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Note 21 - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

(in thousands)		September 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		$	12,904			$	—			$	12,904			$	—			$	—
States, municipalities and political subdivisions			2,820				—				2,820				—				—
Mortgage-backed			8,631				—				8,631				—				—
Asset-backed			1,350				—				1,350				—				—
Corporate			10,110				—				10,110				—				—
Total fixed maturities			35,815				—				35,815				—				—
Equity investments - common stock			205				205				—				—				—
Limited liability investments, at fair value			3,599				—				—				3,599				—
Derivative contract - interest rate swap			127				—				127				—				—
Total assets		$	39,746			$	205			$	35,942			$	3,599			$	—
Liabilities:
Subordinated debt		$	12,624			$	—			$	12,624			$	—			$	—
Contingent consideration			3,283				—				—				3,283				—
Total liabilities		$	15,907			$	—			$	12,624			$	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 September 30,								Nine months ended September 30,
		2023				2022				2023				2022
Assets:
Limited liability investments, at fair value:
Beginning balance		$	3,688			$	3,413			$	3,196			$	4,022
Contributions			—				—				35				—
Distributions received			(600	)			(250	)			(802	)			(461	)
Realized gains included in net (loss) income			191				250				407				447
Change in fair value of limited liability investments, at fair value included in net (loss) income			320				(198	)			763				(793	)
Ending balance		$	3,599			$	3,215			$	3,599			$	3,215
Unrealized losses (gains) on limited liability investments, at fair value held at end of period:
Included in net (loss) income		$	320			$	(198	)		$	763			$	(793	)
Included in other comprehensive (loss) income		$	—			$	—			$	—			$	—
Derivative - trust preferred debt repurchase options:
Beginning balance		$	—			$	—			$	19,034			$	—
Purchase of options			—				2,304				—				2,304
Initial valuation of options included in net (loss) income			—				11,412				—				11,412
Exercise of options included in net (loss) income			—				—				(17,668	)			—
Change in fair value of derivative assets included in net (loss) income			—				2,086				(1,366	)			2,086
Ending balance		$	—			$	15,802			$	—			$	15,802
Unrealized gains recognized on derivative assets held at end of period:
Included in net (loss) income		$	—			$	13,498			$	(1,366	)		$	13,498
Included in other comprehensive (loss) income			—				—				—				—
Ending balance - assets		$	3,599			$	19,017			$	3,599			$	19,017
Liabilities:
Contingent consideration:
Beginning balance		$	3,283			$	3,959			$	3,218			$	2,458
Change in fair value of contingent consideration included in net (loss) income			—				18				65				1,519
Ending balance		$	3,283			$	3,977			$	3,283			$	3,977
Unrealized gains recognized on contingent consideration liability held at end of period:
Included in net (loss) income		$	—			$	18			$	65			$	1,519
Included in other comprehensive (loss) income		$	—			$	—			$	—			$	—
Ending balance - liabilities		$	3,283			$	3,977			$	3,283			$	3,977

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

		Fair Value
Categories			(in thousands)		Valuation Techniques	Unobservable Inputs			Input Value(s)
Limited liability investments, at fair value		$	3,599		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		%

		Fair Value
Categories			(in thousands)		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

Fair Value, Nonrecurring [Member]

Notes Tables

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

		Fair Value
Categories		(in thousands)			Valuation Techniques	Unobservable Inputs		Input Value(s)
Customer relationships		$	1,200		Multi-period excess earnings	Growth rate			3.0	%
						Attrition rate			5.0	%
						Discount rate			21.0	%
Developed technology		$	600		Relief from royalty	Royalty rate			5.0	%
						Discount rate			19.0	%
Trade name		$	170		Relief from royalty	Royalty rate			1.0	%
						Discount rate			19.0	%

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