Note 3 - Investments

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3. Investments

The Company’s available‑for‑sale investments are summarized as follows:


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for Credit		Fair
December 31, 2025	Cost		Gains		Losses			Losses		Value
	($ in thousands)
Fixed maturities:
U.S. Governments	$	23,716	$	97	$	(226	)	$	—	$	23,587
U.S. States, Territories, and Political Subdivisions		19,745		111		(994	)		—		18,862
Special revenue excluding mortgage/asset-backed securities		19,280		72		(1,887	)		—		17,465
Corporate and other		606,748		9,891		(8,404	)		—		608,235
Mortgage/asset-backed securities		558,116		5,922		(8,000	)		—		556,038
Total available-for-sale investments	$	1,227,605	$	16,093	$	(19,511	)	$	—	$	1,224,187


	Amortized		Gross		Gross			Allowance
	Cost or		Unrealized		Unrealized			for 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 December 31, 2025, the Company held 391 fixed maturity securities in an unrealized loss position with a total estimated fair value of $375.4 million and total gross unrealized losses of $19.5 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 December 31, 2025 and 2024, are as follows:


	Less Than 12 Months					More Than 12 Months					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
December 31, 2025	Value		Losses			Value		Losses			Value		Losses
	($ in thousands)
Fixed maturity securities:
U.S. Governments	$	2,006	$	(38	)	$	5,704	$	(188	)	$	7,710	$	(226	)
U.S. States, Territories, and Political Subdivisions		5,157		(441	)		9,509		(553	)		14,666		(994	)
Special revenue excluding mortgage/asset-backed securities		—		—			15,185		(1,887	)		15,185		(1,887	)
Corporate and other		49,963		(948	)		160,780		(7,456	)		210,743		(8,404	)
Mortgage/asset-backed securities		47,313		(406	)		79,733		(7,594	)		127,046		(8,000	)
Total available-for-sale investments	$	104,439	$	(1,833	)	$	270,911	$	(17,678	)	$	375,350	$	(19,511	)


	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 reviewed the above securities at each balance sheet date to consider whether it was necessary to recognize a credit loss related to any of these securities. Based on the review, no allowance for credit losses was recorded as of December 31, 2025. An allowance for credit losses of $0.2 million was recorded pertaining to one investment security as of December 31, 2024. For the remaining securities, 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 December 31, 2025, by contractual maturity, are shown below.


	Amortized		Fair
	Cost		Value
	($ in thousands)
Due within one year	$	62,232	$	62,241
Due after one year through five years		267,553		267,430
Due after five years through ten years		226,631		229,466
Due after ten years		113,073		109,012
Mortgage and asset-backed securities		558,116		556,038
	$	1,227,605	$	1,224,187

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

Change in unrealized gains (losses) of investments

The following table presents the change in net unrealized gains or losses on fixed maturity securities:


	Year Ended December 31,
	2025		2024			2023
	($ in thousands)
Change in net unrealized gains (losses)
Fixed maturities	$	30,866	$	(2,953	)	$	15,185
Net increase (decrease)	$	30,866	$	(2,953	)	$	15,185

Net investment income summary

Net investment income is summarized as follows:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Interest income	$	55,164		$	35,433		$	23,349
Dividend income		1,869			1,075			871
Investment expense		(1,028	)		(684	)		(515	)
Net investment income	$	56,005		$	35,824		$	23,705

Net realized and unrealized investment gains and losses

The following table presents net realized and unrealized investment gains and losses:


	Year Ended
	December 31,
	2025			2024			2023
	($ in thousands)
Realized gains:
Gains on sales of fixed maturity securities	$	605		$	179		$	89
Gains on sales of equity securities		104			20			—
Total realized gains		709			199			89
Realized losses:
Losses on sales of fixed maturity securities		(768	)		(2,489	)		(32	)
Losses on sales of equity securities		(105	)		—			—
Total realized losses		(873	)		(2,489	)		(32	)
Net realized investment gains (losses)		(164	)		(2,290	)		57
Change in allowance for credit losses		244			659			(667	)
Net unrealized gains on equity securities		8,021			6,161			3,933
Net unrealized losses on equity method investment		2,268			(340	)		(382	)
Net unrealized gains on other investments		1,462			378			—
Net realized and unrealized gains on investments	$	11,831		$	4,568		$	2,941

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 $28.0 million, $6.3 million, and $10.1 million for the years ended December 31, 2025, 2024, and 2023, respectively. For the year ended December 31, 2025, proceeds from the sale of equity securities were $6.4 million. For the years ended December 31, 2024 and 2023, proceeds from the sale of equity securities were immaterial.

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 consolidated balance sheets. As of December 31, 2025 and 2024, the carrying value of securities on deposit with state regulatory authorities was $13.5 million and $9.9 million, respectively.

The Company has investments in limited partnerships, recorded in the Other investments line of the 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 December 31, 2025, the Company had unfunded commitments to invest an additional $124.3 million in these limited partnerships.