XML 29 R22.htm IDEA: XBRL DOCUMENT
v3.25.2

Note 2 - Investments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | 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 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | 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 | )
Investments Classified by Contractual Maturity Date [Table Text Block] | 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 |
Investment Income [Table Text Block] | 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 |
Gain (Loss) on Securities [Table Text Block] | 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 |

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration