Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 01, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'AMERINST INSURANCE GROUP LTD | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 995,253 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001065201 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
INVESTMENTS | ' | ' |
Fixed maturity investments, available for sale, at fair value (amortized cost $7,183,623 and $8,186,861) | $7,284,386 | $8,232,335 |
Equity securities, available for sale, at fair value (cost $7,729,182 and $6,648,142) | 13,664,575 | 13,028,052 |
TOTAL INVESTMENTS | 20,948,961 | 21,260,387 |
Cash and cash equivalents | 2,631,631 | 2,333,806 |
Restricted cash and cash equivalents | 277,297 | 151,414 |
Other invested assets | 1,470,000 | 1,470,000 |
Assumed reinsurance balances receivable | 694,119 | 468,438 |
Accrued investment income | 66,688 | 70,881 |
Property and equipment | 347,021 | 486,234 |
Deferred policy acquisition costs | 669,598 | 402,607 |
Prepaid expenses and other assets | 651,684 | 550,456 |
TOTAL ASSETS | 27,756,999 | 27,194,223 |
LIABILITIES | ' | ' |
Unpaid losses and loss adjustment expenses | 3,614,743 | 2,720,286 |
Unearned premium | 1,809,749 | 1,088,126 |
Assumed reinsurance balances payable | 119,215 | 101,809 |
Accrued expenses and other liabilities | 1,840,636 | 1,779,595 |
TOTAL LIABILITIES | 7,384,343 | 5,689,816 |
SHAREHOLDERS’ EQUITY | ' | ' |
Common shares, $1 par value, 2014 and 2013: 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 | 14,857,489 | 15,670,012 |
Accumulated other comprehensive income | 6,036,156 | 6,425,384 |
Shares held by Subsidiary (329,400 and 331,577 shares) at cost | -7,803,535 | -7,873,535 |
TOTAL SHAREHOLDERS’ EQUITY | 20,372,656 | 21,504,407 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $27,756,999 | $27,194,223 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fixed maturity investments, amortized cost (in Dollars) | $7,183,623 | $8,186,861 |
Equity securities, cost (in Dollars) | $7,729,182 | $6,648,142 |
Common shares, par value (in Dollars per share) | $1 | $1 |
Common shares, shares authorized | 2,000,000 | 2,000,000 |
Common shares, issued | 995,253 | 995,253 |
Common shares, outstanding | 995,253 | 995,253 |
Shares held by Subsidiary | 329,400 | 331,577 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations, Comprehensive (Loss) Income and Retained Earnings (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
REVENUE | ' | ' | ' | ' |
Net premiums earned | $957,366 | $496,569 | $2,606,409 | $1,286,902 |
Commission income | 556,504 | 366,294 | 1,516,439 | 968,204 |
Net investment income | 60,447 | 63,795 | 204,656 | 211,871 |
Net realized gain on investments | 223,723 | 329,200 | 1,245,616 | 2,156,947 |
TOTAL REVENUE | 1,798,040 | 1,255,858 | 5,573,120 | 4,623,924 |
LOSSES AND EXPENSES | ' | ' | ' | ' |
Losses and loss adjustment expenses | 607,927 | 419,423 | 1,655,069 | 1,124,148 |
Policy acquisition costs | 354,237 | 183,731 | 964,385 | 476,162 |
Operating and management expenses | 1,075,006 | 1,044,616 | 3,443,861 | 3,164,343 |
TOTAL LOSSES AND EXPENSES | 2,037,170 | 1,647,770 | 6,063,315 | 4,764,653 |
NET LOSS BEFORE TAX | -239,130 | -391,912 | -490,195 | -140,729 |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS AFTER TAX | -239,130 | -391,912 | -490,195 | -140,729 |
OTHER COMPREHENSIVE (LOSS) INCOME | ' | ' | ' | ' |
Net unrealized holding gain (loss) arising during the period | -252,485 | 441,992 | 856,388 | 2,302,625 |
Reclassification adjustment for (gain) included in net (loss) | -223,723 | -329,200 | -1,245,616 | -2,156,947 |
OTHER COMPREHENSIVE (LOSS) INCOME | -476,208 | 112,792 | -389,228 | 145,678 |
COMPREHENSIVE (LOSS) INCOME | -715,338 | -279,120 | -879,423 | 4,949 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 15,253,029 | 16,431,777 | 15,670,012 | 16,349,448 |
RETAINED EARNINGS, END OF PERIOD | 14,857,489 | 15,892,293 | 14,857,489 | 15,892,293 |
Net loss | -239,130 | -391,912 | -490,195 | -140,729 |
Dividends | ($156,410) | ($147,572) | ($322,328) | ($316,426) |
Per share amounts | ' | ' | ' | ' |
Basic and diluted loss (in Dollars per share) | ($0.36) | ($0.58) | ($0.74) | ($0.21) |
Dividends (in Dollars per share) | $0.25 | $0.25 | $0.50 | $0.50 |
Weighted average number of shares outstanding for the entire period (for basic and diluted) (in Shares) | 665,853 | 678,673 | 664,765 | 677,046 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
OPERATING ACTIVITIES | ' | ' |
Net Cash used in Operating Activities | ($359,064) | ($1,018,166) |
INVESTING ACTIVITIES | ' | ' |
Movement in restricted cash and cash equivalents | -125,883 | 759,758 |
Purchases of property and equipment | -29,700 | -69,282 |
Purchases of available-for-sale securities | -2,148,732 | -3,806,278 |
Proceeds from sales of available-for-sale securities | 2,338,306 | 4,060,093 |
Proceeds from redemptions of fixed maturity investments | 125,226 | ' |
Proceeds from maturities of fixed maturity investments | 820,000 | 1,080,000 |
Net Cash provided by Investing Activities | 979,217 | 2,024,291 |
FINANCING ACTIVITIES | ' | ' |
Dividends paid | -322,328 | -316,426 |
Net Cash used in Financing Activities | -322,328 | -316,426 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 297,825 | 689,699 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,333,806 | 1,034,485 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $2,631,631 | $1,724,184 |
Note_1_Basis_of_Preparation_an
Note 1 - Basis of Preparation and Cosolidation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
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. |
Note_2_Investments
Note 2 - Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013 are as follows: | |||||||||||||||||||||||||
Cost or | Gross | Gross | Estimated | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 447,594 | $ | 1,826 | $ | — | $ | 449,420 | |||||||||||||||||
Obligations of states and political subdivisions | 6,420,095 | 106,744 | (20,994 | ) | 6,505,845 | ||||||||||||||||||||
Corporate debt securities | 315,934 | 13,187 | — | 329,121 | |||||||||||||||||||||
Total fixed maturity investments | 7,183,623 | 121,757 | (20,994 | ) | 7,284,386 | ||||||||||||||||||||
Equity securities | 6,729,182 | 5,273,135 | (6,614 | ) | 11,995,703 | ||||||||||||||||||||
Hedge fund | 1,000,000 | 668,872 | — | 1,668,872 | |||||||||||||||||||||
Total equity securities | 7,729,182 | 5,942,007 | (6,614 | ) | 13,664,575 | ||||||||||||||||||||
Total investments | $ | 14,912,805 | $ | 6,063,764 | $ | (27,608 | ) | $ | 20,948,961 | ||||||||||||||||
Cost or | Gross | Gross | Estimated | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
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 September 30, 2014 | |||||||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Obligations of states and political subdivisions | 2,381,996 | (20,994 | ) | — | — | 2,381,996 | (20,994 | ) | |||||||||||||||||
Corporate debt securities | — | — | — | — | — | — | |||||||||||||||||||
Total fixed maturity investments | 2,381,996 | (20,994 | ) | — | — | 2,381,996 | (20,994 | ) | |||||||||||||||||
Equity securities | — | — | 294,797 | (6,614 | ) | 294,797 | (6,614 | ) | |||||||||||||||||
Hedge fund | — | — | — | — | — | — | |||||||||||||||||||
Total equity securities | — | — | 294,797 | (6,614 | ) | 294,797 | (6,614 | ) | |||||||||||||||||
Total investments | $ | 2,381,996 | $ | (20,994 | ) | $ | 294,797 | $ | (6,614 | ) | $ | 2,676,793 | $ | (27,608 | ) | ||||||||||
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 September 30, 2014 and December 31, 2013, there were 21 and 11 securities in an unrealized loss position with an estimated fair value of $2,676,793 and $3,169,340, respectively. As of September 30, 2014 and December 31, 2013, nine and one of these securities had been in an unrealized loss position for 12 months or greater, respectively. As of September 30, 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 to maturity 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 September 30, 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 September 30, 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 nine months ended September 30, 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. | |||||||||||||||||||||||||
Equity securities are reviewed on a regular basis to determine if they have sustained an impairment of value that is considered to be other than temporary. Several factors are considered in the assessment of an investment, which include (i) the extent of the decline below cost, and (ii) the potential for the security to recover in value. | |||||||||||||||||||||||||
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 September 30, 2014 and December 31, 2013, relating to nine and 11 fixed maturity securities and 12 and zero equity securities, amounted to $27,608 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 nine months ended and three months ended September 30, 2014, the Company recorded a total other-than-temporary impairment charge of $121,623 and $119,387 on eight and six equity securities, respectively, as a result of the decline in fair value below cost. During the nine months ended September 30, 2013, the Company recorded a total other-than-temporary impairment charge of $81,154 on one equity security, as a result of the decline in fair value below cost. No other-than-temporary impairment charges were recorded during the three months ended September 30, 2013. | |||||||||||||||||||||||||
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 Financial Accounting Standards Board’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 September 30, 2014 and December 31, 2013 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 September 30, 2014 and December 31, 2013: | |||||||||||||||||||||||||
Fair value measurement using: | |||||||||||||||||||||||||
Carrying | Total fair | Quoted prices | Significant other | Significant | |||||||||||||||||||||
amount | value | in active | observable inputs | unobservable inputs | |||||||||||||||||||||
markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
U.S. government agency securities | $ | 449,420 | $ | 449,420 | $ | — | $ | 449,420 | $ | — | |||||||||||||||
Obligations of state and political subdivisions | 6,505,845 | 6,505,845 | 6,505,845 | ||||||||||||||||||||||
Corporate debt securities | 329,121 | 329,121 | 329,121 | ||||||||||||||||||||||
Total fixed maturity investments | 7,284,386 | 7,284,386 | |||||||||||||||||||||||
Equity securities (excluding the hedge fund) | 11,995,703 | 11,995,703 | 11,995,703 | ||||||||||||||||||||||
Hedge fund | 1,668,872 | 1,668,872 | 1,668,872 | ||||||||||||||||||||||
Total equity securities | 13,664,575 | 13,664,575 | |||||||||||||||||||||||
Total investments | $ | 20,948,961 | $ | 20,948,961 | $ | 11,995,703 | $ | 7,284,386 | $ | 1,668,872 | |||||||||||||||
Fair value measurement using: | |||||||||||||||||||||||||
Carrying | Total fair | Quoted prices | Significant other | Significant | |||||||||||||||||||||
amount | value | in active | observable inputs | unobservable inputs | |||||||||||||||||||||
markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
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 nine months ended September 30, 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 nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Hedge Fund Investment | |||||||||||||||||||||||||
Nine Months | |||||||||||||||||||||||||
ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
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 | 37,272 | 64,640 | |||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Sales | — | — | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||||||
Ending balance, end of period | $ | 1,668,872 | $ | 1,549,791 | |||||||||||||||||||||
There were no transfers into or from Level 3 during the nine months ended September 30, 2014 and 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 September 30, 2014 and 2013: | |||||||||||||||||||||||||
Hedge Fund Investment | |||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||
ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,656,693 | $ | 1,562,224 | |||||||||||||||||||||
Total gains or losses included in earnings | — | — | |||||||||||||||||||||||
Change in fair value of hedge fund investment | 12,179 | (12,433 | ) | ||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Sales | — | — | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||||||
Ending balance, end of period | $ | 1,668,872 | $ | 1,549,791 | |||||||||||||||||||||
There were no transfers into or from Level 3 during the three months ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
The cost or amortized cost and estimated fair value of fixed maturity investments as of September 30, 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 September 30, 2014 | |||||||||||||||||||||||||
Due in one year or less | $ | 1,470,541 | $ | 1,483,455 | |||||||||||||||||||||
Due after one year through five years | 4,721,331 | 4,785,884 | |||||||||||||||||||||||
Due after five years through ten years | 811,203 | 837,447 | |||||||||||||||||||||||
Due after ten years | 180,548 | 177,600 | |||||||||||||||||||||||
Total | $ | 7,183,623 | $ | 7,284,386 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
Total | $ | 8,186,861 | $ | 8,232,335 | |||||||||||||||||||||
Information on sales and maturities of investments during the nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 2,338,306 | $ | 4,060,093 | |||||||||||||||||||||
Proceeds from redemptions of fixed maturity investments | 125,226 | — | |||||||||||||||||||||||
Total proceeds from maturities of fixed maturity investments | 820,000 | 1,080,000 | |||||||||||||||||||||||
Gross gains on sales | 1,374,970 | 2,238,101 | |||||||||||||||||||||||
Gross losses on sales | (7,731 | ) | — | ||||||||||||||||||||||
Impairment losses | (121,623 | ) | (81,154 | ) | |||||||||||||||||||||
Information on sales and maturities of investments during the three months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 528,846 | $ | 596,210 | |||||||||||||||||||||
Proceeds from redemptions of fixed maturity investments | — | — | |||||||||||||||||||||||
Total proceeds from maturities of fixed maturity investments | 375,000 | 250,000 | |||||||||||||||||||||||
Gross gains on sales | 350,841 | 329,200 | |||||||||||||||||||||||
Gross losses on sales | (7,731 | ) | — | ||||||||||||||||||||||
Impairment losses | (119,387 | ) | — | ||||||||||||||||||||||
Major categories of net investment income during the nine months ended September 30, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Interest earned: | |||||||||||||||||||||||||
Fixed maturity investments | $ | 177,823 | $ | 201,095 | |||||||||||||||||||||
Short term investments and cash and cash equivalents | 635 | 330 | |||||||||||||||||||||||
Dividends earned | 124,942 | 105,554 | |||||||||||||||||||||||
Investment expenses | (98,744 | ) | (95,108 | ) | |||||||||||||||||||||
Net investment income | $ | 204,656 | $ | 211,871 | |||||||||||||||||||||
Major categories of net investment income during the three months ended September 30, 2014 and 2013 are summarized as follows: | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Interest earned: | |||||||||||||||||||||||||
Fixed maturity investments | $ | 53,254 | $ | 63,724 | |||||||||||||||||||||
Short term investments and cash and cash equivalents | 369 | 100 | |||||||||||||||||||||||
Dividends earned | 40,796 | 31,706 | |||||||||||||||||||||||
Investment expenses | (33,972 | ) | (31,735 | ) | |||||||||||||||||||||
Net investment income | $ | 60,447 | $ | 63,795 | |||||||||||||||||||||
Note_3_Segment_Information
Note 3 - Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||
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 nine months ended September 30, 2014 and 2013. | |||||||||||||
As of and for the Nine Months Ended September 30, 2014 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
Revenues | $ | 4,056,114 | $ | 1,517,006 | $ | 5,573,120 | |||||||
Total losses and expenses | 3,621,201 | 2,442,114 | 6,063,315 | ||||||||||
Segment income (loss) | 434,913 | (925,108 | ) | (490,195 | ) | ||||||||
Identifiable assets | — | 347,021 | 347,021 | ||||||||||
As of and for the Nine Months Ended September 30, 2013 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
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 | ||||||||||
The tables below summarize the results of our reportable segments as of and for the three months ended September 30, 2014 and 2013. | |||||||||||||
As of and for the Three Months Ended September 30, 2014 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
Revenues | $ | 1,241,216 | $ | 556,824 | $ | 1,798,040 | |||||||
Total losses and expenses | 1,204,515 | 832,655 | 2,037,170 | ||||||||||
Segment income (loss) | 36,701 | (275,831 | ) | (239,130 | ) | ||||||||
Identifiable assets | — | 347,021 | 347,021 | ||||||||||
As of and for the Three Months Ended September 30, 2013 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
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 | ||||||||||
Note_4_Stock_Compensation
Note 4 - Stock Compensation | 9 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' |
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 an aggregate 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 and nine months ended September 30, 2014, 626 and 1,248 phantom shares were granted, respectively, arising from the dividends declared on the Company’s common shares. 81,787 phantom shares were outstanding at September 30, 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 the phantom share agreements 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 September 30, 2014. |
Note_2_Investments_Tables
Note 2 - Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Cost or | Gross | Gross | Estimated | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||||||
U.S. government agency securities | $ | 447,594 | $ | 1,826 | $ | — | $ | 449,420 | |||||||||||||||||
Obligations of states and political subdivisions | 6,420,095 | 106,744 | (20,994 | ) | 6,505,845 | ||||||||||||||||||||
Corporate debt securities | 315,934 | 13,187 | — | 329,121 | |||||||||||||||||||||
Total fixed maturity investments | 7,183,623 | 121,757 | (20,994 | ) | 7,284,386 | ||||||||||||||||||||
Equity securities | 6,729,182 | 5,273,135 | (6,614 | ) | 11,995,703 | ||||||||||||||||||||
Hedge fund | 1,000,000 | 668,872 | — | 1,668,872 | |||||||||||||||||||||
Total equity securities | 7,729,182 | 5,942,007 | (6,614 | ) | 13,664,575 | ||||||||||||||||||||
Total investments | $ | 14,912,805 | $ | 6,063,764 | $ | (27,608 | ) | $ | 20,948,961 | ||||||||||||||||
Cost or | Gross | Gross | Estimated | ||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | ||||||||||||||||||||||
Cost | Gains | Losses | |||||||||||||||||||||||
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 Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
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, 2014 | |||||||||||||||||||||||||
Fixed maturity investments: | |||||||||||||||||||||||||
U.S. government agency securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Obligations of states and political subdivisions | 2,381,996 | (20,994 | ) | — | — | 2,381,996 | (20,994 | ) | |||||||||||||||||
Corporate debt securities | — | — | — | — | — | — | |||||||||||||||||||
Total fixed maturity investments | 2,381,996 | (20,994 | ) | — | — | 2,381,996 | (20,994 | ) | |||||||||||||||||
Equity securities | — | — | 294,797 | (6,614 | ) | 294,797 | (6,614 | ) | |||||||||||||||||
Hedge fund | — | — | — | — | — | — | |||||||||||||||||||
Total equity securities | — | — | 294,797 | (6,614 | ) | 294,797 | (6,614 | ) | |||||||||||||||||
Total investments | $ | 2,381,996 | $ | (20,994 | ) | $ | 294,797 | $ | (6,614 | ) | $ | 2,676,793 | $ | (27,608 | ) | ||||||||||
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 Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||||||||
Fair value measurement using: | |||||||||||||||||||||||||
Carrying | Total fair | Quoted prices | Significant other | Significant | |||||||||||||||||||||
amount | value | in active | observable inputs | unobservable inputs | |||||||||||||||||||||
markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
U.S. government agency securities | $ | 449,420 | $ | 449,420 | $ | — | $ | 449,420 | $ | — | |||||||||||||||
Obligations of state and political subdivisions | 6,505,845 | 6,505,845 | 6,505,845 | ||||||||||||||||||||||
Corporate debt securities | 329,121 | 329,121 | 329,121 | ||||||||||||||||||||||
Total fixed maturity investments | 7,284,386 | 7,284,386 | |||||||||||||||||||||||
Equity securities (excluding the hedge fund) | 11,995,703 | 11,995,703 | 11,995,703 | ||||||||||||||||||||||
Hedge fund | 1,668,872 | 1,668,872 | 1,668,872 | ||||||||||||||||||||||
Total equity securities | 13,664,575 | 13,664,575 | |||||||||||||||||||||||
Total investments | $ | 20,948,961 | $ | 20,948,961 | $ | 11,995,703 | $ | 7,284,386 | $ | 1,668,872 | |||||||||||||||
Fair value measurement using: | |||||||||||||||||||||||||
Carrying | Total fair | Quoted prices | Significant other | Significant | |||||||||||||||||||||
amount | value | in active | observable inputs | unobservable inputs | |||||||||||||||||||||
markets | (Level 2) | (Level 3) | |||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||
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 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||||||||||||||||
Hedge Fund Investment | |||||||||||||||||||||||||
Nine Months | |||||||||||||||||||||||||
ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
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 | 37,272 | 64,640 | |||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Sales | — | — | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||||||
Ending balance, end of period | $ | 1,668,872 | $ | 1,549,791 | |||||||||||||||||||||
Hedge Fund Investment | |||||||||||||||||||||||||
Three Months | |||||||||||||||||||||||||
ended | |||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance classified as Level 3, beginning of period | $ | 1,656,693 | $ | 1,562,224 | |||||||||||||||||||||
Total gains or losses included in earnings | — | — | |||||||||||||||||||||||
Change in fair value of hedge fund investment | 12,179 | (12,433 | ) | ||||||||||||||||||||||
Purchases | — | — | |||||||||||||||||||||||
Sales | — | — | |||||||||||||||||||||||
Transfers in and/or out of Level 3 | — | — | |||||||||||||||||||||||
Ending balance, end of period | $ | 1,668,872 | $ | 1,549,791 | |||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||
Amortized | Estimated | ||||||||||||||||||||||||
Cost | Fair Value | ||||||||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||||||||
Due in one year or less | $ | 1,470,541 | $ | 1,483,455 | |||||||||||||||||||||
Due after one year through five years | 4,721,331 | 4,785,884 | |||||||||||||||||||||||
Due after five years through ten years | 811,203 | 837,447 | |||||||||||||||||||||||
Due after ten years | 180,548 | 177,600 | |||||||||||||||||||||||
Total | $ | 7,183,623 | $ | 7,284,386 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
Total | $ | 8,186,861 | $ | 8,232,335 | |||||||||||||||||||||
Realized Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 2,338,306 | $ | 4,060,093 | |||||||||||||||||||||
Proceeds from redemptions of fixed maturity investments | 125,226 | — | |||||||||||||||||||||||
Total proceeds from maturities of fixed maturity investments | 820,000 | 1,080,000 | |||||||||||||||||||||||
Gross gains on sales | 1,374,970 | 2,238,101 | |||||||||||||||||||||||
Gross losses on sales | (7,731 | ) | — | ||||||||||||||||||||||
Impairment losses | (121,623 | ) | (81,154 | ) | |||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Total proceeds on sales of available-for-sale securities | $ | 528,846 | $ | 596,210 | |||||||||||||||||||||
Proceeds from redemptions of fixed maturity investments | — | — | |||||||||||||||||||||||
Total proceeds from maturities of fixed maturity investments | 375,000 | 250,000 | |||||||||||||||||||||||
Gross gains on sales | 350,841 | 329,200 | |||||||||||||||||||||||
Gross losses on sales | (7,731 | ) | — | ||||||||||||||||||||||
Impairment losses | (119,387 | ) | — | ||||||||||||||||||||||
Condensed Cash Flow Statement [Table Text Block] | ' | ||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Interest earned: | |||||||||||||||||||||||||
Fixed maturity investments | $ | 177,823 | $ | 201,095 | |||||||||||||||||||||
Short term investments and cash and cash equivalents | 635 | 330 | |||||||||||||||||||||||
Dividends earned | 124,942 | 105,554 | |||||||||||||||||||||||
Investment expenses | (98,744 | ) | (95,108 | ) | |||||||||||||||||||||
Net investment income | $ | 204,656 | $ | 211,871 | |||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Interest earned: | |||||||||||||||||||||||||
Fixed maturity investments | $ | 53,254 | $ | 63,724 | |||||||||||||||||||||
Short term investments and cash and cash equivalents | 369 | 100 | |||||||||||||||||||||||
Dividends earned | 40,796 | 31,706 | |||||||||||||||||||||||
Investment expenses | (33,972 | ) | (31,735 | ) | |||||||||||||||||||||
Net investment income | $ | 60,447 | $ | 63,795 |
Note_3_Segment_Information_Tab
Note 3 - Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||
As of and for the Nine Months Ended September 30, 2014 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
Revenues | $ | 4,056,114 | $ | 1,517,006 | $ | 5,573,120 | |||||||
Total losses and expenses | 3,621,201 | 2,442,114 | 6,063,315 | ||||||||||
Segment income (loss) | 434,913 | (925,108 | ) | (490,195 | ) | ||||||||
Identifiable assets | — | 347,021 | 347,021 | ||||||||||
As of and for the Nine Months Ended September 30, 2013 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
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 Three Months Ended September 30, 2014 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
Revenues | $ | 1,241,216 | $ | 556,824 | $ | 1,798,040 | |||||||
Total losses and expenses | 1,204,515 | 832,655 | 2,037,170 | ||||||||||
Segment income (loss) | 36,701 | (275,831 | ) | (239,130 | ) | ||||||||
Identifiable assets | — | 347,021 | 347,021 | ||||||||||
As of and for the Three Months Ended September 30, 2013 | |||||||||||||
Reinsurance | Insurance | Total | |||||||||||
Segment | Segment | ||||||||||||
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 |
Note_2_Investments_Details
Note 2 - Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 21 | ' | 21 | ' | 11 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $2,676,793 | ' | $2,676,793 | ' | $3,169,340 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 9 | ' | 9 | ' | 1 |
Certificates of Deposit, at Carrying Value | 1,470,000 | ' | 1,470,000 | ' | 1,470,000 |
Cash, FDIC Insured Amount | 250,000 | ' | 250,000 | ' | 250,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 27,608 | ' | 27,608 | ' | 85,226 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 119,387 | 0 | 121,623 | 81,154 | ' |
Available-for-sale, other-than-temporarily impaired, Qualitative Disclosure, Number of Positions | 6 | ' | 8 | ' | ' |
Number of Strategies | ' | ' | ' | 6 | ' |
Fixed Maturity Investments [Member] | ' | ' | ' | ' | ' |
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 9 | ' | 9 | ' | 11 |
Equity Securities [Member] | ' | ' | ' | ' | ' |
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 12 | ' | 12 | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 294,797 | ' | 294,797 | ' | ' |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $6,614 | ' | $6,614 | ' | ' |
Available-for-sale, other-than-temporarily impaired, Qualitative Disclosure, Number of Positions | ' | ' | ' | 1 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' |
Maturity of Time Deposits | ' | ' | '2 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Note 2 - Investments (Details) [Line Items] | ' | ' | ' | ' | ' |
Maturity of Time Deposits | ' | ' | '5 years | ' | ' |
Note_2_Investments_Details_Cos
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | $14,912,805 | $14,835,003 |
Gross Unrealized Gains | 6,063,764 | 6,510,610 |
Gross Unrealized Losses | -27,608 | -85,226 |
Estimated Fair Value | 20,948,961 | 21,260,387 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 447,594 | 447,212 |
Gross Unrealized Gains | 1,826 | ' |
Gross Unrealized Losses | ' | -695 |
Estimated Fair Value | 449,420 | 446,517 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 6,420,095 | 7,418,912 |
Gross Unrealized Gains | 106,744 | 116,530 |
Gross Unrealized Losses | -20,994 | -84,531 |
Estimated Fair Value | 6,505,845 | 7,450,911 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 315,934 | 320,737 |
Gross Unrealized Gains | 13,187 | 14,170 |
Estimated Fair Value | 329,121 | 334,907 |
Fixed Maturities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 7,183,623 | 8,186,861 |
Gross Unrealized Gains | 121,757 | 130,700 |
Gross Unrealized Losses | -20,994 | -85,226 |
Estimated Fair Value | 7,284,386 | 8,232,335 |
Equity Securities [Member] | Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 6,729,182 | 5,648,142 |
Gross Unrealized Gains | 5,273,135 | 5,748,310 |
Gross Unrealized Losses | -6,614 | ' |
Estimated Fair Value | 11,995,703 | 11,396,452 |
Hedge Funds [Member] | Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 1,000,000 | 1,000,000 |
Gross Unrealized Gains | 668,872 | 631,600 |
Estimated Fair Value | 1,668,872 | 1,631,600 |
Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments [Line Items] | ' | ' |
Cost or Amortized Cost | 7,729,182 | 6,648,142 |
Gross Unrealized Gains | 5,942,007 | 6,379,910 |
Gross Unrealized Losses | -6,614 | ' |
Estimated Fair Value | $13,664,575 | $13,028,052 |
Note_2_Investments_Details_Fix
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, 12 Months or Greater | $2,381,996 | $218,232 |
Unrealized Losses, 12 Months or Greater | -20,994 | -12,689 |
Estimated Fair Value, Less than 12 Months | 294,797 | 2,951,108 |
Unrealized Losses, Less than 12 Months | -6,614 | -72,537 |
Estimated Fair Value, Total | 2,676,793 | 3,169,340 |
Unrealized Losses, Total | -27,608 | -85,226 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | ' | 446,517 |
Unrealized Losses, Less than 12 Months | ' | -695 |
Estimated Fair Value, Total | ' | 446,517 |
Unrealized Losses, Total | ' | -695 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, 12 Months or Greater | 2,381,996 | 218,232 |
Unrealized Losses, 12 Months or Greater | -20,994 | -12,689 |
Estimated Fair Value, Less than 12 Months | ' | 2,504,591 |
Unrealized Losses, Less than 12 Months | ' | -71,842 |
Estimated Fair Value, Total | 2,381,996 | 2,722,823 |
Unrealized Losses, Total | -20,994 | -84,531 |
Fixed Maturities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, 12 Months or Greater | 2,381,996 | 218,232 |
Unrealized Losses, 12 Months or Greater | -20,994 | -12,689 |
Estimated Fair Value, Less than 12 Months | ' | 2,951,108 |
Unrealized Losses, Less than 12 Months | ' | -72,537 |
Estimated Fair Value, Total | 2,381,996 | 3,169,340 |
Unrealized Losses, Total | -20,994 | -85,226 |
Equity Securities [Member] | Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 294,797 | ' |
Unrealized Losses, Less than 12 Months | -6,614 | ' |
Estimated Fair Value, Total | 294,797 | ' |
Unrealized Losses, Total | -6,614 | ' |
Equity Securities [Member] | ' | ' |
Note 2 - Investments (Details) - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 294,797 | ' |
Unrealized Losses, Less than 12 Months | -6,614 | ' |
Estimated Fair Value, Total | 294,797 | ' |
Unrealized Losses, Total | ($6,614) | ' |
Note_2_Investments_Details_Fai
Note 2 - Investments (Details) - Fair Value of Investments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | $20,948,961 | $21,260,387 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 449,420 | 446,517 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 449,420 | 446,517 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 449,420 | 446,517 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 6,505,845 | 7,450,911 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 6,505,845 | 7,450,911 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 6,505,845 | 7,450,911 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 329,121 | 334,907 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 329,121 | 334,907 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 329,121 | 334,907 |
Fixed Maturities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 7,284,386 | 8,232,335 |
Fixed Maturities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 7,284,386 | 8,232,335 |
Equity Securities [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 11,995,703 | 11,396,452 |
Equity Securities [Member] | Equity Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 11,995,703 | 11,396,452 |
Equity Securities [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 11,995,703 | 11,396,452 |
Hedge Funds [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 1,668,872 | 1,631,600 |
Hedge Funds [Member] | Equity Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 1,668,872 | 1,631,600 |
Hedge Funds [Member] | Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 1,668,872 | 1,631,600 |
Equity Securities [Member] | Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 13,664,575 | 13,028,052 |
Equity Securities [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 13,664,575 | 13,028,052 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 11,995,703 | 11,396,452 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 7,284,386 | 8,232,335 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 1,668,872 | 1,631,600 |
Reported Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | 20,948,961 | 21,260,387 |
Estimate of Fair Value Measurement [Member] | ' | ' |
Note 2 - Investments (Details) - Fair Value of Investments [Line Items] | ' | ' |
Total Investments | $20,948,961 | $21,260,387 |
Note_2_Investments_Details_Rec
Note 2 - Investments (Details) - Reconciliation of Investments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Reconciliation of Investments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs [Abstract] | ' | ' | ' | ' |
Balance classified as Level 3, beginning of period | $1,656,693 | $1,562,224 | $1,631,600 | $1,485,151 |
Change in fair value of hedge fund investment | 12,179 | -12,433 | 37,272 | 64,640 |
Ending balance, end of period | $1,668,872 | $1,549,791 | $1,668,872 | $1,549,791 |
Note_2_Investments_Details_Cos1
Note 2 - Investments (Details) - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $1,470,541 | $1,759,042 |
Due in one year or less, Estimated Fair Value | 1,483,455 | 1,791,377 |
Due after one year through five years, Amortized Cost | 4,721,331 | 4,365,014 |
Due after one year through five years, Estimated Fair Value | 4,785,884 | 4,407,628 |
Due after five years through ten years, Amortized Cost | 811,203 | 1,878,035 |
Due after five years through ten years, Estimated Fair Value | 837,447 | 1,864,567 |
Due after ten years, Amortized Cost | 180,548 | 184,770 |
Due after ten years, Estimated Fair Value | 177,600 | 168,763 |
Total, Amortized Cost | 7,183,623 | 8,186,861 |
Total, Estimated Fair Value | $7,284,386 | $8,232,335 |
Note_2_Investments_Details_Sal
Note 2 - Investments (Details) - Sales and Maturities of Investments (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Sales and Maturities of Investments [Abstract] | ' | ' | ' | ' |
Total proceeds on sales of available-for-sale securities | $528,846 | $596,210 | $2,338,306 | $4,060,093 |
Proceeds from redemptions of fixed maturity investments | ' | ' | 125,226 | ' |
Total proceeds from maturities of fixed maturity investments | 375,000 | 250,000 | 820,000 | 1,080,000 |
Gross gains on sales | 350,841 | 329,200 | 1,374,970 | 2,238,101 |
Gross losses on sales | -7,731 | ' | -7,731 | ' |
Impairment losses | ($119,387) | ' | ($121,623) | ($81,154) |
Note_2_Investments_Details_Maj
Note 2 - Investments (Details) - Major Categories of Net Interest and Dividend Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest earned: | ' | ' | ' | ' |
Fixed maturity investments | $53,254 | $63,724 | $177,823 | $201,095 |
Short term investments and cash and cash equivalents | 369 | 100 | 635 | 330 |
Dividends earned | 40,796 | 31,706 | 124,942 | 105,554 |
Investment expenses | -33,972 | -31,735 | -98,744 | -95,108 |
Net investment income | $60,447 | $63,795 | $204,656 | $211,871 |
Note_3_Segment_Information_Det
Note 3 - Segment Information (Details) | 9 Months Ended |
Sep. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 2 |
Note_3_Segment_Information_Det1
Note 3 - Segment Information (Details) - Segment Reporting Information (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $1,798,040 | $1,255,858 | $5,573,120 | $4,623,924 | ' |
Total losses and expenses | 2,037,170 | 1,647,770 | 6,063,315 | 4,764,653 | ' |
Segment income (loss) | -239,130 | -391,912 | -490,195 | -140,729 | ' |
Identifiable assets | 347,021 | 502,807 | 347,021 | 502,807 | 486,234 |
Reinsurance Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 1,241,216 | 889,478 | 4,056,114 | 3,655,446 | ' |
Total losses and expenses | 1,204,515 | 839,173 | 3,621,201 | 2,535,746 | ' |
Segment income (loss) | 36,701 | 50,305 | 434,913 | 1,119,700 | ' |
Insurance Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 556,824 | 366,380 | 1,517,006 | 968,478 | ' |
Total losses and expenses | 832,655 | 808,597 | 2,442,114 | 2,228,907 | ' |
Segment income (loss) | -275,831 | -442,217 | -925,108 | -1,260,429 | ' |
Identifiable assets | $347,021 | $502,807 | $347,021 | $502,807 | ' |
Note_4_Stock_Compensation_Deta
Note 4 - Stock Compensation (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2012 | |
Note 4 - Stock Compensation (Details) [Line Items] | ' | ' | ' |
Number of Employees in Plan | 4 | 4 | ' |
Phantom Share Units (PSUs) [Member] | ' | ' | ' |
Note 4 - Stock Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 626 | 1,248 | 75,018 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 81,787 | 81,787 | ' |
Value Payable, Requisite Employee Age | ' | '65 years | ' |
Value Payable, Period after Death or Permanent Disability | ' | '60 days | ' |