v3.26.3
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information [Abstract]  
Segment Information
Note 18. Segment Information

The Parent’s primary insurance subsidiaries operate with relative autonomy and each company is evaluated based on its individual performance. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each segment derives revenue from the collection of premiums, as well as from investment income. The Company’s strategy is to focus on well-defined geographic, demographic and/or product niches within the insurance marketplace. Substantially all revenue other than that in the corporate and other segment is from external sources.

Our Chief Operating Decision Maker (“CODM”) is the Company’s Chairman, President and Chief Executive Officer. The segment’s most significant expenses include insurance benefits and losses incurred and other expenses, such as commissions and underwriting. Interest expense at the segment level is insignificant. To assess profitability on a reportable segment basis, the CODM reviews income (loss) before income taxes.

    For the Year Ended December 31, 2025  
   
American
Southern
    
Bankers
Fidelity
    
Corporate
& Other
    
Adjustments
 & Eliminations
    
Consolidated
  
Insurance premiums, net
  
$
84,504
    
$
111,638
    
$
-
    
$
-
    
$
196,142
  
Insurance benefits and losses incurred
    
65,254
      
72,287
      
-
      
-
      
137,541
  
Future policy benefit remeasurement gain
    
-
      
(4,866
)
    
-
      
-
      
(4,866
)
Expenses deferred
    
(9,634
)
    
(10,298
)
    
-
      
-
      
(19,932
)
Amortization and depreciation expense
    
10,108
      
3,058
      
89
      
-
      
13,255
  
Other expenses
    
18,032
      
48,644
      
22,961
      
(12,916
)
    
76,721
  
Total expenses
    
83,760
      
108,825
      
23,050
      
(12,916
)
    
202,719
  
Underwriting income (loss)
    
744
      
2,813
      
-
      
-
      
3,557
  
Net investment income (loss)
    
4,357
      
5,818
      
3,314
      
(3,223
)
    
10,266
  
Other income (loss)
    
7
      
3
      
9,695
      
(9,693
)
    
12
  
Subtotal
    
5,108
      
8,634
      
(10,041
)
    
-
      
3,701
  
Net realized gains (losses)
    
(475
)
    
4
      
-
      
-
      
(471
)
Unrealized gains on equity securities
    
85
      
4,238
      
168
      
-
      
4,491
  
Income (loss) before income taxes
  
$
4,718
    
$
12,876
    
$
(9,873
)
  
$
-
    
$
7,721
  
Total revenues
  
$
88,478
    
$
121,701
    
$
13,177
    
$
(12,916
)
  
$
210,440
  
Intangibles
  
$
1,350
    
$
1,194
    
$
-
    
$
-
    
$
2,544
  
Total assets
  
$
173,673
    
$
229,001
    
$
 164,475    
$
(133,212
)
  
$
 433,937  
   
For the Year Ended December 31, 2024 (Restated)
  
   
American
Southern
    
Bankers
Fidelity
    
Corporate
& Other
    
Adjustments
& Eliminations
    
Consolidated
  
Insurance premiums, net
  
$
67,689
    
$
110,899
    
$
-
    
$
-
    
$
178,588
  
Insurance benefits and losses incurred
    
55,767
      
68,311
      
-
      
-
      
124,078
  
Future policy benefit remeasurement gain
    
-
      
(2,334
)
    
-
      
-
      
(2,334
)
Expenses deferred
    
(8,498
)
    
(10,741
)
    
-
      
-
      
(19,239
)
Amortization and depreciation expense
    
8,390
      
7,571
      
1
      
-
      
15,962
  
Other expenses
    
15,673
      
45,351
      
23,357
      
(13,141
)
    
71,240
  
Total expenses
    
71,332
      
108,158
      
23,358
      
(13,141
)
    
189,707
  
Underwriting income (loss)
    
(3,643
)
    
2,741
      
-
      
-
      
(902
)
Net investment income (loss)
    
4,151
      
5,544
      
3,705
      
(3,609
)
    
9,791
  
Other income (loss)
    
5
      
5
      
9,531
      
(9,532
)
    
9
  
Subtotal
    
513
      
8,290
      
(10,122
)
    
-
      
(1,319
)
Net realized gains
    
666
      
544
      
-
      
-
      
1,210
  
Unrealized losses on equity securities
    
(291
)
    
(1,039
)
    
(186
)
    
-
      
(1,516
)
Income (loss) before income taxes
  
$
888
    
$
7,795
    
$
(10,308
)
  
$
-
    
$
(1,625
)
Total revenues
  
$
72,220
    
$
115,953
    
$
13,050
    
$
(13,141
)
  
$
188,082
  
Intangibles
  
$
1,350
    
$
1,194
    
$
-
    
$
-
    
$
2,544
  
Total assets
  
$
147,214
    
$
202,751
    
$
156,964
    
$
(124,890
)
  
$
382,039