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Note 3 - Investments (Tables)
12 Months Ended
Dec. 31, 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

 

 

 

 

 

 

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

 

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 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

)

Investments Classified by Contractual Maturity Date [Table Text Block]

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

 

 

Unrealized Gain (Loss) on Fixed Maturity Securities [Table Text Block]

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

 

Investment Income [Table Text Block]

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

 

 

 

Gain (Loss) on Securities [Table Text Block]

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