Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Entity Registrant Name | 'AMERINST INSURANCE GROUP LTD | ' |
Entity Central Index Key | '0001065201 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 995,253 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Fixed maturity investments, available for sale, at fair value (amortized cost $8,078,432 and $7,340,536) | $8,248,720 | $7,665,482 |
Equity securities, available for sale, at fair value (cost $7,205,853 and $7,119,690) | 12,940,065 | 12,583,820 |
TOTAL INVESTMENTS | 21,188,785 | 20,249,302 |
Cash and cash equivalents | 1,724,184 | 1,034,485 |
Restricted cash and cash equivalents | 589,986 | 1,349,744 |
Other invested assets | 1,470,000 | 1,470,000 |
Assumed reinsurance premiums receivable | 459,293 | 274,526 |
Accrued investment income | 80,687 | 77,620 |
Property and equipment | 502,807 | 589,296 |
Deferred policy acquisition costs | 443,942 | 268,643 |
Prepaid expenses and other assets | 424,913 | 412,065 |
TOTAL ASSETS | 26,884,597 | 25,725,681 |
LIABILITIES | ' | ' |
Unpaid losses and loss adjustment expenses | 2,056,914 | 1,408,190 |
Unearned premiums | 1,199,843 | 726,044 |
Assumed reinsurance balance payable | 344,587 | 178,880 |
Accrued expenses and other liabilities | 1,567,890 | 1,490,727 |
TOTAL LIABILITIES | 5,169,234 | 3,803,841 |
SHAREHOLDERS' EQUITY | ' | ' |
Common shares, $1 par value, 2013 and 2012: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,287,293 | 6,287,293 |
Retained earnings | 15,892,293 | 16,349,448 |
Accumulated other comprehensive income | 5,934,754 | 5,789,076 |
Shares held by Subsidiary (316,580 and 319,835 shares) at cost | -7,394,230 | -7,499,230 |
TOTAL SHAREHOLDERS' EQUITY | 21,715,363 | 21,921,840 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $26,884,597 | $25,725,681 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Fixed maturity investments, amortized cost | $8,198,447 | $7,340,536 |
Equity securities, cost | $7,055,584 | $7,119,690 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 995,253 | 995,253 |
Common stock, shares outstanding | 995,253 | 995,253 |
Shares held by Subsidiary, shares | 316,580 | 319,835 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations, Comprehensive Income (Loss) And Retained Earnings (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | |
REVENUES | ' | ' | ' | ' |
Net premiums earned | $496,569 | $425,344 | $878,616 | $1,286,902 |
Commission income | 366,294 | 209,663 | 615,239 | 968,204 |
Other income | ' | ' | 98,156 | ' |
Net investment income | 63,795 | 92,136 | 299,256 | 211,871 |
Net realized gain on investments | 329,200 | 494,271 | 1,106,299 | 2,156,947 |
TOTAL REVENUES | 1,255,858 | 1,221,414 | 2,997,566 | 4,623,924 |
LOSSES AND EXPENSES | ' | ' | ' | ' |
Losses and loss adjustment expenses | 419,423 | 243,319 | 526,614 | 1,124,148 |
Policy acquisition costs | 183,731 | 144,406 | 313,073 | 476,162 |
Operating and management expenses | 1,044,616 | 884,915 | 2,828,252 | 3,164,343 |
TOTAL LOSSES AND EXPENSES | 1,647,770 | 1,272,640 | 3,667,939 | 4,764,653 |
NET INCOME (LOSS) BEFORE TAX | -391,912 | -51,226 | -670,373 | -140,729 |
Income tax expense | ' | ' | ' | ' |
NET INCOME (LOSS) AFTER TAX | -391,912 | -51,226 | -670,373 | -140,729 |
OTHER COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' |
Net unrealized holding gains (losses) arising during the period | 441,992 | 864,033 | 1,846,633 | 2,302,625 |
Reclassification adjustment for gains included in net (loss) | -329,200 | -494,271 | -1,106,299 | -2,156,947 |
OTHER COMPREHENSIVE INCOME (LOSS) | 112,792 | 369,762 | 740,334 | 145,678 |
COMPREHENSIVE INCOME | -279,120 | 318,536 | 69,961 | 4,949 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 16,431,777 | 16,413,168 | 17,411,533 | 16,349,448 |
Segment income (loss) | -391,912 | -51,226 | -670,373 | -140,729 |
Dividends | 147,572 | 171,672 | 327,992 | 316,426 |
RETAINED EARNINGS, END OF PERIOD | $15,892,293 | $16,413,168 | $16,413,168 | $15,892,293 |
Per share amounts | ' | ' | ' | ' |
Basic and diluted income (loss) per share | ($0.58) | ($0.07) | ($0.98) | ($0.21) |
Dividends, per share | $0.25 | $0.25 | $0.50 | $0.50 |
Weighted average number of shares outstanding for the entire period (for basic and diluted) | 678,673 | 686,693 | 685,157 | 677,046 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Activities | ' | ' |
Net Cash used in Operating Activities | ($1,018,166) | ($1,198,510) |
INVESTING ACTIVITIES | ' | ' |
Movement in restricted cash and cash equivalents | 759,758 | -1,882,884 |
Purchases of property and equipment | -69,282 | ' |
Purchases of available-for-sale securities | -3,806,278 | -2,689,710 |
Proceeds from sales of available-for-sale securities | 4,060,093 | 4,996,671 |
Proceeds from redemptions of fixed maturity investments | ' | 1,000,000 |
Proceeds from maturities of fixed maturity investments | 1,080,000 | 200,000 |
Net Cash provided by Investing Activities | 2,024,291 | 1,624,077 |
FINANCING ACTIVITIES | ' | ' |
Dividends paid | -316,426 | -327,992 |
Net Cash used in Financing Activities | -316,426 | -327,992 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 689,699 | 97,575 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,034,485 | 904,485 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $1,724,184 | $1,002,060 |
BASIS_OF_PREPARATION_AND_CONSO
BASIS OF PREPARATION AND CONSOLIDATION | 9 Months Ended |
Sep. 30, 2013 | |
Description Of Business [Abstract] | ' |
Basis Of Preparation And Consolidation | ' |
1. BASIS OF PREPARATION AND CONSOLIDATION | |
The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. ("AmerInst") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission"). These financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") . All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not incorporate all the information required under U.S. GAAP to be included in a full set of financial statements. In these notes, the terms "we", "us", "our" or the "Company" refer to AmerInst and its subsidiaries. These condensed statements should be read in conjunction with the audited consolidated financial statements at and for the year ended December 31, 2012 and notes thereto, included in AmerInst's Annual Report on Form 10-K for the year then ended. | |
New Accounting Pronouncements Adoption of New Accounting Standards | |
Balance Sheet Offsetting | |
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2011-11, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). The objective of ASU 2011-11 was to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 was effective for interim and annual periods beginning on or after January 1, 2013. As the new guidance affects disclosures only, its adoption did not have a material impact on the Company's consolidated financial statements. | |
Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income ("AOCI") | |
Effective January 1, 2013, we adopted FASB's guidance requiring additional disclosures about reclassification adjustments from AOCI. As this guidance is disclosure-related only and did not amend existing guidance on the reporting of net income available to common shareholders or other comprehensive income, adoption did not impact our results of operations, financial condition or liquidity. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Segment Information | ' | ||||||||
3. SEGMENT INFORMATION | |||||||||
AmerInst has two operating segments: (1) reinsurance activity, which also includes investments and other activities, and (2) insurance activity, which offers professional liability solutions to professional service firms under the Agency Agreement with C&F, as defined in the "Overview" section below. | |||||||||
The tables below summarize the results of our operating segments as of and for the nine months ended September 30, 2013 and 2012. | |||||||||
As of and for the Nine Months Ended September 30, 2013 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 3,655,446 | $ | 968,478- | $ | 4,623,924 | |||
Total losses and expenses | 2,535,746 | 2,228,907 | 4,764,653 | ||||||
Segment income (loss) | 1,119,700 | (1,260,429 | ) | (140,729 | ) | ||||
Identifiable assets | — | 502,807 | 502,807 | ||||||
As of and for the Nine Months Ended September 30, 2012 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 2,381,972 | $ | 615,594 | $ | 2,997,566 | |||
Total losses and expenses | 1,811,075 | 1,856,864 | 3,667,939 | ||||||
Segment income (loss) | 570,897 | (1,241,270 | ) | (670,373 | ) | ||||
Identifiable assets | — | 599,418 | 599,418 | ||||||
The tables below summarize the results of our operating segments as of and for the three months ended September 30, 2013 and 2012. | |||||||||
As of and for the Three Months Ended September 30, 2013 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 889,478 | $ | 366,380 | $ | 1,255,858 | |||
Total losses and expenses | 839,173 | 808,597 | 1,647,770 | ||||||
Segment income (loss) | 50,305 | (442,217 | ) | (391,912 | ) | ||||
Identifiable assets | — | 502,807 | 502,807 | ||||||
As of and for the Three Months Ended September 30, 2012 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 1,011,644 | $ | 209,770 | $ | 1,221,414 | |||
Total losses and expenses | 684,625 | 588,015 | 1,272,640 | ||||||
Segment loss | 327,019 | (378,245 | ) | (51,226 | ) | ||||
Identifiable assets | — | 599,418 | 599,418 | ||||||
Stock_Compensation
Stock Compensation | 9 Months Ended | ||
Sep. 30, 2013 | |||
Stock Compensation [Abstract] | ' | ||
Stock Compensation | ' | ||
4. STOCK COMPENSATION | |||
AmerInst Professional Services Limited ("APSL"), a subsidiary of AmerInst, has employment agreements with four key members of senior management, including one of our named executive officers, Kyle Nieman, the President of APSL, which grant them phantom shares of the Company. Under these agreements, these employees were initially granted a total of 75,018 phantom shares of the Company on the date of their employment. The phantom shares are eligible for phantom dividends paid at the same rate as regular dividends on the Company's common shares. The phantom dividends may be used only to purchase additional phantom shares with the purchase price of such phantom shares being the net book value of the Company's actual common shares as of the end of the previous quarter. During the three and nine months ended September 30, 2013, 612 and 1,222 phantom shares were granted, respectively, arising from the dividends declared on the Company's common shares. 80,539 phantom shares were outstanding at September 30, 2013. | |||
For three of these employees, including Mr. Nieman, the phantom shares initially granted as well as any additional shares granted from dividends declared will vest on January 1, 2015. For the fourth employee, the phantom shares initially granted as well as any additional shares granted from dividends declared will vest on January 1, 2018. The liability payable to these employees under this phantom share plan is equal to the value of the phantom shares based on the net book value of the Company's actual common shares at the end of the previous quarter less the value of phantom shares initially granted and is payable in cash upon the earlier of the employee attaining 65 years of age or within 60 days of such employee's death or permanent disability, including if such death or permanent disability occurs before January 1, 2015 for three of these employees and January 1, 2018 for the fourth employee. | |||
During the first quarter of 2013, one former key member of APSL's senior management forfeited his interest in his 12,009 phantom shares as a result of his departure from APSL prior to the phantom shares' January 1, 2015 vesting date. Also during the first quarter of 2013, a new key member of APSL's senior management entered into an employment agreement with APSL and was granted 11,252 phantom shares of the Company on the date of his employment. | |||
The following table provides a reconciliation of the beginning and ending balance of non-vested phantom shares for the nine months ended September 30, 2013: | |||
Number of | |||
Phantom Shares | |||
Outstanding - beginning | 80,074 | ||
Granted – initial grant on the employment date | 11,252 | ||
Granted – arising from dividends declared during the quarter | 1,222 | ||
Forfeited – due to departure from APSL prior to vesting date | (12,009 | ) | |
Outstanding - ending | 80,539 | ||
The liability relating to these phantom shares is recalculated quarterly based on the net book value of the Company's common shares at the end of each quarter. As a result of the overall decrease in the book value of the Company's common shares since the grant dates, no liability has been recorded by the Company relating to these phantom shares at September 30, 2013. | |||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Schedule Of Cost Or Amortized Cost, Gross Unrealized Holding Gains And Losses, And Estimated Fair Value Of Fixed Maturity Investments | ' | |||||||||||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of September 30, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,086 | $ | — | $ | (907 | ) | $ | 446,179 | |||||||
Obligations of states and political subdivisions | 7,429,046 | 138,305 | (101,323 | ) | 7,466,028 | |||||||||||
Corporate debt securities | 322,315 | 14,198 | — | 336,513 | ||||||||||||
Total fixed maturity investments | 8,198,447 | 152,503 | (102,230 | ) | 8,248,720 | |||||||||||
Equity securities* | 6,055,584 | 5,334,690 | — | 11,390,274 | ||||||||||||
Hedge fund | 1,000,000 | 549,791 | — | 1,549,791 | ||||||||||||
Total equity securities | 7,055,584 | 5,884,481 | — | 12,940,065 | ||||||||||||
Total investments | $ | 15,254,031 | $ | 6,036,984 | $ | (102,230 | ) | $ | 21,188,785 | |||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of December 31, 2012 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 446,713 | $ | 19,644 | $ | — | $ | 466,357 | ||||||||
Obligations of states and political subdivisions | 6,566,849 | 302,324 | (14,604 | ) | 6,854,569 | |||||||||||
Corporate debt securities | 326,974 | 17,582 | — | 344,556 | ||||||||||||
Total fixed maturity investments | 7,340,536 | 339,550 | (14,604 | ) | 7,665,482 | |||||||||||
Equity securities* | 6,119,690 | 4,981,815 | (2,836 | ) | 11,098,669 | |||||||||||
Hedge fund | 1,000,000 | 485,151 | — | 1,485,151 | ||||||||||||
Total equity securities | 7,119,690 | 5,466,966 | (2,836 | ) | 12,583,820 | |||||||||||
Total investments | $ | 14,460,226 | $ | 5,806,516 | $ | (17,440 | ) | $ | 20,249,302 | |||||||
Schedule Of Fixed Maturity And Equity Securities In An Unrealized Loss Position And The Aggregate Fair Value And Gross Unrealized Loss | ' | |||||||||||||||
12 months or greater | Less than 12 months | Total | ||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||
As of September 30, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | 446,180 | $ | (907 | ) | $ | 446,180 | $ | (907 | ) | ||
Obligations of states and political | ||||||||||||||||
subdivisions | 216,298 | (15,123 | ) | 2,497,518 | (86,200 | ) | 2,713,816 | (101,323 | ) | |||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | 216,298 | (15,123 | ) | 2,943,698 | (87,107 | ) | 3,159,996 | (102,230 | ) | |||||||
Equity securities | — | — | — | — | — | — | ||||||||||
Hedge fund | ||||||||||||||||
— | — | — | — | — | — | |||||||||||
Total equity securities | — | — | — | — | — | — | ||||||||||
Total investments | $ | 216,298 | $ | (15,123 | ) | $ | 2,943,698 | $ | (87,107 | ) | $ | 3,159,996 | $ | (102,230 | ) | |
12 months or greater | Less than 12 months | Total | ||||||||||||||
Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||
Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||
As of December 31, 2012 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||
Obligations of states and political | ||||||||||||||||
subdivisions | — | — | 660,084 | (14,604 | ) | 660,084 | (14,604 | ) | ||||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | — | — | 660,084 | (14,604 | ) | 660,084 | (14,604 | ) | ||||||||
Equity securities | — | — | 45,526 | (2,836 | ) | 45,526 | (2,836 | ) | ||||||||
Hedge fund | — | — | — | — | — | — | ||||||||||
Total equity securities | — | — | 45,526 | (2,836 | ) | 45,526 | (2,836 | ) | ||||||||
Total investments | $ | — | $ | — | $ | 705,610 | $ | (17,440 | ) | $ | 705,610 | $ | (17,440 | ) | ||
Schedule Of The Fair Value Of Investments | ' | |||||||||||||||
Fair value measurement using: | ||||||||||||||||
Quoted prices | ||||||||||||||||
in active | Significant other | Significant | ||||||||||||||
Carrying | Total fair | markets | observable inputs | unobservable inputs | ||||||||||||
amount | value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
As of September 30, 2013 | ||||||||||||||||
U.S. government agency securities | $ | 446,179 | $ | 446,179 | $ | — | $ | 446,179 | $ | — | ||||||
Obligations of state and political | ||||||||||||||||
subdivisions | 7,466,028 | 7,466,028 | 7,466,028 | |||||||||||||
Corporate debt securities | 336,513 | 336,513 | 336,513 | |||||||||||||
Total fixed maturity investments | 8,248,720 | 8,248,720 | ||||||||||||||
Equity securities (excluding the | ||||||||||||||||
hedge fund) | 11,390,274 | 11,390,274 | 11,390,274 | |||||||||||||
Hedge fund | 1,549,791 | 1,549,791 | 1,549,791 | |||||||||||||
Total equity securities | 12,940,065 | 12,940,065 | ||||||||||||||
Total investments | $ | 21,188,785 | $ | 21,188,785 | $ | 11,390,274 | $ | 8,248,720 | $ | 1,549,791 | ||||||
Fair value measurement using: | ||||||||||||||||
Quoted prices | ||||||||||||||||
in active | Significant other | Significant | ||||||||||||||
Carrying | Total fair | markets | observable inputs | unobservable inputs | ||||||||||||
amount | value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||
As of December 31, 2012 | ||||||||||||||||
U.S. government agency securities | $ | 466,357 | $ | 466,357 | $ | — | $ | 466,357 | $ | — | ||||||
Obligations of state and | ||||||||||||||||
political subdivisions | 6,854,569 | 6,854,569 | 6,854,569 | |||||||||||||
Corporate debt securities | 344,556 | 344,556 | 344,556 | |||||||||||||
Total fixed maturity investments | 7,665,482 | 7,665,482 | ||||||||||||||
Equity securities (excluding the | ||||||||||||||||
hedge fund) | 11,098,669 | 11,098,669 | 11,098,669 | |||||||||||||
Hedge fund | 1,485,151 | 1,485,151 | 1,485,151 | |||||||||||||
Total equity securities | 12,583,820 | 12,583,820 | ||||||||||||||
Total investments | $ | 20,249,302 | $ | 20,249,302 | $ | 11,098,669 | $ | 7,665,482 | $ | 1,485,151 | ||||||
Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
Hedge Fund Investment | ||||||||||||||||
Nine Months | ||||||||||||||||
ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,485,151 | $ | 1,395,933 | ||||||||||||
Total gains or losses included in earnings | — | — | ||||||||||||||
Change in fair value of hedge fund investment | 64,640 | 50,586 | ||||||||||||||
Purchases | — | — | ||||||||||||||
Sales | — | — | ||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||
Ending balance, end of period | $ | 1,549,791 | $ | 1,446,519 | ||||||||||||
There were no transfers into or from Level 3 during the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
The following table presents a reconciliation of the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable (Level 3) inputs for the three months ended September 30, 2013 and 2012: | ||||||||||||||||
Hedge Fund Investment | ||||||||||||||||
Three Months | ||||||||||||||||
ended | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,562,224 | $ | 1,432,621 | ||||||||||||
Total gains or losses included in earnings | — | — | ||||||||||||||
Change in fair value of hedge fund investment | (12,433 | ) | 13,898 | |||||||||||||
Purchases | — | — | ||||||||||||||
Sales | — | — | ||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||
Ending balance, end of period | $ | 1,549,791 | $ | 1,446,519 | ||||||||||||
Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments | ' | |||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Due in one year or less | $ | 950,308 | $ | 971,296 | ||||||||||||
Due after one year through five years | 5,182,141 | 5,249,851 | ||||||||||||||
Due after five years through ten years | 1,879,834 | 1,862,107 | ||||||||||||||
Due after ten years | 186,164 | 165,466 | ||||||||||||||
Total | $ | 8,198,447 | $ | 8,248,720 | ||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||
Due in one year or less | $ | 1,081,039 | $ | 1,094,775 | ||||||||||||
Due after one year through five years | 3,410,272 | 3,603,525 | ||||||||||||||
Due after five years through ten years | 2,658,925 | 2,775,483 | ||||||||||||||
Due after ten years | 190,300 | 191,699 | ||||||||||||||
Total | $ | 7,340,536 | $ | 7,665,482 | ||||||||||||
Schedule Of Sales And Maturities Of Investments | ' | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 4,060,093 | $ | 4,996,671 | ||||||||||||
Proceeds from redemptions of fixed maturity investments | — | 1,000,000 | ||||||||||||||
Total proceeds from maturities of fixed maturity investments | 1,080,000 | 200,000 | ||||||||||||||
Gross gains on sales | 2,238,101 | 1,304,878 | ||||||||||||||
Gross losses on sales | — | — | ||||||||||||||
Impairment losses | (81,154 | ) | (198,579 | ) | ||||||||||||
Information on sales and maturities of investments during the three months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 596,210 | $ | 3,482,839 | ||||||||||||
Proceeds from redemptions of fixed maturity investments | — | 500,000 | ||||||||||||||
Total proceeds from maturities of fixed maturity investments | 250,000 | — | ||||||||||||||
Gross gains on sales | 329,200 | 527,239 | ||||||||||||||
Gross losses on sales | — | — | ||||||||||||||
Impairment losses | — | (32,968 | ) | |||||||||||||
Schedule Of Major Categories Of Net Interest And Dividend Income | ' | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Interest earned: | ||||||||||||||||
Fixed maturity investments | $ | 201,095 | $ | 259,794 | ||||||||||||
Short term investments and cash and cash equivalents | 330 | 463 | ||||||||||||||
Dividends earned | 105,554 | 135,611 | ||||||||||||||
Investment expenses | (95,108 | ) | (96,612 | ) | ||||||||||||
Net investment income | $ | 211,871 | $ | 299,256 | ||||||||||||
Major categories of net investment income during the three months ended September 30, 2013 and 2012 are summarized as follows: | ||||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Interest earned: | ||||||||||||||||
Fixed maturity investments | $ | 63,724 | $ | 85,439 | ||||||||||||
Short term investments and cash and cash equivalents | 100 | 138 | ||||||||||||||
Dividends earned | 31,706 | 38,314 | ||||||||||||||
Investment expenses | (31,735 | ) | (31,755 | ) | ||||||||||||
Net investment income | $ | 63,795 | $ | 92,136 |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Segment Information [Abstract] | ' | ||||||||
Schedule Of Segment Reporting Information | ' | ||||||||
The tables below summarize the results of our operating segments as of and for the nine months ended September 30, 2013 and 2012. | |||||||||
As of and for the Nine Months Ended September 30, 2013 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 3,655,446 | $ | 968,478- | $ | 4,623,924 | |||
Total losses and expenses | 2,535,746 | 2,228,907 | 4,764,653 | ||||||
Segment income (loss) | 1,119,700 | (1,260,429 | ) | (140,729 | ) | ||||
Identifiable assets | — | 502,807 | 502,807 | ||||||
As of and for the Nine Months Ended September 30, 2012 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 2,381,972 | $ | 615,594 | $ | 2,997,566 | |||
Total losses and expenses | 1,811,075 | 1,856,864 | 3,667,939 | ||||||
Segment income (loss) | 570,897 | (1,241,270 | ) | (670,373 | ) | ||||
Identifiable assets | — | 599,418 | 599,418 | ||||||
The tables below summarize the results of our operating segments as of and for the three months ended September 30, 2013 and 2012. | |||||||||
As of and for the Three Months Ended September 30, 2013 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 889,478 | $ | 366,380 | $ | 1,255,858 | |||
Total losses and expenses | 839,173 | 808,597 | 1,647,770 | ||||||
Segment income (loss) | 50,305 | (442,217 | ) | (391,912 | ) | ||||
Identifiable assets | — | 502,807 | 502,807 | ||||||
As of and for the Three Months Ended September 30, 2012 | |||||||||
Reinsurance | Insurance | ||||||||
Segment | Segment | Total | |||||||
Revenues | $ | 1,011,644 | $ | 209,770 | $ | 1,221,414 | |||
Total losses and expenses | 684,625 | 588,015 | 1,272,640 | ||||||
Segment loss | 327,019 | (378,245 | ) | (51,226 | ) | ||||
Identifiable assets | — | 599,418 | 599,418 |
Stock_Compensation_Tables
Stock Compensation (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Stock Compensation [Abstract] | ' | ||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | ' | ||
Number of | |||
Phantom Shares | |||
Outstanding - beginning | 80,074 | ||
Granted – initial grant on the employment date | 11,252 | ||
Granted – arising from dividends declared during the quarter | 1,222 | ||
Forfeited – due to departure from APSL prior to vesting date | (12,009 | ) | |
Outstanding - ending | 80,539 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2012 | |
security | security | item | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Securities in an unrealized loss position | ' | 11 | ' | 4 | ' |
Certificates Of Deposit At Carrying Value | ' | $1,470,000 | ' | $1,470,000 | ' |
Available for sale fixed maturity securities, Estimated fair value | ' | 3,159,996 | ' | 705,610 | ' |
Other-than-temporary impairment charge | 32,968 | 81,154 | 198,579 | ' | ' |
Number of strategies | ' | 6 | ' | ' | ' |
Securities recording other-than-temporary impairment charges | ' | ' | ' | ' | 2 |
Total Fixed Maturity Investments [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Securities in an unrealized loss position | ' | 11 | ' | 3 | ' |
Available for sale fixed maturity securities, Estimated fair value | ' | 3,159,996 | ' | 660,084 | ' |
Total Equity Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' |
Securities in an unrealized loss position | ' | ' | ' | 1 | ' |
Available for sale fixed maturity securities, Estimated fair value | ' | ' | ' | $45,526 | ' |
Investments_Schedule_Of_Cost_O
Investments (Schedule Of Cost Or Amortized Cost, Gross Unrealized Holding Gains And Losses, And Estimated Fair Value) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Gross Unrealized Losses | ($102,230) | ($17,440) | |
U.S. Government Agency Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 447,086 | 446,713 | |
Gross Unrealized Gains | ' | 19,644 | |
Gross Unrealized Losses | -907 | ' | |
Estimated Fair Value | 446,179 | 466,357 | |
Obligations Of States And Political Subdivisions [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 7,429,046 | 6,566,849 | |
Gross Unrealized Gains | 138,305 | 302,324 | |
Gross Unrealized Losses | -101,323 | -14,604 | |
Estimated Fair Value | 7,466,028 | 6,854,569 | |
Corporate Debt Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 322,315 | 326,974 | |
Gross Unrealized Gains | 14,198 | 17,582 | |
Estimated Fair Value | 336,513 | 344,556 | |
Total Fixed Maturity Investments [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 8,198,447 | 7,340,536 | |
Gross Unrealized Gains | 152,503 | 339,550 | |
Gross Unrealized Losses | -102,230 | -14,604 | |
Estimated Fair Value | 8,248,720 | 7,665,482 | |
Equity Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 6,055,584 | 6,119,690 | [1] |
Gross Unrealized Gains | 5,334,690 | 4,981,815 | [1] |
Gross Unrealized Losses | ' | -2,836 | [1] |
Estimated Fair Value | 11,390,274 | 11,098,669 | [1] |
Hedge Fund [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 1,000,000 | 1,000,000 | |
Gross Unrealized Gains | 549,791 | 485,151 | |
Estimated Fair Value | 1,549,791 | 1,485,151 | |
Total Equity Securities [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 7,055,584 | 7,119,690 | |
Gross Unrealized Gains | 5,884,481 | 5,466,966 | |
Gross Unrealized Losses | ' | -2,836 | |
Estimated Fair Value | 12,940,065 | 12,583,820 | |
Investments [Member] | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost or Amortized Cost | 15,254,031 | 14,460,226 | |
Gross Unrealized Gains | 6,036,984 | 5,806,516 | |
Gross Unrealized Losses | -102,230 | -17,440 | |
Estimated Fair Value | $21,188,785 | $20,249,302 | |
[1] | * The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team. |
Investments_Schedule_Of_Fixed_
Investments (Schedule Of Fixed Maturity And Equity Securities In An Unrealized Loss Position And Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In An Unrealized Loss Position) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Total, Estimated Fair Value | $3,159,996 | $705,610 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Less than 12 months, Estimated Fair Value | 446,180 | ' |
Less than 12 months Unrealized Losses | -907 | ' |
Total, Estimated Fair Value | 446,180 | ' |
Total, Unrealized Losses | -907 | ' |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | 216,298 | ' |
12 months or greater Unrealized Losses | -15,123 | ' |
Less than 12 months, Estimated Fair Value | 2,497,518 | 660,084 |
Less than 12 months Unrealized Losses | -86,200 | -14,604 |
Total, Estimated Fair Value | 2,713,816 | 660,084 |
Total, Unrealized Losses | -101,323 | -14,604 |
Total Fixed Maturity Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | 216,298 | ' |
12 months or greater Unrealized Losses | -15,123 | ' |
Less than 12 months, Estimated Fair Value | 2,943,698 | 660,084 |
Less than 12 months Unrealized Losses | -87,107 | -14,604 |
Total, Estimated Fair Value | 3,159,996 | 660,084 |
Total, Unrealized Losses | -102,230 | -14,604 |
Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Less than 12 months, Estimated Fair Value | ' | 45,526 |
Less than 12 months Unrealized Losses | ' | -2,836 |
Total, Estimated Fair Value | ' | 45,526 |
Total, Unrealized Losses | ' | -2,836 |
Total Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Less than 12 months, Estimated Fair Value | ' | 45,526 |
Less than 12 months Unrealized Losses | ' | -2,836 |
Total, Estimated Fair Value | ' | 45,526 |
Total, Unrealized Losses | ' | -2,836 |
Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | 216,298 | ' |
12 months or greater Unrealized Losses | -15,123 | ' |
Less than 12 months, Estimated Fair Value | 2,943,698 | 705,610 |
Less than 12 months Unrealized Losses | -87,107 | -17,440 |
Total, Estimated Fair Value | 3,159,996 | 705,610 |
Total, Unrealized Losses | ($102,230) | ($17,440) |
Investments_Schedule_Of_The_Fa
Investments (Schedule Of The Fair Value Of Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | ' | $20,249,302 | |
Held-to-maturity Securities, Fair Value Disclosure | ' | 7,665,482 | |
Equity Method Investments Fair Value Disclosure | ' | 12,583,820 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | ' | 20,249,302 | |
Held-to-maturity Securities, Fair Value Disclosure | ' | 7,665,482 | |
Equity Method Investments Fair Value Disclosure | ' | 12,583,820 | |
Quoted Prices In active Markets (Level 1) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | ' | 11,098,669 | |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | ' | 7,665,482 | |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | ' | 1,485,151 | |
U.S. Government Agency Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 446,179 | 466,357 | |
U.S. Government Agency Securities [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 446,179 | 466,357 | |
U.S. Government Agency Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 446,179 | 466,357 | |
U.S. Government Agency Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 446,179 | 466,357 | |
Obligations Of States And Political Subdivisions [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 7,466,028 | 6,854,569 | |
Obligations Of States And Political Subdivisions [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 7,466,028 | 6,854,569 | |
Obligations Of States And Political Subdivisions [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 7,466,028 | 6,854,569 | |
Obligations Of States And Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 7,466,028 | 6,854,569 | |
Corporate Debt Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 336,513 | 344,556 | |
Corporate Debt Securities [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 336,513 | 344,556 | |
Corporate Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 336,513 | 344,556 | |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 336,513 | 344,556 | |
Total Fixed Maturity Investments [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 8,248,720 | 7,665,482 | |
Total Fixed Maturity Investments [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 8,248,720 | ' | |
Total Fixed Maturity Investments [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Held-to-maturity Securities, Fair Value Disclosure | 8,248,720 | ' | |
Equity Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 11,390,274 | 11,098,669 | [1] |
Equity Securities [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 11,390,274 | 11,098,669 | |
Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 11,390,274 | 11,098,669 | |
Equity Securities [Member] | Quoted Prices In active Markets (Level 1) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 11,390,274 | 11,098,669 | |
Hedge Fund [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 1,549,791 | 1,485,151 | |
Hedge Fund [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 1,549,791 | 1,485,151 | |
Hedge Fund [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 1,549,791 | 1,485,151 | |
Hedge Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 1,549,791 | 1,485,151 | |
Total Equity Securities [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 12,940,065 | 12,583,820 | |
Total Equity Securities [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 12,940,065 | ' | |
Total Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Equity Method Investments Fair Value Disclosure | 12,940,065 | ' | |
Investments [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 21,188,785 | 20,249,302 | |
Investments [Member] | Carrying Reported Amount Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 21,188,785 | ' | |
Investments [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 21,188,785 | ' | |
Investments [Member] | Quoted Prices In active Markets (Level 1) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 11,390,274 | ' | |
Investments [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | 8,248,720 | ' | |
Investments [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Investments, Total fair value | $1,549,791 | ' | |
[1] | * The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team. |
Investments_Schedule_Of_Reconc
Investments (Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Investments [Abstract] | ' | ' | ' | ' |
Balance classified as Level 3, beginning of period | $1,562,224 | $1,432,621 | $1,485,151 | $1,395,933 |
Change in fair value of hedge fund investments | -12,433 | 13,898 | 64,640 | 50,586 |
Ending balance, end of period | $1,549,791 | $1,446,519 | $1,549,791 | $1,446,519 |
Investments_Schedule_Of_Cost_O1
Investments (Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Investments [Abstract] | ' | ' |
Amortized Cost, Due in one year or less | $950,308 | $1,081,039 |
Amortized Cost, Due after one year through five years | 5,182,141 | 3,410,272 |
Amortized Cost, Due after five years through ten years | 1,879,834 | 2,658,925 |
Amortized Cost, Due after ten years | 186,164 | 190,300 |
Amortized Cost | 8,198,447 | 7,340,536 |
Estimated Fair Value, Due in one year or less | 971,296 | 1,094,775 |
Estimated Fair Value, Due after one year through five years | 5,249,851 | 3,603,525 |
Estimated Fair Value, Due after five years through ten years | 1,862,107 | 2,775,483 |
Estimated Fair Value, Due after ten years | 165,466 | 191,699 |
Estimated Fair Value | $8,248,720 | $7,665,482 |
Investments_Schedule_Of_Sales_
Investments (Schedule Of Sales And Maturities Of Investments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Investments [Abstract] | ' | ' | ' | ' |
Total proceeds on sales of available-for-sale securities | $596,210 | $3,482,839 | $4,060,093 | $4,996,671 |
Total proceeds from redemptions of fixed maturity investments | ' | 500,000 | ' | 1,000,000 |
Total proceeds from maturities of fixed maturity investments | 250,000 | ' | 1,080,000 | 200,000 |
Gross gains on sales | 329,200 | 527,239 | 2,238,101 | 1,304,878 |
Impairment losses | ' | ($32,968) | ($81,154) | ($198,579) |
Investments_Schedule_Of_Major_
Investments (Schedule Of Major Categories Of Net Interest And Dividend Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Investments [Abstract] | ' | ' | ' | ' | ' |
Fixed maturity investments | $63,724 | $85,439 | ' | $201,095 | $259,794 |
Short term investments and cash and cash equivalents | 100 | 138 | ' | 330 | 463 |
Dividends earned | 31,706 | 38,314 | ' | 105,554 | 135,611 |
Investment expenses | 31,735 | 31,755 | ' | -95,108 | -96,612 |
Net investment income | $63,795 | $92,136 | $299,256 | $211,871 | $299,256 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
segment | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $1,255,858 | $1,221,414 | $2,997,566 | $4,623,924 | ' |
Total losses and expenses | 1,647,770 | 1,272,640 | 3,667,939 | 4,764,653 | ' |
Segment income (loss) | -391,912 | -51,226 | -670,373 | -140,729 | ' |
Identifiable assets | 502,807 | 599,418 | 599,418 | 502,807 | 589,296 |
Number of operating segments | ' | ' | ' | 2 | ' |
Reinsurance Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 889,478 | 1,011,644 | 2,381,972 | 3,655,446 | ' |
Total losses and expenses | 839,173 | 684,625 | 1,811,075 | 2,535,746 | ' |
Segment income (loss) | 50,305 | 327,019 | 570,897 | 1,119,700 | ' |
Insurance Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 366,380 | 209,770 | 615,594 | 968,478 | ' |
Total losses and expenses | 808,597 | 588,015 | 1,856,864 | 2,228,907 | ' |
Segment income (loss) | -442,217 | -378,245 | -1,241,270 | -1,260,429 | ' |
Identifiable assets | $502,807 | $599,418 | $599,418 | $502,807 | ' |
Stock_Compensation_Narrative_D
Stock Compensation (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
employee | employee | ||
Stock Compensation [Abstract] | ' | ' | ' |
Number of employees in plan | 4 | 4 | ' |
Phantom shares initially granted | 75,018 | 75,018 | ' |
Phantom shares granted from dividends declared | 612 | 1,222 | ' |
Outstanding - ending | 80,539 | 80,539 | 80,074 |
Value payable, period after death or permanent disability, in days | ' | '60 days | ' |
Stock_Compensation_NonVested_P
Stock Compensation (Non-Vested Phantom Shares) (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Stock Compensation [Abstract] | ' | ' |
Outstanding - beginning | ' | 80,074 |
Granted - initial grant on the employment date | ' | 11,252 |
Granted - arising from dividends declared during the quarter | 612 | 1,222 |
Forfeited - due to departure from APSL prior to vesting date | ' | -12,009 |
Outstanding - ending | 80,539 | 80,539 |