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Income Taxes (Tables)

12 Months Ended

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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