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Note 5 - Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

5. Fair value measurements

The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024:

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

($ in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Governments

 

$

—

 

 

$

23,587

 

 

$

—

 

 

$

23,587

 

U.S. States, Territories, and Political Subdivisions

 

 

—

 

 

 

18,862

 

 

 

—

 

 

 

18,862

 

Special revenue excluding mortgage/asset-backed securities

 

 

—

 

 

 

17,465

 

 

 

—

 

 

 

17,465

 

Corporate and other

 

 

—

 

 

 

608,235

 

 

 

—

 

 

 

608,235

 

Mortgage/asset-backed securities

 

 

—

 

 

 

556,038

 

 

 

—

 

 

 

556,038

 

Equity securities

 

 

99,333

 

 

 

—

 

 

 

—

 

 

 

99,333

 

Cash, cash equivalents, and restricted cash

 

 

106,892

 

 

 

—

 

 

 

—

 

 

 

106,892

 

Derivative assets

 

 

9,934

 

 

 

—

 

 

 

—

 

 

 

9,934

 

Total assets

 

$

216,159

 

 

$

1,224,187

 

 

$

—

 

 

$

1,440,346

 

 

December 31, 2024

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

($ in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fixed maturity securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Governments

 

$

—

 

 

$

32,806

 

 

$

—

 

 

$

32,806

 

U.S. States, Territories, and Political Subdivisions

 

 

—

 

 

 

9,778

 

 

 

—

 

 

 

9,778

 

Special revenue excluding mortgage/asset-backed securities

 

 

—

 

 

 

26,634

 

 

 

—

 

 

 

26,634

 

Corporate and other

 

 

—

 

 

 

475,491

 

 

 

—

 

 

 

475,491

 

Mortgage/asset-backed securities

 

 

—

 

 

 

394,337

 

 

 

—

 

 

 

394,337

 

Equity securities

 

 

40,529

 

 

 

—

 

 

 

—

 

 

 

40,529

 

Cash, cash equivalents, and restricted cash

 

 

80,539

 

 

 

—

 

 

 

—

 

 

 

80,539

 

Total assets

 

$

121,068

 

 

$

939,046

 

 

$

—

 

 

$

1,060,114

 

 

The carrying amounts of financial assets and liabilities reported in the accompanying consolidated balance sheet including cash and cash equivalents, restricted cash, receivables, reinsurance recoverable, and accounts payable and other accrued liabilities approximate fair value due to their short term-maturity. The carrying amount of the Company’s borrowings under the Federal Home Loan Bank (“FHLB”) line of credit approximates fair value as the Company borrows at a rate which is adjusted daily.