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Note 20 - Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

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

(in thousands)		March 31, 2024
		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
		Total				(Level 1)				(Level 2)				(Level 3)
Recurring fair value measurements:

Assets:
Fixed maturities:
U.S. government, government agencies and authorities		$	13,339			$	—			$	13,339			$	—
States, municipalities and political subdivisions			2,778				—				2,778				—
Mortgage-backed			9,076				—				9,076				—
Asset-backed			1,444				—				1,444				—
Corporate			9,948				—				9,948				—
Total fixed maturities			36,585				—				36,585				—
Limited liability investments, at fair value			3,488				—				—				3,488
Total assets		$	40,073			$	—			$	36,585			$	3,488

Liabilities:
Subordinated debt		$	13,651			$	—			$	13,651			$	—
Contingent consideration			3,375				—				—				3,375
Total liabilities		$	17,026			$	—			$	13,651			$	3,375

(in thousands)		December 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
		Total				(Level 1)				(Level 2)				(Level 3)
Recurring fair value measurements:

Assets:
Fixed maturities:
U.S. government, government agencies and authorities		$	12,997			$	—			$	12,997			$	—
States municipalities and political subdivisions			2,783				—				2,783				—
Mortgage-backed			9,253				—				9,253				—
Asset-backed			1,210				—				1,210				—
Corporate			10,230				—				10,230				—
Total fixed maturities			36,473				—				36,473				—
Equity investments			79				79				—				—
Limited liability investments, at fair value			3,496				—				—				3,496
Derivative contract - interest rate swap			49				—				49				—
Total assets		$	40,097			$	79			$	36,522			$	3,496

Liabilities:
Subordinated debt		$	13,594			$	—			$	13,594			$	—
Contingent consideration			3,105				—				—				3,105
Total liabilities		$	16,699			$	—			$	13,594			$	3,105

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

(in thousands)		Three months ended March 31,
		2024				2023
Assets:
Limited liability investments, at fair value:
Beginning balance		$	3,496			$	3,196
Contributions			—				35
Distributions received			(115	)			(110	)
Realized gains included in net (loss) income			115				110
Change in fair value of limited liability investments, at fair value included in net (loss) income			(8	)			211
Ending balance		$	3,488			$	3,442
Unrealized losses (gains) on limited liability investments, at fair value held at end of period:
Included in net (loss) income		$	(8	)		$	211
Included in other comprehensive loss		$	—			$	—
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		$	—			$	—
Included in other comprehensive loss			—				—
Ending balance - assets		$	3,488			$	3,442
Liabilities:
Contingent consideration:
Beginning balance		$	3,105			$	3,218
Change in fair value of contingent consideration included in net (loss) income			270				—
Ending balance		$	3,375			$	3,218
Unrealized gains recognized on contingent consideration liability held at end of period:
Included in net (loss) income		$	270			$	—
Included in other comprehensive loss		$	—			$	—
Ending balance - liabilities		$	3,375			$	3,218

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		$	3,488		Market approach	Valuation multiples		1.0x - 9.0x
Contingent consideration		$	3,375		Option-based income approach	Discount rate			8.25	%
						Risk-free rate		4.96		%
						Expected volatility		9.00		%

		*Fair Value*
Categories			*(in thousands)*		*Valuation Techniques*	*Unobservable Inputs*			*Input Value(s)*
Limited liability investments, at fair value		$	3,496		Market approach	Valuation multiples		1.0x - 9.0x
Contingent consideration		$	3,105		Option-based income approach	Discount rate			8.25	%
						Risk-free rate			4.96	%
						Expected volatility			9.0	%

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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