Note 2 - Investments (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] |
The Company’s available‑for‑sale investments are summarized as follows:
|
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|
|
|
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|
|
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|
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Amortized |
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Gross |
|
|
Gross |
|
|
Allowance |
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|
|
|
|
Cost or |
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Unrealized |
|
|
Unrealized |
|
|
for Credit |
|
|
Fair |
|
June 30, 2026 |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Losses |
|
|
Value |
|
|
|
($ in thousands) |
|
Fixed maturities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Governments |
|
$ |
23,870 |
|
|
$ |
11 |
|
|
$ |
(346 |
) |
|
$ |
— |
|
|
$ |
23,535 |
|
U.S. States, Territories, and Political Subdivisions |
|
|
17,773 |
|
|
|
87 |
|
|
|
(955 |
) |
|
|
— |
|
|
|
16,905 |
|
Special revenue excluding mortgage/asset-backed securities |
|
|
20,165 |
|
|
|
51 |
|
|
|
(1,787 |
) |
|
|
— |
|
|
|
18,429 |
|
Corporate and other |
|
|
750,667 |
|
|
|
4,588 |
|
|
|
(13,600 |
) |
|
|
— |
|
|
|
741,655 |
|
Mortgage/asset-backed securities |
|
|
710,530 |
|
|
|
3,189 |
|
|
|
(11,383 |
) |
|
|
— |
|
|
|
702,336 |
|
Total available-for-sale investments |
|
$ |
1,523,005 |
|
|
$ |
7,926 |
|
|
$ |
(28,071 |
) |
|
$ |
— |
|
|
$ |
1,502,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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Amortized |
|
|
Gross |
|
|
Gross |
|
|
Allowance |
|
|
|
|
|
|
Cost or |
|
|
Unrealized |
|
|
Unrealized |
|
|
for Credit |
|
|
Fair |
|
December 31, 2025 |
|
Cost |
|
|
Gains |
|
|
Losses |
|
|
Losses |
|
|
Value |
|
|
|
($ in thousands) |
|
Fixed maturities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Governments |
|
$ |
23,716 |
|
|
$ |
97 |
|
|
$ |
(226 |
) |
|
$ |
— |
|
|
$ |
23,587 |
|
U.S. States, Territories, and Political Subdivisions |
|
|
19,745 |
|
|
|
111 |
|
|
|
(994 |
) |
|
|
— |
|
|
|
18,862 |
|
Special revenue excluding mortgage/asset-backed securities |
|
|
19,280 |
|
|
|
72 |
|
|
|
(1,887 |
) |
|
|
— |
|
|
|
17,465 |
|
Corporate and other |
|
|
606,748 |
|
|
|
9,891 |
|
|
|
(8,404 |
) |
|
|
— |
|
|
|
608,235 |
|
Mortgage/asset-backed securities |
|
|
558,116 |
|
|
|
5,922 |
|
|
|
(8,000 |
) |
|
|
— |
|
|
|
556,038 |
|
Total available-for-sale investments |
|
$ |
1,227,605 |
|
|
$ |
16,093 |
|
|
$ |
(19,511 |
) |
|
$ |
— |
|
|
$ |
1,224,187 |
|
|
| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] |
The aggregate fair value and gross unrealized losses of the Company’s investments aggregated by investment category and the length of time these individual securities have been in a continuous unrealized loss position as of June 30, 2026 and December 31, 2025, are as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
More Than 12 Months |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
June 30, 2026 |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
($ in thousands) |
|
Fixed maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Governments |
|
$ |
14,362 |
|
|
$ |
(122 |
) |
|
$ |
6,675 |
|
|
$ |
(224 |
) |
|
$ |
21,037 |
|
|
$ |
(346 |
) |
U.S. States, Territories, and Political Subdivisions |
|
|
1,698 |
|
|
|
(37 |
) |
|
|
11,872 |
|
|
|
(918 |
) |
|
|
13,570 |
|
|
|
(955 |
) |
Special revenue excluding mortgage/asset-backed securities |
|
|
999 |
|
|
|
(18 |
) |
|
|
15,277 |
|
|
|
(1,769 |
) |
|
|
16,276 |
|
|
|
(1,787 |
) |
Corporate and other |
|
|
325,212 |
|
|
|
(5,188 |
) |
|
|
137,030 |
|
|
|
(8,412 |
) |
|
|
462,242 |
|
|
|
(13,600 |
) |
Mortgage/asset-backed securities |
|
|
320,219 |
|
|
|
(3,046 |
) |
|
|
71,110 |
|
|
|
(8,337 |
) |
|
|
391,329 |
|
|
|
(11,383 |
) |
Total available-for-sale investments |
|
$ |
662,490 |
|
|
$ |
(8,411 |
) |
|
$ |
241,964 |
|
|
$ |
(19,660 |
) |
|
$ |
904,454 |
|
|
$ |
(28,071 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Than 12 Months |
|
|
More Than 12 Months |
|
|
Total |
|
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
|
Fair |
|
|
Unrealized |
|
December 31, 2025 |
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
Value |
|
|
Losses |
|
|
|
($ in thousands) |
|
Fixed maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Governments |
|
$ |
2,006 |
|
|
$ |
(38 |
) |
|
$ |
5,704 |
|
|
$ |
(188 |
) |
|
$ |
7,710 |
|
|
$ |
(226 |
) |
U.S. States, Territories, and Political Subdivisions |
|
|
5,157 |
|
|
|
(441 |
) |
|
|
9,509 |
|
|
|
(553 |
) |
|
|
14,666 |
|
|
|
(994 |
) |
Special revenue excluding mortgage/asset-backed securities |
|
|
— |
|
|
|
— |
|
|
|
15,185 |
|
|
|
(1,887 |
) |
|
|
15,185 |
|
|
|
(1,887 |
) |
Corporate and other |
|
|
49,963 |
|
|
|
(948 |
) |
|
|
160,780 |
|
|
|
(7,456 |
) |
|
|
210,743 |
|
|
|
(8,404 |
) |
Mortgage/asset-backed securities |
|
|
47,313 |
|
|
|
(406 |
) |
|
|
79,733 |
|
|
|
(7,594 |
) |
|
|
127,046 |
|
|
|
(8,000 |
) |
Total available-for-sale investments |
|
$ |
104,439 |
|
|
$ |
(1,833 |
) |
|
$ |
270,911 |
|
|
$ |
(17,678 |
) |
|
$ |
375,350 |
|
|
$ |
(19,511 |
) |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The amortized cost and fair value of fixed maturity securities at June 30, 2026, by contractual maturity, are shown below:
|
|
|
|
|
|
|
|
|
|
|
Amortized |
|
|
Fair |
|
|
|
Cost |
|
|
Value |
|
|
|
($ in thousands) |
|
Due within one year |
|
$ |
50,675 |
|
|
$ |
50,623 |
|
Due after one year through five years |
|
|
295,580 |
|
|
|
292,059 |
|
Due after five years through ten years |
|
|
278,412 |
|
|
|
276,482 |
|
Due after ten years |
|
|
187,808 |
|
|
|
181,360 |
|
Mortgage and asset-backed securities |
|
|
710,530 |
|
|
|
702,336 |
|
|
|
$ |
1,523,005 |
|
|
$ |
1,502,860 |
|
|
| Investment Income [Table Text Block] |
Net investment income is summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
($ in thousands) |
|
|
($ in thousands) |
|
Interest income |
|
$ |
19,090 |
|
|
$ |
13,344 |
|
|
$ |
36,398 |
|
|
$ |
25,308 |
|
Dividend income |
|
|
1,370 |
|
|
|
242 |
|
|
|
2,340 |
|
|
|
559 |
|
Investment expense |
|
|
(510 |
) |
|
|
(216 |
) |
|
|
(804 |
) |
|
|
(426 |
) |
Net investment income |
|
$ |
19,950 |
|
|
$ |
13,370 |
|
|
$ |
37,934 |
|
|
$ |
25,441 |
|
|
| Gain (Loss) on Securities [Table Text Block] |
The following table presents net realized and unrealized investment gains and losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
|
|
($ in thousands) |
|
|
($ in thousands) |
|
Realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
Gains on sales of fixed maturity securities |
|
$ |
29 |
|
|
$ |
409 |
|
|
$ |
36 |
|
|
$ |
434 |
|
Gains on sales of equity securities |
|
|
— |
|
|
|
218 |
|
|
|
— |
|
|
|
234 |
|
Total realized gains |
|
|
29 |
|
|
|
627 |
|
|
|
36 |
|
|
|
668 |
|
Realized losses: |
|
|
|
|
|
|
|
|
|
|
|
|
Losses on sales of fixed maturity securities |
|
|
(121 |
) |
|
|
(298 |
) |
|
|
(121 |
) |
|
|
(758 |
) |
Losses on sales of equity securities |
|
|
— |
|
|
|
(225 |
) |
|
|
— |
|
|
|
(234 |
) |
Total realized losses |
|
|
(121 |
) |
|
|
(523 |
) |
|
|
(121 |
) |
|
|
(992 |
) |
Net realized investment (losses) gains |
|
|
(92 |
) |
|
|
104 |
|
|
|
(85 |
) |
|
|
(324 |
) |
Change in allowance for credit losses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
244 |
|
Net unrealized gains on equity securities |
|
|
6,353 |
|
|
|
5,659 |
|
|
|
4,259 |
|
|
|
3,327 |
|
Net unrealized gains on equity method investment |
|
|
— |
|
|
|
2,286 |
|
|
|
— |
|
|
|
2,268 |
|
Net unrealized gains on other investments |
|
|
492 |
|
|
|
257 |
|
|
|
686 |
|
|
|
453 |
|
Net realized and unrealized gains on investments |
|
$ |
6,753 |
|
|
$ |
8,306 |
|
|
$ |
4,860 |
|
|
$ |
5,968 |
|
|