, 2025 and December 31, 2024, the carrying value of securities on deposit with state regulatory authorities was $12.4 million and $9.9 million, respectively. The Company has investments in limited partnerships, recorded in the Other investments line of the Unaudited Condensed Consolidated Balance Sheets. These investments represent capital contributions to private equity funds structured as limited partnerships, which primarily hold illiquid securities. The funds have a ten-year term with no redemption rights. Capital is contributed as called by the general partners, and distributions are received as proceeds are generated from the underlying investments. These investments are measured at estimated fair value utilizing a net asset value per share (or its equivalent) as a practical expedient. As of June 30, 2025, the Company had unfunded commitments to invest an additional $74.4 million in these limited partnerships.

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