| Investment [Text Block] |
NOTE 6 INVESTMENTS
Investments at September 30, 2026 and December 31, 2025 are comprised as follows:
| (in thousands) | | | September 30, 2026 | | | | December 31, 2025 | |
| Available-for-sale fixed maturities, at fair value (amortized cost of $40,207 and $37,005, respectively) | | $ | 38,936 | | | $ | 36,765 | |
| Limited liability investment, at fair value (a) | | | 3,232 | | | | 3,476 | |
| Limited liability investments (a) | | | 636 | | | | 649 | |
| Investments in private companies, at adjusted cost (a) | | | 575 | | | | 575 | |
| Short-term investments, at cost which approximates fair value | | | 180 | | | | 178 | |
| Total investments | | $ | 43,559 | | | $ | 41,643 | |
| | (a) | Included in other assets in the consolidated balance sheets. |
The amortized cost, gross unrealized gains and losses included in accumulated other comprehensive loss, and estimated fair value of the Company's available-for-sale investments at September 30, 2026 and December 31, 2025 are summarized in the tables shown below:
| (in thousands) | | September 30, 2026 | |
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Estimated Fair Value | |
| Fixed maturities: | | | | | | | | | | | | | | | | |
| U.S. government, government agencies and authorities | | $ | 13,983 | | | $ | — | | | $ | 365 | | | $ | 13,618 | |
| States, municipalities and political subdivisions | | | 934 | | | | — | | | | 14 | | | | 920 | |
| Mortgage-backed | | | 11,966 | | | | 2 | | | | 585 | | | | 11,383 | |
| Asset-backed | | | 1,664 | | | | — | | | | 36 | | | | 1,628 | |
| Corporate | | | 11,660 | | | | 2 | | | | 275 | | | | 11,387 | |
| Total fixed maturities | | $ | 40,207 | | | $ | 4 | | | $ | 1,275 | | | $ | 38,936 | |
| (in thousands) | | December 31, 2025 | |
| | | Amortized Cost | | | Gross Unrealized Gains | | | Gross Unrealized Losses | | | Estimated Fair Value | |
| Fixed maturities: | | | | | | | | | | | | | | | | |
| U.S. government, government agencies and authorities | | $ | 13,441 | | | $ | 97 | | | $ | 47 | | | $ | 13,491 | |
| States, municipalities and political subdivisions | | | 1,788 | | | | 3 | | | | 20 | | | | 1,771 | |
| Mortgage-backed | | | 9,965 | | | | 79 | | | | 226 | | | | 9,818 | |
| Asset-backed | | | 1,365 | | | | 10 | | | | 11 | | | | 1,364 | |
| Corporate | | | 10,446 | | | | 58 | | | | 183 | | | | 10,321 | |
| Total fixed maturities | | $ | 37,005 | | | $ | 247 | | | $ | 487 | | | $ | 36,765 | |
The table below summarizes the Company's fixed maturities at September 30, 2026 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.
| (in thousands) | | September 30, 2026 | |
| | | Amortized Cost | | | Estimated Fair Value | |
| Due in one year or less | | $ | 7,637 | | | $ | 7,572 | |
| Due after one year through five years | | | 20,358 | | | | 19,845 | |
| Due after five years through ten years | | | 6,650 | | | | 6,367 | |
| Due after ten years | | | 5,562 | | | | 5,152 | |
| Total | | $ | 40,207 | | | $ | 38,936 | |
The following tables highlight the aggregate unrealized loss position, by security type, of available-for-sale investments in unrealized loss positions where no credit loss allowance had been established as of September 30, 2026 and December 31, 2025. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions.
| (in thousands) | | September 30, 2026 | |
| | | Less than 12 Months | | | Greater than 12 Months | | | Total | |
| | | Estimated Fair Value | | | Unrealized Loss | | | Estimated Fair Value | | | Unrealized Loss | | | Estimated Fair Value | | | Unrealized Loss | |
| Fixed maturities: | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. government, government agencies and authorities | | $ | 3,142 | | | $ | 51 | | | $ | 10,476 | | | $ | 314 | | | $ | 13,618 | | | $ | 365 | |
| States, municipalities and political subdivisions | | | 578 | | | | 5 | | | | 341 | | | | 9 | | | | 919 | | | | 14 | |
| Mortgage-backed | | | 5,731 | | | | 216 | | | | 5,454 | | | | 369 | | | | 11,185 | | | | 585 | |
| Asset-backed | | | 1,222 | | | | 26 | | | | 132 | | | | 10 | | | | 1,354 | | | | 36 | |
| Corporate | | | 5,498 | | | | 124 | | | | 5,140 | | | | 151 | | | | 10,638 | | | | 275 | |
| Total fixed maturities | | $ | 16,171 | | | $ | 422 | | | $ | 21,543 | | | $ | 853 | | | $ | 37,714 | | | $ | 1,275 | |
| (in thousands) | | December 31, 2025 | |
| | | Less than 12 Months | | | Greater than 12 Months | | | Total | |
| | | Estimated Fair Value | | | Unrealized Loss | | | Estimated Fair Value | | | Unrealized Loss | | | Estimated Fair Value | | | Unrealized Loss | |
| Fixed maturities: | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. government, government agencies and authorities | | $ | 2,477 | | | $ | 21 | | | $ | 2,370 | | | $ | 26 | | | $ | 4,847 | | | $ | 47 | |
| States, municipalities and political subdivisions | | | 300 | | | | — | | | | 1,088 | | | | 20 | | | | 1,388 | | | | 20 | |
| Mortgage-backed | | | 336 | | | | 1 | | | | 3,433 | | | | 225 | | | | 3,769 | | | | 226 | |
| Asset-backed | | | — | | | | — | | | | 417 | | | | 11 | | | | 417 | | | | 11 | |
| Corporate | | | 408 | | | | — | | | | 6,113 | | | | 183 | | | | 6,521 | | | | 183 | |
| Total fixed maturities | | $ | 3,521 | | | $ | 22 | | | $ | 13,421 | | | $ | 465 | | | $ | 16,942 | | | $ | 487 | |
At September 30, 2026 and December 31, 2025, there were approximately 209 and 124 individual available-for-sale investments, respectively, that were in unrealized loss positions, for which an allowance for credit losses has not been recorded. The Company did not have the intent to sell these investments, and it was not more likely than not that the Company would be required to sell these investments before recovery of its amortized cost. The Company evaluated these investments for credit losses at September 30, 2026 and December 31, 2025 and considered many factors in evaluating whether the unrealized losses were credit related including, but not limited to:
| | • | the extent to which the fair value is less than amortized cost; |
| | • | conditions related to the security, industry, or geographic area; |
| | • | payment structure of the investment and the likelihood of the issuer’s ability to make contractual cashflows; |
| | • | defaults or other collectability concerns related to the issuer; |
| | • | changes in the ratings assigned by a rating agency; and |
| | • | other credit enhancements that affect the investment’s expected performance. |
The Company determined that the unrealized losses on the fixed maturity investments were due to non-credit related factors at September 30, 2026 and December 31, 2025.
The establishment of an impairment loss on an investment requires a number of judgments and estimates. Refer to the "Significant Accounting Policies and Critical Estimates" section of Management's Discussion and Analysis of Financial Condition included in the 2025 Annual Report for further information regarding the Company's detailed analysis and factors considered in recording an impairment loss on an investment.
The Company:
| | • | did not record any write-downs for impairment related to limited liability investments or investments in private companies for the three and nine months ended September 30, 2026 and September 30, 2025; |
| | • | had no unfunded commitments related to limited liability investments or limited liability investment, at fair value, as of September 30, 2026; and |
| | • | did not record any adjustments to the carrying value of its investments in private companies for observable price changes for the three and nine months ended September 30, 2026 and September 30, 2025. |
Interest and investment (loss) income, net reported in the consolidated statements of operations for the three and nine months ended September 30, 2026 and September 30, 2025 were comprised as follows:
| (in thousands) | | Three months ended September 30, | | | Nine months ended September 30, | |
| | | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| Net investment income | | $ | 535 | | | $ | 431 | | | $ | 1,333 | | | $ | 1,221 | |
| Net realized (losses) gains | | | (257 | ) | | | (5 | ) | | | 1,707 | | | | 52 | |
| (Loss) gain on change in fair value of limited liability investment, at fair value | | | (618 | ) | | | 111 | | | | 51 | | | | 289 | |
| Interest and investment (loss) income, net | | $ | (340 | ) | | $ | 537 | | | $ | 3,091 | | | $ | 1,562 | |
Net investment income included in interest and investment (loss) income, net in the table above for the three and nine months ended September 30, 2026 and September 30, 2025 was comprised as follows:
| (in thousands) | | Three months ended September 30, | | | Nine months ended September 30, | |
| | | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| Investment income: | | | | | | | | | | | | | | | | |
| Interest from fixed maturities | | $ | 395 | | | $ | 357 | | | $ | 1,115 | | | $ | 1,044 | |
| Dividends | | | 10 | | | | 10 | | | | 30 | | | | 30 | |
| Loss from limited liability investments | | | (1 | ) | | | (1 | ) | | | (13 | ) | | | (1 | ) |
| Other | | | 155 | | | | 108 | | | | 294 | | | | 251 | |
| Gross investment income | | | 559 | | | | 474 | | | | 1,426 | | | | 1,324 | |
| Investment expenses | | | (24 | ) | | | (43 | ) | | | (93 | ) | | | (103 | ) |
| Net investment income | | $ | 535 | | | $ | 431 | | | $ | 1,333 | | | $ | 1,221 | |
Net realized (losses) gains on investments included in interest and investment (loss) income, net in the table above for the three and nine months ended September 30, 2026 and September 30, 2025 were comprised as follows:
| (in thousands) | | Three months ended September 30, | | | Nine months ended September 30, | |
| | | 2026 | | | 2025 | | | 2026 | | | 2025 | |
| Available-for-sale fixed maturities: | | | | | | | | | | | | | | | | |
| Gross realized gains | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| Gross realized losses | | | — | | | | (9 | ) | | | — | | | | (85 | ) |
| Net realized losses on available-for-sale fixed maturities | | | — | | | | (9 | ) | | | — | | | | (85 | ) |
| Limited liability investment, at fair value | | | (266 | ) | | | 34 | | | | 1,064 | | | | 129 | |
| Investments in private companies | | | 9 | | | | (30 | ) | | | 643 | | | | 8 | |
| Net realized (losses) gains | | $ | (257 | ) | | $ | (5 | ) | | $ | 1,707 | | | $ | 52 | |
Realized gains related to limited liability investment, at fair value and investments in private companies for the nine months ended September 30, 2026 relate to distributions received by the Company from these investments in excess of invested capital.
Proceeds from sales of available-for-sale fixed maturities were not material during the periods presented.
|