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Note 21 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

(in thousands)		March 31, 2023
		Fair Value Measurements at the End of the Reporting Period Using
						Quoted Prices in				Significant				Significant
						Active Markets for				Other Observable				Unobservable
						Identical Assets				Inputs				Inputs				Measured at
		Total				(Level 1)				(Level 2)				(Level 3)				Net Asset Value
Recurring fair value measurements:
Assets:
Fixed maturities:
U.S. government, government agencies and authorities		$	14,516			$	—			$	14,516			$	—			$	—
States, municipalities and political subdivisions			3,120				—				3,120				—				—
Mortgage-backed			7,986				—				7,986				—				—
Asset-backed			1,388				—				1,388				—				—
Corporate			10,147				—				10,147				—				—
Total fixed maturities			37,157				—				37,157				—				—
Equity investments:
Common stock			196				196				—				—				—
Warrants			1,032				—				1,032				—				—
Total equity investments			1,228				196				1,032				—				—
Limited liability investments, at fair value			11,733				—				—				3,442				8,291
Derivative contract - interest rate swap			246				—				246				—				—
Total assets		$	50,364			$	196			$	38,435			$	3,442			$	8,291
Liabilities:
Subordinated debt		$	11,808			$	—			$	11,808			$	—			$	—
Contingent consideration			3,218				—				—				3,218				—
Total liabilities		$	15,026			$	—			$	11,808			$	3,218			$	—

(in thousands)		December 31, 2022
		Fair Value Measurements at the End of the Reporting Period Using
						Quoted Prices in				Significant				Significant
						Active Markets for				Other Observable				Unobservable
						Identical Assets				Inputs				Inputs				Measured at
		Total				(Level 1)				(Level 2)				(Level 3)				Net Asset Value
Recurring fair value measurements:
Assets:
Fixed maturities:
U.S. government, government agencies and authorities		$	15,080			$	—			$	15,080			$	—			$	—
States municipalities and political subdivisions			2,232				—				2,232				—				—
Mortgage-backed			8,412				—				8,412				—				—
Asset-backed			1,610				—				1,610				—				—
Corporate			10,257				—				10,257				—				—
Total fixed maturities			37,591				—				37,591				—				—
Equity investments:
Common stock			153				153				—				—				—
Total equity investments			153				153				—				—				—
Limited liability investments, at fair value			17,059				—				—				3,196				13,863
Derivative contract - interest rate swap			326				—				326				—				—
Derivative contract - trust preferred debt repurchase options			19,034								—				19,034				—
Total assets		$	74,163			$	153			$	37,917			$	22,230			$	13,863
Liabilities:
Subordinated debt		$	67,811			$	—			$	67,811			$	—			$	—
Contingent consideration			3,218				—				—				3,218				—
Total liabilities		$	71,029			$	—			$	67,811			$	3,218			$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

(in thousands)		Three months ended March 31,
		2023				2022
Assets:
Limited liability investments, at fair value:
Beginning balance		$	3,196			$	4,022
Contributions			35				—
Distributions received			(110	)			(47	)
Realized gains included in net income (loss)			110				33
Change in fair value of limited liability investments, at fair value included in net income (loss)			211				(257	)
Ending balance		$	3,442			$	3,751
Unrealized losses (gains) on limited liability investments, at fair value held at end of period:
Included in net income (loss)		$	211			$	(257	)
Included in other comprehensive loss		$	—			$	—
Derivative - trust preferred debt repurchase options:
Beginning balance		$	19,034			$	—
Exercise of options included in net income (loss)			(17,668	)			—
Change in fair value of derivative assets included in net income (loss)			(1,366	)			—
Ending balance		$	—			$	—
Unrealized gains recognized on derivative assets held at end of period:
Included in net income (loss)		$	(1,366	)		$	—
Included in other comprehensive loss			—				—
Ending balance - assets		$	3,442			$	3,751
Liabilities:
Contingent consideration:
Beginning balance		$	3,218			$	2,458
Change in fair value of contingent consideration included in net income (loss)			—				309
Ending balance		$	3,218			$	2,767
Unrealized gains recognized on contingent consideration liability held at end of period:
Included in net income (loss)		$	—			$	309
Included in other comprehensive loss		$	—			$	—
Ending balance - liabilities		$	3,218			$	2,767

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

Categories		Fair Value			Valuation Techniques	Unobservable Inputs		Input Value(s)
Limited liability investments, at fair value		$	3,442		Market approach	Valuation multiples		1.0x - 9.0x
Contingent consideration		$	3,218		Option-based income approach	Discount rate			8.25	%
						Risk-free rate		4.44		%
						Expected volatility		13.00		%

Categories		Fair Value			Valuation Techniques	Unobservable Inputs		Input Value(s)
Limited liability investments, at fair value		$	3,196		Market approach	Valuation multiples		1.0x - 9.0x
Derivative - trust preferred debt repurchase options		$	19,034		Binomial lattice option approach	Credit spread			8.95	%
						Interest rate volatility		2.3		%
						Debt coupon interest rate		8.72%-8.87%
						Time to maturity (in years)		10.4 - 10.59
Contingent consideration		$	3,218		Option-based income approach	Discount rate			8.25	%
						Risk-free rate		4.44		%
						Expected volatility		13.0		%

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block]

Fair Value

Redemption

Category

(in thousands)

Unfunded Commitments

Redemption Frequency

Notice Period

Limited liability investments, at fair value

$

8,291

n/a

n/a

n/a

Fair Value

Redemption

Category

(in thousands)

Unfunded Commitments

Redemption Frequency

Notice Period

Limited liability investments, at fair value

$

13,863

n/a

n/a

n/a

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