☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Georgia | 58-1027114 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
4370 Peachtree Road, N.E., Atlanta, Georgia | 30319 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $1.00 per share | AAME | NASDAQ Global Market |
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer | Smaller reporting company ☒ | Emerging growth company ☐ |
Page | |||
3 | |||
PART I | |||
Item 1. | 4 | ||
4 | |||
5 | |||
6 | |||
6 | |||
7 | |||
8 | |||
9 | |||
9 | |||
10 | |||
10 | |||
11 | |||
11 | |||
12 | |||
12 | |||
12 | |||
12 | |||
Item 1A. | 13 | ||
Item 1B. | 13 | ||
Item 1C. | 13 | ||
Item 2. | 14 | ||
Item 3. | 14 | ||
Item 4. | 14 | ||
PART II | |||
Item 5. | 15 | ||
Item 6. | 15 | ||
Item 7. | 16 | ||
Item 7A. | 23 | ||
Item 8. | 24 | ||
Item 9. | |||
Item 9A. | |||
Item 9B. | |||
Item 9C. | 59 | ||
PART III | |||
Item 10. | 60 | ||
Item 11. | 60 | ||
Item 12. | |||
Item 13. | 60 | ||
Item 14. | |||
PART IV | |||
Item 15. | |||
Item 16. | |||
63 | |||
64 | |||
67 | |||
69 | |||
70 |
Item 1. | Business |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Automobile liability | $ | 30,312 | $ | 30,649 | ||||
Automobile physical damage | 18,730 | 15,309 | ||||||
General liability | 3,891 | 3,309 | ||||||
Surety | 5,857 | 6,319 | ||||||
Other lines | 3,582 | 3,094 | ||||||
Total | $ | 62,372 | $ | 58,680 |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Automobile liability | $ | 38,821 | $ | 33,981 | ||||
Automobile physical damage | 15,046 | 21,069 | ||||||
General liability | 5,758 | 5,871 | ||||||
Surety | 6,303 | 6,039 | ||||||
Other lines | 2,515 | 3,316 | ||||||
Total | $ | 68,443 | $ | 70,276 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Life insurance | $ | 9,270 | $ | 8,427 | ||||
Medicare supplement | 102,680 | 107,001 | ||||||
Other accident and health | 9,217 | 7,817 | ||||||
Total health insurance | 111,897 | 114,818 | ||||||
Total | $ | 121,167 | $ | 123,245 |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Life insurance | $ | 18,584 | $ | 15,805 | ||||
Medicare supplement | 77,425 | 86,970 | ||||||
Other accident and health | 14,373 | 12,389 | ||||||
Total health insurance | 91,798 | 99,359 | ||||||
Total | $ | 110,382 | $ | 115,164 |
December 31, | ||||||||||||||||
2020 | 2019 | |||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Fixed maturities: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 30,762 | 11.0 | % | $ | 20,259 | 7.5 | % | ||||||||
States, municipalities and political subdivisions | 11,802 | 4.2 | 11,940 | 4.5 | ||||||||||||
Public utilities | 13,651 | 4.9 | 11,449 | 4.3 | ||||||||||||
All other corporate bonds | 197,641 | 70.8 | 188,574 | 70.2 | ||||||||||||
Redeemable preferred stock | 250 | 0.1 | 250 | 0.1 | ||||||||||||
Total fixed maturities(1) | 254,106 | 91.0 | 232,472 | 86.6 | ||||||||||||
Common and non-redeemable preferred stocks(2) | 18,716 | 6.7 | 22,922 | 8.5 | ||||||||||||
Policy loans(3) | 1,975 | 0.7 | 2,007 | 0.7 | ||||||||||||
Other invested assets(4) | 3,238 | 1.2 | 9,960 | 3.7 | ||||||||||||
Real estate | 38 | 0.0 | 38 | 0.0 | ||||||||||||
Investments in unconsolidated trusts | 1,238 | 0.4 | 1,238 | 0.5 | ||||||||||||
Total investments | $ | 279,311 | 100.0 | % | $ | 268,637 | 100.0 | % |
December 31, | ||||||||||||||||
2023 | 2022 | |||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||
(Dollars in thousands) | ||||||||||||||||
Fixed maturities: | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 50,059 | 21.1 | % | $ | 44,412 | 19.4 | % | ||||||||
States, municipalities and political subdivisions | 8,106 | 3.4 | 9,187 | 4.1 | ||||||||||||
Public utilities | 9,530 | 4.0 | 10,284 | 4.5 | ||||||||||||
All other corporate bonds | 150,319 | 63.4 | 144,623 | 63.2 | ||||||||||||
Redeemable preferred stock | 205 | 0.1 | 223 | 0.1 | ||||||||||||
Total fixed maturities(1) | 218,219 | 92.0 | 208,729 | 91.3 | ||||||||||||
Equity securities(2) | 9,413 | 4.0 | 11,562 | 5.0 | ||||||||||||
Other invested assets(3) | 6,381 | 2.8 | 5,386 | 2.4 | ||||||||||||
Policy loans(4) | 1,778 | 0.7 | 1,759 | 0.8 | ||||||||||||
Real estate | 38 | 0.0 | 38 | 0.0 | ||||||||||||
Investments in unconsolidated trusts | 1,238 | 0.5 | 1,238 | 0.5 | ||||||||||||
Total investments | $ | 237,067 | 100.0 | % | $ | 228,712 | 100.0 | % |
(1) | Fixed maturities are carried on the balance sheet at estimated fair value. Certain fixed maturities do not have publicly quoted prices, and are carried at estimated fair value as determined by management. Total amortized cost of fixed maturities was |
(2) | Equity securities are carried on the balance sheet at estimated fair value. Total cost of equity securities was |
(3) |
Other invested assets are accounted for using the equity method. Total cost of other invested assets was |
(4) | Policy loans are valued at unpaid principal balances. |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(Dollars in thousands) | ||||||||
Average investments(1) | $ | 252,141 | $ | 253,467 | ||||
Net investment income | 7,744 | 8,979 | ||||||
Average yield on investments | 3.1 | % | 3.5 | % | ||||
Realized investment gains, net | 7,420 | 1,574 |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(Dollars in thousands) | ||||||||
Average investments(1) | $ | 275,995 | $ | 270,636 | ||||
Net investment income | 10,058 | 9,932 | ||||||
Average yield on investments | 3.6 | % | 3.7 | % | ||||
Realized investment gains, net | 70 | 30 |
(1) | Calculated as the average of cash and investment balances (at amortized cost) at the beginning of the year and at the end of each of the succeeding four quarters. |
Name | Age | Positions with the Company | Director or Officer Since | |||
Hilton H. Howell, Jr. | 58 | Chairman of the Board, President & CEO | 1992 | |||
J. Ross Franklin | 43 | Vice President, CFO and Corporate Secretary | 2017 |
Name | Age | Positions with the Company | Director or Officer Since | |||
Hilton H. Howell, Jr. | 61 | Chairman of the Board, President & CEO | 1992 | |||
J. Ross Franklin | 46 | Vice President, CFO and Corporate Secretary | 2017 |
Item 1A. | Risk Factors |
Item 2. | Properties |
Item 5. | Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs | |||||||||||||||
October 1 – October 31, | — | $ | — | — | 325,129 | ||||||||||||||
November 1 – November 30, | — | — | — | 325,129 | |||||||||||||||
December 1 – December 31, | — | — | — | 325,129 | |||||||||||||||
Total | — | $ | — | — |
Item 6. |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Revenue | ||||||||
Property and Casualty: | ||||||||
American Southern | $ | 69,179 | $ | 62,402 | ||||
Life and Health: | ||||||||
Bankers Fidelity | 127,144 | 131,611 | ||||||
Corporate and Other | (975 | ) | 4,166 | |||||
Total revenue | $ | 195,348 | $ | 198,179 | ||||
Income (loss) before income taxes | ||||||||
Property and Casualty: | ||||||||
American Southern | $ | 10,436 | $ | 5,729 | ||||
Life and Health: | ||||||||
Bankers Fidelity | 12,430 | (3,646 | ) | |||||
Corporate and Other | (7,363 | ) | (2,490 | ) | ||||
Income (loss) before income taxes | $ | 15,503 | $ | (407 | ) | |||
Net income (loss) | $ | 12,169 | $ | (386 | ) |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Revenue | ||||||||
Property and Casualty: | ||||||||
American Southern | $ | 72,846 | $ | 73,949 | ||||
Life and Health: | ||||||||
Bankers Fidelity | 114,199 | 114,015 | ||||||
Corporate and Other | (252 | ) | (113 | ) | ||||
Total revenue | $ | 186,793 | $ | 187,851 | ||||
Income (loss) before income taxes | ||||||||
Property and Casualty: | ||||||||
American Southern | $ | 5,085 | $ | 6,613 | ||||
Life and Health: | ||||||||
Bankers Fidelity | 4,722 | 3,812 | ||||||
Corporate and Other | (10,372 | ) | (8,329 | ) | ||||
Income (loss) before income taxes | $ | (565 | ) | $ | 2,096 | |||
Net income (loss) | $ | (171 | ) | $ | 1,525 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Reconciliation of Non-GAAP Financial Measure | ||||||||
Net income (loss) | $ | 12,169 | $ | (386 | ) | |||
Income tax expense (benefit) | 3,334 | (21 | ) | |||||
Realized investment gains, net | (7,420 | ) | (1,574 | ) | ||||
Unrealized (gains) losses on equity securities, net | 3,431 | (5,511 | ) | |||||
Non-GAAP operating income (loss) | $ | 11,514 | $ | (7,492 | ) |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Reconciliation of Non-GAAP Financial Measure | ||||||||
Net income (loss) | $ | (171 | ) | $ | 1,525 | |||
Income tax expense (benefit) | (394 | ) | 571 | |||||
Realized investment gains, net | (70 | ) | (30 | ) | ||||
Unrealized losses on equity securities, net | 2,177 | 7,562 | ||||||
Non-GAAP operating income | $ | 1,542 | $ | 9,628 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(Dollars in thousands) | ||||||||
Gross written premiums | $ | 70,256 | $ | 65,848 | ||||
Ceded premiums | (5,890 | ) | (5,520 | ) | ||||
Net written premiums | $ | 64,366 | $ | 60,328 | ||||
Net earned premiums | $ | 62,372 | $ | 58,680 | ||||
Insurance benefits and losses incurred | 39,339 | 39,541 | ||||||
Commissions and underwriting expenses | 19,404 | 17,132 | ||||||
Underwriting income | $ | 3,629 | $ | 2,007 | ||||
Loss ratio | 63.1 | % | 67.4 | % | ||||
Expense ratio | 31.1 | 29.2 | ||||||
Combined ratio | 94.2 | % | 96.6 | % |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(Dollars in thousands) | ||||||||
Gross written premiums | $ | 77,567 | $ | 79,218 | ||||
Ceded premiums | (5,902 | ) | (6,547 | ) | ||||
Net written premiums | $ | 71,665 | $ | 72,671 | ||||
Net earned premiums | $ | 68,443 | $ | 70,276 | ||||
Insurance benefits and losses incurred | 51,015 | 47,175 | ||||||
Commissions and underwriting expenses | 16,746 | 20,161 | ||||||
Underwriting income | $ | 682 | $ | 2,940 | ||||
Loss ratio | 74.5 | % | 67.1 | % | ||||
Expense ratio | 24.5 | 28.7 | ||||||
Combined ratio | 99.0 | % | 95.8 | % |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
Automobile liability | $ | 30,312 | $ | 30,649 | ||||
Automobile physical damage | 18,730 | 15,309 | ||||||
General liability | 3,891 | 3,309 | ||||||
Surety | 5,857 | 6,319 | ||||||
Other lines | 3,582 | 3,094 | ||||||
Total | $ | 62,372 | $ | 58,680 |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Automobile liability | $ | 38,821 | $ | 33,981 | ||||
Automobile physical damage | 15,046 | 21,069 | ||||||
General liability | 5,758 | 5,871 | ||||||
Surety | 6,303 | 6,039 | ||||||
Other lines | 2,515 | 3,316 | ||||||
Total | $ | 68,443 | $ | 70,276 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(Dollars in thousands) | ||||||||
Medicare supplement | $ | 174,525 | $ | 179,180 | ||||
Other health products | 9,218 | 7,817 | ||||||
Life insurance | 9,348 | 8,509 | ||||||
Gross earned premiums | 193,091 | 195,506 | ||||||
Ceded premiums | (71,924 | ) | (72,261 | ) | ||||
Net earned premiums | 121,167 | 123,245 | ||||||
Insurance benefits and losses incurred | 80,537 | 99,684 | ||||||
Commissions and underwriting expenses | 34,177 | 35,573 | ||||||
Total expenses | 114,714 | 135,257 | ||||||
Underwriting income (loss) | $ | 6,453 | $ | (12,012 | ) | |||
Loss ratio | 66.5 | % | 80.9 | % | ||||
Expense ratio | 28.2 | 28.9 | ||||||
Combined ratio | 94.7 | % | 109.8 | % |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(Dollars in thousands) | ||||||||
Medicare supplement | $ | 133,343 | $ | 148,747 | ||||
Other health products | 14,373 | 12,389 | ||||||
Life insurance | 18,659 | 15,867 | ||||||
Gross earned premiums | 166,375 | 177,003 | ||||||
Ceded premiums | (55,993 | ) | (61,839 | ) | ||||
Net earned premiums | 110,382 | 115,164 | ||||||
Insurance benefits and losses incurred | 71,485 | 76,281 | ||||||
Commissions and underwriting expenses | 37,992 | 33,922 | ||||||
Total expenses | 109,477 | 110,203 | ||||||
Underwriting income | $ | 905 | $ | 4,961 | ||||
Loss ratio | 64.8 | % | 66.2 | % | ||||
Expense ratio | 34.4 | 29.5 | ||||||
Combined ratio | 99.2 | % | 95.7 | % |
Item 8. | Financial Statements and Supplementary Data |
Page | |
ATLANTIC AMERICAN CORPORATION | |
Report of Independent Registered Public Accounting Firm (FORVIS, LLP), Atlanta, Georgia, PCAOB Firm ID No. 686) | |
o | Evaluating the appropriateness of management’s actuarial reserving methodologies and assumptions; |
o | Evaluating management’s hindsight analyses; |
o | Comparing management’s carried reserve to the range calculated by management’s specialist for property casualty claim reserves; |
o | Evaluating whether the methodology applied by management is consistent in the aggregate with the methodology compliant with US GAAP; |
o | Assessing the significant assumptions used by management for new insurance contracts issued during the current year by comparing the significant assumptions noted above to historical experience, observable market data or management’s estimates of prospective changes to these assumptions; |
o |
o | Evaluating management’s loss recognition testing of aggregate reserve sufficiency. |
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||
(Dollars in thousands, except share data) | (In thousands, except share and per share data) | |||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | 19,319 | $ | 12,893 | $ | 28,301 | $ | 28,863 | ||||||||
Investments: | ||||||||||||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: $222,461 and $219,233) | 254,106 | 232,472 | ||||||||||||||
Equity securities, at fair value (cost: $6,393 and $7,168) | 18,716 | 22,922 | ||||||||||||||
Other invested assets (cost: $3,765 and $9,908) | 3,238 | 9,960 | ||||||||||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: $238,626 and $236,766; no allowance for credit losses) | 218,219 | 208,729 | ||||||||||||||
Equity securities, at fair value (cost: $4,936 and $4,907) | 9,413 | 11,562 | ||||||||||||||
Other invested assets (cost: $6,982 and $5,628) | 6,381 | 5,386 | ||||||||||||||
Policy loans | 1,975 | 2,007 | 1,778 | 1,759 | ||||||||||||
Real estate | 38 | 38 | 38 | 38 | ||||||||||||
Investment in unconsolidated trusts | 1,238 | 1,238 | 1,238 | 1,238 | ||||||||||||
Total investments | 279,311 | 268,637 | 237,067 | 228,712 | ||||||||||||
Receivables: | ||||||||||||||||
Reinsurance | 29,086 | 32,135 | ||||||||||||||
Insurance premiums and other, net of allowance for doubtful accounts of $198 and $183 as of 2020 and 2019, respectively | 27,512 | 13,134 | ||||||||||||||
Reinsurance (net of allowance for uncollectible reinsurance of $61 and $0) | 21,103 | 25,913 | ||||||||||||||
Insurance premiums and other (net of allowance for expected credit losses $217 and net of allowance for doubtful accounts $177) | 23,690 | 15,386 | ||||||||||||||
Deferred income taxes, net | — | 314 | 15,682 | 14,163 | ||||||||||||
Deferred acquisition costs | 39,611 | 38,861 | 43,850 | 42,281 | ||||||||||||
Other assets | 7,804 | 9,108 | 9,028 | 9,202 | ||||||||||||
Intangibles | 2,544 | 2,544 | 2,544 | 2,544 | ||||||||||||
Total assets | $ | 405,187 | $ | 377,626 | $ | 381,265 | $ | 367,064 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||
Insurance reserves and policyholder funds | ||||||||||||||||
Future policy benefits | $ | 90,872 | $ | 92,490 | $ | 92,495 | $ | 85,564 | ||||||||
Unearned premiums | 27,131 | 26,035 | 31,317 | 28,348 | ||||||||||||
Losses and claims | 79,147 | 81,448 | 87,478 | 87,484 | ||||||||||||
Other policy liabilities | 1,526 | 1,933 | 1,132 | 1,255 | ||||||||||||
Total insurance reserves and policyholder funds | 198,676 | 201,906 | 212,422 | 202,651 | ||||||||||||
Accounts payable and accrued expenses | 26,412 | 23,588 | 24,811 | 26,473 | ||||||||||||
Deferred income taxes, net | 1,301 | — | ||||||||||||||
Revolving credit facility | 3,019 | 2,009 | ||||||||||||||
Junior subordinated debenture obligations, net | 33,738 | 33,738 | 33,738 | 33,738 | ||||||||||||
Total liabilities | 260,127 | 259,232 | 273,990 | 264,871 | ||||||||||||
Commitments and contingencies (Note 16) | ||||||||||||||||
Commitments and contingencies (Note 17) | ||||||||||||||||
Shareholders’ equity: | ||||||||||||||||
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value | 55 | 55 | ||||||||||||||
Common stock, $1 par, 50,000,000 shares authorized; 22,400,894 shares issued; 20,415,243 and 20,472,162 shares outstanding as of 2020 and 2019, respectively | 22,401 | 22,401 | ||||||||||||||
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value | 55 | 55 | ||||||||||||||
Common stock, $1 par, 50,000,000 shares authorized; 22,400,894 shares issued; 20,402,288 and 20,407,229 shares outstanding as of 2023 and 2022, respectively | 22,401 | 22,401 | ||||||||||||||
Additional paid-in capital | 57,437 | 57,820 | 57,425 | 57,425 | ||||||||||||
Retained earnings | 47,790 | 36,020 | 50,929 | 51,982 | ||||||||||||
Accumulated other comprehensive income | 25,000 | 10,459 | ||||||||||||||
Accumulated other comprehensive loss | (16,121 | ) | (22,149 | ) | ||||||||||||
Unearned stock grant compensation | (284 | ) | (781 | ) | (13 | ) | (132 | ) | ||||||||
Treasury stock, at cost, 1,985,651 and 1,928,732 shares as of 2020 and 2019, respectively | (7,339 | ) | (7,580 | ) | ||||||||||||
Treasury stock, at cost, 1,998,606 and 1,993,665 shares as of 2023 and 2022, respectively | (7,401 | ) | (7,389 | ) | ||||||||||||
Total shareholders’ equity | 145,060 | 118,394 | 107,275 | 102,193 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 405,187 | $ | 377,626 | $ | 381,265 | $ | 367,064 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||
(Dollars in thousands, except per share data) | (In thousands, except per share data) | |||||||||||||||
Revenue: | ||||||||||||||||
Insurance premiums, net | $ | 183,539 | $ | 181,925 | $ | 178,825 | $ | 185,440 | ||||||||
Net investment income | 7,744 | 8,979 | 10,058 | 9,932 | ||||||||||||
Realized investment gains, net | 7,420 | 1,574 | 70 | 30 | ||||||||||||
Unrealized gains (losses) on equity securities, net | (3,431 | ) | 5,511 | |||||||||||||
Unrealized losses on equity securities, net | (2,177 | ) | (7,562 | ) | ||||||||||||
Other income | 76 | 190 | 17 | 11 | ||||||||||||
Total revenue | 195,348 | 198,179 | 186,793 | 187,851 | ||||||||||||
Benefits and expenses: | ||||||||||||||||
Insurance benefits and losses incurred | 119,876 | 139,225 | 122,500 | 123,456 | ||||||||||||
Commissions and underwriting expenses | 46,811 | 45,477 | 46,124 | 46,713 | ||||||||||||
Interest expense | 1,610 | 2,130 | 3,269 | 1,952 | ||||||||||||
Other expense | 11,548 | 11,754 | 15,465 | 13,634 | ||||||||||||
Total benefits and expenses | 179,845 | 198,586 | 187,358 | 185,755 | ||||||||||||
Income (loss) before income taxes | 15,503 | (407 | ) | (565 | ) | 2,096 | ||||||||||
Income tax expense (benefit) | 3,334 | (21 | ) | (394 | ) | 571 | ||||||||||
Net Income (loss) | 12,169 | (386 | ) | |||||||||||||
Net income (loss) | (171 | ) | 1,525 | |||||||||||||
Preferred stock dividends | (399 | ) | (399 | ) | (399 | ) | (399 | ) | ||||||||
Net Income (loss) applicable to common shareholders | $ | 11,770 | $ | (785 | ) | |||||||||||
Earnings (loss) per common share (basic) | 0.58 | (0.04 | ) | |||||||||||||
Earnings (loss) per common share (diluted) | $ | 0.56 | $ | (0.04 | ) | |||||||||||
Net income (loss) applicable to common shareholders | $ | (570 | ) | $ | 1,126 | |||||||||||
Earnings (loss) per common share (basic and diluted) | (0.03 | ) | 0.06 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||
(Dollars in thousands) | (In thousands) | |||||||||||||||
Net income (loss) | $ | 12,169 | $ | (386 | ) | $ | (171 | ) | $ | 1,525 | ||||||
Other comprehensive income: | ||||||||||||||||
Other comprehensive gain (loss): | ||||||||||||||||
Available-for-sale fixed maturity securities: | ||||||||||||||||
Gross unrealized holding gain arising in the period | 18,791 | 23,130 | ||||||||||||||
Gross unrealized holding gain (loss) arising in the period | 7,700 | (50,377 | ) | |||||||||||||
Related income tax effect | (3,946 | ) | (4,857 | ) | (1,617 | ) | 10,579 | |||||||||
Subtotal | 14,845 | 18,273 | 6,083 | (39,798 | ) | |||||||||||
Less: reclassification adjustment for net realized gains included in net income (loss) | (385 | ) | (353 | ) | ||||||||||||
Less: reclassification adjustment for net realized gains included in net income | (70 | ) | (49 | ) | ||||||||||||
Related income tax effect | 81 | 74 | 15 | 10 | ||||||||||||
Subtotal | (304 | ) | (279 | ) | (55 | ) | (39 | ) | ||||||||
Total other comprehensive income, net of tax | 14,541 | 17,994 | ||||||||||||||
Total comprehensive income | $ | 26,710 | $ | 17,608 | ||||||||||||
Total other comprehensive income (loss), net of tax | 6,028 | (39,837 | ) | |||||||||||||
Total comprehensive income (loss) | $ | 5,857 | $ | (38,312 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
(Dollars in thousands, except per share data) | 2020 | 2019 | ||||||||||||||
(In thousands, except share and per share data) | 2023 | 2022 | ||||||||||||||
Preferred stock: | ||||||||||||||||
Balance, beginning of year | $ | 55 | $ | 55 | $ | 55 | $ | 55 | ||||||||
Balance, end of year | 55 | 55 | 55 | 55 | ||||||||||||
Common stock: | ||||||||||||||||
Balance, beginning of year | 22,401 | 22,401 | 22,401 | 22,401 | ||||||||||||
Balance, end of year | 22,401 | 22,401 | 22,401 | 22,401 | ||||||||||||
Additional paid-in capital: | ||||||||||||||||
Balance, beginning of year | 57,820 | 57,414 | 57,425 | 57,441 | ||||||||||||
Restricted stock grants, net of forfeitures; 20,000 and 355,000 restricted shares issued, as of 2020 and 2019, respectively | (376 | ) | 396 | |||||||||||||
Issuance of 4,701 and 10,862 shares, as of 2020 and 2019, respectively, under stock plans | (7 | ) | 10 | |||||||||||||
Restricted stock grants, net of forfeitures | — | (16 | ) | |||||||||||||
Balance, end of year | 57,437 | 57,820 | 57,425 | 57,425 | ||||||||||||
Retained earnings: | ||||||||||||||||
Balance, beginning of year | 36,020 | 37,208 | 51,982 | 51,264 | ||||||||||||
Net Income (loss) | 12,169 | (386 | ) | |||||||||||||
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2023 | (75 | ) | — | |||||||||||||
Net income (loss) | (171 | ) | 1,525 | |||||||||||||
Dividends on common stock | — | (403 | ) | (408 | ) | (408 | ) | |||||||||
Dividends accrued on preferred stock | (399 | ) | (399 | ) | (399 | ) | (399 | ) | ||||||||
Balance, end of year | 47,790 | 36,020 | 50,929 | 51,982 | ||||||||||||
Accumulated other comprehensive income (loss): | ||||||||||||||||
Balance, beginning of year | 10,459 | (7,535 | ) | (22,149 | ) | 17,688 | ||||||||||
Other comprehensive income, net of tax | 14,541 | 17,994 | ||||||||||||||
Other comprehensive income (loss), net of tax | 6,028 | (39,837 | ) | |||||||||||||
Balance, end of year | 25,000 | 10,459 | (16,121 | ) | (22,149 | ) | ||||||||||
Unearned Stock Grant Compensation: | ||||||||||||||||
Unearned stock grant compensation: | ||||||||||||||||
Balance, beginning of year | (781 | ) | (186 | ) | (132 | ) | (73 | ) | ||||||||
Restricted stock grants, net of forfeitures; 20,000 and 355,000 restricted shares issued, as of 2020 and 2019, respectively | 60 | (948 | ) | |||||||||||||
Restricted stock grants, net of forfeitures | — | (193 | ) | |||||||||||||
Amortization of unearned compensation | 437 | 353 | 119 | 134 | ||||||||||||
Balance, end of year | (284 | ) | (781 | ) | (13 | ) | (132 | ) | ||||||||
Treasury Stock: | ||||||||||||||||
Treasury stock: | ||||||||||||||||
Balance, beginning of year | (7,580 | ) | (7,985 | ) | (7,389 | ) | (7,490 | ) | ||||||||
Restricted stock grants, net of forfeitures; 20,000 and 355,000 restricted shares issued, as of 2020 and 2019, respectively | 316 | 552 | ||||||||||||||
Purchase of 0 and 26,210 shares, as of 2020 and 2019, respectively, for treasury | — | (71 | ) | |||||||||||||
Restricted stock grants, net of forfeitures | — | 209 | ||||||||||||||
Net shares acquired related to employee share-based compensation plans | (91 | ) | (92 | ) | (12 | ) | (108 | ) | ||||||||
Issuance of 4,701 and 10,862 shares, as of 2020 and 2019, respectively, shares under stock plans | 16 | 16 | ||||||||||||||
Balance, end of year | (7,339 | ) | (7,580 | ) | (7,401 | ) | (7,389 | ) | ||||||||
Total shareholders’ equity | $ | 145,060 | $ | 118,394 | $ | 107,275 | $ | 102,193 | ||||||||
Dividends declared on common stock per share | $ | — | $ | (.02 | ) | $ | 0.02 | $ | 0.02 | |||||||
Common shares outstanding: | ||||||||||||||||
Balance, beginning of year | 20,407,229 | 20,378,576 | ||||||||||||||
Net shares acquired under employee share-based compensation plans | (4,941 | ) | (36,347 | ) | ||||||||||||
Restricted stock grants, net of forfeitures | — | 65,000 | ||||||||||||||
Balance, end of year | 20,402,288 | 20,407,229 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||
(Dollars in thousands) | (In thousands) | |||||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net Income (loss) | $ | 12,169 | $ | (386 | ) | $ | (171 | ) | $ | 1,525 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Amortization of deferred acquisition costs | 19,393 | 17,288 | 16,440 | 19,445 | ||||||||||||
Acquisition costs deferred | (20,143 | ) | (19,055 | ) | (18,009 | ) | (23,028 | ) | ||||||||
Realized investment gains, net | (7,420 | ) | (1,574 | ) | (70 | ) | (30 | ) | ||||||||
Unrealized (gains) losses on equity securities, net | 3,431 | (5,511 | ) | |||||||||||||
Distributions received from equity method investees | — | 379 | ||||||||||||||
Unrealized losses on equity securities, net | 2,177 | 7,562 | ||||||||||||||
Losses (earnings) from equity method investees | 360 | (241 | ) | |||||||||||||
Compensation expense related to share awards | 437 | 353 | 119 | 134 | ||||||||||||
Provision for credit losses | 26 | — | ||||||||||||||
Depreciation and amortization | 980 | 996 | 652 | 890 | ||||||||||||
Deferred income tax benefit | (2,250 | ) | (913 | ) | (3,121 | ) | (1,819 | ) | ||||||||
(Increase) decrease in receivables, net | 1,349 | (4,709 | ) | (3,520 | ) | 1,076 | ||||||||||
Increase (decrease) in insurance reserves and policyholder funds | (3,230 | ) | 12,858 | |||||||||||||
Increase in accounts payable and accrued expenses | 2,324 | 3,472 | ||||||||||||||
Increase in insurance reserves and policyholder funds | 9,771 | 854 | ||||||||||||||
(Decrease) increase in accounts payable and accrued expenses | (1,662 | ) | 1,008 | |||||||||||||
Other, net | 1,931 | (5,005 | ) | (370 | ) | (923 | ) | |||||||||
Net cash provided by (used in) operating activities | 8,971 | (1,807 | ) | |||||||||||||
Net cash provided by operating activities | 2,622 | 6,453 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Proceeds from investments sold | 18,541 | 120,950 | 5,044 | 3,902 | ||||||||||||
Proceeds from investments matured, called or redeemed | 7,117 | 6,157 | 9,744 | 9,806 | ||||||||||||
Investments purchased | (27,489 | ) | (124,029 | ) | (18,073 | ) | (17,010 | ) | ||||||||
Additions to property and equipment | (233 | ) | (69 | ) | (80 | ) | (126 | ) | ||||||||
Net cash (used in) provided by investing activities | (2,064 | ) | 3,009 | |||||||||||||
Net cash used in investing activities | (3,365 | ) | (3,428 | ) | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Payment of dividends on Series D preferred stock | (399 | ) | (399 | ) | (399 | ) | (399 | ) | ||||||||
Payment of dividends on common stock | — | (403 | ) | (408 | ) | (408 | ) | |||||||||
Proceeds from shares issued under stock plans | 9 | 26 | ||||||||||||||
Treasury stock acquired — share repurchase authorization | — | (71 | ) | |||||||||||||
Treasury stock acquired — net employee share-based compensation | (91 | ) | (92 | ) | (12 | ) | (108 | ) | ||||||||
Net cash used in financing activities | (481 | ) | (939 | ) | ||||||||||||
Proceeds from revolving credit facility, net | 1,000 | 2,000 | ||||||||||||||
Net cash provided by financing activities | 181 | 1,085 | ||||||||||||||
Net increase in cash | 6,426 | 263 | ||||||||||||||
Net (decrease) increase in cash | (562 | ) | 4,110 | |||||||||||||
Cash and cash equivalents at beginning of year | 12,893 | 12,630 | 28,863 | 24,753 | ||||||||||||
Cash and cash equivalents at end of year | $ | 19,319 | $ | 12,893 | $ | 28,301 | $ | 28,863 | ||||||||
Supplemental cash flow information: | ||||||||||||||||
Cash paid for interest | $ | 1,665 | $ | 2,155 | $ | 3,227 | $ | 1,794 | ||||||||
Cash paid for income taxes | $ | 3,883 | $ | 1,662 | $ | 2,582 | $ | 2,764 | ||||||||
Non-cash investing activities: | ||||||||||||||||
Receivable from sale of other invested assets | $ | 12,678 | $ | - |
Note 1. | Summary of Significant Accounting Policies |
Year ended December 31, 2023 | ||||||||
(in thousands) | Reinsurance Recoverables, Net of Allowance for Estimated Uncollectible Reinsurance | Allowance for Estimated Uncollectible Reinsurance | ||||||
Balance, beginning of period | $ | 25,913 | $ | — | ||||
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2023 | 75 | |||||||
Current period change for estimated uncollectible reinsurance | (14 | ) | ||||||
Write-offs of uncollectible reinsurance recoverables | — | |||||||
Balance, end of period | $ | 21,103 | $ | 61 |
Year ended December 31, 2023 | ||||||||
(in thousands) | Insurance Premiums and Other, Net of Expected Credit Losses | Allowance for Doubtful Accounts/Expected Credit Losses | ||||||
Balance, beginning of period | $ | 15,386 | $ | 177 | ||||
Cumulative effect of adoption of updated accounting guidance for credit losses at January 1, 2023 | — | |||||||
Current period change for expected credit losses | 40 | |||||||
Write-offs of uncollectible insurance premiums and other receivables | — | |||||||
Balance, end of period | $ | 23,690 | $ | 217 |
Note 2. | Investments |
2020 | 2023 | |||||||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Amortized Cost | Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Amortized Cost | ||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 30,762 | $ | 1,381 | $ | 26 | $ | 29,407 | $ | 50,059 | $ | 63 | $ | 4,944 | $ | — | $ | 54,940 | ||||||||||||||||||
Obligations of states and political subdivisions | 11,802 | 898 | — | 10,904 | 8,106 | 15 | 1,424 | — | 9,515 | |||||||||||||||||||||||||||
Corporate securities: | ||||||||||||||||||||||||||||||||||||
Utilities and telecom | 30,359 | 4,423 | — | 25,936 | 21,309 | 143 | 2,582 | — | 23,748 | |||||||||||||||||||||||||||
Financial services | 78,258 | 9,811 | 6 | 68,453 | 59,584 | 560 | 4,931 | — | 63,955 | |||||||||||||||||||||||||||
Other business – diversified | 41,145 | 5,689 | 15 | 35,471 | 34,386 | 403 | 2,940 | — | 36,923 | |||||||||||||||||||||||||||
Other consumer – diversified | 61,530 | 9,479 | 47 | 52,098 | 44,570 | 87 | 4,870 | — | 49,353 | |||||||||||||||||||||||||||
Total corporate securities | 211,292 | 29,402 | 68 | 181,958 | 159,849 | 1,193 | 15,323 | — | 173,979 | |||||||||||||||||||||||||||
Redeemable preferred stocks: | ||||||||||||||||||||||||||||||||||||
Other consumer – diversified | 250 | 58 | — | 192 | 205 | 13 | — | — | 192 | |||||||||||||||||||||||||||
Total redeemable preferred stocks | 250 | 58 | — | 192 | 205 | 13 | — | — | 192 | |||||||||||||||||||||||||||
Total fixed maturities | $ | 254,106 | $ | 31,739 | $ | 94 | $ | 222,461 | $ | 218,219 | $ | 1,284 | $ | 21,691 | $ | — | $ | 238,626 |
2019 | 2022 | |||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Amortized Cost | Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Amortized Cost | |||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||
Bonds: | ||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 20,259 | $ | 467 | $ | 53 | $ | 19,845 | $ | 44,412 | $ | 5 | $ | 5,926 | $ | 50,333 | ||||||||||||||||
Obligations of states and political subdivisions | 11,940 | 371 | 53 | 11,622 | 9,187 | 4 | 1,702 | 10,885 | ||||||||||||||||||||||||
Corporate securities: | ||||||||||||||||||||||||||||||||
Utilities and telecom | 26,648 | 2,404 | 32 | 24,276 | 22,090 | 120 | 3,299 | 25,269 | ||||||||||||||||||||||||
Financial services | 73,917 | 4,249 | 57 | 69,725 | 59,054 | 397 | 7,085 | 65,742 | ||||||||||||||||||||||||
Other business – diversified | 41,706 | 2,335 | 98 | 39,469 | 31,058 | 161 | 4,689 | 35,586 | ||||||||||||||||||||||||
Other consumer – diversified | 57,752 | 3,702 | 54 | 54,104 | 42,705 | 35 | 6,089 | 48,759 | ||||||||||||||||||||||||
Total corporate securities | 200,023 | 12,690 | 241 | 187,574 | 154,907 | 713 | 21,162 | 175,356 | ||||||||||||||||||||||||
Redeemable preferred stocks: | ||||||||||||||||||||||||||||||||
Other consumer – diversified | 250 | 58 | — | 192 | 223 | 31 | — | 192 | ||||||||||||||||||||||||
Total redeemable preferred stocks | 250 | 58 | — | 192 | 223 | 31 | — | 192 | ||||||||||||||||||||||||
Total fixed maturities | $ | 232,472 | $ | 13,586 | $ | 347 | $ | 219,233 | $ | 208,729 | $ | 753 | $ | 28,790 | $ | 236,766 |
2020 | 2023 | |||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Cost or Amortized Cost | Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Cost | |||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Common and non-redeemable preferred stocks: | ||||||||||||||||||||||||||||||||
Financial services | 2,111 | 351 | — | 1,760 | 924 | 621 | — | 303 | ||||||||||||||||||||||||
Other business – diversified | 16,605 | 11,972 | — | 4,633 | ||||||||||||||||||||||||||||
Communications | 8,489 | 3,856 | — | 4,633 | ||||||||||||||||||||||||||||
Total equity securities | $ | 18,716 | $ | 12,323 | $ | — | $ | 6,393 | $ | 9,413 | $ | 4,477 | $ | — | $ | 4,936 |
2019 | 2022 | |||||||||||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Cost or Amortized Cost | Estimated Fair Value | Gross Unrealized Gains | Gross Unrealized Losses | Cost | |||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||
Common and non-redeemable preferred stocks: | ||||||||||||||||||||||||||||||||
Financial services | 3,159 | 624 | — | 2,535 | 790 | 516 | — | 274 | ||||||||||||||||||||||||
Other business – diversified | 19,763 | 15,130 | — | 4,633 | ||||||||||||||||||||||||||||
Communications | 10,772 | 6,139 | — | 4,633 | ||||||||||||||||||||||||||||
Total equity securities | $ | 22,922 | $ | 15,754 | $ | — | $ | 7,168 | $ | 11,562 | $ | 6,655 | $ | — | $ | 4,907 |
2020 | 2019 | 2023 | 2022 | |||||||||||||||||||||||||||||
Carrying Value | Amortized Cost | Carrying Value | Amortized Cost | Carrying Value | Amortized Cost | Carrying Value | Amortized Cost | |||||||||||||||||||||||||
Due in one year or less | $ | 2,041 | $ | 2,015 | $ | — | $ | — | $ | 1,715 | $ | 1,750 | $ | 3,776 | $ | 3,797 | ||||||||||||||||
Due after one year through five years | 18,373 | 17,039 | 14,664 | 14,280 | 60,423 | 62,423 | 40,150 | 42,174 | ||||||||||||||||||||||||
Due after five years through ten years | 89,892 | 79,993 | 77,934 | 73,521 | 33,596 | 36,752 | 44,044 | 49,711 | ||||||||||||||||||||||||
Due after ten years | 124,609 | 104,527 | 130,680 | 122,321 | 86,857 | 97,984 | 87,719 | 103,095 | ||||||||||||||||||||||||
Asset backed securities | 19,191 | 18,887 | 9,194 | 9,111 | 35,628 | 39,717 | 33,040 | 37,989 | ||||||||||||||||||||||||
Totals | $ | 254,106 | $ | 222,461 | $ | 232,472 | $ | 219,233 | $ | 218,219 | $ | 238,626 | $ | 208,729 | $ | 236,766 |
2020 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 7,045 | $ | 26 | $ | — | $ | — | $ | 7,045 | $ | 26 | $ | 5,194 | $ | 37 | $ | 39,476 | $ | 4,907 | $ | 44,670 | $ | 4,944 | ||||||||||||||||||||||||
Obligations of states and political subdivisions | 1,145 | 3 | 5,936 | 1,421 | 7,081 | 1,424 | ||||||||||||||||||||||||||||||||||||||||||
Corporate securities | 4,602 | 68 | — | — | 4,602 | 68 | 539 | 13 | 138,283 | 15,310 | 138,822 | 15,323 | ||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 11,647 | $ | 94 | $ | — | $ | — | $ | 11,647 | $ | 94 | $ | 6,878 | $ | 53 | $ | 183,695 | $ | 21,638 | $ | 190,573 | $ | 21,691 |
2019 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 3,432 | $ | 22 | $ | 3,533 | $ | 31 | $ | 6,965 | $ | 53 | ||||||||||||
Obligations of states and political subdivisions | 3,106 | 53 | — | — | 3,106 | 53 | ||||||||||||||||||
Corporate securities | 23,245 | 145 | 2,504 | 96 | 25,749 | 241 | ||||||||||||||||||
Total temporarily impaired securities | $ | 29,783 | $ | 220 | $ | 6,037 | $ | 127 | $ | 35,820 | $ | 347 |
2022 | ||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities | $ | 23,763 | $ | 2,410 | $ | 19,259 | $ | 3,516 | $ | 43,022 | $ | 5,926 | ||||||||||||
Obligations of states and political subdivisions | 8,183 | 1,702 | — | — | 8,183 | 1,702 | ||||||||||||||||||
Corporate securities | 127,928 | 16,214 | 14,514 | 4,948 | 142,442 | 21,162 | ||||||||||||||||||
Total temporarily impaired securities | $ | 159,874 | $ | 20,326 | $ | 33,773 | $ | 8,464 | $ | 193,647 | $ | 28,790 |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Fixed maturities | $ | 8,646 | $ | 8,485 | $ | 9,333 | $ | 9,141 | ||||||||
Equity securities | 141 | 282 | 332 | 327 | ||||||||||||
Other | (788 | ) | 319 | 646 | 729 | |||||||||||
7,999 | 9,086 | 10,311 | 10,197 | |||||||||||||
Investment expenses | 255 | 107 | 253 | 265 | ||||||||||||
Net investment income | $ | 7,744 | $ | 8,979 | $ | 10,058 | $ | 9,932 |
2020 | 2023 | |||||||||||||||||||||||||||||||
Fixed Maturities | Equity Securities | Other Invested Assets | Total | Fixed Maturities | Equity Securities | Other Invested Assets | Total | |||||||||||||||||||||||||
Gains | $ | 835 | $ | 88 | $ | 6,948 | $ | 7,871 | $ | 70 | $ | — | $ | — | $ | 70 | ||||||||||||||||
Losses | (450 | ) | (1 | ) | — | (451 | ) | — | — | — | — | |||||||||||||||||||||
Realized investment gains, net | $ | 385 | $ | 87 | $ | 6,948 | $ | 7,420 | $ | 70 | $ | — | $ | — | $ | 70 |
2019 | 2022 | |||||||||||||||||||||||||||||||
Fixed Maturities | Equity Securities | Other Invested Assets | Total | Fixed Maturities | Equity Securities | Other Invested Assets | Total | |||||||||||||||||||||||||
Gains | $ | 2,003 | $ | 1,221 | $ | — | $ | 3,224 | $ | 101 | $ | — | $ | 1 | $ | 102 | ||||||||||||||||
Losses | (1,650 | ) | — | — | (1,650 | ) | (52 | ) | — | (20 | ) | (72 | ) | |||||||||||||||||||
Realized investment gains, net | $ | 353 | $ | 1,221 | $ | — | $ | 1,574 | ||||||||||||||||||||||||
Realized investment gains (losses), net | $ | 49 | $ | — | $ | (19 | ) | $ | 30 |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Sales proceeds | $ | 18,504 | $ | 117,530 | $ | 5,035 | $ | 3,649 | ||||||||
Gross gains | 835 | 2,003 | 70 | 101 | ||||||||||||
Gross losses | (450 | ) | (1,650 | ) | — | — |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Sales proceeds | $ | 5 | $ | 2,568 | $ | 2 | $ | 1 | ||||||||
Gross gains | — | 1,113 | — | — | ||||||||||||
Gross losses | (1 | ) | — | — | — |
2023 | 2022 | |||||||
Sales proceeds | $ | — | $ | 161 | ||||
Gross gains | — | 1 | ||||||
Gross losses | — | (20 | ) |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Net realized and unrealized gains (losses) recognized during the period on equity securities | $ | (3,344 | ) | $ | 6,732 | $ | (2,177 | ) | $ | (7,562 | ) | |||||
Less: Net realized gains (losses) recognized during the period on equity securities sold during the period | 87 | 1,221 | ||||||||||||||
Less: Net realized gains recognized during the period on equity securities sold during the period | — | — | ||||||||||||||
Unrealized gains (losses) on equity securities, net | $ | (3,431 | ) | $ | 5,511 | $ | (2,177 | ) | $ | (7,562 | ) |
Note 3. | Disclosures About Fair Value of Financial Instruments |
Level 1 | Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company’s financial instruments valued using Level 1 criteria include cash equivalents and exchange traded common stocks. |
Level 2 | Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company’s financial instruments valued using Level 2 criteria include significantly most of its fixed maturities, which consist of U.S. Treasury securities, U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value measurements of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealers. Prices for the majority of the Company’s Level 2 fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data. |
Level 3 | Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Fair value is based on criteria that use assumptions or other data that are not readily observable from objective sources. With little or no observable market, the determination of fair values uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability. The Company’s financial instruments valued using Level 3 criteria consist of one |
Assets: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed maturities | $ | — | $ | 218,219 | $ | — | $ | 218,219 | ||||||||
Equity securities | 9,228 | — | 185 | 9,413 | ||||||||||||
Cash equivalents | 14,834 | — | — | 14,834 | ||||||||||||
Total | $ | 24,062 | $ | 218,219 | $ | 185 | $ | 242,466 |
Assets: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
Fixed maturities | $ | — | $ | 254,106 | $ | — | $ | 254,106 | ||||||||
Equity securities | 18,573 | — | 143 | 18,716 | ||||||||||||
Cash equivalents | 12,010 | — | — | 12,010 | ||||||||||||
Total | $ | 30,583 | $ | 254,106 | $ | 143 | $ | 284,832 |
Assets: | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||||||
Fixed maturities | $ | — | $ | 232,472 | $ | — | $ | 232,472 | $ | — | $ | 208,729 | $ | — | $ | 208,729 | ||||||||||||||||
Equity securities | 22,922 | — | — | 22,922 | 11,406 | — | 156 | 11,562 | ||||||||||||||||||||||||
Cash equivalents | 7,173 | — | — | 7,173 | 18,861 | — | — | 18,861 | ||||||||||||||||||||||||
Total | $ | 30,095 | $ | 232,472 | $ | — | $ | 262,567 | $ | 30,267 | $ | 208,729 | $ | 156 | $ | 239,152 |
Level in | 2020 | 2019 | Level in | 2023 | 2022 | |||||||||||||||||||||||||||||||||||
Fair Value Hierarchy(1) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | Fair Value Hierarchy(1) | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | Level 1 | $ | 19,319 | $ | 19,319 | $ | 12,893 | $ | 12,893 | Level 1 | $ | 28,301 | $ | 28,301 | $ | 28,863 | $ | 28,863 | ||||||||||||||||||||||
Fixed maturities | (1) | 254,106 | 254,106 | 232,472 | 232,472 | Level 2 | 218,219 | 218,219 | 208,729 | 208,729 | ||||||||||||||||||||||||||||||
Equity securities | (1) | 18,716 | 18,716 | 22,922 | 22,922 | (1) | 9,413 | 9,413 | 11,562 | 11,562 | ||||||||||||||||||||||||||||||
Other invested assets | Level 3 | 3,238 | 3,238 | 9,960 | 9,960 | |||||||||||||||||||||||||||||||||||
Policy loans | Level 2 | 1,975 | 1,975 | 2,007 | 2,007 | Level 3 | 1,778 | 1,778 | 1,759 | 1,759 | ||||||||||||||||||||||||||||||
Investments in unconsolidated trusts | Level 2 | 1,238 | 1,238 | 1,238 | 1,238 | |||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures, net | Level 2 | 33,738 | 32,297 | 33,738 | 35,977 | |||||||||||||||||||||||||||||||||||
Junior subordinated debentures, net | Level 2 | 33,738 | 33,670 | 33,738 | 33,810 | |||||||||||||||||||||||||||||||||||
Revolving credit facility | Level 2 | 3,019 | 3,019 | 2,009 | 2,009 |
(1) | See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. |
Note 4. | Deferred Policy Acquisition Costs |
2020 | 2019 | 2023 | 2022 | |||||||||||||||||||||||||||||
American Southern | Bankers Fidelity | American Southern | Bankers Fidelity | American Southern | Bankers Fidelity | American Southern | Bankers Fidelity | |||||||||||||||||||||||||
Deferred policy acquisition costs: | ||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 1,979 | $ | 36,882 | $ | 2,047 | $ | 35,047 | $ | 2,401 | $ | 39,880 | $ | 2,390 | $ | 36,308 | ||||||||||||||||
Capitalization | 9,910 | 10,233 | 8,761 | 10,294 | 8,689 | 9,320 | 10,161 | 12,867 | ||||||||||||||||||||||||
Amortization | (9,590 | ) | (9,803 | ) | (8,829 | ) | (8,459 | ) | (8,390 | ) | (8,050 | ) | (10,150 | ) | (9,295 | ) | ||||||||||||||||
Balance, end of year | $ | 2,299 | $ | 37,312 | $ | 1,979 | $ | 36,882 | $ | 2,700 | $ | 41,150 | $ | 2,401 | $ | 39,880 |
Note 5. | Internal-Use Software |
Note | Insurance Reserves and Policyholder Funds |
Amount of Insurance In Force, Net | Amount of Insurance In Force, Net | |||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Future policy benefits | ||||||||||||||||||||||||||||||||
Life insurance policies: | ||||||||||||||||||||||||||||||||
Ordinary life and annuities | $ | 54,442 | $ | 55,403 | $ | 199,827 | $ | 212,774 | $ | 50,040 | $ | 50,660 | $ | 172,907 | $ | 186,863 | ||||||||||||||||
Group life | 91 | 93 | 83,533 | (1) | 33,508 | 11,917 | 2,533 | 633,017 | 474,150 | |||||||||||||||||||||||
54,533 | 55,496 | $ | 283,360 | $ | 246,282 | 61,957 | 53,193 | $ | 805,924 | $ | 661,013 | |||||||||||||||||||||
Accident and health insurance policies | 36,339 | 36,994 | 30,538 | 32,371 | ||||||||||||||||||||||||||||
90,872 | 92,490 | 92,495 | 85,564 | |||||||||||||||||||||||||||||
Unearned premiums | 27,131 | 26,035 | 31,317 | 28,348 | ||||||||||||||||||||||||||||
Losses, claims and loss adjustment expenses | 79,147 | 81,448 | 87,478 | 87,484 | ||||||||||||||||||||||||||||
Other policy liabilities | 1,526 | 1,933 | 1,132 | 1,255 | ||||||||||||||||||||||||||||
Total insurance reserves and policyholder funds | $ | 198,676 | $ | 201,906 | $ | 212,422 | $ | 202,651 |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Balance at January 1 | $ | 81,448 | $ | 72,612 | $ | 87,484 | $ | 85,620 | ||||||||
Less: Reinsurance recoverable on unpaid losses | (18,339 | ) | (14,354 | ) | (17,647 | ) | (17,690 | ) | ||||||||
Net balance at January 1 | 63,109 | 58,258 | 69,837 | 67,930 | ||||||||||||
Incurred related to: | ||||||||||||||||
Current year | 122,626 | 137,305 | 113,246 | 125,754 | ||||||||||||
Prior years | (3,480 | )(1) | (80 | )(2) | 1,418 | (1) | (4,228 | )(2) | ||||||||
Total incurred | 119,146 | 137,225 | 114,664 | 121,526 | ||||||||||||
Paid related to: | ||||||||||||||||
Current year | 84,518 | 95,489 | 67,484 | 82,002 | ||||||||||||
Prior years | 36,190 | 36,885 | 44,217 | 37,617 | ||||||||||||
Total paid | 120,708 | 132,374 | 111,701 | 119,619 | ||||||||||||
Net balance at December 31 | 61,547 | 63,109 | 72,800 | 69,837 | ||||||||||||
Plus: Reinsurance recoverable on unpaid losses | 17,600 | 18,339 | 14,678 | 17,647 | ||||||||||||
Balance at December 31 | $ | 79,147 | $ | 81,448 | $ | 87,478 | $ | 87,484 |
(1) | Prior years’ development was primarily the result of |
(2) | Prior years’ development was primarily the result of favorable development in the Medicare supplement line of business in |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Total incurred losses | $ | 119,146 | $ | 137,225 | $ | 114,664 | $ | 121,526 | ||||||||
Cash surrender value and matured endowments | 1,198 | 1,362 | 1,323 | 1,598 | ||||||||||||
Benefit reserve changes | (468 | ) | 638 | 6,513 | 332 | |||||||||||
Total insurance benefits and losses incurred | $ | 119,876 | $ | 139,225 | $ | 122,500 | $ | 123,456 |
For the Years Ended December 31, | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
2011 | $ | 38,188 | $ | 38,296 | $ | 38,360 | $ | 38,327 | $ | 38,316 | $ | 38,302 | $ | 38,299 | $ | 38,297 | $ | 38,297 | $ | 38,297 | $ | — | 664,056 | |||||||||||||||||||||||||
2012 | 50,021 | 50,996 | 51,021 | 50,998 | 50,989 | 50,987 | 50,985 | 50,984 | 50,984 | — | 867,050 | |||||||||||||||||||||||||||||||||||||
2013 | 56,974 | 56,970 | 57,034 | 57,023 | 57,021 | 57,016 | 57,015 | 57,014 | — | 957,363 | ||||||||||||||||||||||||||||||||||||||
2014 | 57,179 | 56,938 | 56,981 | 56,981 | 56,976 | 56,977 | 56,976 | — | 939,478 | |||||||||||||||||||||||||||||||||||||||
2015 | 55,482 | 54,939 | 54,993 | 54,990 | 54,984 | 54,985 | — | 898,374 | ||||||||||||||||||||||||||||||||||||||||
2016 | 58,849 | 59,851 | 63,226 | 63,225 | 63,221 | — | 1,036,769 | |||||||||||||||||||||||||||||||||||||||||
2017 | 67,960 | 69,655 | 69,643 | 69,635 | — | 1,510,654 | ||||||||||||||||||||||||||||||||||||||||||
2018 | 79,140 | 80,404 | 80,361 | — | 1,782,982 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 88,765 | 87,028 | 172 | 2,242,156 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 75,857 | 12,728 | 1,620,697 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 634,358 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
2011 | $ | 31,720 | $ | 38,296 | $ | 38,360 | $ | 38,327 | $ | 38,316 | $ | 38,302 | $ | 38,299 | $ | 38,297 | $ | 38,297 | $ | 38,297 | ||||||||||||||||||||
2012 | 42,267 | 50,996 | 51,021 | 50,998 | 50,989 | 50,987 | 50,985 | 50,984 | 50,984 | |||||||||||||||||||||||||||||||
2013 | 47,770 | 56,970 | 57,034 | 57,023 | 57,021 | 57,016 | 57,015 | 57,014 | ||||||||||||||||||||||||||||||||
2014 | 48,024 | 56,938 | 56,981 | 56,981 | 56,976 | 56,977 | 56,976 | |||||||||||||||||||||||||||||||||
2015 | 45,430 | 54,876 | 54,993 | 54,990 | 54,984 | 54,985 | ||||||||||||||||||||||||||||||||||
2016 | 49,165 | 59,747 | 63,226 | 63,225 | 63,221 | |||||||||||||||||||||||||||||||||||
2017 | 57,696 | 69,517 | 69,643 | 69,635 | ||||||||||||||||||||||||||||||||||||
2018 | 66,565 | 80,222 | 80,361 | |||||||||||||||||||||||||||||||||||||
2019 | 72,333 | 86,856 | ||||||||||||||||||||||||||||||||||||||
2020 | 63,129 | |||||||||||||||||||||||||||||||||||||||
$ | 621,458 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 12,900 |
For the Years Ended December 31, | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||
2014 | $ | 57,179 | $ | 56,938 | $ | 56,981 | $ | 56,981 | $ | 56,976 | $ | 56,977 | $ | 56,976 | $ | 56,976 | $ | 56,976 | $ | 56,976 | $ | — | 940 | |||||||||||||||||||||||||
2015 | 55,482 | 54,939 | 54,993 | 54,990 | 54,984 | 54,985 | 54,985 | 54,985 | 54,985 | — | 898 | |||||||||||||||||||||||||||||||||||||
2016 | 58,849 | 59,851 | 63,226 | 63,225 | 63,221 | 63,221 | 63,221 | 63,221 | — | 1,037 | ||||||||||||||||||||||||||||||||||||||
2017 | 67,960 | 69,655 | 69,643 | 69,635 | 69,633 | 69,633 | 69,632 | — | 1,512 | |||||||||||||||||||||||||||||||||||||||
2018 | 79,140 | 80,404 | 80,361 | 80,357 | 80,351 | 80,348 | — | 2,052 | ||||||||||||||||||||||||||||||||||||||||
2019 | 88,765 | 87,028 | 86,988 | 86,986 | 86,980 | — | 2,246 | |||||||||||||||||||||||||||||||||||||||||
2020 | 75,857 | 75,715 | 75,730 | 75,730 | 14 | 1,853 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 65,267 | 61,579 | 61,785 | 52 | 1,771 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 58,777 | 56,047 | 239 | 2,103 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 48,367 | 11,979 | 1,864 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 654,071 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
2014 | $ | 48,024 | $ | 56,938 | $ | 56,981 | $ | 56,981 | $ | 56,976 | $ | 56,977 | $ | 56,976 | $ | 56,976 | $ | 56,976 | $ | 56,976 | ||||||||||||||||||||
2015 | 45,430 | 54,876 | 54,993 | 54,990 | 54,984 | 54,985 | 54,985 | 54,985 | 54,985 | |||||||||||||||||||||||||||||||
2016 | 49,165 | 59,747 | 63,226 | 63,225 | 63,221 | 63,221 | 63,221 | 63,221 | ||||||||||||||||||||||||||||||||
2017 | 57,696 | 69,517 | 69,643 | 69,635 | 69,633 | 69,633 | 69,633 | |||||||||||||||||||||||||||||||||
2018 | 66,565 | 80,222 | 80,361 | 80,355 | 80,351 | 80,348 | ||||||||||||||||||||||||||||||||||
2019 | 72,333 | 86,856 | 86,978 | 86,985 | 86,980 | |||||||||||||||||||||||||||||||||||
2020 | 63,129 | 75,527 | 75,710 | 75,715 | ||||||||||||||||||||||||||||||||||||
2021 | 50,197 | 61,350 | 61,733 | |||||||||||||||||||||||||||||||||||||
2022 | 46,111 | 55,808 | ||||||||||||||||||||||||||||||||||||||
2023 | 36,388 | |||||||||||||||||||||||||||||||||||||||
$ | 641,787 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 12,284 |
For the Years Ended December 31, | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
2011 | $ | 12,263 | $ | 13,802 | $ | 13,235 | $ | 13,289 | $ | 13,281 | $ | 13,495 | $ | 13,385 | $ | 13,330 | $ | 13,329 | $ | 13,328 | $ | — | 2,134 | |||||||||||||||||||||||||
2012 | 12,980 | 15,007 | 14,108 | 13,707 | 13,313 | 13,343 | 13,357 | 13,373 | 13,373 | — | 2,343 | |||||||||||||||||||||||||||||||||||||
2013 | 18,664 | 20,702 | 21,096 | 21,823 | 21,352 | 21,020 | 20,972 | 20,972 | — | 3,267 | ||||||||||||||||||||||||||||||||||||||
2014 | 20,812 | 21,881 | 22,041 | 22,353 | 21,682 | 22,080 | 22,100 | 48 | 3,544 | |||||||||||||||||||||||||||||||||||||||
2015 | 18,521 | 19,857 | 20,017 | 20,007 | 20,086 | 20,680 | 75 | 3,525 | ||||||||||||||||||||||||||||||||||||||||
2016 | 20,549 | 21,275 | 21,846 | 22,388 | 22,245 | 140 | 3,842 | |||||||||||||||||||||||||||||||||||||||||
2017 | 22,179 | 24,212 | 23,766 | 25,180 | 801 | 3,772 | ||||||||||||||||||||||||||||||||||||||||||
2018 | 24,284 | 25,682 | 27,338 | 2,072 | 3,578 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 25,241 | 24,045 | 3,117 | 3,479 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 22,416 | 12,187 | 2,183 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 211,677 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
2011 | $ | 4,205 | $ | 7,934 | $ | 9,858 | $ | 12,071 | $ | 13,039 | $ | 13,106 | $ | 13,199 | $ | 13,330 | $ | 13,329 | $ | 13,328 | ||||||||||||||||||||
2012 | 4,627 | 8,791 | 11,507 | 12,932 | 13,197 | 13,211 | 13,288 | 13,373 | 13,373 | |||||||||||||||||||||||||||||||
2013 | 5,144 | 12,193 | 16,782 | 19,407 | 20,382 | 20,982 | 20,972 | 20,972 | ||||||||||||||||||||||||||||||||
2014 | 6,822 | 13,807 | 17,554 | 20,177 | 20,878 | 21,735 | 21,813 | |||||||||||||||||||||||||||||||||
2015 | 6,226 | 11,878 | 14,938 | 17,612 | 19,557 | 20,234 | ||||||||||||||||||||||||||||||||||
2016 | 6,796 | 13,141 | 16,397 | 19,613 | 21,408 | |||||||||||||||||||||||||||||||||||
2017 | 7,401 | 16,317 | 20,221 | 22,778 | ||||||||||||||||||||||||||||||||||||
2018 | 6,989 | 15,647 | 21,121 | |||||||||||||||||||||||||||||||||||||
2019 | 7,305 | 14,694 | ||||||||||||||||||||||||||||||||||||||
2020 | 5,172 | |||||||||||||||||||||||||||||||||||||||
$ | 174,893 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 36,784 |
For the Years Ended December 31, | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||
2014 | $ | 20,812 | $ | 21,881 | $ | 22,041 | $ | 22,353 | $ | 21,682 | $ | 22,080 | $ | 22,100 | $ | 22,125 | $ | 22,165 | $ | 22,095 | $ | — | 3,560 | |||||||||||||||||||||||||
2015 | 18,521 | 19,857 | 20,017 | 20,007 | 20,086 | 20,680 | 20,849 | 20,955 | 21,021 | — | 3,537 | |||||||||||||||||||||||||||||||||||||
2016 | 20,549 | 21,275 | 21,846 | 22,388 | 22,245 | 22,310 | 22,448 | 22,448 | — | 3,862 | ||||||||||||||||||||||||||||||||||||||
2017 | 22,179 | 24,212 | 23,766 | 25,180 | 26,009 | 26,153 | 26,231 | 1 | 3,813 | |||||||||||||||||||||||||||||||||||||||
2018 | 24,284 | 25,682 | 27,338 | 30,013 | 30,464 | 31,135 | 323 | 3,651 | ||||||||||||||||||||||||||||||||||||||||
2019 | 25,241 | 24,045 | 25,724 | 28,042 | 28,513 | 397 | 3,606 | |||||||||||||||||||||||||||||||||||||||||
2020 | 22,416 | 16,442 | 20,137 | 21,164 | 1,010 | 2,517 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 25,887 | 21,172 | 24,957 | 1,899 | 2,774 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 28,860 | 27,293 | 3,093 | 2,845 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 33,266 | 16,714 | 2,558 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 258,123 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
2014 | $ | 6,822 | $ | 13,807 | $ | 17,554 | $ | 20,177 | $ | 20,878 | $ | 21,735 | $ | 21,813 | $ | 21,786 | $ | 21,958 | $ | 22,095 | ||||||||||||||||||||
2015 | 6,226 | 11,878 | 14,938 | 17,612 | 19,557 | 20,234 | 20,726 | 20,904 | 21,021 | |||||||||||||||||||||||||||||||
2016 | 6,796 | 13,141 | 16,397 | 19,613 | 21,408 | 21,809 | 22,448 | 22,448 | ||||||||||||||||||||||||||||||||
2017 | 7,401 | 16,317 | 20,221 | 22,778 | 25,023 | 25,712 | 26,222 | |||||||||||||||||||||||||||||||||
2018 | 6,989 | 15,647 | 21,121 | 24,662 | 27,671 | 29,201 | ||||||||||||||||||||||||||||||||||
2019 | 7,305 | 14,694 | 19,384 | 22,868 | 26,126 | |||||||||||||||||||||||||||||||||||
2020 | 5,172 | 9,941 | 14,693 | 18,133 | ||||||||||||||||||||||||||||||||||||
2021 | 6,242 | 13,918 | 19,230 | |||||||||||||||||||||||||||||||||||||
2022 | 7,023 | 18,010 | ||||||||||||||||||||||||||||||||||||||
2023 | 9,068 | |||||||||||||||||||||||||||||||||||||||
$ | 211,554 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 46,569 |
For the Years Ended December 31, | As of December 31, 2020 | For the Years Ended December 31, | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | |||||||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
2016 | $ | 6,877 | $ | 6,386 | $ | 6,352 | $ | 6,289 | $ | 6,289 | $ | — | 1,269 | |||||||||||||||||||||||||||||||||||||||||||
2017 | 6,257 | 5,933 | 5,857 | 5,860 | — | 1,324 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 7,805 | 7,530 | 7,447 | — | 1,452 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 8,526 | 8,026 | 2 | 1,485 | $ | 8,526 | $ | 8,026 | $ | 7,914 | $ | 7,881 | $ | 7,873 | $ | 1 | 1,495 | |||||||||||||||||||||||||||||||||||||||
2020 | 10,288 | 177 | 1,526 | 10,288 | 10,080 | 10,047 | 10,024 | 3 | 1,642 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 14,296 | 13,385 | 13,305 | 4 | 1,900 | |||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 10,962 | 10,648 | 33 | 1,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 6,460 | 96 | 1,401 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 37,910 | $ | 48,310 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||
Accident Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
2016 | $ | 5,804 | $ | 6,353 | $ | 6,349 | $ | 6,289 | $ | 6,289 | ||||||||||||||||||||||||||||||
2017 | 5,215 | 5,914 | 5,856 | 5,860 | ||||||||||||||||||||||||||||||||||||
2018 | 6,344 | 7,510 | 7,446 | |||||||||||||||||||||||||||||||||||||
2019 | 6,360 | 8,005 | $ | 6,360 | $ | 8,005 | $ | 7,906 | $ | 7,867 | $ | 7,866 | ||||||||||||||||||||||||||||
2020 | 8,347 | 8,347 | 9,952 | 10,008 | 9,992 | |||||||||||||||||||||||||||||||||||
2021 | 11,993 | 13,277 | 13,257 | |||||||||||||||||||||||||||||||||||||
2022 | 8,475 | 10,368 | ||||||||||||||||||||||||||||||||||||||
2023 | 5,397 | |||||||||||||||||||||||||||||||||||||||
$ | 35,947 | $ | 46,880 | |||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2016, net of reinsurance | 1 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 1,964 | Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 1,430 |
For the Years Ended December 31, | As of December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||||||||||
2011 | $ | 3,022 | $ | 1,723 | $ | 1,452 | $ | 1,338 | $ | 1,174 | $ | 1,242 | $ | 1,327 | $ | 1,335 | $ | 1,400 | $ | 1,534 | $ | 20 | 210 | |||||||||||||||||||||||||
2012 | 4,055 | 1,305 | 1,269 | 1,270 | 1,214 | 1,333 | 1,344 | 1,377 | 1,388 | 25 | 161 | |||||||||||||||||||||||||||||||||||||
2013 | 3,461 | 728 | 926 | 817 | 865 | 820 | 945 | 904 | 11 | 197 | ||||||||||||||||||||||||||||||||||||||
2014 | 3,744 | 501 | 557 | 476 | 406 | 497 | 523 | 6 | 194 | |||||||||||||||||||||||||||||||||||||||
2015 | 4,421 | 1,037 | 1,227 | 1,044 | 867 | 855 | — | 146 | ||||||||||||||||||||||||||||||||||||||||
2016 | 3,119 | 1,148 | 736 | 608 | 621 | 1 | 92 | |||||||||||||||||||||||||||||||||||||||||
2017 | 1,490 | 488 | 513 | 738 | 68 | 82 | ||||||||||||||||||||||||||||||||||||||||||
2018 | 1,656 | 333 | 198 | 40 | 75 | |||||||||||||||||||||||||||||||||||||||||||
2019 | 1,916 | 707 | 261 | 82 | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2,223 | 1,749 | 62 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 9,691 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||||||||||||||||
2011 | $ | 295 | $ | 412 | $ | 582 | $ | 835 | $ | 1,161 | $ | 1,169 | $ | 1,278 | $ | 1,285 | $ | 1,325 | $ | 1,426 | ||||||||||||||||||||
2012 | 371 | 707 | 847 | 1,034 | 1,113 | 1,219 | 1,260 | 1,269 | 1,280 | |||||||||||||||||||||||||||||||
2013 | 104 | 339 | 579 | 811 | 791 | 803 | 805 | 855 | ||||||||||||||||||||||||||||||||
2014 | 171 | 299 | 331 | 369 | 373 | 493 | 498 | |||||||||||||||||||||||||||||||||
2015 | 98 | 259 | 464 | 664 | 863 | 855 | ||||||||||||||||||||||||||||||||||
2016 | 116 | 203 | 568 | 608 | 617 | |||||||||||||||||||||||||||||||||||
2017 | 75 | 136 | 365 | 556 | ||||||||||||||||||||||||||||||||||||
2018 | 65 | 90 | 115 | |||||||||||||||||||||||||||||||||||||
2019 | 41 | 209 | ||||||||||||||||||||||||||||||||||||||
2020 | 208 | |||||||||||||||||||||||||||||||||||||||
$ | 6,619 | |||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2011, net of reinsurance | 343 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 3,415 |
For the Years Ended December 31, | As of December 31, 2020 | For the Years Ended December 31, | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | $ | 4,422 | $ | 4,786 | $ | 5,080 | $ | 5,092 | $ | 4,966 | $ | 5,031 | $ | 5,112 | $ | 5,111 | $ | 5,112 | $ | 5,163 | $ | 7 | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 4,979 | 4,767 | 5,396 | 5,345 | 4,869 | 4,880 | 4,892 | 4,925 | 4,944 | 2 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 3,060 | 2,007 | 2,743 | 2,947 | 2,866 | 2,809 | 2,765 | 2,757 | — | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 3,214 | 3,130 | 2,990 | 2,760 | 2,685 | 2,617 | 2,818 | 43 | 54 | $ | 3,744 | $ | 501 | $ | 557 | $ | 476 | $ | 406 | $ | 497 | $ | 523 | $ | 519 | $ | 511 | $ | 514 | $ | 2 | 207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 1,902 | 1,630 | 1,400 | 1,359 | 1,406 | 1,310 | 6 | 50 | 4,421 | 1,037 | 1,227 | 1,044 | 867 | 855 | 855 | 870 | 870 | — | 149 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 3,314 | 1,812 | 1,865 | 1,876 | 1,865 | — | 46 | 3,119 | 1,148 | 736 | 608 | 621 | 619 | 620 | 620 | — | 94 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 4,677 | 3,671 | 3,799 | 3,629 | 13 | 58 | 1,490 | 488 | 513 | 738 | 738 | 839 | 777 | — | 84 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 3,528 | 1,938 | 1,381 | 6 | 62 | 1,656 | 333 | 198 | 128 | 183 | 183 | — | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 2,130 | 657 | 128 | 30 | 1,916 | 707 | 455 | 515 | 909 | 117 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2,263 | 1,887 | 20 | 2,223 | 670 | 657 | 363 | (66 | ) | 89 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2,567 | 1,329 | 1,328 | 215 | 102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2,770 | 2,380 | 634 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2,887 | 1,906 | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 26,787 | $ | 10,831 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | $ | 1,031 | $ | 3,207 | $ | 4,622 | $ | 4,748 | $ | 4,939 | $ | 5,022 | $ | 5,109 | $ | 5,111 | $ | 5,112 | $ | 5,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2,257 | 4,581 | 4,856 | 5,331 | 4,869 | 4,880 | 4,878 | 4,916 | 4,934 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 323 | 1,010 | 1,369 | 2,763 | 2,789 | 2,749 | 2,765 | 2,757 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 1,331 | 2,327 | 2,727 | 2,739 | 2,664 | 2,593 | 2,562 | $ | 171 | $ | 299 | $ | 331 | $ | 369 | $ | 373 | $ | 493 | $ | 498 | $ | 502 | $ | 502 | $ | 505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 641 | 856 | 1,127 | 1,125 | 1,128 | 1,271 | 98 | 259 | 464 | 664 | 863 | 855 | 855 | 854 | 854 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 1,054 | 1,732 | 1,772 | 1,873 | 1,862 | 116 | 203 | 568 | 608 | 617 | 619 | 620 | 620 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 1,971 | 3,255 | 3,523 | 3,545 | 75 | 136 | 365 | 556 | 696 | 741 | 777 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 1,157 | 1,454 | 1,361 | 65 | 90 | 115 | 128 | 183 | 183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019 | 259 | 395 | 41 | 209 | 242 | 354 | 404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 97 | 208 | 385 | 462 | 539 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 364 | 646 | 813 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 402 | 1,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 23,901 | $ | 5,989 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2011, net of reinsurance | 54 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2014, net of reinsurance | All outstanding liabilities before 2014, net of reinsurance | 341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 2,940 | Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 5,183 |
For the Years Ended December 31, | As of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Incurred Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | IBNR Reserves | Cumulative Number of Reported Claims | ||||||||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||||
2014 | $ | 3,214 | $ | 3,130 | $ | 2,990 | $ | 2,760 | $ | 2,685 | $ | 2,617 | $ | 2,818 | $ | 2,782 | $ | 2,852 | $ | 2,592 | $ | 4 | 54 | |||||||||||||||||||||||||
2015 | 1,902 | 1,630 | 1,400 | 1,359 | 1,406 | 1,310 | 1,307 | 1,280 | 1,279 | — | 50 | |||||||||||||||||||||||||||||||||||||
2016 | 3,314 | 1,812 | 1,865 | 1,876 | 1,865 | 1,678 | 1,670 | 1,666 | — | 47 | ||||||||||||||||||||||||||||||||||||||
2017 | 4,677 | 3,671 | 3,799 | 3,629 | 3,514 | 3,440 | 3,448 | 8 | 67 | |||||||||||||||||||||||||||||||||||||||
2018 | 3,528 | 1,938 | 1,381 | 956 | 767 | 750 | — | 64 | ||||||||||||||||||||||||||||||||||||||||
2019 | 2,130 | 657 | 630 | 513 | 507 | 11 | 32 | |||||||||||||||||||||||||||||||||||||||||
2020 | 2,263 | 574 | 465 | 460 | — | 23 | ||||||||||||||||||||||||||||||||||||||||||
2021 | 2,936 | 1,455 | 1,497 | — | 35 | |||||||||||||||||||||||||||||||||||||||||||
2022 | 3,202 | 2,339 | 72 | 50 | ||||||||||||||||||||||||||||||||||||||||||||
2023 | 2,634 | 1,590 | 108 | |||||||||||||||||||||||||||||||||||||||||||||
$ | 17,172 |
Cumulative Paid Losses, Claims and Allocated Loss Adjustment Expenses, Net of Reinsurance | ||||||||||||||||||||||||||||||||||||||||
Accident Year | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||
2014 | $ | 1,331 | $ | 2,327 | $ | 2,727 | $ | 2,739 | $ | 2,664 | $ | 2,593 | $ | 2,562 | $ | 2,562 | $ | 2,568 | $ | 2,570 | ||||||||||||||||||||
2015 | 641 | 856 | 1,127 | 1,125 | 1,128 | 1,271 | 1,273 | 1,279 | 1,279 | |||||||||||||||||||||||||||||||
2016 | 1,054 | 1,732 | 1,772 | 1,873 | 1,862 | 1,677 | 1,670 | 1,666 | ||||||||||||||||||||||||||||||||
2017 | 1,971 | 3,255 | 3,523 | 3,545 | 3,442 | 3,402 | 3,400 | |||||||||||||||||||||||||||||||||
2018 | 1,157 | 1,454 | 1,361 | 941 | 760 | 749 | ||||||||||||||||||||||||||||||||||
2019 | 259 | 395 | 568 | 446 | 444 | |||||||||||||||||||||||||||||||||||
2020 | 97 | 460 | 464 | 459 | ||||||||||||||||||||||||||||||||||||
2021 | 156 | 803 | 1,496 | |||||||||||||||||||||||||||||||||||||
2022 | 970 | 2,191 | ||||||||||||||||||||||||||||||||||||||
2023 | 98 | |||||||||||||||||||||||||||||||||||||||
$ | 14,352 | |||||||||||||||||||||||||||||||||||||||
All outstanding liabilities before 2014, net of reinsurance | 33 | |||||||||||||||||||||||||||||||||||||||
Liabilities for losses, claims and loss adjustment expenses, net of reinsurance | $ | 2,853 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reserve Line | 1st Year | 2nd Year | 3rd Year | 4th Year | 5th Year | 6th Year | 7th Year | 8th Year | 9th Year | 10th Year | 1st Year | 2nd Year | 3rd Year | 4th Year | 5th Year | 6th Year | 7th Year | 8th Year | 9th Year | 10th Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Medicare Supplement | 83.0 | % | 16.9 | % | 0.1 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 81.9 | % | 17.1 | % | 0.2 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile Liability | 29.1 | % | 30.9 | % | 17.3 | % | 12.7 | % | 5.8 | % | 2.1 | % | 0.4 | % | 0.5 | % | 0.0 | % | 0.0 | % | 26.9 | % | 29.8 | % | 17.3 | % | 12.6 | % | 8.3 | % | 3.3 | % | 1.9 | % | 0.2 | % | 0.7 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
Automobile Physical Damage | 85.4 | % | 14.2 | % | -0.6 | % | -0.4 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 83.5 | % | 16.1 | % | -0.3 | % | -0.3 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | ||||||||||||||||||||||||||||||||||||||||
General Liability | 17.8 | % | 17.8 | % | 22.5 | % | 16.9 | % | 8.4 | % | 6.3 | % | 2.8 | % | 2.2 | % | 1.7 | % | 6.6 | % | 21.9 | % | 22.2 | % | 21.2 | % | 14.6 | % | 13.1 | % | 5.7 | % | 1.4 | % | 0.2 | % | 0.0 | % | 0.6 | % | ||||||||||||||||||||||||||||||||||||||||
Surety | 41.2 | % | 31.1 | % | 10.5 | % | 9.8 | % | -1.3 | % | 1.8 | % | 0.3 | % | 0.2 | % | 0.2 | % | 0.1 | % | 50.4 | % | 41.5 | % | 14.5 | % | -10.6 | % | -5.1 | % | -1.1 | % | -0.4 | % | 0.1 | % | 0.1 | % | 0.1 | % |
December 31, 2020 | December 31, 2023 | |||||||
Net outstanding liabilities | ||||||||
Medicare Supplement | $ | 12,900 | $ | 12,284 | ||||
Automobile Liability | 36,784 | 46,569 | ||||||
Automobile Physical Damage | 1,964 | 1,430 | ||||||
General Liability | 3,415 | 5,183 | ||||||
Surety | 2,940 | 2,853 | ||||||
Other short-duration insurance lines | 1,666 | 2,391 | ||||||
Liabilities for unpaid losses, claims and loss adjustment expenses, net of reinsurance | 59,669 | 70,710 | ||||||
Reinsurance recoverable on unpaid losses: | ||||||||
Medicare Supplement | 8,975 | 8,263 | ||||||
Automobile Liability | 6,260 | 3,870 | ||||||
Automobile Physical Damage | 3 | 303 | ||||||
General Liability | 2,362 | 2,242 | ||||||
Other short-duration insurance lines | — | |||||||
Total reinsurance recoverable on unpaid losses | 17,600 | 14,678 | ||||||
Unallocated claims adjustment expenses | 1,878 | 2,090 | ||||||
Total gross liability for unpaid losses, claims and loss adjustment expenses | $ | 79,147 | $ | 87,478 |
Note | Reinsurance |
For the Year Ended December 31, 2023 | ||||||||||||||||||||
2020 | 2019 | American Southern | Bankers Fidelity | Total | ||||||||||||||||
Direct premiums written | $ | 239,687 | $ | 237,973 | $ | 49,580 | $ | 166,093 | $ | 215,673 | ||||||||||
Assumed premiums written | 23,253 | 23,275 | 27,987 | 29 | 28,016 | |||||||||||||||
Ceded premiums written | (77,622 | ) | (77,750 | ) | (5,902 | ) | (55,933 | ) | (61,835 | ) | ||||||||||
Net premiums written | $ | 185,318 | $ | 183,498 | $ | 71,665 | $ | 110,189 | $ | 181,854 | ||||||||||
Direct premiums earned | $ | 238,209 | $ | 237,361 | $ | 46,349 | $ | 166,368 | $ | 212,717 | ||||||||||
Assumed premiums earned | 23,144 | 22,345 | 27,996 | 7 | 28,003 | |||||||||||||||
Ceded premiums earned | (77,814 | ) | (77,781 | ) | (5,902 | ) | (55,993 | ) | (61,895 | ) | ||||||||||
Net premiums earned | $ | 183,539 | $ | 181,925 | $ | 68,443 | $ | 110,382 | $ | 178,825 | ||||||||||
Provision for benefits and losses incurred | $ | 175,825 | $ | 206,390 | $ | 52,899 | $ | 110,995 | $ | 163,894 | ||||||||||
Reinsurance loss recoveries | (55,949 | ) | (67,165 | ) | (1,884 | ) | (39,510 | ) | (41,394 | ) | ||||||||||
Insurance benefits and losses incurred | $ | 119,876 | $ | 139,225 | $ | 51,015 | $ | 71,485 | $ | 122,500 |
For the Year Ended December 31, 2022 | ||||||||||||
American Southern | Bankers Fidelity | Total | ||||||||||
Direct premiums written | $ | 52,404 | $ | 176,119 | $ | 228,523 | ||||||
Assumed premiums written | 26,814 | 9 | 26,823 | |||||||||
Ceded premiums written | (6,547 | ) | (61,701 | ) | (68,248 | ) | ||||||
Net premiums written | $ | 72,671 | $ | 114,427 | $ | 187,098 | ||||||
Direct premiums earned | $ | 51,844 | $ | 176,995 | $ | 228,839 | ||||||
Assumed premiums earned | 24,978 | 8 | 24,986 | |||||||||
Ceded premiums earned | (6,546 | ) | (61,839 | ) | (68,385 | ) | ||||||
Net premiums earned | $ | 70,276 | $ | 115,164 | $ | 185,440 | ||||||
Provision for benefits and losses incurred | $ | 49,568 | $ | 124,478 | $ | 174,046 | ||||||
Reinsurance loss recoveries | (2,393 | ) | (48,197 | ) | (50,590 | ) | ||||||
Insurance benefits and losses incurred | $ | 47,175 | $ | 76,281 | $ | 123,456 |
2020 | 2019 | |||||||
Recoverable on unpaid losses | $ | 17,600 | $ | 18,339 | ||||
Recoverable on unpaid benefits | 9,832 | 10,772 | ||||||
Recoverable on paid losses | 447 | 1,538 | ||||||
Ceded unearned premiums | 963 | 1,155 | ||||||
Ceded advanced premiums | 244 | 331 | ||||||
Total reinsurance receivables | $ | 29,086 | $ | 32,135 |
December 31, 2023 | ||||||||||||
American Southern | Bankers Fidelity | Total | ||||||||||
Recoverable on unpaid losses, net of allowance | $ | 6,415 | $ | 8,263 | $ | 14,678 | ||||||
Recoverable on unpaid benefits | — | 5,470 | 5,470 | |||||||||
Recoverable on paid losses | — | 108 | 108 | |||||||||
Ceded unearned premiums | — | 621 | 621 | |||||||||
Ceded advanced premiums | — | 226 | 226 | |||||||||
Total reinsurance receivables | $ | 6,415 | $ | 14,688 | $ | 21,103 |
December 31, 2022 | ||||||||||||
American Southern | Bankers Fidelity | Total | ||||||||||
Recoverable on unpaid losses | $ | 8,265 | $ | 9,382 | $ | 17,647 | ||||||
Recoverable on unpaid benefits | — | 6,788 | 6,788 | |||||||||
Recoverable on paid losses | — | 618 | 618 | |||||||||
Ceded unearned premiums | — | 681 | 681 | |||||||||
Ceded advanced premiums | — | 179 | 179 | |||||||||
Total reinsurance receivables | $ | 8,265 | $ | 17,648 | $ | 25,913 |
Note | Income Taxes |
2020 | 2019 | |||||||
Total tax expense (benefit) on income | $ | 3,334 | $ | (21 | ) | |||
Tax expense on components of shareholders’ equity: | ||||||||
Net unrealized gains on investment securities | 3,865 | 4,783 | ||||||
Total tax expense | $ | 7,199 | $ | 4,762 |
2023 | 2022 | |||||||
Total tax expense (benefit) on income | $ | (394 | ) | $ | 571 | |||
Tax expense (benefit) on components of shareholders’ equity: | ||||||||
Net unrealized income (losses) on investment securities | 1,602 | (10,589 | ) | |||||
Total tax expense (benefit) | $ | 1,208 | $ | (10,018 | ) |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Federal income tax provision | $ | 3,256 | $ | (86 | ) | |||||||||||
Federal income tax provision at the statutory rate | $ | (119 | ) | $ | 440 | |||||||||||
Statutory rate | 21 | % | 21 | % | 21 | % | 21 | % | ||||||||
Dividends-received deduction | (12 | ) | (23 | ) | (24 | ) | (24 | ) | ||||||||
Meals & entertainment | 20 | 55 | ||||||||||||||
Vested stock & club dues | 36 | 37 | ||||||||||||||
Meals and entertainment | 15 | 61 | ||||||||||||||
Vested stock and club dues | 16 | 14 | ||||||||||||||
Parking disallowance | 16 | 17 | 17 | 17 | ||||||||||||
Penalties and fines | — | 149 | ||||||||||||||
Adjustment for prior years’ estimates to actual | 18 | (21 | ) | (299 | ) | (86 | ) | |||||||||
Income tax expense (benefit) | $ | 3,334 | $ | (21 | ) | $ | (394 | ) | $ | 571 | ||||||
Effective tax rate | 21.5 | % | 5.2 | % | 69.7 | % | 27.2 | % |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Deferred acquisition costs | $ | 4,666 | $ | 2,540 | $ | 8,808 | $ | 7,953 | ||||||||
Net unrealized investment losses | 3,342 | 4,489 | ||||||||||||||
Insurance reserves | 2,682 | 3,323 | 2,898 | 1,597 | ||||||||||||
Impaired assets | 822 | 822 | 791 | 791 | ||||||||||||
Bad debts and other | 326 | 319 | 337 | 252 | ||||||||||||
Net operating loss | 559 | — | ||||||||||||||
Total deferred tax assets | 8,496 | 7,004 | 16,735 | 15,082 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Deferred and uncollected premiums | $ | (409 | ) | $ | (328 | ) | $ | (1,053 | ) | $ | (835 | ) | ||||
Net unrealized investment gains | (9,235 | ) | (6,090 | ) | — | — | ||||||||||
Other | (153 | ) | (272 | ) | — | (84 | ) | |||||||||
Total deferred tax liabilities | (9,797 | ) | (6,690 | ) | (1,053 | ) | (919 | ) | ||||||||
Net deferred tax (liability) asset | $ | (1,301 | ) | $ | 314 | |||||||||||
Net deferred tax asset | $ | 15,682 | $ | 14,163 |
2020 | 2019 | 2023 | 2022 | |||||||||||||
Current – Federal | $ | 5,584 | $ | 892 | $ | 2,727 | $ | 2,390 | ||||||||
Deferred – Federal | (2,250 | ) | (913 | ) | (3,121 | ) | (1,819 | ) | ||||||||
Total | $ | 3,334 | $ | (21 | ) | $ | (394 | ) | $ | 571 |
Note |
Atlantic American Statutory Trust I | Atlantic American Statutory Trust II | Atlantic American Statutory Trust I | Atlantic American Statutory Trust II | |||||||||||||||
JUNIOR SUBORDINATED DEBENTURES(1)(2) | ||||||||||||||||||
Balance December 31, 2020 | $ | 18,042 | $ | 23,196 | ||||||||||||||
Balance December 31, 2023 | $ | 18,042 | $ | 23,196 | ||||||||||||||
Less: Treasury debt(3) | — | (7,500 | ) | — | (7,500 | ) | ||||||||||||
Net balance December 31, 2020 | $ | 18,042 | $ | 15,696 | ||||||||||||||
Net balance December 31, 2019 | $ | 18,042 | $ | 15,696 | ||||||||||||||
Net balance December 31, 2023 | $ | 18,042 | $ | 15,696 | ||||||||||||||
Net balance December 31, 2022 | $ | 18,042 | $ | 15,696 | ||||||||||||||
Coupon rate | LIBOR + 4.00% | LIBOR + 4.10% | 3-Month SOFR + 0.26161 spread adj + 4.00% | 3-Month SOFR + 0.26161 spread adj + 4.10% | ||||||||||||||
Interest payable | Quarterly | Quarterly | Quarterly | Quarterly | ||||||||||||||
Maturity date | December 4, 2032 | May 15, 2033 | December 4, 2032 | May 15, 2033 | ||||||||||||||
Redeemable by issuer | Yes | Yes | Yes | Yes | ||||||||||||||
TRUST PREFERRED SECURITIES | ||||||||||||||||||
Issuance date | December 4, 2002 | May 15, 2003 | December 4, 2002 | May 15, 2003 | ||||||||||||||
Securities issued | 17,500 | 22,500 | 17,500 | 22,500 | ||||||||||||||
Liquidation preference per security | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||
Liquidation value | $ | 17,500 | $ | 22,500 | $ | 17,500 | $ | 22,500 | ||||||||||
Coupon rate | LIBOR + 4.00% | LIBOR + 4.10% | 3-Month SOFR + 0.26161 spread adj + 4.00% | 3-Month SOFR + 0.26161 spread adj + 4.10% | ||||||||||||||
Distribution payable | Quarterly | Quarterly | Quarterly | Quarterly | ||||||||||||||
Distribution guaranteed by(4) | Atlantic American Corporation | Atlantic American Corporation | Atlantic American Corporation | Atlantic American Corporation |
(1) | For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. |
(2) | The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. |
(3) | In 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. |
(4) | The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation. |
Note | Leases |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||||||||||
Other information on operating leases: | ||||||||||||||||
Cash payments included in the measurement of lease liabilities reported in operating cash flows | $ | 978 | 815 | $ | 1,048 | 1,031 | ||||||||||
Right-of-use assets included in other assets on the consolidated balance sheet | 4,832 | 5,476 | 2,614 | 3,405 | ||||||||||||
Weighted average discount rate | 6.8 | % | 6.8 | % | 6.8 | % | 6.8 | % | ||||||||
Weighted average remaining lease term in years | 5.9 years | 6.9 years | 2.9 years | 3.9 years |
Lease Liability | Lease Liability | |||||||
2021 | $ | 1,015 | ||||||
2022 | 1,031 | |||||||
2023 | 1,048 | |||||||
2024 | 1,065 | $ | 1,065 | |||||
2025 | 1,083 | 1,083 | ||||||
2026 | 942 | |||||||
Thereafter | 942 | — | ||||||
Total undiscounted lease payments | 6,184 | 3,090 | ||||||
Less: present value adjustment | 1,116 | 293 | ||||||
Operating lease liability included in accounts payable and accrued expenses on the consolidated balance sheet | $ | 5,068 | $ | 2,797 |
Note | Benefit Plans |
Note | Preferred Stock |
Note | Earnings |
For the Year Ended December 31, 2020 | ||||||||||||
Income | Weighted Average Shares Outstanding (In thousands) | Per Share Amount | ||||||||||
Basic Earnings Per Common Share | ||||||||||||
Net income before preferred stock dividends | $ | 12,169 | 20,441 | - | ||||||||
Less preferred stock dividends | (399 | ) | — | |||||||||
Net income applicable to common shareholders | 11,770 | 20,441 | 0.58 | |||||||||
Diluted Earnings Per Common Share: | ||||||||||||
Effect of Series D preferred stock | 399 | 1,378 | ||||||||||
Net income applicable to common shareholders | $ | 12,169 | 21,819 | $ | 0.56 |
For the Year Ended December 31, 2023 | ||||||||||||
Income | Weighted Average Shares Outstanding (In thousands) | Per Share Amount | ||||||||||
Basic and Diluted Loss Per Common Share | ||||||||||||
Net loss before preferred stock dividends | $ | (171 | ) | 20,404 | - | |||||||
Less preferred stock dividends | (399 | ) | — | |||||||||
Net loss applicable to common shareholders | $ | (570 | ) | 20,404 | $ | (0.03 | ) |
For the Year Ended December 31, 2019 | ||||||||||||
Loss | Weighted Average Shares Outstanding (In thousands) | Per Share Amount | ||||||||||
Basic and Diluted Loss Per Common Share | ||||||||||||
Net loss before preferred stock dividends | $ | (386 | ) | 20,258 | - | |||||||
Less preferred stock dividends | (399 | ) | — | |||||||||
Net loss applicable to common shareholders | $ | (785 | ) | 20,258 | $ | (.04 | ) |
For the Year Ended December 31, 2022 | ||||||||||||
Income | Weighted Average Shares Outstanding (In thousands) | Per Share Amount | ||||||||||
Basic and Diluted Earnings Per Common Share | ||||||||||||
Net income before preferred stock dividends | $ | 1,525 | 20,390 | - | ||||||||
Less preferred stock dividends | (399 | ) | — | |||||||||
Net income applicable to common shareholders | $ | 1,126 | 20,390 | $ | 0.06 |
Note | Statutory Reporting |
2020 | 2019 | |||||||
Bankers Fidelity, net income (loss) | $ | 7,712 | $ | (9,509 | ) | |||
American Southern, net income | 8,575 | 4,778 | ||||||
Statutory net income (loss) | $ | 16,287 | $ | (4,731 | ) | |||
Bankers Fidelity, surplus | $ | 42,326 | $ | 35,546 | ||||
American Southern, surplus | 50,194 | 45,827 | ||||||
Statutory surplus | $ | 92,520 | $ | 81,373 |
2023 | 2022 | |||||||
Bankers Fidelity, net income | $ | 7,017 | $ | 3,865 | ||||
American Southern, net income | 3,964 | 5,743 | ||||||
Statutory net income | $ | 10,981 | $ | 9,608 | ||||
Bankers Fidelity, capital and surplus | $ | 38,299 | $ | 36,672 | ||||
American Southern, capital and surplus | 51,774 | 53,023 | ||||||
Statutory capital and surplus | $ | 90,073 | $ | 89,695 |
Note | Related Party Transactions |
Note | Segment Information |
For the Year Ended December 31, 2020 | For the Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||
American Southern | Bankers Fidelity | Corporate & Other | Adjustments & Eliminations | Consolidated | American Southern | Bankers Fidelity | Corporate & Other | Adjustments & Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Insurance premiums, net | $ | 62,372 | $ | 121,167 | $ | — | $ | — | $ | 183,539 | $ | 68,443 | $ | 110,382 | $ | — | $ | — | $ | 178,825 | ||||||||||||||||||||
Insurance benefits and losses incurred | 39,339 | 80,537 | — | — | 119,876 | 51,015 | 71,485 | — | — | 122,500 | ||||||||||||||||||||||||||||||
Expenses deferred | (9,910 | ) | (10,233 | ) | — | — | (20,143 | ) | (8,689 | ) | (9,320 | ) | — | — | (18,009 | ) | ||||||||||||||||||||||||
Amortization and depreciation expense | 9,772 | 10,007 | 594 | — | 20,373 | 8,389 | 8,050 | 509 | — | 16,948 | ||||||||||||||||||||||||||||||
Other expenses | 19,542 | 34,403 | 14,526 | (8,732 | ) | 59,739 | 17,046 | 39,262 | 21,875 | (12,264 | ) | 65,919 | ||||||||||||||||||||||||||||
Total expenses | 58,743 | 114,714 | 15,120 | (8,732 | ) | 179,845 | 67,761 | 109,477 | 22,384 | (12,264 | ) | 187,358 | ||||||||||||||||||||||||||||
Underwriting income | 3,629 | 6,453 | - | - | 10,082 | 682 | 905 | — | — | 1,587 | ||||||||||||||||||||||||||||||
Net investment income | 3,586 | 4,971 | 1,174 | (1,987 | ) | 7,744 | ||||||||||||||||||||||||||||||||||
Other income | 37 | 11 | 6,773 | (6,745 | ) | 76 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 7,252 | 11,435 | (7,173 | ) | — | 11,514 | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | 4,507 | 5,755 | 3,325 | (3,529 | ) | 10,058 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 7 | 7 | 8,738 | (8,735 | ) | 17 | ||||||||||||||||||||||||||||||||||
Subtotal | 5,196 | 6,667 | (10,321 | ) | — | 1,542 | ||||||||||||||||||||||||||||||||||
Net realized gains | 3,389 | 4,031 | — | — | 7,420 | — | 70 | — | — | 70 | ||||||||||||||||||||||||||||||
Unrealized losses on equity securities | (205 | ) | (3,036 | ) | (190 | ) | — | (3,431 | ) | (111 | ) | (2,015 | ) | (51 | ) | — | (2,177 | ) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 10,436 | $ | 12,430 | $ | (7,363 | ) | $ | — | $ | 15,503 | $ | 5,085 | $ | 4,722 | $ | (10,372 | ) | $ | — | $ | (565 | ) | |||||||||||||||||
Total revenues | $ | 69,179 | $ | 127,144 | $ | 7,757 | $ | (8,732 | ) | $ | 195,348 | $ | 72,846 | $ | 114,199 | $ | 12,012 | $ | (12,264 | ) | $ | 186,793 | ||||||||||||||||||
Intangibles | $ | 1,350 | $ | 1,194 | $ | — | $ | — | $ | 2,544 | $ | 1,350 | $ | 1,194 | $ | — | $ | — | $ | 2,544 | ||||||||||||||||||||
Total assets | $ | 158,808 | $ | 236,197 | $ | 183,178 | $ | (172,996 | ) | $ | 405,187 | $ | 149,236 | $ | 203,079 | $ | 146,585 | $ | (117,635 | ) | $ | 381,265 |
For the Year Ended December 31, 2019 | For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||
American Southern | Bankers Fidelity | Corporate & Other | Adjustments & Eliminations | Consolidated | American Southern | Bankers Fidelity | Corporate & Other | Adjustments & Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Insurance premiums, net | $ | 58,680 | $ | 123,245 | $ | — | $ | — | $ | 181,925 | $ | 70,276 | $ | 115,164 | $ | — | $ | — | $ | 185,440 | ||||||||||||||||||||
Insurance benefits and losses incurred | 39,541 | 99,684 | — | — | 139,225 | 47,175 | 76,281 | — | — | 123,456 | ||||||||||||||||||||||||||||||
Expenses deferred | (8,761 | ) | (10,294 | ) | — | — | (19,055 | ) | (10,161 | ) | (12,867 | ) | — | — | (23,028 | ) | ||||||||||||||||||||||||
Amortization and depreciation expense | 9,024 | 8,709 | 551 | — | 18,284 | 10,240 | 9,452 | 498 | — | 20,190 | ||||||||||||||||||||||||||||||
Other expenses | 16,869 | 37,158 | 15,939 | (9,834 | ) | 60,132 | 20,082 | 37,337 | 17,432 | (9,714 | ) | 65,137 | ||||||||||||||||||||||||||||
Total expenses | 56,673 | 135,257 | 16,490 | (9,834 | ) | 198,586 | 67,336 | 110,203 | 17,930 | (9,714 | ) | 185,755 | ||||||||||||||||||||||||||||
Underwriting income (loss) | 2,007 | (12,012 | ) | - | - | (10,005 | ) | |||||||||||||||||||||||||||||||||
Net investment income | 3,689 | 5,317 | 2,597 | (2,624 | ) | 8,979 | ||||||||||||||||||||||||||||||||||
Other income | 75 | 18 | 7,307 | (7,210 | ) | 190 | ||||||||||||||||||||||||||||||||||
Operating income (loss) | 5,771 | (6,677 | ) | (6,586 | ) | — | (7,492 | ) | ||||||||||||||||||||||||||||||||
Underwriting income | 2,940 | 4,961 | — | — | 7,901 | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | 4,147 | 5,414 | 2,461 | (2,090 | ) | 9,932 | ||||||||||||||||||||||||||||||||||
Other income (loss) | 3 | 8 | 7,624 | (7,624 | ) | 11 | ||||||||||||||||||||||||||||||||||
Subtotal | 7,090 | 10,383 | (7,845 | ) | — | 9,628 | ||||||||||||||||||||||||||||||||||
Net realized gains (losses) | (386 | ) | 840 | 1,120 | — | 1,574 | (28 | ) | 58 | — | — | 30 | ||||||||||||||||||||||||||||
Unrealized gains on equity securities | 344 | 2,191 | 2,976 | — | 5,511 | |||||||||||||||||||||||||||||||||||
Unrealized losses on equity securities | (449 | ) | (6,629 | ) | (484 | ) | — | (7,562 | ) | |||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 5,729 | $ | (3,646 | ) | $ | (2,490 | ) | $ | — | $ | (407 | ) | $ | 6,613 | $ | 3,812 | $ | (8,329 | ) | $ | — | $ | 2,096 | ||||||||||||||||
Total revenues | $ | 62,402 | $ | 131,611 | $ | 14,000 | $ | (9,834 | ) | $ | 198,179 | $ | 73,949 | $ | 114,015 | $ | 9,601 | $ | (9,714 | ) | $ | 187,851 | ||||||||||||||||||
Intangibles | $ | 1,350 | $ | 1,194 | $ | — | $ | — | $ | 2,544 | $ | 1,350 | $ | 1,194 | $ | — | $ | — | $ | 2,544 | ||||||||||||||||||||
Total assets | $ | 141,524 | $ | 224,122 | $ | 154,687 | $ | (142,707 | ) | $ | 377,626 | $ | 144,455 | $ | 195,028 | $ | 140,661 | $ | (113,080 | ) | $ | 367,064 |
Note | Commitments and Contingencies |
Note | Subsequent Events |
Item 9A. |
Item 9B. | Other Information |
Plan Category | Number of Securities to Be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in the First Column) | ||||||||||||
Equity compensation plans approved by security holders | — | $ | — | 2,960,000 | |||||||||||
Equity compensation plans not approved by security holders(1) | — | — | — | ||||||||||||
Total | — | $ | — | 2,960,000 |
(1) | All of the Company’s equity compensation plans have been approved by the Company’s shareholders. |
(a) | List of documents filed as part of this report: |
1. | Financial Statements: |
2. | Financial Statement Schedules: |
3. | Exhibits *: |
Restated Articles of Incorporation of the registrant, as amended [incorporated by reference to Exhibit 3.1 to the registrant’s Form 10-K for the year ended December 31, 2008]. | ||
Restated Bylaws of the registrant, as amended [incorporated by reference to Exhibit 3.1 to the registrant’s Form 8-K filed on March 4, 2016]. | ||
Description of the registrant’s common stock registered pursuant to section 12 of the Securities Exchange Act of 1934 [incorporated by reference to Exhibit 4.1 to the registrant’s Form 10-K filed on March 24, 2020]. | ||
10.01 | Management Agreement, dated July 1, 1993, between the registrant and Atlantic American Life Insurance Company and Bankers Fidelity Life Insurance Company [incorporated by reference to Exhibit 10.41 to the registrant’s Form 10-Q for the quarter ended September 30, 1993]. | |
Tax Allocation Agreement, dated as of January 4, 2016, between the registrant and the registrant’s subsidiaries [incorporated by reference to Exhibit 10.02 to the registrant’s Form 10-K for the year ended December 31, 2017]. | ||
Atlantic American Corporation 2012 Nonqualified Stock Purchase Plan [incorporated by reference to Exhibit 99.1 to the registrant’s Form S-8 (File No. 333-183207) filed on August 10, 2012]. | ||
Atlantic American Corporation 2012 Equity Incentive Plan [incorporated by reference to Exhibit 10.1 to the registrant’s Form 10-Q for the quarter ended March 31, 2013]. | ||
Lease Agreement, dated as of November 1, 2007, between Georgia Casualty & Surety Company, Bankers Fidelity Life Insurance Company, Atlantic American Corporation and Delta Life Insurance Company [incorporated by reference to Exhibit 10.10 to the registrant’s Form 10-K for the year ended December 31, 2007]. | ||
First Amendment to Lease Agreement, dated as of March 31, 2008, between Georgia Casualty & Surety Company, Bankers Fidelity Life Insurance Company, Atlantic American Corporation and Delta Life Insurance Company [incorporated by reference to Exhibit 10.2 to the registrant’s Form 10-Q for the quarter ended March 31, 2008]. | ||
10.07 | Assignment and | |
10.09 | Revolving Credit Agreement, dated as of May 12, 2021, by and between Atlantic American Corporation and Truist Bank [incorporated by reference to Exhibit | |
10.10** | Atlantic American Corporation 2022 Equity and Incentive Compensation Plan [incorporated by reference to Exhibit 10.1 to the registrant’s Form 8-K filed on May 31, 2022]. | |
Code of Business Conduct and Ethics [incorporated by reference to Exhibit 14.1 to the registrant’s Form 10-K for the year ended December 31, 2003]. | ||
Subsidiaries of the registrant [incorporated by reference to Exhibit 21.1 to the registrant’s Form 10-K for the year ended December 31, 2015]. | ||
Consent of | ||
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
97.1 | Atlantic American Corporation Compensation Clawback Policy | |
101.INS | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). | |
101.SCH | Inline XBRL Taxonomy Extension Schema. | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase. | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase. | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | |
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). |
* | The registrant agrees to furnish to the Commission upon request a copy of any instruments defining the rights of security holders of the registrant that may be omitted from filing in accordance with the Commission’s rules and regulations. |
** | Management contract, compensatory plan or |
ATLANTIC AMERICAN CORPORATION | ||
(Registrant) | ||
By: | /s/ J. Ross Franklin | |
J. Ross Franklin | ||
Vice President and Chief Financial Officer | ||
Date: |
Signature | Title | Date | ||||
/s/ Hilton H. Howell, Jr. | President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer) | April 1, 2024 | ||||
HILTON H. HOWELL, JR. | ||||||
/s/ J. Ross Franklin | Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | April 1, 2024 | ||||
J. ROSS FRANKLIN | ||||||
/s/ Robin R. Howell | Director | April 1, 2024 | ||||
ROBIN R. HOWELL | ||||||
/s/ Mark E. Preisinger | Director | April 1, 2024 | ||||
MARK E. PREISINGER | ||||||
/s/ Joseph M. Scheerer | Director | April 1, 2024 | ||||
JOSEPH M. SCHEERER | ||||||
/s/ Scott G. Thompson | Director | April 1, 2024 | ||||
SCOTT G. THOMPSON | ||||||
/s/ D. Keehln Wheeler | Director | April 1, 2024 | ||||
D. KEEHLN WHEELER |
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2023 | 2022 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Cash and cash equivalents | $ | 2,090 | $ | 2,068 | $ | 2,774 | $ | 2,680 | ||||||||
Investments | 2,598 | 3,267 | 1,930 | 2,278 | ||||||||||||
Investment in subsidiaries | 172,996 | 142,707 | 117,637 | 113,079 | ||||||||||||
Investments in unconsolidated trusts | 1,238 | 1,238 | 1,238 | 1,238 | ||||||||||||
Deferred tax asset, net | 15,682 | 14,163 | ||||||||||||||
Income taxes receivable from subsidiaries | 1,683 | 2,304 | 1,988 | 1,951 | ||||||||||||
Other assets | 4,311 | 5,126 | 6,733 | 6,681 | ||||||||||||
Total assets | $ | 184,916 | $ | 156,710 | $ | 147,982 | $ | 142,070 | ||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||
Deferred tax liability, net | $ | 1,765 | $ | 346 | ||||||||||||
Other payables | 4,353 | 4,232 | $ | 3,949 | $ | 4,130 | ||||||||||
Revolving credit facility | 3,019 | 2,009 | ||||||||||||||
Junior subordinated debentures | 33,738 | 33,738 | 33,738 | 33,738 | ||||||||||||
Total liabilities | 39,856 | 38,316 | 40,706 | 39,877 | ||||||||||||
Shareholders’ equity | 145,060 | 118,394 | 107,276 | 102,193 | ||||||||||||
Total liabilities and shareholders’ equity | $ | 184,916 | $ | 156,710 | $ | 147,982 | $ | 142,070 |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
REVENUE | ||||||||
Fee income from subsidiaries | $ | 6,745 | $ | 7,210 | ||||
Distributed earnings from subsidiaries | 3,900 | 4,800 | ||||||
Unrealized gains (losses) on equity securities, net | (191 | ) | 2,976 | |||||
Other | (784 | ) | 1,190 | |||||
Total revenue | 9,670 | 16,176 | ||||||
GENERAL AND ADMINISTRATIVE EXPENSES | 11,521 | 11,731 | ||||||
INTEREST EXPENSE | 1,610 | 2,130 | ||||||
(3,461 | ) | 2,315 | ||||||
INCOME TAX BENEFIT(1) | (3,623 | ) | (2,035 | ) | ||||
162 | 4,350 | |||||||
EQUITY IN UNDISTRIBUTED EARNINGS (LOSS) OF SUBSIDIARIES, NET | 12,007 | (4,736 | ) | |||||
NET INCOME (LOSS) | $ | 12,169 | $ | (386 | ) |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Revenue | ||||||||
Fee income from subsidiaries | $ | 8,738 | $ | 7,624 | ||||
Distributed earnings from subsidiaries | 8,400 | 7,200 | ||||||
Unrealized losses on equity securities, net | (51 | ) | (484 | ) | ||||
Other | (455 | ) | 93 | |||||
Total revenue | 16,632 | 14,433 | ||||||
General and administrative expenses | 15,336 | 13,583 | ||||||
Interest expense | 3,269 | 1,952 | ||||||
(1,973 | ) | (1,102 | ) | |||||
Income tax benefit(1) | (4,802 | ) | (3,934 | ) | ||||
2,829 | 2,832 | |||||||
Equity in undistributed earnings of subsidiaries, net | (3,000 | ) | (1,307 | ) | ||||
Net income (loss) | $ | (171 | ) | $ | 1,525 |
(1) | Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company. |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands) | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net Income (loss) | $ | 12,169 | $ | (386 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Realized investment gains, net | — | (1,120 | ) | |||||
Unrealized losses (gains) on equity securities, net | 191 | (2,976 | ) | |||||
Depreciation and amortization | 594 | 552 | ||||||
Compensation expense related to share awards | 437 | 353 | ||||||
Distributions received from equity method investees | — | 51 | ||||||
Equity in undistributed (earnings) loss of subsidiaries, net | (12,007 | ) | 4,736 | |||||
Decrease in intercompany taxes | 622 | 551 | ||||||
Deferred income tax benefit | (2,446 | ) | (913 | ) | ||||
Increase in accounts payable and accrued expenses | 121 | 2,360 | ||||||
Other, net | 917 | (2,314 | ) | |||||
Net cash provided by operating activities | 598 | 894 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from investments sold, called or matured | — | 3,574 | ||||||
Investments purchased | — | (1,060 | ) | |||||
Capital contribution to subsidiaries | — | (3,500 | ) | |||||
Additions to property and equipment | (95 | ) | (44 | ) | ||||
Net cash used in investing activities | (95 | ) | (1,030 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Payment of dividends on Series D preferred stock | (399 | ) | (399 | ) | ||||
Payment of dividends on common stock | — | (403 | ) | |||||
Proceeds from shares issued under stock plans | 9 | 27 | ||||||
Treasury stock acquired — share repurchase authorization | — | (71 | ) | |||||
Treasury stock acquired — net employee share-based compensation | (91 | ) | (92 | ) | ||||
Net cash used in financing activities | (481 | ) | (938 | ) | ||||
Net increase (decrease) in cash | 22 | (1,074 | ) | |||||
Cash and cash equivalents at beginning of year | 2,068 | 3,142 | ||||||
Cash and cash equivalents at end of year | $ | 2,090 | $ | 2,068 | ||||
Supplemental disclosure: | ||||||||
Cash paid for interest | $ | 1,665 | $ | 2,155 | ||||
Cash paid for income taxes | $ | 3,883 | $ | 1,662 | ||||
Intercompany tax settlement from subsidiaries | $ | 1,798 | $ | 3,335 |
Year Ended December 31, | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net Income (loss) | $ | (171 | ) | $ | 1,525 | |||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Unrealized losses on equity securities, net | 51 | 484 | ||||||
Depreciation and amortization | 509 | 515 | ||||||
Compensation expense related to share awards | 119 | 134 | ||||||
Loss (earnings) from equity method investees | 294 | (294 | ) | |||||
Equity in undistributed earnings of subsidiaries, net | 3,000 | 1,307 | ||||||
(Increase) decrease in intercompany taxes | (37 | ) | 220 | |||||
Deferred income tax benefit | (3,123 | ) | (2,336 | ) | ||||
Decrease in accounts payable and accrued expenses | (181 | ) | (285 | ) | ||||
Other, net | (509 | ) | (1,348 | ) | ||||
Net cash used in operating activities | (48 | ) | (78 | ) | ||||
Cash flows from investing activities: | ||||||||
Additions to property and equipment | (39 | ) | (45 | ) | ||||
Net cash used in investing activities | (39 | ) | (45 | ) | ||||
Cash flows from financing activities: | ||||||||
Payment of dividends on Series D preferred stock | (399 | ) | (399 | ) | ||||
Payment of dividends on common stock | (408 | ) | (408 | ) | ||||
Proceeds from revolving credit facility, net | 1,000 | 2,000 | ||||||
Treasury stock acquired — net employee share-based compensation | (12 | ) | (108 | ) | ||||
Net cash provided by financing activities | 181 | 1,085 | ||||||
Net increase in cash | 94 | 962 | ||||||
Cash and cash equivalents at beginning of year | 2,680 | 1,718 | ||||||
Cash and cash equivalents at end of year | $ | 2,774 | $ | 2,680 | ||||
Supplemental disclosure: | ||||||||
Cash paid for interest | $ | 3,227 | $ | 1,794 | ||||
Cash paid for income taxes | $ | 2,582 | $ | 2,764 | ||||
Intercompany tax settlement from subsidiaries | $ | 4,031 | $ | 3,946 |
Segment | Deferred Acquisition Costs | Future Policy Benefits, Losses, Claims and Loss Reserves | Unearned Premiums | Other Policy Claims and Benefits Payable | Deferred Acquisition Costs | Future Policy Benefits, Losses, Claims and Loss Reserves | Unearned Premiums | Other Policy Claims and Benefits Payable | ||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||
December 31, 2023: | ||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 37,312 | $ | 115,136 | $ | 4,199 | $ | 1,526 | $ | 41,150 | $ | 116,141 | $ | 2,561 | $ | 1,132 | ||||||||||||||||
American Southern | 2,299 | 54,883 | 22,932 | — | 2,700 | 63,832 | 28,756 | — | ||||||||||||||||||||||||
$ | 39,611 | $ | 170,019 | (1) | $ | 27,131 | $ | 1,526 | $ | 43,850 | $ | 179,973 | (1) | $ | 31,317 | $ | 1,132 | |||||||||||||||
December 31, 2019: | ||||||||||||||||||||||||||||||||
December 31, 2022: | ||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 36,882 | $ | 121,657 | $ | 4,606 | $ | 1,933 | $ | 39,880 | $ | 110,238 | $ | 2,814 | $ | 1,255 | ||||||||||||||||
American Southern | 1,979 | 52,281 | 21,429 | — | 2,401 | 62,810 | 25,534 | — | ||||||||||||||||||||||||
$ | 38,861 | $ | 173,938 | (2) | $ | 26,035 | $ | 1,933 | $ | 42,281 | $ | 173,048 | (2) | $ | 28,348 | $ | 1,255 |
(1) | Includes future policy benefits of |
(2) | Includes future policy benefits of |
Segment | Premium Revenue | Net Investment Income | Benefits, Claims, Losses and Settlement Expenses | Amortization of Deferred Acquisition Costs | Other Operating Expenses | Casualty Premiums Written | Premium Revenue | Net Investment Income (Loss) | Benefits, Claims, Losses and Settlement Expenses | Amortization of Deferred Acquisition Costs | Other Operating Expenses | Casualty Premiums Written | ||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023: | ||||||||||||||||||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 121,167 | $ | 4,971 | $ | 80,537 | $ | 9,803 | $ | 24,374 | $ | — | $ | 110,382 | $ | 5,755 | $ | 71,485 | $ | 8,050 | $ | 29,942 | $ | — | ||||||||||||||||||||||||
American Southern | 62,372 | 3,586 | 39,339 | 9,590 | 9,814 | 64,366 | 68,443 | 4,507 | 51,015 | 8,390 | 8,356 | 71,665 | ||||||||||||||||||||||||||||||||||||
Corporate & other | — | (813 | ) | — | — | 6,388 | — | — | (204 | ) | — | — | 10,120 | — | ||||||||||||||||||||||||||||||||||
$ | 183,539 | $ | 7,744 | $ | 119,876 | $ | 19,393 | $ | 40,576 | $ | 64,366 | $ | 178,825 | $ | 10,058 | $ | 122,500 | $ | 16,440 | $ | 48,418 | $ | 71,665 | |||||||||||||||||||||||||
December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 123,245 | $ | 5,317 | $ | 99,684 | $ | 8,459 | $ | 27,114 | $ | — | $ | 115,164 | $ | 5,414 | $ | 76,281 | $ | 9,295 | $ | 24,627 | $ | — | ||||||||||||||||||||||||
American Southern | 58,680 | 3,689 | 39,541 | 8,829 | 8,303 | 60,328 | 70,276 | 4,147 | 47,175 | 10,150 | 10,011 | 72,671 | ||||||||||||||||||||||||||||||||||||
Corporate & other | — | (27 | ) | — | — | 6,656 | — | — | 371 | — | — | 8,216 | — | |||||||||||||||||||||||||||||||||||
$ | 181,925 | $ | 8,979 | $ | 139,225 | $ | 17,288 | $ | 42,073 | $ | 60,328 | $ | 185,440 | $ | 9,932 | $ | 123,456 | $ | 19,445 | $ | 42,854 | $ | 72,671 |
Direct Amount | Ceded to Other Companies | Assumed From Other Companies | Net Amounts | Percentage of Amount Assumed to Net | Direct Amount | Ceded to Other Companies | Assumed From Other Companies | Net Amounts | Percentage of Amount Assumed to Net | |||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2020: | ||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2023: | ||||||||||||||||||||||||||||||||||||||||
Life insurance in force | $ | 294,392 | $ | (11,032 | ) | $ | — | $ | 283,360 | $ | 814,241 | $ | (8,317 | ) | $ | — | $ | 805,924 | ||||||||||||||||||||||
Premiums — | ||||||||||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 193,082 | $ | (71,924 | ) | $ | 9 | $ | 121,167 | 0.0 | % | $ | 166,368 | $ | (55,993 | ) | $ | 7 | $ | 110,382 | 0.0 | % | ||||||||||||||||||
American Southern | 45,127 | (5,890 | ) | 23,135 | 62,372 | 37.1 | % | 46,349 | (5,902 | ) | 27,996 | 68,443 | 40.9 | % | ||||||||||||||||||||||||||
Total premiums | $ | 238,209 | $ | (77,814 | ) | $ | 23,144 | $ | 183,539 | 12.6 | % | $ | 212,717 | $ | (61,895 | ) | $ | 28,003 | $ | 178,825 | 15.7 | % | ||||||||||||||||||
Year ended December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||
Life insurance in force | $ | 257,731 | $ | (11,449 | ) | $ | — | $ | 246,282 | $ | 670,610 | $ | (9,597 | ) | $ | — | $ | 661,013 | ||||||||||||||||||||||
Premiums — | ||||||||||||||||||||||||||||||||||||||||
Bankers Fidelity | $ | 195,481 | $ | (72,261 | ) | $ | 25 | $ | 123,245 | 0.0 | % | $ | 176,995 | $ | (61,839 | ) | $ | 8 | $ | 115,164 | 0.0 | % | ||||||||||||||||||
American Southern | 41,880 | (5,520 | ) | 22,320 | 58,680 | 39.6 | % | 51,844 | (6,546 | ) | 24,978 | 70,276 | 35.5 | % | ||||||||||||||||||||||||||
Total premiums | $ | 237,361 | $ | (77,781 | ) | $ | 22,345 | $ | 181,925 | 12.8 | % | $ | 228,839 | $ | (68,385 | ) | $ | 24,986 | $ | 185,440 | 13.5 | % |
Claims and Claim Adjustment Expenses Incurred Related To | ||||||||||||||||||||||||||||||||||||||||
Year Ended | Deferred Policy Acquisition Costs | Reserves | Unearned Premiums | Earned Premiums | Net Investment Income | Current Year | Prior Years | Amortization of Deferred Acquisition Costs | Paid Claims and Claim Adjustment Expenses | Premiums Written | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | $ | 2,299 | $ | 54,883 | $ | 22,932 | $ | 62,372 | $ | 3,586 | $ | 39,859 | $ | (520 | ) | $ | 9,590 | $ | 37,645 | $ | 64,366 | |||||||||||||||||||
December 31, 2019 | $ | 1,979 | $ | 52,281 | $ | 21,429 | $ | 58,680 | $ | 3,689 | $ | 40,361 | $ | (820 | ) | $ | 8,829 | $ | 37,905 | $ | 60,328 |
Claims and Claim Adjustment Expenses Incurred Related To | ||||||||||||||||||||||||||||||||||||||||
Year Ended | Deferred Policy Acquisition Costs | Reserves | Unearned Premiums | Earned Premiums | Net Investment Income | Current Year | Prior Years | Amortization of Deferred Acquisition Costs | Paid Claims and Claim Adjustment Expenses | Premiums Written | ||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | $ | 2,700 | $ | 63,832 | $ | 28,756 | $ | 68,443 | $ | 4,507 | $ | 47,658 | $ | 3,357 | $ | 8,390 | $ | 48,144 | $ | 71,665 | ||||||||||||||||||||
December 31, 2022 | $ | 2,401 | $ | 62,810 | $ | 25,534 | $ | 70,276 | $ | 4,147 | $ | 48,692 | $ | (1,517 | ) | $ | 10,150 | $ | 42,948 | $ | 72,671 |