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Note 4 - Derivative Instruments | 12 Months Ended
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Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments [Text Block] | 4. Derivative Instruments Beginning in July 2025, the Company began using derivatives as part of its financial risk management program to mitigate price risk on certain insurance contracts exposed to livestock commodity price fluctuations. The Company employs an economic hedging strategy that utilizes derivatives, specifically put options, within its overall risk management framework. The primary objective of holding these derivative instruments is to manage exposure to adverse livestock price movements. The notional value of derivative contracts held and the degree of hedged exposure are actively managed and vary based on volume of business placed. The Company does not use derivatives for speculative or trading purposes. All derivative positions are intended to support the overall risk management objectives of the business. The Company has not elected hedge accounting for these derivatives. These derivative instruments are recorded at fair value on the consolidated balance sheet within “Other investments,” with changes in fair value recognized in earnings in “Losses and loss adjustment expenses.” As of December 31, 2025, the notional amount and fair value of the Company’s derivative assets were $16.4 million and $9.9 million, respectively. For the year ended December 31, 2025, the Company recognized $8.6 million of pre-tax net gains related to these derivatives, which were included in earnings within losses and loss adjustment expenses. See Note 2 for additional discussion of the Company’s derivative instrument policy.

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