Unless otherwise indicated by the context, in this annual report we refer to AmerInst Insurance Group Ltd. and its subsidiaries as the “Company,” “AmerInst,” “we”, “our” or “us.” “AMIC Ltd.” means AmerInst’s wholly owned subsidiary, AmerInst Insurance Company Ltd. “Protexure” means Protexure Insurance Agency Inc. (formerly AmerInst Professional Services, Limited), a Delaware corporation and wholly owned subsidiary of AmerInst Mezco Ltd. (“Mezco”) which is a wholly owned subsidiary of AmerInst. “Investco” means AmerInst Investment Company Ltd., a wholly owned subsidiary of AMIC Ltd. “AMIG” means our predecessor entity, AmerInst Insurance Group Inc., a Delaware corporation. Our principal offices are c/o Citadel Management Bermuda Limited, 25 Church Street, Continental Building, P.O. Box HM 1601, Hamilton, Bermuda, HM GX. AmerInst Insurance Group Ltd., a Bermuda holding company, was formed in 1998. Our mission is to be a company that provides insurance protection for professional service firms and engages in investment activities. AmerInst has two operating segments: (1) reinsurance activity, which includes investments and other related activities, and (2) insurance activity, which offers professional liability solutions to professional service firms. The revenues of the reinsurance activity operating segment and the insurance activity operating segment were $15,853,490 and $5,849,201 for the year ended December 31, 2019 compared to $8,258,126 and $5,507,405 for the year ended December 31, 2018, respectively. The revenues for both operating segments were derived from business operations in the United States, other than interest income on bank accounts maintained in Bermuda.
Company profile
Ticker
AIGT
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Latest filings (excl ownership)
8-K
Other Events
20 Mar 24
10-Q
2023 Q3
Quarterly report
14 Nov 23
8-K
Completion of Acquisition or Disposition of Assets
2 Nov 23
DEFM14A
Proxy related to merger
26 Sep 23
8-K
Entry into a Material Definitive Agreement
21 Sep 23
PREM14A
Preliminary proxy related to merger
15 Sep 23
10-Q
2023 Q2
Quarterly report
2 Aug 23
8-K
Entry into a Material Definitive Agreement
21 Jun 23
8-K
Submission of Matters to a Vote of Security Holders
12 Jun 23
10-Q
2023 Q1
Quarterly report
15 May 23
Latest ownership filings
Financial summary
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Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
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Cash on hand (at last report) | 1.29 mm | 1.29 mm | 1.29 mm | 1.29 mm | 1.29 mm | 1.29 mm |
Cash burn (monthly) | 147.95 k | 62.41 k | 204.88 k | 158.92 k | 146.85 k | 58.84 k |
Cash used (since last report) | 985.64 k | 415.80 k | 1.36 mm | 1.06 mm | 978.29 k | 391.97 k |
Cash remaining | 302.43 k | 872.27 k | -76.85 k | 229.38 k | 309.78 k | 896.10 k |
Runway (months of cash) | 2.0 | 14.0 | -0.4 | 1.4 | 2.1 | 15.2 |