Note 3 - Derivative Instruments

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 3. Derivative Instruments

Accounting for Derivative Instruments

See Note 1 for a detailed description of the accounting treatment for derivative instruments, including embedded derivatives.

Types of Derivatives used by the Company

The Company’s derivatives consist of a reinsurance contract allocated hedge recorded through the change in value of embedded derivative in net investment losses on the statement of comprehensive loss.

Summary of Derivative Positions

The fair value of the Company’s derivative financial instruments on the consolidated balance sheets is as follows:

	March 31, 2026				December 31, 2025
	Derivative				Derivative				Balance
	Asset		Liability		Asset		Liability		Reported In
	(unaudited)
Derivatives:
Embedded derivatives:
Reinsurance contract allocated hedge	$	32,777	$	-	$	77,197	$	-	Reinsurance related assets

The following table shows the change in the fair value of the derivative financial instruments in the consolidated statements of comprehensive income (loss):

	Three Months Ending		Three Months Ending			Balance
	March 31, 2026		March 31, 2025			Reported In
	(unaudited)		(unaudited)
Derivatives:
Embedded derivatives:
Change in reinsurance contract allocated hedge	$	40,846	$	(118,762	)	Net investment losses