Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
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 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Fixed maturity investments, available for sale, at fair value (amortized cost $8,175,206 and $8,186,861) | $8,258,178 | $8,232,335 |
Equity securities, available for sale, at fair value (cost $6,947,954 and $6,648,142) | 12,995,354 | 13,028,052 |
TOTAL INVESTMENTS | 21,253,532 | 21,260,387 |
Cash and cash equivalents | 2,172,789 | 2,333,806 |
Restricted cash and cash equivalents | 232,765 | 151,414 |
Other invested assets | 1,470,000 | 1,470,000 |
Assumed reinsurance balances receivable | 781,490 | 468,438 |
Accrued investment income | 80,378 | 70,881 |
Property and equipment | 430,227 | 486,234 |
Deferred policy acquisition costs | 570,954 | 402,607 |
Prepaid expenses and other assets | 540,665 | 550,456 |
TOTAL ASSETS | 27,532,800 | 27,194,223 |
LIABILITIES | ' | ' |
Unpaid losses and loss adjustment expenses | 2,897,967 | 2,720,286 |
Unearned premiums | 1,543,118 | 1,088,126 |
Assumed reinsurance balances payable | 353,209 | 101,809 |
Accrued expenses and other liabilities | 1,482,003 | 1,779,595 |
TOTAL LIABILITIES | 6,276,297 | 5,689,816 |
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 | 15,717,120 | 15,670,012 |
Accumulated other comprehensive income | 6,130,372 | 6,425,384 |
Shares held by Subsidiary (331,577 and 331,577 shares) at cost | -7,873,535 | -7,873,535 |
TOTAL SHAREHOLDERS' EQUITY | 21,256,503 | 21,504,407 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $27,532,800 | $27,194,223 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Fixed maturity investments, amortized cost | $8,175,206 | $8,186,861 |
Equity securities, cost | $6,947,954 | $6,648,142 |
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 | 331,577 | 331,577 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, COMPREHENSIVE (LOSS) INCOME (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
REVENUES | ' | ' |
Net premiums earned | $785,473 | $329,876 |
Commission income | 499,126 | 303,562 |
Net investment income | 64,690 | 65,292 |
Net realized gain on investments | 796,735 | 760,702 |
TOTAL REVENUES | 2,146,024 | 1,459,432 |
LOSSES AND EXPENSES | ' | ' |
Losses and loss adjustment expenses | 498,775 | 206,173 |
Policy acquisition costs | 290,626 | 122,061 |
Operating and management expenses | 1,143,597 | 1,010,228 |
TOTAL LOSSES AND EXPENSES | 1,932,998 | 1,338,462 |
LOSS BEFORE TAX | 213,026 | 120,970 |
NET LOSS AFTER TAX | 213,026 | 120,970 |
Net unrealized holding gains arising during the period | 501,723 | 1,224,631 |
Reclassification adjustment for gains included in net income | -796,735 | -760,702 |
OTHER COMPREHENSIVE (LOSS) INCOME | -295,012 | 463,929 |
COMPREHENSIVE (LOSS) INCOME | -81,986 | 584,899 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 15,670,012 | 16,349,448 |
Segment income (loss) | 213,026 | 120,970 |
Dividends | -165,918 | -168,854 |
RETAINED EARNINGS, END OF PERIOD | $15,717,120 | $16,301,564 |
Basic and diluted income per share | $0.32 | $0.18 |
Dividends | $0.25 | $0.25 |
Weighted average number of shares outstanding for the entire period | 663,676 | 675,418 |
Recovered_Sheet1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Consolidated Statements Of Cash Flows [Abstract] | ' | ' |
Net loss | $213,026 | $120,970 |
Changes in assets and liabilities: | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -410,673 | -831,964 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Movement in restricted cash and cash equivalents | -81,351 | 212,973 |
Purchases of property and equipment | ' | -3,132 |
Purchases of available-for-sale securities | -1,056,946 | -1,086,822 |
Proceeds from sales of available-for-sale securities | 1,553,871 | 1,462,699 |
Proceeds from maturities of fixed maturity investments | ' | 250,000 |
Net Cash provided by Investing Activities | 415,574 | 835,718 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Dividends paid | -165,918 | -168,854 |
Net Cash used in Financing Activities | -165,918 | -168,854 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -161,017 | -165,100 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,333,806 | 1,034,485 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $2,172,789 | $869,385 |
BASIS_OF_PREPARATION_AND_CONSO
BASIS OF PREPARATION AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2014 | |
BASIS OF PREPARATION AND CONSOLIDATION [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, 2013 and notes thereto, included in AmerInst's Annual Report on Form 10-K for the year then ended. | |
New Accounting Pronouncements | |
There were no recently issued accounting pronouncements that had a material impact on the Company's financial statements or disclosures. | |
Investments
Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
2. INVESTMENTS | ||||||||||||||||
The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company's fixed maturity investments, by major security type, and equity securities as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||||||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of March 31, 2014 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,338 | $ | 1,168 | $ | — | $ | 448,506 | ||||||||
Obligations of states and political subdivisions | ||||||||||||||||
7,408,720 | 124,742 | (58,314 | ) | 7,475,148 | ||||||||||||
Corporate debt securities | 319,148 | 15,376 | — | 334,524 | ||||||||||||
Total fixed maturity investments | 8,175,206 | 141,286 | (58,314 | ) | 8,258,178 | |||||||||||
Equity securities | 5,947,954 | 5,388,569 | (464 | ) | 11,336,059 | |||||||||||
Hedge fund | 1,000,000 | 659,295 | — | 1,659,295 | ||||||||||||
Total equity securities | 6,947,954 | 6,047,864 | (464 | ) | 12,995,354 | |||||||||||
Total investments | $ | 15,123,160 | $ | 6,189,150 | $ | (58,778 | ) | $ | 21,253,532 | |||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of March 31, 2014 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,338 | $ | 1,168 | $ | — | $ | 448,506 | ||||||||
Obligations of states and political subdivisions | ||||||||||||||||
7,408,720 | 124,742 | (58,314 | ) | 7,475,148 | ||||||||||||
Corporate debt securities | 319,148 | 15,376 | — | 334,524 | ||||||||||||
Total fixed maturity investments | 8,175,206 | 141,286 | (58,314 | ) | 8,258,178 | |||||||||||
Equity securities | 5,947,954 | 5,388,569 | (464 | ) | 11,336,059 | |||||||||||
Hedge fund | 1,000,000 | 659,295 | — | 1,659,295 | ||||||||||||
Total equity securities | 6,947,954 | 6,047,864 | (464 | ) | 12,995,354 | |||||||||||
Total investments | $ | 15,123,160 | $ | 6,189,150 | $ | (58,778 | ) | $ | 21,253,532 | |||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of December 31, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,212 | $ | — | $ | (695 | ) | $ | 446,517 | |||||||
Obligations of states and political subdivisions | 7,418,912 | 116,530 | (84,531 | ) | 7,450,911 | |||||||||||
Corporate debt securities | 320,737 | 14,170 | — | 334,907 | ||||||||||||
Total fixed maturity investments | 8,186,861 | 130,700 | (85,226 | ) | 8,232,335 | |||||||||||
Equity securities | 5,648,142 | 5,748,310 | — | 11,396,452 | ||||||||||||
Hedge fund | 1,000,000 | 631,600 | — | 1,631,600 | ||||||||||||
Total equity securities | 6,648,142 | 6,379,910 | — | 13,028,052 | ||||||||||||
Total investments | $ | 14,835,003 | $ | 6,510,610 | $ | (85,226 | ) | $ | 21,260,387 | |||||||
The following tables summarize the Company's fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: | ||||||||||||||||
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 March 31, 2014 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||
Obligations of states and political | ||||||||||||||||
subdivisions | 706,001 | (24,418 | ) | 1,654,110 | (33,896 | ) | 2,360,111 | (58,314 | ) | |||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | 706,001 | (24,418 | ) | 1,654,110 | (33,896 | ) | 2,360,111 | (58,314 | ) | |||||||
Equity securities | — | — | 16,625 | (464 | ) | 16,625 | (464 | ) | ||||||||
Hedge fund | — | — | — | — | — | — | ||||||||||
Total equity securities | — | — | 16,625 | (464 | ) | 16,625 | (464 | ) | ||||||||
Total investments | $ | 706,001 | $ | (24,418 | ) | $ | 1,670,735 | $ | (34,360 | ) | $ | 2,376,736 | $ | (58,778 | ) | |
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, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | 446,517 | $ | (695 | ) | $ | 446,517 | $ | (695 | ) | ||
Obligations of states and political | ||||||||||||||||
subdivisions | 218,232 | (12,689 | ) | 2,504,591 | (71,842 | ) | 2,722,823 | (84,531 | ) | |||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | 218,232 | (12,689 | ) | 2,951,108 | (72,537 | ) | 3,169,340 | (85,226 | ) | |||||||
Equity securities | — | — | — | — | — | — | ||||||||||
Hedge fund | — | — | — | — | — | — | ||||||||||
Total equity securities | — | — | — | — | — | — | ||||||||||
Total investments | $ | 218,232 | $ | (12,689 | ) | $ | 2,951,108 | $ | (72,537 | ) | $ | 3,169,340 | $ | (85,226 | ) | |
As of March 31, 2014 and December 31, 2013, there were eleven securities in an unrealized loss position with an estimated fair value of $2,376,736 and $3,169,340, respectively. As of March 31, 2014 and December 31, 2013, two and one of these securities had been in an unrealized loss position for 12 months or greater, respectively. As of March 31, 2014 and December 31, 2013, none of these securities were considered to be other-than-temporarily impaired. The Company has the intent to hold these securities and it is not more likely than not that the Company will be required to sell these securities before their fair values recover above the adjusted cost. The unrealized losses from these securities were not as a result of credit, collateral or structural issues. | ||||||||||||||||
At March 31, 2014 and December 31, 2013, the Company had investments in certificates of deposit ("CD") in the amount of $1,470,000 comprising of fully insured time deposits placed with Federal Deposit Insurance Corporation ("FDIC") insured commercial banks and savings associations. The FDIC, an independent agency of the United States government, protects depositors up to an amount of $250,000 per depositor, per insured institution. FDIC insurance is backed by the full faith and credit of the United States government. The stated interest rate of an FDIC insured CD varies greatly among commercial banks and savings associations, depending on the term of the CD and the institution's need for funding. The liquidity of "marketable" CDs is marginal, even though they are assigned an FDIC number, a CUSIP number and are held in book-entry form through the Depository Trust Company. Depending on market liquidity and conditions, the bid price for an FDIC insured CD would reflect the supply of and the demand for deposits of the particular bank or savings association, as well as prevailing interest rates, the remaining term of the deposit, specific features of the CD, and compensation of the broker arranging the sale of the CD. These time deposits have maturities ranging from two to five years and are classified as other invested assets on the Company's consolidated balance sheet. | ||||||||||||||||
Other-Than-Temporary Impairment Process | ||||||||||||||||
The Company assesses whether declines in the fair value of its fixed maturity investments classified as available-for-sale represent impairments that are other-than-temporary by reviewing each fixed maturity investment that is impaired and (1) determining if the Company has the intent to sell the fixed maturity investment or if it is more likely than not that the Company will be required to sell the fixed maturity investment before its anticipated recovery; and (2) assessing whether a credit loss exists, that is, where the Company expects that the present value of the cash flows expected to be collected from the fixed maturity investment are less than the amortized cost basis of the investment. | ||||||||||||||||
The Company had no planned sales of its fixed maturity investments classified as available-for-sale that were in an unrealized loss position at March 31, 2014. In assessing whether it is more likely than not that the Company will be required to sell a fixed maturity investment before its anticipated recovery, the Company considers various factors including its future cash flow requirements, legal and regulatory requirements, the level of its cash, cash equivalents, short term investments and fixed maturity investments available for sale in an unrealized gain position, and other relevant factors. For the three months ended March 31, 2014, the Company did not recognize any other-than-temporary impairments due to required sales. | ||||||||||||||||
In evaluating credit losses, the Company considers a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there has been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the fixed maturity investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the fixed maturity investment to make scheduled interest or principal payments. | ||||||||||||||||
If we conclude a security is other-than-temporarily impaired, we write down the amortized cost of the security to fair value, with a charge to net realized investment gains (losses) in the Consolidated Statement of Operations. Gross unrealized losses on the investment portfolio as of March 31, 2014 and December 31, 2013, relating to nine and eleven fixed maturity securities and two and none equity securities, amounted to $58,778 and $85,226, respectively. The unrealized losses on these available for sale fixed maturity securities were not as a result of credit, collateral or structural issues. During the quarters ended March 31, 2014 and 2013, the Company recorded a total other-than-temporary impairment charge of $346 and $81,154, respectively, on one equity security, as a result of the decline in fair value below cost. | ||||||||||||||||
Fair Value of Investments | ||||||||||||||||
Under existing U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of FASB's Accounting Standards Codification ("ASC") 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the inputs that are significant to determining such measurement. The three levels are defined as follows: | ||||||||||||||||
Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||
Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability. | ||||||||||||||||
At each measurement date, we estimate the fair value of the security using various valuation techniques. We utilize, to the extent available, quoted market prices in active markets or observable market inputs in estimating the fair value of our investments. When quoted market prices or observable market inputs are not available, we utilize valuation techniques that rely on unobservable inputs to estimate the fair value of investments. The following describes the valuation techniques we used to determine the fair value of investments held as of March 31, 2014 and what level within the fair value hierarchy each valuation technique resides: | ||||||||||||||||
U.S. government agency securities: Comprised primarily of bonds issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Federal Farm Credit Bank and the Federal National Mortgage Association. The fair values of U.S. government agency securities are priced using the spread above the risk-free U.S. Treasury yield curve. As the yields for the risk-free U.S. Treasury yield curve are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2 in the fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. | ||||||||||||||||
Obligations of state and political subdivisions: Comprised of fixed income obligations of state and local governmental municipalities. The fair values of these securities are based on quotes and current market spread relationships, and are classified as Level 2 in the fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. | ||||||||||||||||
Corporate debt securities: Comprised of bonds issued by corporations. The fair values of these securities are based on quotes and current market spread relationships, and are classified as Level 2 in the fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. | ||||||||||||||||
Equity securities, at fair value: Comprised primarily of investments in the common stock of publicly traded companies in the U.S. All of the Company's equities are classified as Level 1 in the fair value hierarchy. The Company receives prices based on closing exchange prices from independent pricing sources to measure fair values for the equities. | ||||||||||||||||
Hedge fund: Comprised of a hedge fund whose objective is to seek attractive long-term returns with lower volatility by investing in a range of diversified investment strategies. The fund invests in a diversified pool of hedge fund managers, generally across six different strategies: long/short equities, long/short credit, macro, multi-strategy opportunistic, event- driven, and portfolio hedge. The fair value of the hedge fund is based on the net asset value of the fund as reported by the external fund manager. The use of net asset value as an estimate of the fair value for investments in certain entities that calculate net asset value is a permitted practical expedient. The fair value of our hedge fund is classified as Level 3 in the fair value hierarchy. | ||||||||||||||||
While we obtain pricing from independent pricing services, management is ultimately responsible for determining the fair value measurements for all securities. To ensure fair value measurement is applied consistently and in accordance with U.S. GAAP, we periodically update our understanding of the pricing methodologies used by the independent pricing services. We also undertake further analysis with respect to prices we believe may not be representative of fair value under current market conditions. Our review process includes, but is not limited to: (i) initial and ongoing evaluation of the pricing methodologies and valuation models used by outside parties to calculate fair value; (ii) quantitative analysis; (iii) a review of multiple quotes obtained in the pricing process and the range of resulting fair values for each security, if available, and (iv) randomly selecting purchased or sold securities and comparing the executed prices to the fair value estimates provided by the independent pricing sources. | ||||||||||||||||
There have been no material changes to our valuation techniques from what was used as of December 31, 2013. Since the fair value of a security is an estimate of what a willing buyer would pay for such security if we sold it, we cannot know the ultimate value of our securities until they are sold. We believe the valuation techniques utilized provide us with a reasonable estimate of the price that would be received if we were to sell our assets or transfer our liabilities in an orderly market transaction between participants at the measurement date. The following tables show the fair value of the Company's investments in accordance with ASC 820 as of March 31, 2014 and December 31, 2013: | ||||||||||||||||
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 March 31, 2014 | ||||||||||||||||
U.S. government agency securities | $ | 448,506 | $ | 448,506 | $ | — | $ | 448,506 | $ | — | ||||||
Obligations of state and political | ||||||||||||||||
subdivisions | 7,475,148 | 7,475,148 | 7,475,148 | |||||||||||||
Corporate debt securities | 334,524 | 334,524 | 334,524 | |||||||||||||
Total fixed maturity investments | 8,258,178 | 8,258,178 | ||||||||||||||
Equity securities (excluding the hedge | ||||||||||||||||
fund) | 11,336,059 | 11,336,059 | 11,336,059 | |||||||||||||
Hedge fund | 1,659,295 | 1,659,295 | 1,659,295 | |||||||||||||
Total equity securities | 12,995,354 | 12,995,354 | ||||||||||||||
Total investments | $ | 21,253,532 | $ | 21,253,532 | $ | 11,336,059 | $ | 8,258,178 | $ | 1,659,295 | ||||||
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, 2013 | ||||||||||||||||
U.S. government agency securities | $ | 446,517 | $ | 446,517 | $ | — | $ | 446,517 | $ | — | ||||||
Obligations of state and | ||||||||||||||||
political subdivisions | 7,450,911 | 7,450,911 | 7,450,911 | |||||||||||||
Corporate debt securities | 334,907 | 334,907 | 334,907 | |||||||||||||
Total fixed maturity investments | 8,232,335 | 8,232,335 | ||||||||||||||
Equity securities (excluding the | ||||||||||||||||
hedge fund) | 11,396,452 | 11,396,452 | 11,396,452 | |||||||||||||
Hedge fund | 1,631,600 | 1,631,600 | 1,631,600 | |||||||||||||
Total equity securities | 13,028,052 | 13,028,052 | ||||||||||||||
Total investments | $ | 21,260,387 | $ | 21,260,387 | $ | 11,396,452 | $ | 8,232,335 | $ | 1,631,600 | ||||||
There were no transfers between Levels 1 and 2 during the three months ended March 31, 2014 and the year ended December 31, 2013. | ||||||||||||||||
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 March 31, 2014 and 2013: | ||||||||||||||||
Hedge Fund Investment | ||||||||||||||||
Three Months | ||||||||||||||||
ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,631,600 | $ | 1,485,151 | ||||||||||||
Total gains or losses included in earnings | — | — | ||||||||||||||
Change in fair value of hedge fund investment | 27,695 | 38,284 | ||||||||||||||
Purchases | — | — | ||||||||||||||
Sales | — | — | ||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||
Ending balance, end of period | $ | 1,659,295 | $ | 1,523,435 | ||||||||||||
There were no transfers into or from Level 3 during the three months ended March 31, 2014 and 2013. | ||||||||||||||||
The cost or amortized cost and estimated fair value of fixed maturity investments as of March 31, 2014 and December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations without penalties. | ||||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||
Due in one year or less | $ | 1,757,112 | $ | 1,778,099 | ||||||||||||
Due after one year through five years | 5,021,077 | 5,091,510 | ||||||||||||||
Due after five years through ten years | 1,213,648 | 1,222,428 | ||||||||||||||
Due after ten years | 183,369 | 166,141 | ||||||||||||||
Total | $ | 8,175,206 | $ | 8,258,178 | ||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||
Due in one year or less | $ | 1,757,112 | $ | 1,778,099 | ||||||||||||
Due after one year through five years | 5,021,077 | 5,091,510 | ||||||||||||||
Due after five years through ten years | 1,213,648 | 1,222,428 | ||||||||||||||
Due after ten years | 183,369 | 166,141 | ||||||||||||||
Total | $ | 8,175,206 | $ | 8,258,178 | ||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Due in one year or less | $ | 1,759,042 | $ | 1,791,377 | ||||||||||||
Due after one year through five years | 4,365,014 | 4,407,628 | ||||||||||||||
Due after five years through ten years | 1,878,035 | 1,864,567 | ||||||||||||||
Due after ten years | 184,770 | 168,763 | ||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Due in one year or less | $ | 1,759,042 | $ | 1,791,377 | ||||||||||||
Due after one year through five years | 4,365,014 | 4,407,628 | ||||||||||||||
Due after five years through ten years | 1,878,035 | 1,864,567 | ||||||||||||||
Due after ten years | 184,770 | 168,763 | ||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Total | $ | 8,186,861 | $ | 8,232,335 | ||||||||||||
Information on sales and maturities of investments during the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 1,553,871 | $ | 1,462,699 | ||||||||||||
Proceeds from redemptions of fixed maturity investments | — | 250,000 | ||||||||||||||
Gross gains on sales | 797,081 | 841,856 | ||||||||||||||
Gross losses on sales | — | — | ||||||||||||||
Impairment losses | (346 | ) | (81,154 | ) | ||||||||||||
Major categories of net investment income during the three months ended March 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Interest earned: | ||||||||||||||||
Fixed maturity investments | $ | 63,495 | $ | 68,037 | ||||||||||||
Short term investments and cash and cash equivalents | 161 | 152 | ||||||||||||||
Dividends earned | 32,996 | 28,617 | ||||||||||||||
Investment expenses | (31,962 | ) | (31,514 | ) | ||||||||||||
Net investment income | $ | 64,690 | $ | 65,292 |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Information [Abstract] | ' | |||||||
Segment Information | ' | |||||||
3. SEGMENT INFORMATION | ||||||||
AmerInst has two reportable 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 reportable segments as of and for the three months ended March 31, 2014 and 2013. | ||||||||
As of and for the Three Months Ended March 31, 2014 | ||||||||
Reinsurance | Insurance | |||||||
Segment | Segment | Total | ||||||
Revenues | $ | 1,646,750 | $ | 499,274 | $ | 2,146,024 | ||
Total losses and expenses | 1,137,061 | 795,937 | 1,932,998 | |||||
Segment income (loss) | 509,689 | (296,663 | ) | 213,026 | ||||
Identifiable assets | — | 430,227 | 430,227 | |||||
As of and for the Three Months Ended March 31, 2013 | ||||||||
Reinsurance | Insurance | |||||||
Segment | Segment | Total | ||||||
Revenues | $ | 1,155,745 | $ | 303,687 | $ | 1,459,432 | ||
Total losses and expenses | 634,652 | 703,810 | 1,338,462 | |||||
Segment income (loss) | 521,093 | (400,123 | ) | 120,970 | ||||
Identifiable assets | — | 543,307 | 543,307 |
Stock_Compensation
Stock Compensation | 3 Months Ended |
Mar. 31, 2014 | |
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, subject to certain vesting requirements. The phantom shares are eligible for phantom dividends payable 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 months ended March 31, 2014, 622 phantom shares were granted arising from the dividends declared on the Company's common shares. 81,161 phantom shares were outstanding at March 31, 2014. | |
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. | |
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 net 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 March 31, 2014. | |
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
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 March 31, 2014 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,338 | $ | 1,168 | $ | — | $ | 448,506 | ||||||||
Obligations of states and political subdivisions | ||||||||||||||||
7,408,720 | 124,742 | (58,314 | ) | 7,475,148 | ||||||||||||
Corporate debt securities | 319,148 | 15,376 | — | 334,524 | ||||||||||||
Total fixed maturity investments | 8,175,206 | 141,286 | (58,314 | ) | 8,258,178 | |||||||||||
Equity securities | 5,947,954 | 5,388,569 | (464 | ) | 11,336,059 | |||||||||||
Hedge fund | 1,000,000 | 659,295 | — | 1,659,295 | ||||||||||||
Total equity securities | 6,947,954 | 6,047,864 | (464 | ) | 12,995,354 | |||||||||||
Total investments | $ | 15,123,160 | $ | 6,189,150 | $ | (58,778 | ) | $ | 21,253,532 | |||||||
Cost or | Gross | Gross | ||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
As of December 31, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | 447,212 | $ | — | $ | (695 | ) | $ | 446,517 | |||||||
Obligations of states and political subdivisions | 7,418,912 | 116,530 | (84,531 | ) | 7,450,911 | |||||||||||
Corporate debt securities | 320,737 | 14,170 | — | 334,907 | ||||||||||||
Total fixed maturity investments | 8,186,861 | 130,700 | (85,226 | ) | 8,232,335 | |||||||||||
Equity securities | 5,648,142 | 5,748,310 | — | 11,396,452 | ||||||||||||
Hedge fund | 1,000,000 | 631,600 | — | 1,631,600 | ||||||||||||
Total equity securities | 6,648,142 | 6,379,910 | — | 13,028,052 | ||||||||||||
Total investments | $ | 14,835,003 | $ | 6,510,610 | $ | (85,226 | ) | $ | 21,260,387 | |||||||
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 March 31, 2014 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||
Obligations of states and political | ||||||||||||||||
subdivisions | 706,001 | (24,418 | ) | 1,654,110 | (33,896 | ) | 2,360,111 | (58,314 | ) | |||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | 706,001 | (24,418 | ) | 1,654,110 | (33,896 | ) | 2,360,111 | (58,314 | ) | |||||||
Equity securities | — | — | 16,625 | (464 | ) | 16,625 | (464 | ) | ||||||||
Hedge fund | — | — | — | — | — | — | ||||||||||
Total equity securities | — | — | 16,625 | (464 | ) | 16,625 | (464 | ) | ||||||||
Total investments | $ | 706,001 | $ | (24,418 | ) | $ | 1,670,735 | $ | (34,360 | ) | $ | 2,376,736 | $ | (58,778 | ) | |
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, 2013 | ||||||||||||||||
Fixed maturity investments: | ||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | 446,517 | $ | (695 | ) | $ | 446,517 | $ | (695 | ) | ||
Obligations of states and political | ||||||||||||||||
subdivisions | 218,232 | (12,689 | ) | 2,504,591 | (71,842 | ) | 2,722,823 | (84,531 | ) | |||||||
Corporate debt securities | — | — | — | — | — | — | ||||||||||
Total fixed maturity investments | 218,232 | (12,689 | ) | 2,951,108 | (72,537 | ) | 3,169,340 | (85,226 | ) | |||||||
Equity securities | — | — | — | — | — | — | ||||||||||
Hedge fund | — | — | — | — | — | — | ||||||||||
Total equity securities | — | — | — | — | — | — | ||||||||||
Total investments | $ | 218,232 | $ | (12,689 | ) | $ | 2,951,108 | $ | (72,537 | ) | $ | 3,169,340 | $ | (85,226 | ||
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 March 31, 2014 | ||||||||||||||||
U.S. government agency securities | $ | 448,506 | $ | 448,506 | $ | — | $ | 448,506 | $ | — | ||||||
Obligations of state and political | ||||||||||||||||
subdivisions | 7,475,148 | 7,475,148 | 7,475,148 | |||||||||||||
Corporate debt securities | 334,524 | 334,524 | 334,524 | |||||||||||||
Total fixed maturity investments | 8,258,178 | 8,258,178 | ||||||||||||||
Equity securities (excluding the hedge | ||||||||||||||||
fund) | 11,336,059 | 11,336,059 | 11,336,059 | |||||||||||||
Hedge fund | 1,659,295 | 1,659,295 | 1,659,295 | |||||||||||||
Total equity securities | 12,995,354 | 12,995,354 | ||||||||||||||
Total investments | $ | 21,253,532 | $ | 21,253,532 | $ | 11,336,059 | $ | 8,258,178 | $ | 1,659,295 | ||||||
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, 2013 | ||||||||||||||||
U.S. government agency securities | $ | 446,517 | $ | 446,517 | $ | — | $ | 446,517 | $ | — | ||||||
Obligations of state and | ||||||||||||||||
political subdivisions | 7,450,911 | 7,450,911 | 7,450,911 | |||||||||||||
Corporate debt securities | 334,907 | 334,907 | 334,907 | |||||||||||||
Total fixed maturity investments | 8,232,335 | 8,232,335 | ||||||||||||||
Equity securities (excluding the | ||||||||||||||||
hedge fund) | 11,396,452 | 11,396,452 | 11,396,452 | |||||||||||||
Hedge fund | 1,631,600 | 1,631,600 | 1,631,600 | |||||||||||||
Total equity securities | 13,028,052 | 13,028,052 | ||||||||||||||
Total investments | $ | 21,260,387 | $ | 21,260,387 | $ | 11,396,452 | $ | 8,232,335 | $ | 1,631,600 | ||||||
Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs | ' | |||||||||||||||
Hedge Fund Investment | ||||||||||||||||
Three Months | ||||||||||||||||
ended | ||||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,631,600 | $ | 1,485,151 | ||||||||||||
Total gains or losses included in earnings | — | — | ||||||||||||||
Change in fair value of hedge fund investment | 27,695 | 38,284 | ||||||||||||||
Purchases | — | — | ||||||||||||||
Sales | — | — | ||||||||||||||
Transfers in and/or out of Level 3 | — | — | ||||||||||||||
Ending balance, end of period | $ | 1,659,295 | $ | 1,523,435 | ||||||||||||
Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments | ' | |||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of March 31, 2014 | ||||||||||||||||
Due in one year or less | $ | 1,757,112 | $ | 1,778,099 | ||||||||||||
Due after one year through five years | 5,021,077 | 5,091,510 | ||||||||||||||
Due after five years through ten years | 1,213,648 | 1,222,428 | ||||||||||||||
Due after ten years | 183,369 | 166,141 | ||||||||||||||
Total | $ | 8,175,206 | $ | 8,258,178 | ||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
As of December 31, 2013 | ||||||||||||||||
Due in one year or less | $ | 1,759,042 | $ | 1,791,377 | ||||||||||||
Due after one year through five years | 4,365,014 | 4,407,628 | ||||||||||||||
Due after five years through ten years | 1,878,035 | 1,864,567 | ||||||||||||||
Due after ten years | 184,770 | 168,763 | ||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Total | $ | 8,186,861 | $ | 8,232,335 | ||||||||||||
Schedule Of Sales And Maturities Of Investments | ' | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 1,553,871 | $ | 1,462,699 | ||||||||||||
Proceeds from redemptions of fixed maturity investments | — | 250,000 | ||||||||||||||
Gross gains on sales | 797,081 | 841,856 | ||||||||||||||
Gross losses on sales | — | — | ||||||||||||||
Impairment losses | (346 | ) | (81,154 | ) | ||||||||||||
Schedule Of Major Categories Of Net Interest And Dividend Income | ' | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Interest earned: | ||||||||||||||||
Fixed maturity investments | $ | 63,495 | $ | 68,037 | ||||||||||||
Short term investments and cash and cash equivalents | 161 | 152 | ||||||||||||||
Dividends earned | 32,996 | 28,617 | ||||||||||||||
Investment expenses | (31,962 | ) | (31,514 | ) | ||||||||||||
Net investment income | $ | 64,690 | $ | 65,292 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Information [Abstract] | ' | |||||||
Schedule Of Segment Reporting Information | ' | |||||||
As of and for the Three Months Ended March 31, 2014 | ||||||||
Reinsurance | Insurance | |||||||
Segment | Segment | Total | ||||||
Revenues | $ | 1,646,750 | $ | 499,274 | $ | 2,146,024 | ||
Total losses and expenses | 1,137,061 | 795,937 | 1,932,998 | |||||
Segment income (loss) | 509,689 | (296,663 | ) | 213,026 | ||||
Identifiable assets | — | 430,227 | 430,227 | |||||
As of and for the Three Months Ended March 31, 2013 | ||||||||
Reinsurance | Insurance | |||||||
Segment | Segment | Total | ||||||
Revenues | $ | 1,155,745 | $ | 303,687 | $ | 1,459,432 | ||
Total losses and expenses | 634,652 | 703,810 | 1,338,462 | |||||
Segment income (loss) | 521,093 | (400,123 | ) | 120,970 | ||||
Identifiable assets | — | 543,307 | 543,307 |
Investments_Narrative_Details
Investments (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Certificates of Deposit, at Carrying Value | $1,470,000 | ' | ' |
Insured institution depositors amount | 250,000 | ' | ' |
Available for sale fixed maturity securities, Estimated fair value | 2,376,736 | ' | 3,169,340 |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 58,778 | 85,226 | ' |
Other-than-temporary impairment charge | 346 | 81,154 | ' |
Total Fixed Maturity Investments [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Available for sale fixed maturity securities, Estimated fair value | $2,360,111 | ' | $3,169,340 |
Investments_Schedule_Of_Cost_O
Investments (Schedule Of Cost Or Amortized Cost, Gross Unrealized Holding Gains And Losses, And Estimated Fair Value) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | $447,338 | $447,212 |
Gross Unrealized Gains | 1,168 | ' |
Gross Unrealized Losses | ' | -695 |
Estimated Fair Value | 448,506 | 446,517 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 7,408,720 | 7,418,912 |
Gross Unrealized Gains | 124,742 | 116,530 |
Gross Unrealized Losses | -58,314 | -84,531 |
Estimated Fair Value | 7,475,148 | 7,450,911 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 319,148 | 320,737 |
Gross Unrealized Gains | 15,376 | 14,170 |
Estimated Fair Value | 334,524 | 334,907 |
Total Fixed Maturity Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 8,175,206 | 8,186,861 |
Gross Unrealized Gains | 141,286 | 130,700 |
Gross Unrealized Losses | -58,314 | -85,226 |
Estimated Fair Value | 8,258,178 | 8,232,335 |
Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 5,947,954 | 5,648,142 |
Gross Unrealized Gains | 5,388,569 | 5,748,310 |
Gross Unrealized Losses | -464 | ' |
Estimated Fair Value | 11,336,059 | 11,396,452 |
Hedge Fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 1,000,000 | 1,000,000 |
Gross Unrealized Gains | 659,295 | 631,600 |
Estimated Fair Value | 1,659,295 | 1,631,600 |
Total Equity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 6,947,954 | 6,648,142 |
Gross Unrealized Gains | 6,047,864 | 6,379,910 |
Gross Unrealized Losses | -464 | ' |
Estimated Fair Value | 12,995,354 | 13,028,052 |
Investments [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 15,123,160 | 14,835,003 |
Gross Unrealized Gains | 6,189,150 | 6,510,610 |
Gross Unrealized Losses | -58,778 | -85,226 |
Estimated Fair Value | $21,253,532 | $21,260,387 |
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 $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Total, Estimated Fair Value | $2,376,736 | $3,169,340 |
U.S. Government Agency Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Less than 12 months, Estimated Fair Value | ' | 446,517 |
Less than 12 months Unrealized Losses | ' | -695 |
Total, Estimated Fair Value | ' | 446,517 |
Total, Unrealized Losses | ' | -695 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | 706,001 | 218,232 |
12 months or greater Unrealized Losses | -24,418 | -12,689 |
Less than 12 months, Estimated Fair Value | 1,654,110 | 2,504,591 |
Less than 12 months Unrealized Losses | -33,896 | -71,842 |
Total, Estimated Fair Value | 2,360,111 | 2,722,823 |
Total, Unrealized Losses | -58,314 | -84,531 |
Total Fixed Maturity Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | 706,001 | 218,232 |
12 months or greater Unrealized Losses | -24,418 | -12,689 |
Less than 12 months, Estimated Fair Value | 1,654,110 | 2,951,108 |
Less than 12 months Unrealized Losses | -33,896 | -72,537 |
Total, Estimated Fair Value | 2,360,111 | 3,169,340 |
Total, Unrealized Losses | -58,314 | -85,226 |
Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Less than 12 months, Estimated Fair Value | 16,625 | ' |
Less than 12 months Unrealized Losses | -464 | ' |
Total, Estimated Fair Value | 16,625 | ' |
Total, Unrealized Losses | -464 | ' |
Investments [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
12 months or greater, Estimated Fair Value | ' | 218,232 |
12 months or greater Unrealized Losses | ' | -12,689 |
Less than 12 months, Estimated Fair Value | 16,625 | 2,951,108 |
Less than 12 months Unrealized Losses | -464 | -72,537 |
Total, Estimated Fair Value | 16,625 | 3,169,340 |
Total, Unrealized Losses | ($464) | ($85,226) |
Investments_Schedule_Of_The_Fa
Investments (Schedule Of The Fair Value Of Investments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | $8,258,178 | $8,232,335 |
Equity securities | 12,995,354 | 13,028,052 |
U.S. Government Agency Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 448,506 | 446,517 |
U.S. Government Agency Securities [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 448,506 | 446,517 |
U.S. Government Agency Securities [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 448,506 | 446,517 |
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] | ' | ' |
Fixed maturity investments | 448,506 | 446,517 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 7,475,148 | 7,450,911 |
Obligations Of States And Political Subdivisions [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 7,475,148 | 7,450,911 |
Obligations Of States And Political Subdivisions [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 7,475,148 | 7,450,911 |
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] | ' | ' |
Fixed maturity investments | 7,475,148 | 7,450,911 |
Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 334,524 | 334,907 |
Corporate Debt Securities [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 334,524 | 334,907 |
Corporate Debt Securities [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 334,524 | 334,907 |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 334,524 | 334,907 |
Total Fixed Maturity Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 8,258,178 | 8,232,335 |
Total Fixed Maturity Investments [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 8,258,178 | 8,232,335 |
Total Fixed Maturity Investments [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed maturity investments | 8,258,178 | 8,232,335 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 11,336,059 | 11,396,452 |
Equity Securities [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 11,336,059 | 11,396,452 |
Equity Securities [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 11,336,059 | 11,396,452 |
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 securities | 11,336,059 | 11,396,452 |
Hedge Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 1,659,295 | 1,631,600 |
Hedge Fund [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 1,659,295 | 1,631,600 |
Hedge Fund [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 1,659,295 | 1,631,600 |
Hedge Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 1,659,295 | 1,631,600 |
Total Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 12,995,354 | 13,028,052 |
Total Equity Securities [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 12,995,354 | 13,028,052 |
Total Equity Securities [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity securities | 12,995,354 | 13,028,052 |
Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 21,253,532 | 21,260,387 |
Investments [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 21,253,532 | 21,260,387 |
Investments [Member] | Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Investments, Total fair value | 21,253,532 | 21,260,387 |
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 | 11,336,059 | 11,396,452 |
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 | 8,258,178 | 8,232,335 |
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 | $1,659,295 | $1,631,600 |
Investments_Schedule_Of_Reconc
Investments (Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details) (Hedge Fund [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Hedge Fund [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Balance classified as Level 3, beginning of period | $1,631,600 | $1,485,151 |
Change in fair value of hedge fund investments | 27,695 | 38,284 |
Ending balance, end of period | $1,659,295 | $1,523,435 |
Investments_Schedule_Of_Cost_O1
Investments (Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Investments [Abstract] | ' | ' |
Amortized Cost, Due in one year or less | $1,757,112 | $1,759,042 |
Amortized Cost, Due after one year through five years | 5,021,077 | 4,365,014 |
Amortized Cost, Due after five years through ten years | 1,213,648 | 1,878,035 |
Amortized Cost, Due after ten years | 183,369 | 184,770 |
Amortized Cost | 8,175,206 | 8,186,861 |
Estimated Fair Value, Due in one year or less | 1,778,099 | 1,791,377 |
Estimated Fair Value, Due after one year through five years | 5,091,510 | 4,407,628 |
Estimated Fair Value, Due after five years through ten years | 1,222,428 | 1,864,567 |
Estimated Fair Value, Due after ten years | 166,141 | 168,763 |
Estimated Fair Value | $8,258,178 | $8,232,335 |
Investments_Schedule_Of_Sales_
Investments (Schedule Of Sales And Maturities Of Investments) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Investments [Abstract] | ' | ' |
Total proceeds on sales of available-for-sale securities | $1,553,871 | $1,462,699 |
Total proceeds from redemptions of fixed maturity investments | ' | 250,000 |
Gross gains on sales | 797,081 | 841,856 |
Impairment losses | ($346) | ($81,154) |
Investments_Schedule_Of_Major_
Investments (Schedule Of Major Categories Of Net Interest And Dividend Income) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Investments [Abstract] | ' | ' |
Fixed maturity investments | $63,495 | $68,037 |
Short term investments and cash and cash equivalents | 161 | 152 |
Dividends earned | 32,996 | 28,617 |
Investment expenses | -31,962 | -31,514 |
Net investment income | $64,690 | $65,292 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $2,146,024 | $1,459,432 | ' |
Total losses and expenses | 1,932,998 | 1,338,462 | ' |
Segment income (loss) | 213,026 | 120,970 | ' |
Identifiable assets | 430,227 | 543,307 | 486,234 |
Reinsurance Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 1,646,750 | 1,155,745 | ' |
Total losses and expenses | 1,137,061 | 634,652 | ' |
Segment income (loss) | 509,689 | 521,093 | ' |
Insurance Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 499,274 | 303,687 | ' |
Total losses and expenses | 795,937 | 703,810 | ' |
Segment income (loss) | -296,663 | -400,123 | ' |
Identifiable assets | $430,227 | $543,307 | ' |
Stock_Compensation_Narrative_D
Stock Compensation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
employee | |
Stock Compensation [Abstract] | ' |
Number of employees in plan | 4 |
Phantom shares initially granted | 75,018 |
Phantom shares granted from dividends declared | 622 |
Phantom shares outstanding | 81,161 |
Value payable, requisite employee age | '65 years |
Value payable, period after death or permanent disability, in days | '60 days |