Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FAC | |
Entity Registrant Name | FIRST ACCEPTANCE CORP /DE/ | |
Entity Central Index Key | 1,017,907 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 41,059,998 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Investments, available-for-sale at fair value (amortized cost of $125,019 and $128,304, respectively) | $ 130,898 | $ 131,582 |
Cash and cash equivalents | 128,906 | 115,587 |
Premiums, fees, and commissions receivable, net of allowance of $409 and $454 | 93,123 | 69,881 |
Deferred tax assets, net | 20,358 | 18,301 |
Other investments | 10,286 | 11,256 |
Other assets | 6,719 | 6,950 |
Property and equipment, net | 5,065 | 5,141 |
Deferred acquisition costs | 6,502 | 5,509 |
Goodwill | 29,429 | 29,429 |
Identifiable intangible assets, net | 8,253 | 8,491 |
TOTAL ASSETS | 439,539 | 402,127 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Loss and loss adjustment expense reserves | 132,650 | 122,071 |
Unearned premiums and fees | 109,757 | 83,426 |
Debentures payable | 40,268 | 40,256 |
Term loan from principal stockholder | 29,760 | 29,753 |
Accrued expenses | 7,356 | 7,345 |
Other liabilities | 19,855 | 15,606 |
Total liabilities | $ 339,646 | $ 298,457 |
Stockholders’ equity: | ||
Preferred stock, $.01 par value, 10,000 shares authorized | ||
Common stock, $.01 par value, 75,000 shares authorized; 41,060 issued and outstanding | $ 411 | $ 411 |
Additional paid-in capital | 457,513 | 457,476 |
Accumulated other comprehensive income, net of tax of $973 and $62, respectively | 5,182 | 3,491 |
Accumulated deficit | (363,213) | (357,708) |
Total stockholders’ equity | 99,893 | 103,670 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 439,539 | $ 402,127 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Amortized cost of investments | $ 125,019 | $ 128,304 |
Allowance for premiums, fees and Commission receivable | $ 409 | $ 454 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 41,060,000 | 41,060,000 |
Common stock, shares outstanding | 41,060,000 | 41,060,000 |
Accumulated Other Comprehensive Income, tax | $ 973 | $ 62 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Premiums earned | $ 76,407 | $ 62,615 |
Commission and fee income | 19,581 | 11,348 |
Investment income | 962 | 1,145 |
Net realized losses on investments, available-for-sale | (2) | (3) |
Total revenues | 96,948 | 75,105 |
Costs and expenses: | ||
Losses and loss adjustment expenses | 73,419 | 47,934 |
Insurance operating expenses | 29,647 | 25,084 |
Other operating expenses | 280 | 323 |
Litigation settlement | 110 | |
Stock-based compensation | 37 | 19 |
Depreciation | 651 | 407 |
Amortization of identifiable intangibles assets | 238 | |
Interest expense | 1,050 | 424 |
Total costs and expenses | 105,322 | 74,301 |
(Loss) income before income taxes | (8,374) | 804 |
(Benefit) provision for income taxes | (2,869) | 318 |
Net (loss) income | $ (5,505) | $ 486 |
Net (loss) income per share: | ||
Basic | $ (0.13) | $ 0.01 |
Diluted | $ (0.13) | $ 0.01 |
Number of shares used to calculate net (loss) income per share: | ||
Basic | 41,060 | 41,016 |
Diluted | 41,060 | 41,304 |
Reconciliation of net (loss) income to other comprehensive (loss) income: | ||
Net (loss) income | $ (5,505) | $ 486 |
Net unrealized change in investments, net of tax of $911 and $346, respectively | 1,691 | 642 |
Comprehensive (loss) income | $ (3,814) | $ 1,128 |
CONSOLIDATED STATEMENTS OF COM5
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net unrealized change in investments, tax | $ 911 | $ 346 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (5,505) | $ 486 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | ||
Depreciation | 651 | 407 |
Amortization of identifiable intangibles assets | 238 | |
Stock-based compensation | 37 | 19 |
Deferred income taxes | (2,968) | 197 |
Net realized losses on redemptions of investments | 2 | 3 |
Investment loss (income) from other investments | 170 | (46) |
Other | 33 | 58 |
Change in: | ||
Premiums, fees, and commission receivable | (23,197) | (18,504) |
Deferred acquisition costs | (993) | (1,338) |
Loss and loss adjustment expense reserves | 10,579 | 7,748 |
Unearned premiums and fees | 26,331 | 22,569 |
Other liabilities | 4,249 | (930) |
Other | 892 | 775 |
Net cash provided by operating activities | 10,519 | 11,444 |
Cash flows from investing activities: | ||
Purchases of investments, available-for-sale | (5,000) | |
Maturities and redemptions of investments, available-for-sale | 3,206 | 1,826 |
Purchases of other investments | (207) | (377) |
Distributions from other investments | 1,007 | 221 |
Capital expenditures | (1,206) | (231) |
Net cash provided by (used in) investing activities | 2,800 | (3,561) |
Net change in cash and cash equivalents | 13,319 | 7,883 |
Cash and cash equivalents, beginning of period | 115,587 | 102,429 |
Cash and cash equivalents, end of period | $ 128,906 | $ 110,312 |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
General | 1. General The consolidated financial statements of First Acceptance Corporation (the “Company”) included herein have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. In the opinion of management, the consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the interim periods. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2015. Reclassifications Certain reclassifications have been made to the prior year’s consolidated financial statements to conform with the current presentation. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 2. Fair Value Fair value is the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are generally based upon observable and unobservable inputs. Observable inputs are based on market data from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. All assets and liabilities that are carried at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Quoted market prices for similar assets or liabilities in active markets; quoted prices by independent pricing services for identical or similar assets or liabilities in markets that are not active; and valuations, using models or other valuation techniques, that use observable market data. All significant inputs are observable, or derived from observable information in the marketplace, or are supported by observable levels at which transactions are executed in the marketplace. Level 3 - Instruments that use non-binding broker quotes or model driven valuations that do not have observable market data. NAV - Calculated net asset value (“NAV”) based on an ownership interest to which a proportionate share of net assets is attributed. The Company categorizes valuation methods used in both its identifiable intangible assets initial measurement and impairment tests as Level 3. To determine the fair value of acquired trademarks and trade names, the Company uses the relief-from-royalty method, which requires the Company to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. To determine the fair value of the acquired policy renewal rights and customer relationships, the Company uses an “excess earnings” method that relies on projected future net cash flows and includes key assumptions for the customer retention and renewal rates. The data used in these methods is not observable in the market. Fair Value of Financial Instruments The carrying values and fair values of certain financial instruments were as follows (in thousands). March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Assets: Investments, available-for-sale $ 130,898 $ 130,898 $ 131,582 $ 131,582 Other investments 10,286 10,286 11,256 11,256 Liabilities: Debentures payable 40,268 19,346 40,256 20,275 Term loan from principal stockholder 29,760 28,673 29,753 28,504 The fair values as presented represent the Company’s best estimates and may not be substantiated by comparisons to independent markets. The fair value of the debentures payable and the term loan from principal shareholder are categorized as Level 3, since they were based on current market rates offered for debt with similar risks and maturities, an unobservable input categorized as Level 3. Carrying values of certain financial instruments, such as cash and cash equivalents and premiums, fees, and commissions receivable, approximate fair value due to the short-term nature of the instruments and are not required to be disclosed. Therefore, the aggregate of the fair values presented in the preceding table does not purport to represent the Company’s underlying value. The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). Other investments are carried at net asset value which approximates fair value. Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Proportionate Markets for Observable Unobservable Share of Identical Assets Inputs Inputs Net Assets March 31, 2016 Total (Level 1) (Level 2) (Level 3) (NAV) Fixed maturities, available-for-sale: U.S. government and agencies $ 13,366 $ 13,366 $ — $ — $ — State 703 — 703 — — Political subdivisions 4,374 — 4,374 — — Revenue and assessment 11,278 — 11,278 — — Corporate bonds 81,598 — 81,598 — — Collateralized mortgage obligations: Agency backed 867 — 867 — — Non-agency backed – residential 3,230 — 3,230 — — Non-agency backed – commercial 2,125 — 2,125 — — Total fixed maturities, available-for-sale 117,541 13,366 104,175 — — Preferred stock, available-for-sale 1,765 1,765 — — — Mutual funds, available-for-sale 11,592 11,592 — — — Total investments, available-for-sale 130,898 26,723 104,175 — — Other investments 10,286 — — 3,483 6,803 Cash and cash equivalents 128,906 128,906 — — — Total $ 270,090 $ 155,629 $ 104,175 $ 3,483 $ 6,803 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Proportionate Markets for Observable Unobservable Share of Identical Assets Inputs Inputs Net Assets December 31, 2015 Total (Level 1) (Level 2) (Level 3) (NAV) Fixed maturities, available-for-sale: U.S. government and agencies $ 13,113 $ 13,113 $ — $ — $ — State 702 — 702 — — Political subdivisions 4,363 — 4,363 — — Revenue and assessment 12,644 — 12,644 — — Corporate bonds 80,785 — 80,785 — — Collateralized mortgage obligations: Agency backed 873 — 873 — — Non-agency backed – residential 3,455 — 3,455 — — Non-agency backed – commercial 2,507 — 2,507 — — Total fixed maturities, available-for-sale 118,442 13,113 105,329 — — Preferred stock, available-for-sale 1,723 1,723 — — — Mutual funds, available-for-sale 11,417 11,417 — — — Total investments, available-for-sale 131,582 26,253 105,329 — — Other investment 11,256 — — 3,276 7,980 Cash and cash equivalents 115,587 115,587 — — — Total $ 258,425 $ 141,840 $ 105,329 $ 3,276 $ 7,980 The fair values of the Company’s investments are determined by management after taking into consideration available sources of data. All of the portfolio valuations classified as Level 1 or Level 2 in the above tables are priced exclusively by utilizing the services of independent pricing sources using observable market data. The Level 2 classified security valuations are obtained from a single independent pricing service. The Level 3 classified security in the table above consists of an investment in the common stock of a real estate investment trust for which fair value has been determined using a model driven valuation that does not have observable market data. There were no transfers between Level 1 and Level 2 for the three months ended March 31, 2016 and 2015. The Company’s policy is to recognize transfers between levels at the end of the reporting period based on specific identification. The Company has not made any adjustments to the prices obtained from the independent pricing sources. The Company has reviewed the pricing techniques and methodologies of the independent pricing service for Level 2 investments and believes that its policies adequately consider market activity, either based on specific transactions for the security valued or based on modeling of securities with similar credit quality, duration, yield and structure that were recently traded. The Company monitored security-specific valuation trends and has made inquiries with the pricing service about material changes or the absence of expected changes to understand the underlying factors and inputs and to validate the reasonableness of the pricing. Likewise, the Company reviews the Level 3 valuation model to understand the underlying factors and inputs and to validate the reasonableness of the pricing. The following table represents the quantitative disclosure for the asset classified as Level 3 during the three months ended March 31, 2016 (in thousands). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Common Stock at Fair Value Balance at December 31, 2015 $ 3,276 Gains included in net (loss) income — Gains included in comprehensive (loss) income — Investments and capital calls 207 Distributions received — Transfers into and out of Level 3 — Balance at March 31, 2016 $ 3,483 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. Investments Investments, Available-for-Sale The following tables summarize the Company’s investment securities (in thousands). Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value U.S. government and agencies $ 13,036 $ 330 $ — $ 13,366 State 698 5 — 703 Political subdivisions 4,323 51 — 4,374 Revenue and assessment 10,117 1,161 — 11,278 Corporate bonds 78,181 3,480 (63 ) 81,598 Collateralized mortgage obligations: Agency backed 782 85 — 867 Non-agency backed – residential 2,750 491 (11 ) 3,230 Non-agency backed – commercial 1,673 452 — 2,125 Total fixed maturities, available-for-sale 111,560 6,055 (74 ) 117,541 Preferred stock, available-for-sale 1,500 265 — 1,765 Mutual funds, available-for-sale 11,959 176 (543 ) 11,592 $ 125,019 $ 6,496 $ (617 ) $ 130,898 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value U.S. government and agencies $ 13,036 $ 162 $ (85 ) $ 13,113 State 698 4 — 702 Political subdivisions 4,354 9 — 4,363 Revenue and assessment 11,770 895 (21 ) 12,644 Corporate bonds 79,426 2,022 (663 ) 80,785 Collateralized mortgage obligations: Agency backed 793 80 — 873 Non-agency backed – residential 2,877 579 (1 ) 3,455 Non-agency backed – commercial 1,891 616 — 2,507 Total fixed maturities, available-for-sale 114,845 4,367 (770 ) 118,442 Preferred stock, available-for-sale 1,500 223 — 1,723 Mutual funds, available-for-sale 11,959 120 (662 ) 11,417 $ 128,304 $ 4,710 $ (1,432 ) $ 131,582 The following table sets forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Securities Securities Securities with No All with with Unrealized Fixed Unrealized Unrealized Gains or Maturity March 31, 2016 Gains Losses Losses Securities One year or less $ 2,477 $ — $ 1,025 $ 3,502 After one through five years 27,586 7,823 — 35,409 After five through ten years 63,765 — — 63,765 After ten years 8,643 — — 8,643 No single maturity date 5,918 304 — 6,222 $ 108,389 $ 8,127 $ 1,025 $ 117,541 The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position. Gross Unrealized Losses Less than Greater Gross or equal to than 12 Unrealized At: 12 months months Gains March 31, 2016 7 2 83 December 31, 2015 21 4 70 The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities). Number Gross Gross Unrealized Losses of Fair Unrealized at March 31, 2016: Securities Value Losses Less than or equal to 10% 2 $ 4,272 (34 ) Greater than 10% — — — 2 $ 4,272 $ (34 ) Number Gross Gross Unrealized Losses of Fair Unrealized at December 31, 2015: Securities Value Losses Less than or equal to 10% 4 $ 7,689 $ (241 ) Greater than 10% — — — 4 $ 7,689 $ (241 ) The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands). Fair Value of Securities with Length of Gross Gross Severity of Gross Unrealized Losses Gross Unrealized Losses Unrealized Unrealized Less 5% to Greater at March 31, 2016: Losses Losses than 5% 10% than 10% Less than or equal to: Three months $ 400 $ (9 ) $ — $ (9 ) $ — Six months — — — — — Nine months 7,150 (351 ) (351 ) — — Twelve months 5,362 (223 ) (29 ) (192 ) (2 ) Greater than twelve months 4,272 (34 ) (34 ) — — Total $ 17,184 $ (617 ) $ (414 ) $ (201 ) $ (2 ) Fair Value of Securities with Length of Gross Gross Severity of Gross Unrealized Losses Gross Unrealized Losses Unrealized Unrealized Less 5% to Greater at December 31, 2015: Losses Losses than 5% 10% than 10% Less than or equal to: Three months $ 20,899 $ (130 ) $ (130 ) $ — $ — Six months 7,036 (465 ) — (465 ) — Nine months 14,057 (395 ) (197 ) (197 ) (1 ) Twelve months 7,892 (201 ) (201 ) — — Greater than twelve months 7,689 (241 ) (241 ) — — Total $ 57,573 $ (1,432 ) $ (769 ) $ (662 ) $ (1 ) Other-Than-Temporary Impairment The determination of whether unrealized losses are “other-than-temporary” requires judgment based on subjective as well as objective factors. The Company routinely monitors its investment portfolio for changes in fair value that might indicate potential impairments and performs detailed reviews on such securities. Changes in fair value are evaluated to determine the extent to which such changes are attributable to (i) fundamental factors specific to the issuer or (ii) market-related factors such as interest rates or sector declines. The Company believes that the securities having unrealized losses at March 31, 2016 were not other-than-temporarily impaired. The Company also does not intend to sell any of these securities and it is more likely than not that the Company will not be required to sell any of these securities before the recovery of their amortized cost basis. Other Investments Other investments consist of the common stock of a real estate investment trust and limited partnership interests in three funds that invest in (i) commercial real estate and secured commercial real estate loans acquired from financial intuitions, (ii) small balance distressed secured loans and debt securities and (iii) undervalued international publicly-traded equities. These investments have redemption and transfer restrictions. The Company is in the process of withdrawing from one of the limited partnership investments and will receive the balance of its remaining $2.3 million investment in two installments through July 2016. The Company does not intend to sell the remaining investments, and it is more likely than not that the Company will not be required to sell them before the expiration of such restrictions. Restrictions At March 31, 2016, fixed maturities and cash equivalents with a fair value and amortized cost of $6.6 million were on deposit with various insurance departments as a requirement of doing business in those states. Cash equivalents with a fair value and amortized cost of $9.7 million were on deposit with another insurance company as collateral for an assumed reinsurance contract. Investment Income and Net Realized Gains and Losses The major categories of investment income follow (in thousands). Three Months Ended March 31, 2016 2015 Fixed maturities, available-for-sale $ 970 $ 1,043 Mutual funds, available-for-sale 206 147 Other investments (170 ) 46 Other 78 31 Investment expenses (122 ) (122 ) $ 962 $ 1,145 The components of net realized losses on investments, available-for-sale at fair value follow (in thousands). Three Months Ended March 31, 2016 2015 Gains $ - $ - Losses (2 ) (3 ) $ (2 ) $ (3 ) Realized gains and losses on sales and redemptions are computed based on specific identification. The non-credit related portion of other-than-temporary impairment (“OTTI”) is included in other comprehensive (loss) income. The amounts of non-credit OTTI for securities still owned was $0.9 million for non-agency backed residential collateralized mortgage obligations (“CMOs”) and $0.2 million related to non-agency backed commercial CMOs at both March 31, 2016 and December 31, 2015. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net (Loss) Income Per Share | 4. Net (Loss) Income Per Share The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share data). Three Months Ended March 31, 2016 2015 Net (loss) income $ (5,505 ) $ 486 Weighted average common basic shares 41,060 41,016 Effect of dilutive securities — 288 Weighted average common dilutive shares 41,060 41,304 Basic and diluted net (loss) income per share $ (0.13 ) $ 0.01 On March 15, 2016, the Compensation Committee of the Board of Directors of the Company awarded 146 thousand restricted stock units to executive officers. Such restricted stock units will vest, and an equal number of shares of common stock will be deliverable upon the third anniversary of the date of grant. Compensation expense related to the units was calculated based upon the closing market price of the common stock on the date of grant ($2.30) and is recorded on a straight-line basis over the vesting period. For the three months ended March 31, 2016, the computation of diluted net loss per share did not include options to purchase 825 thousand shares and 257 restricted stock units, a dilutive effect of 276 thousand shares, since their inclusion would have been anti-dilutive. Options to purchase 260 thousand shares were not included in the computation of diluted net loss per share for the three months ended March 31, 2016, since their exercise price was in excess of the average stock prices for these periods. For the three months ended March 31, 2015, the computation of diluted net income per share included options to purchase 825 thousand shares that had a dilutive effect of 288 thousand shares. Options to purchase 295 thousand shares were not included in the computation of diluted net income per share for the three months ended March 31, 2015, since their exercise prices were in excess of the average stock prices for these periods. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes The (benefit) provision for income taxes consisted of the following (in thousands). Three Months Ended March 31, 2016 2015 Federal: Current $ (1 ) $ 72 Deferred (2,962 ) 193 (2,963 ) 265 State: Current 100 49 Deferred (6 ) 4 94 53 $ (2,869 ) $ 318 The (benefit) provision for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to (loss) income before income taxes as a result of the following (in thousands). Three Months Ended March 31, 2016 2015 (Benefit) provision for income taxes at statutory rate $ (2,931 ) $ 281 Tax effect of: Tax-exempt investment income (10 ) (5 ) Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes — — Stock-based compensation 4 — State income taxes, net of federal income tax benefit and state valuation allowance 59 53 Other 9 (11 ) $ (2,869 ) $ 318 The Company had a deferred tax asset valuation allowance of approximately $1.8 million at both March 31, 2016 and December 31, 2015, relating to certain amounts that are more likely than not to be realized. In assessing the Company’s ability to realize the deferred tax asset, both positive and negative evidence are used to evaluate the allowance and the greater weight is placed on historical results rather than the outlook for future profitability. For the trailing twelve months, the Company has incurred pre-tax operating losses of $11.8 million which is a source of negative evidence. However, through March 31, 2016, the Company’s historical results still reflect a twelve quarter cumulative pre-tax income of $6.4 million. Based on this fact and the Company’s outlook for future profitability, the valuation allowance was not adjusted at March 31, 2016. However, should operating losses continue, an adjustment to the valuation allowance might be required in the future. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | 6. Segment Information The Company operates in two business segments with its primary focus being the selling, servicing and underwriting of non-standard personal automobile insurance. The real estate and corporate segment consists of the activities related to the disposition of foreclosed real estate held for sale, interest expense associated with all debt and other general corporate overhead expenses. The following table presents selected financial data by business segment (in thousands). Three Months Ended March 31, 2016 2015 Revenues: Insurance $ 96,933 $ 75,089 Real estate and corporate 15 16 Consolidated total $ 96,948 $ 75,105 (Loss) income before income taxes: Insurance $ (7,021 ) $ 1,553 Real estate and corporate (1,353 ) (749 ) Consolidated total $ (8,374 ) $ 804 March 31, December 31, 2016 2015 Total assets: Insurance $ 410,158 $ 373,475 Real estate and corporate 29,381 28,652 Consolidated total $ 439,539 $ 402,127 |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation | 7. Litigation The Company is named as a defendant in various lawsuits, arising in the ordinary course of business, generally relating to its insurance operations. All legal actions relating to claims made under insurance policies are considered by the Company in establishing its loss and loss adjustment expense reserves. The Company also faces lawsuits from time to time that seek damages beyond policy limits, commonly known as bad faith claims, as well as class action and individual lawsuits that involve issues arising in the course of the Company’s business. The Company continually evaluates potential liabilities and reserves for litigation of these types using the criteria established by FASB ASC 450, Contingencies |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 8. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued a new revenue recognition standard, Accounting Standard Update (“ASU”) No. 2014-09, “ Revenue from Contracts with Customers,” In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” In April 2015, the FASB issued ASU No. 2015-05, “ Intangibles-Goodwill and Other-Internal Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement” In May 2015, the FASB issued ASU No. 2015-09, “ Financial Services-Insurance (Topic 944): Disclosures about Short-Duration Contracts” In January 2016, the FASB issued ASU No. 2016-01, “ Financial Instruments – Overall (Subtopic 825-20): Recognition and Measure of Financial Assets and Financials Liabilities In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination | 9. Business Combination Acquisition of the Titan Agencies On July 1, 2015, in order to expand its geographic presence, the Company completed the acquisition of certain assets of Titan Insurance Services, Inc. and Titan Auto Insurance of New Mexico, Inc. (the “Titan Agencies”). These agencies sell private passenger non-standard automobile insurance and complimentary products, principally in California, but also in Texas, Arizona, Florida, Nevada and New Mexico. The Titan Agencies were previously owned and operated by Nationwide. Pursuant to the Asset Purchase Agreement (the “APA”), the Company acquired the assets of 83 retail stores for total consideration of $36.0 million, which included liabilities assumed estimated to be $2.3 million. The Company has accounted for the acquisition as a business combination applying the acquisition method. Liabilities assumed included a $2.0 million estimate of the expected liability for returned commissions as of the closing date. This liability is subject to change based on the actual amount of returned commissions. This, or any other change in the fair value determinations, would result in an adjustment to goodwill. At December 31, 2015, the Company’s new estimation of this liability resulted in a $0.8 million reduction in goodwill. A final determination will be made as of the June 30, 2016 measurement date. Pro Forma Information The following unaudited pro forma combined statement of income for the three months ended March 31, 2015 is based on our historical consolidated financial statements and gives effect to the acquisition of the Titan Agencies as if it had occurred on January 1, 2014. The pro forma combined financial statements do not necessarily reflect what the combined results of operations would have been had the acquisition occurred on the date indicated. They also may not be useful in predicting the future combined results of operations. The actual combined results of operations may differ significantly from the combined pro forma amounts reflected herein due to a variety of factors. Pro Forma Statement of Income Three Months Ended March 31, 2015 Company Historical Titan Agencies Historical Pro Forma Adjustments Pro Forma Combined Revenues: Premiums earned $ 62,615 $ - $ - $ 62,615 Commission and fee income 11,348 8,125 - 19,473 Investment income 1,145 - - 1,145 Net realized losses on investments, available-for-sale (3 ) - - (3 ) 75,105 8,125 - 83,230 Costs and expenses: Losses and loss adjustment expenses 47,934 - - 47,934 Insurance operating expenses 25,084 7,259 - 32,343 Other operating expenses 323 - - 323 Litigation settlement 110 - - 110 Stock-based compensation 19 - - 19 Depreciation 407 - 25 (a) 432 Amortization of identifiable intangibles assets - - 228 (b) 228 Interest expense 424 - 592 (c) 1,016 74,301 7,259 845 82,405 Income before income taxes 804 866 (845 ) 825 Provision for income taxes 318 346 (338 ) (d) 326 Net income $ 486 $ 520 $ (507 ) $ 499 Net income per share: Basic $ 0.01 $ 0.01 Diluted $ 0.01 $ 0.01 Number of shares used to calculate net income per share: Basic 41,016 41,016 Diluted 41,304 41,304 Pro forma adjustments The following adjustments have been reflected in the unaudited pro forma combined financial information. (a) Depreciation expense related to acquired tangible asset (b) Amortization expense related to acquired identifiable intangible asset (c) Interest expense related to acquisition financing (d) Calculated income tax effect of pro forma adjustments at the estimated combined federal and state statutory rate of 40% |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events Related Parties In April 2016, the Company entered into standard agreements for Treasury and Custodial Services with a bank indirectly owned 15% by our principal stockholder. Sale of Foreclosed Real Estate Held for Sale On May 4, 2016, the Company sold a parcel of land resulting in a gain of approximately $1.2 million. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Presentation of Carrying Values and Fair Values of Certain Financial Instruments | The carrying values and fair values of certain financial instruments were as follows (in thousands). March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value Value Value Value Assets: Investments, available-for-sale $ 130,898 $ 130,898 $ 131,582 $ 131,582 Other investments 10,286 10,286 11,256 11,256 Liabilities: Debentures payable 40,268 19,346 40,256 20,275 Term loan from principal stockholder 29,760 28,673 29,753 28,504 |
Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis | The following tables present the fair-value measurements for each major category of assets that are measured on a recurring basis (in thousands). Other investments are carried at net asset value which approximates fair value. Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Proportionate Markets for Observable Unobservable Share of Identical Assets Inputs Inputs Net Assets March 31, 2016 Total (Level 1) (Level 2) (Level 3) (NAV) Fixed maturities, available-for-sale: U.S. government and agencies $ 13,366 $ 13,366 $ — $ — $ — State 703 — 703 — — Political subdivisions 4,374 — 4,374 — — Revenue and assessment 11,278 — 11,278 — — Corporate bonds 81,598 — 81,598 — — Collateralized mortgage obligations: Agency backed 867 — 867 — — Non-agency backed – residential 3,230 — 3,230 — — Non-agency backed – commercial 2,125 — 2,125 — — Total fixed maturities, available-for-sale 117,541 13,366 104,175 — — Preferred stock, available-for-sale 1,765 1,765 — — — Mutual funds, available-for-sale 11,592 11,592 — — — Total investments, available-for-sale 130,898 26,723 104,175 — — Other investments 10,286 — — 3,483 6,803 Cash and cash equivalents 128,906 128,906 — — — Total $ 270,090 $ 155,629 $ 104,175 $ 3,483 $ 6,803 Fair Value Measurements Using Quoted Prices Significant in Active Other Significant Proportionate Markets for Observable Unobservable Share of Identical Assets Inputs Inputs Net Assets December 31, 2015 Total (Level 1) (Level 2) (Level 3) (NAV) Fixed maturities, available-for-sale: U.S. government and agencies $ 13,113 $ 13,113 $ — $ — $ — State 702 — 702 — — Political subdivisions 4,363 — 4,363 — — Revenue and assessment 12,644 — 12,644 — — Corporate bonds 80,785 — 80,785 — — Collateralized mortgage obligations: Agency backed 873 — 873 — — Non-agency backed – residential 3,455 — 3,455 — — Non-agency backed – commercial 2,507 — 2,507 — — Total fixed maturities, available-for-sale 118,442 13,113 105,329 — — Preferred stock, available-for-sale 1,723 1,723 — — — Mutual funds, available-for-sale 11,417 11,417 — — — Total investments, available-for-sale 131,582 26,253 105,329 — — Other investment 11,256 — — 3,276 7,980 Cash and cash equivalents 115,587 115,587 — — — Total $ 258,425 $ 141,840 $ 105,329 $ 3,276 $ 7,980 |
Quantitative Disclosure for Assets Classified as Level 3 | The following table represents the quantitative disclosure for the asset classified as Level 3 during the three months ended March 31, 2016 (in thousands). Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Common Stock at Fair Value Balance at December 31, 2015 $ 3,276 Gains included in net (loss) income — Gains included in comprehensive (loss) income — Investments and capital calls 207 Distributions received — Transfers into and out of Level 3 — Balance at March 31, 2016 $ 3,483 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Company's Investment Securities | The following tables summarize the Company’s investment securities (in thousands). Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value U.S. government and agencies $ 13,036 $ 330 $ — $ 13,366 State 698 5 — 703 Political subdivisions 4,323 51 — 4,374 Revenue and assessment 10,117 1,161 — 11,278 Corporate bonds 78,181 3,480 (63 ) 81,598 Collateralized mortgage obligations: Agency backed 782 85 — 867 Non-agency backed – residential 2,750 491 (11 ) 3,230 Non-agency backed – commercial 1,673 452 — 2,125 Total fixed maturities, available-for-sale 111,560 6,055 (74 ) 117,541 Preferred stock, available-for-sale 1,500 265 — 1,765 Mutual funds, available-for-sale 11,959 176 (543 ) 11,592 $ 125,019 $ 6,496 $ (617 ) $ 130,898 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses Value U.S. government and agencies $ 13,036 $ 162 $ (85 ) $ 13,113 State 698 4 — 702 Political subdivisions 4,354 9 — 4,363 Revenue and assessment 11,770 895 (21 ) 12,644 Corporate bonds 79,426 2,022 (663 ) 80,785 Collateralized mortgage obligations: Agency backed 793 80 — 873 Non-agency backed – residential 2,877 579 (1 ) 3,455 Non-agency backed – commercial 1,891 616 — 2,507 Total fixed maturities, available-for-sale 114,845 4,367 (770 ) 118,442 Preferred stock, available-for-sale 1,500 223 — 1,723 Mutual funds, available-for-sale 11,959 120 (662 ) 11,417 $ 128,304 $ 4,710 $ (1,432 ) $ 131,582 |
Scheduled Maturities of Company's Fixed Maturity Securities Based on their Fair Values | The following table sets forth the scheduled maturities of the Company’s fixed maturity securities based on their fair values (in thousands). Actual maturities may differ from contractual maturities because certain securities may be called or prepaid by the issuers. Securities Securities Securities with No All with with Unrealized Fixed Unrealized Unrealized Gains or Maturity March 31, 2016 Gains Losses Losses Securities One year or less $ 2,477 $ — $ 1,025 $ 3,502 After one through five years 27,586 7,823 — 35,409 After five through ten years 63,765 — — 63,765 After ten years 8,643 — — 8,643 No single maturity date 5,918 304 — 6,222 $ 108,389 $ 8,127 $ 1,025 $ 117,541 |
Number of Fixed Maturity Securities with Gross Unrealized Gains and Losses | The following table reflects the number of fixed maturity securities with gross unrealized gains and losses. Gross unrealized losses are further segregated by the length of time that individual securities have been in a continuous unrealized loss position. Gross Unrealized Losses Less than Greater Gross or equal to than 12 Unrealized At: 12 months months Gains March 31, 2016 7 2 83 December 31, 2015 21 4 70 |
Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Continuous Unrealized Loss Position for Greater than 12 Months | The following tables reflect the fair value and gross unrealized losses of those fixed maturity securities in a continuous unrealized loss position for greater than 12 months. Gross unrealized losses are further segregated by the percentage of amortized cost (in thousands, except number of securities). Number Gross Gross Unrealized Losses of Fair Unrealized at March 31, 2016: Securities Value Losses Less than or equal to 10% 2 $ 4,272 (34 ) Greater than 10% — — — 2 $ 4,272 $ (34 ) Number Gross Gross Unrealized Losses of Fair Unrealized at December 31, 2015: Securities Value Losses Less than or equal to 10% 4 $ 7,689 $ (241 ) Greater than 10% — — — 4 $ 7,689 $ (241 ) |
Gross Unrealized Losses by Current Severity and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position | The following tables set forth the amount of gross unrealized losses by current severity (as compared to amortized cost) and length of time that individual securities have been in a continuous unrealized loss position (in thousands). Fair Value of Securities with Length of Gross Gross Severity of Gross Unrealized Losses Gross Unrealized Losses Unrealized Unrealized Less 5% to Greater at March 31, 2016: Losses Losses than 5% 10% than 10% Less than or equal to: Three months $ 400 $ (9 ) $ — $ (9 ) $ — Six months — — — — — Nine months 7,150 (351 ) (351 ) — — Twelve months 5,362 (223 ) (29 ) (192 ) (2 ) Greater than twelve months 4,272 (34 ) (34 ) — — Total $ 17,184 $ (617 ) $ (414 ) $ (201 ) $ (2 ) Fair Value of Securities with Length of Gross Gross Severity of Gross Unrealized Losses Gross Unrealized Losses Unrealized Unrealized Less 5% to Greater at December 31, 2015: Losses Losses than 5% 10% than 10% Less than or equal to: Three months $ 20,899 $ (130 ) $ (130 ) $ — $ — Six months 7,036 (465 ) — (465 ) — Nine months 14,057 (395 ) (197 ) (197 ) (1 ) Twelve months 7,892 (201 ) (201 ) — — Greater than twelve months 7,689 (241 ) (241 ) — — Total $ 57,573 $ (1,432 ) $ (769 ) $ (662 ) $ (1 ) |
Major Categories of Investment Income | The major categories of investment income follow (in thousands). Three Months Ended March 31, 2016 2015 Fixed maturities, available-for-sale $ 970 $ 1,043 Mutual funds, available-for-sale 206 147 Other investments (170 ) 46 Other 78 31 Investment expenses (122 ) (122 ) $ 962 $ 1,145 |
Components of Net Realized Losses on Investments, Available-For-Sale at Fair Value | The components of net realized losses on investments, available-for-sale at fair value follow (in thousands). Three Months Ended March 31, 2016 2015 Gains $ - $ - Losses (2 ) (3 ) $ (2 ) $ (3 ) |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net (Loss) Income Per Share | The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except per share data). Three Months Ended March 31, 2016 2015 Net (loss) income $ (5,505 ) $ 486 Weighted average common basic shares 41,060 41,016 Effect of dilutive securities — 288 Weighted average common dilutive shares 41,060 41,304 Basic and diluted net (loss) income per share $ (0.13 ) $ 0.01 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
(Benefit) Provision for Income Taxes | The (benefit) provision for income taxes consisted of the following (in thousands). Three Months Ended March 31, 2016 2015 Federal: Current $ (1 ) $ 72 Deferred (2,962 ) 193 (2,963 ) 265 State: Current 100 49 Deferred (6 ) 4 94 53 $ (2,869 ) $ 318 |
(Benefit) Provision for Income Taxes Differs from Amounts Computed by Applying Statutory Federal Corporate Tax Rate | The (benefit) provision for income taxes differs from the amounts computed by applying the statutory federal corporate tax rate of 35% to (loss) income before income taxes as a result of the following (in thousands). Three Months Ended March 31, 2016 2015 (Benefit) provision for income taxes at statutory rate $ (2,931 ) $ 281 Tax effect of: Tax-exempt investment income (10 ) (5 ) Change in the beginning of the period balance of the valuation allowance for deferred tax assets allocated to federal income taxes — — Stock-based compensation 4 — State income taxes, net of federal income tax benefit and state valuation allowance 59 53 Other 9 (11 ) $ (2,869 ) $ 318 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Selected Financial Data by Business Segment | The following table presents selected financial data by business segment (in thousands). Three Months Ended March 31, 2016 2015 Revenues: Insurance $ 96,933 $ 75,089 Real estate and corporate 15 16 Consolidated total $ 96,948 $ 75,105 (Loss) income before income taxes: Insurance $ (7,021 ) $ 1,553 Real estate and corporate (1,353 ) (749 ) Consolidated total $ (8,374 ) $ 804 March 31, December 31, 2016 2015 Total assets: Insurance $ 410,158 $ 373,475 Real estate and corporate 29,381 28,652 Consolidated total $ 439,539 $ 402,127 |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combination Pro Forma Information | Pro Forma Statement of Income Three Months Ended March 31, 2015 Company Historical Titan Agencies Historical Pro Forma Adjustments Pro Forma Combined Revenues: Premiums earned $ 62,615 $ - $ - $ 62,615 Commission and fee income 11,348 8,125 - 19,473 Investment income 1,145 - - 1,145 Net realized losses on investments, available-for-sale (3 ) - - (3 ) 75,105 8,125 - 83,230 Costs and expenses: Losses and loss adjustment expenses 47,934 - - 47,934 Insurance operating expenses 25,084 7,259 - 32,343 Other operating expenses 323 - - 323 Litigation settlement 110 - - 110 Stock-based compensation 19 - - 19 Depreciation 407 - 25 (a) 432 Amortization of identifiable intangibles assets - - 228 (b) 228 Interest expense 424 - 592 (c) 1,016 74,301 7,259 845 82,405 Income before income taxes 804 866 (845 ) 825 Provision for income taxes 318 346 (338 ) (d) 326 Net income $ 486 $ 520 $ (507 ) $ 499 Net income per share: Basic $ 0.01 $ 0.01 Diluted $ 0.01 $ 0.01 Number of shares used to calculate net income per share: Basic 41,016 41,016 Diluted 41,304 41,304 Pro forma adjustments The following adjustments have been reflected in the unaudited pro forma combined financial information. (a) Depreciation expense related to acquired tangible asset (b) Amortization expense related to acquired identifiable intangible asset (c) Interest expense related to acquisition financing (d) Calculated income tax effect of pro forma adjustments at the estimated combined federal and state statutory rate of 40% |
Fair Value - Presentation of Ca
Fair Value - Presentation of Carrying Values and Fair Values of Certain Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Investments, available-for-sale | $ 130,898 | $ 131,582 |
Other investments | 10,286 | 11,256 |
Liabilities: | ||
Debentures payable | 40,268 | 40,256 |
Term loan from principal stockholder | 29,760 | 29,753 |
Carrying Value | ||
Assets: | ||
Investments, available-for-sale | 130,898 | 131,582 |
Other investments | 10,286 | 11,256 |
Liabilities: | ||
Debentures payable | 40,268 | 40,256 |
Term loan from principal stockholder | 29,760 | 29,753 |
Fair Value | ||
Assets: | ||
Investments, available-for-sale | 130,898 | 131,582 |
Other investments | 10,286 | 11,256 |
Liabilities: | ||
Debentures payable | 19,346 | 20,275 |
Term loan from principal stockholder | $ 28,673 | $ 28,504 |
Fair Value - Presentation of Fa
Fair Value - Presentation of Fair-Value Measurements for Each Major Category of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | $ 130,898 | $ 131,582 |
Other investments | 10,286 | 11,256 |
Cash and cash equivalents | 128,906 | 115,587 |
Total | 270,090 | 258,425 |
Fixed Maturities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 117,541 | 118,442 |
Fixed Maturities | U.S. government and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 13,366 | 13,113 |
Fixed Maturities | State | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 703 | 702 |
Fixed Maturities | Political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 4,374 | 4,363 |
Fixed Maturities | Revenue and assessment | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 11,278 | 12,644 |
Fixed Maturities | Corporate bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 81,598 | 80,785 |
Fixed Maturities | Collateralized mortgage obligations: Agency Backed | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 867 | 873 |
Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 3,230 | 3,455 |
Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 2,125 | 2,507 |
Preferred stock, available-for-sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 1,765 | 1,723 |
Mutual funds, available-for-sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 11,592 | 11,417 |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 26,723 | 26,253 |
Cash and cash equivalents | 128,906 | 115,587 |
Total | 155,629 | 141,840 |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Maturities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 13,366 | 13,113 |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Maturities | U.S. government and agencies | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 13,366 | 13,113 |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Preferred stock, available-for-sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 1,765 | 1,723 |
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds, available-for-sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 11,592 | 11,417 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 104,175 | 105,329 |
Total | 104,175 | 105,329 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 104,175 | 105,329 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | State | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 703 | 702 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Political subdivisions | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 4,374 | 4,363 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Revenue and assessment | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 11,278 | 12,644 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Corporate bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 81,598 | 80,785 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Collateralized mortgage obligations: Agency Backed | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 867 | 873 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - residential | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 3,230 | 3,455 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - commercial | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investments, available-for-sale | 2,125 | 2,507 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 3,483 | 3,276 |
Total | 3,483 | 3,276 |
Fair Value Measurements Using Proportionate Share of Net Assets (NAV) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other investments | 6,803 | 7,980 |
Total | $ 6,803 | $ 7,980 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Transfers between level 1 and level 2 | $ 0 | $ 0 |
Fair Value - Quantitative Discl
Fair Value - Quantitative Disclosure for Assets Classified as Level 3 (Detail) - Common Stock at Fair Value $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance at December 31, 2015 | $ 3,276 |
Investments and capital calls | 207 |
Balance at March 31, 2016 | $ 3,483 |
Investments - Summary of Compan
Investments - Summary of Company's Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investment Securities [Line Items] | ||
Amortized Cost | $ 125,019 | $ 128,304 |
Gross Unrealized Gains | 6,496 | 4,710 |
Gross Unrealized Losses | (617) | (1,432) |
Fair Value | 130,898 | 131,582 |
Fixed Maturities | ||
Investment Securities [Line Items] | ||
Amortized Cost | 111,560 | 114,845 |
Gross Unrealized Gains | 6,055 | 4,367 |
Gross Unrealized Losses | (74) | (770) |
Fair Value | 117,541 | 118,442 |
Fixed Maturities | U.S. government and agencies | ||
Investment Securities [Line Items] | ||
Amortized Cost | 13,036 | 13,036 |
Gross Unrealized Gains | 330 | 162 |
Gross Unrealized Losses | (85) | |
Fair Value | 13,366 | 13,113 |
Fixed Maturities | State | ||
Investment Securities [Line Items] | ||
Amortized Cost | 698 | 698 |
Gross Unrealized Gains | 5 | 4 |
Fair Value | 703 | 702 |
Fixed Maturities | Political subdivisions | ||
Investment Securities [Line Items] | ||
Amortized Cost | 4,323 | 4,354 |
Gross Unrealized Gains | 51 | 9 |
Fair Value | 4,374 | 4,363 |
Fixed Maturities | Revenue and assessment | ||
Investment Securities [Line Items] | ||
Amortized Cost | 10,117 | 11,770 |
Gross Unrealized Gains | 1,161 | 895 |
Gross Unrealized Losses | (21) | |
Fair Value | 11,278 | 12,644 |
Fixed Maturities | Corporate bonds | ||
Investment Securities [Line Items] | ||
Amortized Cost | 78,181 | 79,426 |
Gross Unrealized Gains | 3,480 | 2,022 |
Gross Unrealized Losses | (63) | (663) |
Fair Value | 81,598 | 80,785 |
Fixed Maturities | Collateralized mortgage obligations: Agency Backed | ||
Investment Securities [Line Items] | ||
Amortized Cost | 782 | 793 |
Gross Unrealized Gains | 85 | 80 |
Fair Value | 867 | 873 |
Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - residential | ||
Investment Securities [Line Items] | ||
Amortized Cost | 2,750 | 2,877 |
Gross Unrealized Gains | 491 | 579 |
Gross Unrealized Losses | (11) | (1) |
Fair Value | 3,230 | 3,455 |
Fixed Maturities | Collateralized mortgage obligations: Non-agency backed - commercial | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,673 | 1,891 |
Gross Unrealized Gains | 452 | 616 |
Fair Value | 2,125 | 2,507 |
Preferred stock, available-for-sale | ||
Investment Securities [Line Items] | ||
Amortized Cost | 1,500 | 1,500 |
Gross Unrealized Gains | 265 | 223 |
Fair Value | 1,765 | 1,723 |
Mutual funds, available-for-sale | ||
Investment Securities [Line Items] | ||
Amortized Cost | 11,959 | 11,959 |
Gross Unrealized Gains | 176 | 120 |
Gross Unrealized Losses | (543) | (662) |
Fair Value | $ 11,592 | $ 11,417 |
Investments - Scheduled Maturit
Investments - Scheduled Maturities of Company's Fixed Maturity Securities Based on their Fair Values (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities with Unrealized Losses, Total | $ 17,184 | $ 57,573 |
Fixed Maturities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities with Unrealized Gains, One year or less | 2,477 | |
Securities with Unrealized Gains, After one through five years | 27,586 | |
Securities with Unrealized Gains, After five through ten years | 63,765 | |
Securities with Unrealized Gains, After ten years | 8,643 | |
Securities with Unrealized Gains, No single maturity date | 5,918 | |
Securities with Unrealized Gains, Total | 108,389 | |
Securities with Unrealized Losses, After one through five years | 7,823 | |
Securities with Unrealized Losses, No single maturity date | 304 | |
Securities with Unrealized Losses, Total | 8,127 | |
Securities with No Unrealized Gains or Losses, One year or less | 1,025 | |
Securities with No Unrealized Gains or Losses, Total | 1,025 | |
All Fixed Maturity Securities, One year or less | 3,502 | |
All Fixed Maturity Securities, After one through five years | 35,409 | |
All Fixed Maturity Securities, After five through ten years | 63,765 | |
All Fixed Maturity Securities, After ten years | 8,643 | |
All Fixed Maturity Securities, No single maturity date | 6,222 | |
All Fixed Maturity Securities, Total | $ 117,541 |
Investments - Number of Fixed M
Investments - Number of Fixed Maturity Securities with Gross Unrealized Gains and Losses (Detail) - Security | Mar. 31, 2016 | Dec. 31, 2015 |
Investments Debt And Equity Securities [Abstract] | ||
Number of Securities with Gross Unrealized Losses Less than or equal to 12 months | 7 | 21 |
Number of Securities with Gross Unrealized Losses Greater than 12 months | 2 | 4 |
Number of Securities with Gross Unrealized Gains | 83 | 70 |
Investments - Fair Value and Gr
Investments - Fair Value and Gross Unrealized Losses of Fixed Maturity Securities in Continuous Unrealized Loss Position for Greater than 12 Months (Detail) $ in Thousands | Mar. 31, 2016USD ($)Security | Dec. 31, 2015USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 2 | 4 |
Fair Value | $ 4,272 | $ 7,689 |
Gross Unrealized Losses | $ (34) | $ (241) |
Percentage of amortized cost less than or equal to 10% | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 2 | 4 |
Fair Value | $ 4,272 | $ 7,689 |
Gross Unrealized Losses | $ (34) | $ (241) |
Investments - Gross Unrealized
Investments - Gross Unrealized Losses by Current Severity and Length of Time that Individual Securities have been in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | $ 17,184 | $ 57,573 |
Gross Unrealized Losses | (617) | (1,432) |
Percentage of amortized cost less than 5% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (414) | (769) |
Percentage of amortized cost 5% to 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (201) | (662) |
Percentage of amortized cost greater than 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (2) | (1) |
Less than or equals to three months | ||
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | 400 | 20,899 |
Gross Unrealized Losses | (9) | (130) |
Less than or equals to three months | Percentage of amortized cost less than 5% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (130) | |
Less than or equals to three months | Percentage of amortized cost 5% to 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (9) | |
Less than or equals to six months | ||
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | 7,036 | |
Gross Unrealized Losses | (465) | |
Less than or equals to six months | Percentage of amortized cost 5% to 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (465) | |
Less than or equals to nine months | ||
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | 7,150 | 14,057 |
Gross Unrealized Losses | (351) | (395) |
Less than or equals to nine months | Percentage of amortized cost less than 5% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (351) | (197) |
Less than or equals to nine months | Percentage of amortized cost 5% to 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (197) | |
Less than or equals to nine months | Percentage of amortized cost greater than 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (1) | |
Less than or equals to twelve months | ||
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | 5,362 | 7,892 |
Gross Unrealized Losses | (223) | (201) |
Less than or equals to twelve months | Percentage of amortized cost less than 5% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (29) | (201) |
Less than or equals to twelve months | Percentage of amortized cost 5% to 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (192) | |
Less than or equals to twelve months | Percentage of amortized cost greater than 10% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | (2) | |
Greater than 12 months | ||
Investment Maturity Date [Line Items] | ||
Fair Value of Securities with Gross Unrealized Losses | 4,272 | 7,689 |
Gross Unrealized Losses | (34) | (241) |
Greater than 12 months | Percentage of amortized cost less than 5% | ||
Investment Maturity Date [Line Items] | ||
Gross Unrealized Losses | $ (34) | $ (241) |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Fund | Dec. 31, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of investment funds | Fund | 3 | |
Withdrawal from the limited partnership investments | $ 2.3 | |
Unfunded commitments | 0.9 | |
Fixed maturities and cash equivalents on deposit with various insurance departments at fair value and amortized cost | 6.6 | |
Cash equivalents on deposit with another insurance company at fair value and amortized cost | 9.7 | |
Collateralized mortgage obligations: Non-agency backed - residential | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non credit other than temporary impairment for securities | 0.9 | $ 0.9 |
Collateralized mortgage obligations: Non-agency backed - commercial | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Non credit other than temporary impairment for securities | $ 0.2 | $ 0.2 |
Investments - Major Categories
Investments - Major Categories of Investment Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Investment Income [Line Items] | ||
Investment expenses | $ (122) | $ (122) |
Net investment income | 962 | 1,145 |
Fixed Maturities | ||
Net Investment Income [Line Items] | ||
Gross investment income | 970 | 1,043 |
Mutual funds, available-for-sale | ||
Net Investment Income [Line Items] | ||
Gross investment income | 206 | 147 |
Other investments | ||
Net Investment Income [Line Items] | ||
Gross investment income | (170) | 46 |
Other | ||
Net Investment Income [Line Items] | ||
Gross investment income | $ 78 | $ 31 |
Investments - Components of Net
Investments - Components of Net Realized Losses on Investments, Available-for-Sale at Fair Value (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | ||
Losses | $ (2) | $ (3) |
Net realized losses on investments, available-for-sale | $ (2) | $ (3) |
Net (Loss) Income Per Share - C
Net (Loss) Income Per Share - Computation of Basic and Diluted Net (Loss) Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (5,505) | $ 486 |
Weighted average common basic shares | 41,060 | 41,016 |
Effect of dilutive securities | 288 | |
Weighted average common dilutive shares | 41,060 | 41,304 |
Basic and diluted net (loss) income per share | $ (0.13) | $ 0.01 |
Net (Loss) Income Per Share - A
Net (Loss) Income Per Share - Additional Information (Detail) - $ / shares shares in Thousands | Mar. 15, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Earnings Per Share [Line Items] | |||
Exercisable options outstanding that enable to purchase shares | 825 | 825 | |
Equity option | |||
Earnings Per Share [Line Items] | |||
Shares with dilutive effect and included in computation of diluted income (loss) per share | 276 | 288 | |
Options excluded from computation of diluted income (loss) per share due to anti-dilutive effect | 260 | 295 | |
Restricted stock | |||
Earnings Per Share [Line Items] | |||
Exercisable options outstanding that enable to purchase shares | 257 | ||
Restricted stock | Executive Officer | |||
Earnings Per Share [Line Items] | |||
Compensation awarded restricted stock units | 146 | ||
Closing market price of the common stock | $ 2.30 |
Income Taxes - (Benefit) Provis
Income Taxes - (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Federal: | ||
Current | $ (1) | $ 72 |
Deferred | (2,962) | 193 |
Gross Federal | (2,963) | 265 |
State: | ||
Current | 100 | 49 |
Deferred | (6) | 4 |
Gross State | 94 | 53 |
Income tax expense (benefit) | $ (2,869) | $ 318 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||
Statutory federal corporate tax rate | 35.00% | ||||
Valuation allowance | $ 1,800 | $ 1,800 | $ 1,800 | $ 1,800 | |
Pre-tax operating income (losses) | $ (8,374) | $ 804 | $ (11,800) | $ 6,400 |
Income Taxes - (Benefit) Prov39
Income Taxes - (Benefit) Provision for Income Taxes Differs from Amounts Computed by Applying Statutory Federal Corporate Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
(Benefit) provision for income taxes at statutory rate | $ (2,931) | $ 281 |
Tax effect of: | ||
Tax-exempt investment income | (10) | (5) |
Stock-based compensation | 4 | |
State income taxes, net of federal income tax benefit and state valuation allowance | 59 | 53 |
Other | 9 | (11) |
Income tax expense (benefit) | $ (2,869) | $ 318 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segment Information - Selected
Segment Information - Selected Financial Data by Business Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 96,948 | $ 75,105 | |||
(Loss) income before income taxes | (8,374) | 804 | $ (11,800) | $ 6,400 | |
Total assets | 439,539 | 439,539 | 439,539 | $ 402,127 | |
Insurance | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 96,933 | 75,089 | |||
(Loss) income before income taxes | (7,021) | 1,553 | |||
Total assets | 410,158 | 410,158 | 410,158 | 373,475 | |
Real estate and Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 15 | 16 | |||
(Loss) income before income taxes | (1,353) | $ (749) | |||
Total assets | $ 29,381 | $ 29,381 | $ 29,381 | $ 28,652 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - Titan Acquisition $ in Millions | Jul. 01, 2015USD ($)Stores | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||
Estimate of expected liability | $ 2 | ||
Reduction in goodwill | $ 0.8 | ||
Asset Purchase Agreement | |||
Business Acquisition [Line Items] | |||
Business acquisition, effective date of completion | Jul. 1, 2015 | ||
Payments to acquire businesses, gross | $ 36 | ||
Number of retail stores | Stores | 83 | ||
Business combination, liabilities assumed | $ 2.3 |
Business Combinations - Busines
Business Combinations - Business Combination Pro Forma Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | ||
Revenues: | |||||
Premiums earned | $ 76,407 | $ 62,615 | |||
Commission and fee income | 19,581 | 11,348 | |||
Investment income | 962 | 1,145 | |||
Net realized losses on investments, available-for-sale | (2) | (3) | |||
Total revenues | 96,948 | 75,105 | |||
Costs and expenses: | |||||
Losses and loss adjustment expenses | 73,419 | 47,934 | |||
Insurance operating expenses | 29,647 | 25,084 | |||
Other operating expenses | 280 | 323 | |||
Litigation settlement | 110 | ||||
Stock-based compensation | 37 | 19 | |||
Depreciation | 651 | 407 | |||
Amortization of identifiable intangibles assets | 238 | ||||
Interest expense | 1,050 | 424 | |||
Total costs and expenses | 105,322 | 74,301 | |||
(Loss) income before income taxes | (8,374) | 804 | $ (11,800) | $ 6,400 | |
(Benefit) provision for income taxes | (2,869) | 318 | |||
Net (loss) income | $ (5,505) | $ 486 | |||
Net (loss) income per share: | |||||
Basic | $ (0.13) | $ 0.01 | |||
Diluted | $ (0.13) | $ 0.01 | |||
Number of shares used to calculate net (loss) income per share: | |||||
Basic | 41,060 | 41,016 | |||
Diluted | 41,060 | 41,304 | |||
Titan Agencies Historical | |||||
Revenues: | |||||
Commission and fee income | $ 8,125 | ||||
Total revenues | 8,125 | ||||
Costs and expenses: | |||||
Insurance operating expenses | 7,259 | ||||
Total costs and expenses | 7,259 | ||||
(Loss) income before income taxes | 866 | ||||
(Benefit) provision for income taxes | 346 | ||||
Net (loss) income | 520 | ||||
Pro Forma Adjustments | |||||
Costs and expenses: | |||||
Depreciation | [1] | 25 | |||
Amortization of identifiable intangibles assets | [2] | 228 | |||
Interest expense | [3] | 592 | |||
Total costs and expenses | 845 | ||||
(Loss) income before income taxes | (845) | ||||
(Benefit) provision for income taxes | [4] | (338) | |||
Net (loss) income | (507) | ||||
Pro Forma Combined | |||||
Revenues: | |||||
Premiums earned | 62,615 | ||||
Commission and fee income | 19,473 | ||||
Investment income | 1,145 | ||||
Net realized losses on investments, available-for-sale | (3) | ||||
Total revenues | 83,230 | ||||
Costs and expenses: | |||||
Losses and loss adjustment expenses | 47,934 | ||||
Insurance operating expenses | 32,343 | ||||
Other operating expenses | 323 | ||||
Litigation settlement | 110 | ||||
Stock-based compensation | 19 | ||||
Depreciation | 432 | ||||
Amortization of identifiable intangibles assets | 228 | ||||
Interest expense | 1,016 | ||||
Total costs and expenses | 82,405 | ||||
(Loss) income before income taxes | 825 | ||||
(Benefit) provision for income taxes | 326 | ||||
Net (loss) income | $ 499 | ||||
Net (loss) income per share: | |||||
Basic | $ 0.01 | ||||
Diluted | $ 0.01 | ||||
Number of shares used to calculate net (loss) income per share: | |||||
Basic | 41,016 | ||||
Diluted | 41,304 | ||||
[1] | Depreciation expense related to acquired tangible asset | ||||
[2] | Amortization expense related to acquired identifiable intangible asset | ||||
[3] | Interest expense related to acquisition financing | ||||
[4] | Calculated income tax effect of pro forma adjustments at the estimated combined federal and state statutory rate of 40% |
Business Combinations - Busin44
Business Combinations - Business Combination Pro Forma Information (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Business Combinations [Abstract] | |
Business acquisition, pro forma adjustments estimated combined federal and state statutory tax rate | 40.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - USD ($) $ in Millions | May. 04, 2016 | Apr. 30, 2016 |
Subsequent Event [Line Items] | ||
Percentage of indirect ownership by principal stockholder | 15.00% | |
Land | ||
Subsequent Event [Line Items] | ||
Gain on sale of parcel of land | $ 1.2 |