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Note 4 - Reserve for Losses and Loss Adjustment Expenses (Tables)

6 Months Ended

Jun. 30, 2025

Insurance [Abstract]

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

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.

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- References

No definition available.

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- Definition

Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-3

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