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Note 10 - Reserve for Losses and Loss Adjustment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Liability for Claims and Claims Adjustment Expense [Line Items]

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

The following table provides a reconciliation of the beginning and ending reserve balances for losses and LAE on a net of reinsurance basis to the gross amounts reported in the accompanying consolidated balance sheets:


	Year Ended December 31,
	2025			2024			2023
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables at beginning of period	$	155,299		$	97,653		$	77,520
Add: Balance acquired from FIA		6,788			—			—
Add: Incurred losses and loss adjustment expenses, net of reinsurance, related to:
Current year		248,365			137,797			70,363
Prior years		(19,771	)		(3,038	)		2,229
Total incurred		228,594			134,759			72,592
Deduct: Loss and loss adjustment expense payments, net of reinsurance, related to:
Current year		75,913			43,582			19,631
Prior years		38,810			33,531			32,828
Total payments		114,723			77,113			52,459
Reserve for losses and loss adjustment expense net of reinsurance recoverables at end of period		275,958			155,299			97,653
Add: Reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period		412,273			348,083			244,622
Reserve for losses and loss adjustment expenses gross of reinsurance recoverables on unpaid losses and loss adjustment expenses at end of period	$	688,231		$	503,382		$	342,275

Schedule of Reconciliation of Liability for Claims and Claim Adjustment Expenses [Table Text Block]

The reconciliation of the net incurred and paid claims development tables to the liability for claims and claim adjustment expenses in the consolidated balance sheets is as follows:


	2025
	($ in thousands)
Reserve for losses and loss adjustment expense, net of reinsurance recoverables:
Property	$	79,337
Other liability occurrence		90,099
Other liability claims made		47,522
Reinsurance - Nonproportional assumed property (1)		25,627
Other		33,373
Total reserve for losses and loss adjustment expense, net of reinsurance recoverables		275,958
Reinsurance recoverable on unpaid claims:
Property	$	105,303
Other liability occurrence		78,437
Other liability claims made		100,629
Other		127,904
Total reinsurance recoverable on unpaid claims		412,273
Total reserve for losses and loss adjustment expenses	$	688,231

Reflects the Company’s share of Loss and Loss Adjustment Expense related to non-proportional assumed reinsurance business. This amount reflects gross and net reserves related to this treaty and the ultimate incurred amount reflects IBNR only. The Company does not have direct access to individual claim information underlying the assumed reinsurance agreements. The Company does not use claim frequency information in the determination of loss reserves or for other internal purposes. Based on these considerations, the Company does not believe providing claims frequency information is practicable as it relates to this line of business.

Other Insurance Lines [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


													As of December 31, 2025
													Incurred but Not Reported		Cumulative Number of
Accident Year	2020		2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	48	$	26	$	7	$	—	$	286	$	2,266	$	2,264		7
2021				3,429		3,299		2,928		2,252		1,516		313		109
2022						8,871		8,873		7,674		6,762		1,834		430
2023								12,580		12,110		11,511		4,166		958
2024										18,503		21,021		8,531		1,355
2025												29,299		17,409		1,977
Total											$	72,375	$	34,517		4,836

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Claims Made (in thousands) (1)


Accident Year	2020		2021		2022		2023		2024		2025
Prior	$	—	$	—	$	—	$	—	$	1	$	1
2021				62		221		449		1,009		1,040
2022						481		1,584		2,776		3,841
2023								1,382		3,310		5,118
2024										4,168		8,461
2025												6,392
Total											$	24,853
Reserve for losses and loss adjustment expense, net of reinsurance											$	47,522

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		12.97	%		15.99	%		16.12	%		26.34	%		2.03	%

Special Property Product Line [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


											As of December 31, 2025
											Incurred but Not Reported		Cumulative Number of
Accident Year	2021		2022		2023		2024		2025		Liabilities		Claims
Prior	$	109	$	35	$	46	$	47	$	216	$	150		13
2021		2,138		1,641		2,172		2,428		2,230		695		34
2022				7,160		8,755		9,425		8,789		1,854		98
2023						5,005		8,335		10,278		2,308		147
2024								21,811		24,428		17,521		440
2025										62,826		57,870		530
Total									$	108,767	$	80,398		1,262

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Other Liability Occurrence (in thousands) (1)


Accident Year	2021		2022		2023		2024		2025
Prior	$	109	$	35	$	46	$	47	$	54
2021		141		347		653		906		1,338
2022				746		1,603		3,445		5,355
2023						372		1,146		5,552
2024								869		4,024
2025										2,344
Total									$	18,667
Reserve for losses and loss adjustment expense, net of reinsurance									$	90,100

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5
Payout percentage		5.14	%		9.86	%		25.85	%		16.54	%		19.37	%

Homeowners Insurance Product Line [Member]

Liability for Claims and Claims Adjustment Expense [Line Items]

Short-Duration Insurance Contracts, Claims Development [Table Text Block]


																					As of December 31, 2025
	Year Ended December 31,																				Incurred but Not Reported		Cumulative Number of
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Liabilities		Claims
2016	$	7,450	$	7,127	$	6,972	$	7,090	$	7,075	$	7,062	$	7,125	$	5,730	$	5,730	$	5,737	$	—	$	1,384
2017				12,425		10,893		10,644		10,652		10,561		10,668		12,339		11,978		11,980		—		3,624
2018						8,163		8,103		7,939		7,950		7,941		8,010		7,978		7,978		—		1,198
2019								4,575		4,223		3,947		4,293		4,350		4,365		4,372		—		1,690
2020										61,434		57,248		59,565		56,008		56,859		57,114		5		5,161
2021												29,836		25,158		25,733		27,902		26,798		212		5,124
2022														42,887		44,943		42,358		39,443		2,458		4,151
2023																40,921		36,587		32,442		1,533		4,789
2024																		77,421		62,179		13,324		8,636
2025																				113,528		42,868		10,831
Total																			$	361,571	$	60,400	$	46,588

Cumulative Paid Losses and Allocated Loss Adjustment Expenses,

Net of Reinsurance Property Insurance (in thousands) (1)


	Year Ended December 31,
Accident Year	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
2016	$	4,823	$	6,420	$	6,801	$	7,051	$	7,072	$	7,062	$	7,125	$	5,729	$	5,729	$	5,737
2017				9,102		10,719		10,639		10,640		10,560		10,636		12,339		11,978		11,980
2018						4,409		7,889		7,931		7,943		7,943		7,999		7,978		7,979
2019								2,179		3,510		3,757		4,170		4,345		4,365		4,372
2020										31,862		49,222		55,504		55,619		56,712		57,086
2021												11,355		22,500		24,408		26,466		26,358
2022														12,647		30,042		35,271		35,914
2023																14,226		26,378		28,855
2024																		32,850		45,154
2025																				58,801
Total																			$	282,236
Reserve for losses and loss adjustment expense, net of reinsurance																			$	79,335

(1)

Data presented for these calendar years is required supplementary information, which is unaudited.

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]


	Year 1			Year 2			Year 3			Year 4			Year 5			Year 6			Year 7 (2)			Year 8			Year 9 (2)			Year 10 (2)
Payout percentage		31.90	%		7.10	%		3.66	%		1.11	%		0.44	%		3.10	%		(6.96	)%		0.30	%		(0.46	)%		(0.66	)%

(2)

Negative payout percentages are due to timing of reinsurance payments, allocations of reinsurance between different lines of business based on actual results, and allocation of reinsurance to different periods for reinsurance treaties in effect for multiple periods. These are primarily associated with larger recoveries from catastrophe events in earlier years of operation.