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Note 20 - Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

(in thousands)		June 30, 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		$	13,236			$	—			$	13,236			$	—
States, municipalities and political subdivisions			2,780				—				2,780				—
Mortgage-backed			9,166				—				9,166				—
Asset-backed			1,363				—				1,363				—
Corporate			9,729				—				9,729				—
Total fixed maturities			36,274				—				36,274				—
Limited liability investment, at fair value			2,908				—				—				2,908
Total assets		$	39,182			$	—			$	36,274			$	2,908
Liabilities:
Subordinated debt		$	13,715			$	—			$	13,715			$	—
Contingent consideration			3,375				—				—				3,375
Total liabilities		$	17,090			$	—			$	13,715			$	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 investment, 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 June 30,								Six months ended June 30,
		2024				2023				2024				2023
Assets:
Limited liability investments, at fair value:
Beginning balance		$	3,488			$	3,442			$	3,496			$	3,196
Contributions			—				—				—				35
Distributions received			(937	)			(92	)			(1,052	)			(202	)
Realized gains included in net (loss) income			271				106				386				216
Change in fair value of limited liability investments, at fair value included in net (loss) income			86				232				78				443
Ending balance		$	2,908			$	3,688			$	2,908			$	3,688
Unrealized losses (gains) on limited liability investments, at fair value held at end of period:
Included in net (loss) income		$	86			$	232			$	78			$	443
Included in other comprehensive income (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		$	—			$	—			$	—			$	(1,366	)
Included in other comprehensive income (loss)			—				—				—				—
Ending balance - assets		$	2,908			$	3,688			$	2,908			$	3,688
Liabilities:
Contingent consideration:
Beginning balance		$	3,375			$	3,218			$	3,105			$	3,218
Change in fair value of contingent consideration included in net (loss) income			—				65				270				65
Ending balance		$	3,375			$	3,283			$	3,375			$	3,283
Unrealized gains recognized on contingent consideration liability held at end of period:
Included in net (loss) income		$	—			$	65			$	270			$	65
Included in other comprehensive income (loss)		$	—			$	—			$	—			$	—
Ending balance - liabilities		$	3,375			$	3,283			$	3,375			$	3,283

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

		Fair Value
Categories			(in thousands)		Valuation Techniques	Unobservable Inputs			Input Value(s)
Limited liability investment, at fair value		$	2,908		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 investment, 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	%

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