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Note 21 - Fair Value of Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
(in thousands) |  | June 30, 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 |  | $ | 14,145 |  |  | $ | — |  |  | $ | 14,145 |  |  | $ | — |  |  | $ | — |
States, municipalities and political subdivisions |  |  | 3,069 |  |  |  | — |  |  |  | 3,069 |  |  |  | — |  |  |  | — |
Mortgage-backed |  |  | 8,042 |  |  |  | — |  |  |  | 8,042 |  |  |  | — |  |  |  | — |
Asset-backed |  |  | 1,367 |  |  |  | — |  |  |  | 1,367 |  |  |  | — |  |  |  | — |
Corporate |  |  | 9,570 |  |  |  | — |  |  |  | 9,570 |  |  |  | — |  |  |  | — |
Total fixed maturities |  |  | 36,193 |  |  |  | — |  |  |  | 36,193 |  |  |  | — |  |  |  | — |
Equity investments - common stock |  |  | 2,935 |  |  |  | 2,935 |  |  |  | — |  |  |  | — |  |  |  | — |
Limited liability investments, at fair value |  |  | 3,688 |  |  |  | — |  |  |  | — |  |  |  | 3,688 |  |  |  | — |
Derivative contract - interest rate swap |  |  | 204 |  |  |  | — |  |  |  | 204 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 43,020 |  |  | $ | 2,935 |  |  | $ | 36,397 |  |  | $ | 3,688 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated debt |  | $ | 12,544 |  |  | $ | — |  |  | $ | 12,544 |  |  | $ | — |  |  | $ | — |
Contingent consideration |  |  | 3,283 |  |  |  | — |  |  |  | — |  |  |  | 3,283 |  |  |  | — |
Total liabilities |  | $ | 15,827 |  |  | $ | — |  |  | $ | 12,544 |  |  | $ | 3,283 |  |  | $ | — |
(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 |  |  |  | — |  |  |  | — |  |  |  | — |
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 June 30, |  |  | Six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Limited liability investments, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,442 |  |  | $ | 3,751 |  |  | $ | 3,196 |  |  | $ | 4,022 |
Contributions |  |  | — |  |  |  | — |  |  |  | 35 |  |  |  | — |
Distributions received |  |  | (92 | ) |  |  | (164 | ) |  |  | (202 | ) |  |  | (211 | )
Realized gains included in net (loss) income |  |  | 106 |  |  |  | 164 |  |  |  | 216 |  |  |  | 197 |
Change in fair value of limited liability investments, at fair value included in net (loss) income |  |  | 232 |  |  |  | (338 | ) |  |  | 443 |  |  |  | (595 | )
Ending balance |  | $ | 3,688 |  |  | $ | 3,413 |  |  | $ | 3,688 |  |  | $ | 3,413 |
Unrealized losses (gains) on limited liability investments, at fair value held at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in net (loss) income |  | $ | 232 |  |  | $ | (338 | ) |  | $ | 443 |  |  | $ | (595 | )
Included in other comprehensive (loss) income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative - trust preferred debt repurchase options: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | 19,034 |  |  | $ | — |
Exercise of options included in net (loss) income |  |  | — |  |  |  | — |  |  |  | (17,668 | ) |  |  | — |
Change in fair value of derivative assets included in net (loss) income |  |  | — |  |  |  | — |  |  |  | (1,366 | ) |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Unrealized gains recognized on derivative assets held at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in net (loss) income |  | $ | — |  |  | $ | — |  |  | $ | (1,366 | ) |  | $ | — |
Included in other comprehensive (loss) income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance - assets |  | $ | 3,688 |  |  | $ | 3,413 |  |  | $ | 3,688 |  |  | $ | 3,413 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 3,218 |  |  | $ | 2,767 |  |  | $ | 3,218 |  |  | $ | 2,458 |
Change in fair value of contingent consideration included in net (loss) income |  |  | 65 |  |  |  | 1,192 |  |  |  | 65 |  |  |  | 1,501 |
Ending balance |  | $ | 3,283 |  |  | $ | 3,959 |  |  | $ | 3,283 |  |  | $ | 3,959 |
Unrealized gains recognized on contingent consideration liability held at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in net (loss) income |  | $ | 65 |  |  | $ | 1,192 |  |  | $ | 65 |  |  | $ | 1,501 |
Included in other comprehensive (loss) income |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Ending balance - liabilities |  | $ | 3,283 |  |  | $ | 3,959 |  |  | $ | 3,283 |  |  | $ | 3,959 |
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 |  | $ | 3,688 |  | Market approach | Valuation multiples |  | 1.0x - 9.0x |
Contingent consideration |  | $ | 3,283 |  | Option-based income approach | Discount rate |  |  | 8.25 | %
|  |  |  |  |  | Risk-free rate |  | 4.30 | %
|  |  |  |  |  | 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 |  | $ | — |  |  | 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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