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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | A summary of the income (loss) before federal income tax expense, by jurisdiction, is as follows:
Years ended December 31, (In thousands) | 2024 |  | 2023
Income (loss) before federal income tax: |  |  |
United States | $ | (4,317) |  |  | (214) |
Puerto Rico | 19,297 |  |  | 11,514 |
Bermuda | — |  |  | 14,874 |
Total income before federal income tax | $ | 14,980 |  |  | 26,174 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | income tax expense (benefit) consists of:
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
Current income tax expense (benefit) related to: |  |  |  |  |
United States - normal operations | $ | 286 |  |  | 1,271 |  |  |
United States - UTP impact | — |  |  | (971) |  |  |
Puerto Rico | 1,582 |  | 577 |  |
Bermuda | — |  |  | — |  |  |
Total current income tax expense | 1,868 |  |  | 877 |  |  |
Deferred income tax expense (benefit) related to: |  |  |  |  |
United States | (908) |  |  | 968 |  |  |
Puerto Rico | (892) |  |  | (108) |  |  |
Bermuda | — |  |  | — |  |  |
Total deferred income tax expense (benefit) | (1,800) |  |  | 860 |  |  |
Total federal income tax expense (benefit) | $ | 68 |  |  | 1,737 |  |  |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation between the U.S. corporate income tax rate and the effective income tax rate is as follows:
Years ended December 31, (In thousands, except for %) | 2024 |  | % |  | 2023 |  | % |  |  |  |
Expected federal income tax expense (benefit): | $ | 3,146 |  |  | 21.0 | % |  | $ | 5,497 |  |  | 21.0 | % |  |  |  |
Foreign tax effects: |  |  |  |  |  |  |  |  |  |  |
Puerto Rico: |  |  |  |  |  |  |  |  |  |  |
Statutory tax rate difference between Puerto Rico and United States | (3,280) |  |  | (21.9) |  |  | (5,029) |  |  | (19.2) |  |  |  |  |
Income tax exclusion | (48) |  |  | (0.3) |  |  | (48) |  |  | (0.2) |  |  |  |  |
Other | (35) |  |  | (0.2) |  |  | — |  |  | — |  |  |  |  |
Effect of cross-border tax laws: |  |  |  |  |  |  |  |  |  |  |
Subpart F inclusions | (524) |  |  | (3.5) |  |  | 1,595 |  |  | 6.1 |  |  |  |  |
PFIC QEF inclusions | 800 |  |  | 5.3 |  |  | 570 |  |  | 2.2 |  |  |  |  |
Other | 2 |  |  | — |  |  | — |  |  | — |  |  |  |  |
Nontaxable or nondeductible items: |  |  |  |  |  |  |  |  |  |  |
Tax-exempt interest and dividends-received deduction | (23) |  |  | (0.1) |  |  | (35) |  |  | (0.1) |  |  |  |  |
Compensation limitation under Section 162(m) & 280(g) | (2) |  |  | — |  |  | 80 |  |  | 0.3 |  |  |  |  |
Other | 52 |  |  | 0.3 |  |  | — |  |  | — |  |  |  |  |
Changes in unrecognized tax benefits | — |  |  | — |  |  | (971) |  |  | (3.7) |  |  |  |  |
Other | (20) |  |  | (0.1) |  |  | 78 |  |  | 0.2 |  |  |  |  |
Total federal income tax expense (benefit) | $ | 68 |  |  | 0.5 | % |  | $ | 1,737 |  |  | 6.6 | % |  |  |  |
Schedule of Income Tax Payments, Domestic and Foreign | A summary of the total federal income tax payments made and refunds received by jurisdiction is as follows:
Years ended December 31, (In thousands) | 2024 |  | 2023
Tax payments (refunds) |  |  |
United States | $ | (828) |  |  | 1,798 |
Puerto Rico | 1,300 |  |  | 1 |
Bermuda | — |  |  | — |
Total tax payments | $ | 472 |  |  | 1,799 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred federal income taxes are as follows:
December 31, (In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Future policy benefit reserves | $ | — |  |  | 739 |
Net operating and capital loss carryforwards | 1,774 |  |  | 353 |
Accrued policyholder dividends and expenses | 200 |  |  | 218 |
Deferred intercompany loss | 1,721 |  |  | 1,780 |
Unrealized losses on investments available-for-sale | 15,816 |  |  | 12,786 |
Accrued compensation | 745 |  |  | 379 |
Lease liability | 1,628 |  |  | 1,895 |
Fixed assets | 394 |  |  | 249 |
Other | 1,065 |  |  | 270 |
Total gross deferred tax assets | 23,343 |  |  | 18,669 |
Less: |  |  |
Valuation allowance | 5,073 |  |  | 4,468 |
Net deferred tax assets | 18,270 |  |  | 14,201 |
Deferred tax liabilities: |  |  |
DAC, COIA and intangible assets | (14,619) |  |  | (11,556) |
Future policy benefit reserves | (4,363) |  |  | — |
Investments | (316) |  |  | (322) |
Tax reserves transition liability | (747) |  |  | (1,494) |
Right-of-use lease asset | (1,628) |  |  | (1,895) |
Other | (39) |  |  | (36) |
Total gross deferred tax liabilities | (21,712) |  |  | (15,303) |
Net deferred tax liability | $ | (3,442) |  |  | (1,102) |
Change in Deferred Tax Liability [Table Text Block] | A summary of changes in the components of deferred federal and state income taxes is as follows:
December 31, (In thousands) | 2024 |  | 2023
Deferred federal and state income taxes: |  |  |
Balance January 1, | $ | (1,102) |  |  | (3,653) |
Deferred tax benefit (expense) | 1,800 |  |  | (860) |
Investments available-for-sale | 3,031 |  |  | 2,424 |
Change in valuation allowance | (605) |  |  | (230) |
Effects of unrealized gains (losses) on reserves | (6,566) |  |  | 1,217 |
Balance December 31, | $ | (3,442) |  |  | (1,102) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of unrecognized tax benefits is as follows:
Years ended December 31, (In thousands) | 2024 |  | 2023 |  |
Balance January 1, | $ | — |  |  | 971 |  |  |
Reductions for tax positions of prior years | — |  |  | (971) |  |  |
Balance December 31, | $ | — |  |  | — |  |  |

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