Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | |
Entity Central Index Key | 1,065,201 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Fixed maturity investments, available for sale, at fair value (amortized cost $5,933,835 and $6,363,646) | $ 6,021,929 | $ 6,442,549 |
Equity securities, available for sale, at fair value (cost $10,058,221 and $9,310,880) | 14,742,078 | 14,497,958 |
TOTAL INVESTMENTS | 20,764,007 | 20,940,507 |
Cash and cash equivalents | 3,570,228 | 2,723,369 |
Restricted cash and cash equivalents | 1,019,882 | 1,110,372 |
Other invested assets | 1,470,000 | 1,470,000 |
Assumed reinsurance balances receivable | 826,390 | 837,712 |
Accrued investment income | 52,295 | 53,409 |
Property and equipment | 207,786 | 291,983 |
Deferred policy acquisition costs | 951,868 | 768,259 |
Prepaid expenses and other assets | 927,375 | 834,067 |
TOTAL ASSETS | 29,789,831 | 29,029,678 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses | 5,409,289 | 4,177,277 |
Unearned premium | 2,572,609 | 2,076,370 |
Assumed reinsurance balances payable | 159,602 | 28,533 |
Accrued expenses and other liabilities | 2,300,800 | 2,409,771 |
TOTAL LIABILITIES | 10,442,300 | 8,691,951 |
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2015 and 2014: 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 | 15,360,306 | 15,926,472 |
Accumulated other comprehensive income | 4,771,951 | 5,265,981 |
Shares held by Subsidiary (337,587 and 339,862 shares) at cost | (8,067,272) | (8,137,272) |
TOTAL SHAREHOLDERS’ EQUITY | 19,347,531 | 20,337,727 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 29,789,831 | $ 29,029,678 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed maturity investments, amortized cost | $ 5,933,835 | $ 6,363,646 |
Equity securities, cost | $ 10,058,221 | $ 9,310,880 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common shares, issued (in shares) | 995,253 | 995,253 |
Common shares, outstanding (in shares) | 995,253 | 995,253 |
Shares held by Subsidiary (in shares) | 337,587 | 339,862 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive Loss and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE | ||||
Net premiums earned | $ 1,311,624 | $ 863,570 | $ 2,537,487 | $ 1,649,043 |
Commission income | 717,998 | 460,809 | 1,456,816 | 959,935 |
Net investment income | 77,815 | 79,519 | 130,477 | 144,209 |
Net realized gain (loss) on investments | (56,470) | 225,158 | 457,196 | 1,021,893 |
TOTAL REVENUE | 2,050,967 | 1,629,056 | 4,581,976 | 3,775,080 |
LOSSES AND EXPENSES | ||||
Losses and loss adjustment expenses | 859,114 | 548,367 | 1,662,054 | 1,047,142 |
Policy acquisition costs | 485,303 | 319,522 | 938,874 | 610,148 |
Operating and management expenses | 1,233,070 | 1,225,258 | 2,395,423 | 2,368,855 |
TOTAL LOSSES AND EXPENSES | 2,577,487 | 2,093,147 | 4,996,351 | 4,026,145 |
NET LOSS BEFORE TAX | (526,520) | (464,091) | (414,375) | (251,065) |
Income tax expense | 0 | 0 | 0 | 0 |
NET LOSS AFTER TAX | (526,520) | (464,091) | (414,375) | (251,065) |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Net unrealized holding (losses) gains arising during the period | (961) | 607,150 | (36,834) | 1,108,873 |
Reclassification adjustment for gains (losses) included in net loss | 56,470 | (225,158) | (457,196) | (1,021,893) |
OTHER COMPREHENSIVE (LOSS) INCOME | 55,509 | 381,992 | (494,030) | 86,980 |
COMPREHENSIVE LOSS | (471,011) | (82,099) | (908,405) | (164,085) |
RETAINED EARNINGS, BEGINNING OF PERIOD | 15,886,826 | 15,717,120 | 15,926,472 | 15,670,012 |
Net loss | $ (526,520) | $ (464,091) | (414,375) | (251,065) |
Dividends | (151,791) | (165,918) | ||
RETAINED EARNINGS, END OF PERIOD | $ 15,360,306 | $ 15,253,029 | $ 15,360,306 | $ 15,253,029 |
Per share amounts | ||||
Basic and diluted (loss) income (in dollars per share) | $ (0.80) | $ (0.70) | $ (0.63) | $ (0.38) |
Dividends (in dollars per share) | $ 0 | $ 0 | $ 0.25 | $ 0.25 |
Weighted average number of shares outstanding for the entire period (for basic and diluted) (in shares) | 656,529 | 664,765 | 656,149 | 664,402 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Cash provided by (used in) Operating Activities | $ 788,305 | $ (468,773) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Movement in restricted cash and cash equivalents | $ 90,490 | (109,420) |
Purchases of property and equipment | (29,700) | |
Purchases of available-for-sale securities | $ (2,106,939) | (1,567,594) |
Proceeds from sales of available-for-sale securities | $ 1,816,794 | 1,809,460 |
Proceeds from redemptions of fixed maturity investments | 125,226 | |
Proceeds from maturities of fixed maturity investments | $ 410,000 | 445,000 |
Net Cash provided by Investing Activities | 210,345 | 672,972 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (151,791) | (165,918) |
Net Cash used in Financing Activities | (151,791) | (165,918) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 846,859 | 38,281 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,723,369 | 2,333,806 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 3,570,228 | $ 2,372,087 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Cosolidation | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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, 2014 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 | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 June 30, 2015 and December 31, 2014 are as follows: Cost or Gross Gross Estimated As of June 30, 2015 Fixed maturity investments: U.S. government agency securities $ 447,980 $ 6,795 $ — $ 454,775 Obligations of states and political subdivisions 5,174,835 81,597 (10,245 ) 5,246,187 Corporate debt securities 311,020 9,947 — 320,967 Total fixed maturity investments 5,933,835 98,339 (10,245 ) 6,021,929 Equity securities 9,058,221 4,105,644 (161,408 ) 13,002,457 Hedge fund 1,000,000 739,621 — 1,739,621 Total equity securities 10,058,221 4,845,265 (161,408 ) 14,742,078 Total investments $ 15,992,056 $ 4,943,604 $ (171,653 ) $ 20,764,007 Cost or Gross Gross Estimated As of December 31, 2014 Fixed maturity investments: U.S. government agency securities $ 447,722 $ 3,637 $ — $ 451,359 Obligations of states and political subdivisions 5,601,616 85,978 (22,093 ) 5,665,501 Corporate debt securities 314,308 11,381 — 325,689 Total fixed maturity investments 6,363,646 100,996 (22,093 ) 6,442,549 Equity securities 8,310,880 4,559,699 (62,458 ) 12,808,121 Hedge fund 1,000,000 689,837 — 1,689,837 Total equity securities 9,310,880 5,249,536 (62,458 ) 14,497,958 Total investments $ 15,674,526 $ 5,350,532 $ (84,551 ) $ 20,940,507 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 As of June 30, 2015 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 1,713,522 (9,638 ) 249,393 (607 ) 1,962,915 (10,245 ) Corporate debt securities — — — — — — Total fixed maturity investments 1,713,522 (9,638 ) 249,393 (607 ) 1,962,915 (10,245 ) Equity securities — — 1,978,975 (161,408 ) 1,978,975 (161,408 ) Hedge fund — — — — — — Total equity securities — — 1,978,975 (161,408 ) 1,978,975 (161,408 ) Total investments $ 1,713,522 $ (9,638 ) $ 2,228,368 $ (162,015 ) $ 3,941,890 $ (171,653 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2014 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 2,373,133 (22,093 ) — — 2,373,133 (22,093 ) Corporate debt securities — — — — — — Total fixed maturity investments 2,373,133 (22,093 ) — — 2,373,133 (22,093 ) Equity securities — — 1,159,287 (62,458 ) 1,159,287 (62,458 ) Hedge fund — — — — — — Total equity securities — — 1,159,287 (62,458 ) 1,159,287 (62,458 ) Total investments $ 2,373,133 $ (22,093 ) $ 1,159,287 $ (62,458 ) $ 3,532,420 $ (84,551 ) As of June 30, 2015 and December 31, 2014, there were 31 and 23 securities in an unrealized loss position with an estimated fair value of $3,941,890 and $3,532,420, respectively. As of June 30, 2015 and December 31, 2014, six and nine of these securities had been in an unrealized loss position for 12 months or greater, respectively. As of June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, the Company had investments in certificates of deposit (“CD”) in the amount of $1,470,000 comprised 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 less than one to three years and are classified as other invested assets on the Company’s condensed 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 June 30, 2015. 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 six months ended June 30, 2015, the Company did not recognize any other-than-temporary impairments due to 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 June 30, 2015 and December 31, 2014, relating to seven and nine fixed maturity securities, amounted to $10,245 and $22,093, respectively, and 24 and 14 equity securities, amounted to $161,408 and $62,458, 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 six months ended and three months ended June 30, 2015, the Company recorded a total other-than-temporary impairment charge of $238,820 and $91,177 on three and two equity securities, respectively, as a result of the decline in fair value below cost. During the six months ended and three months ended June 30, 2014, the Company recorded a total other-than-temporary impairment charge of $2,236 and $1,890 on two and one equity securities, respectively, 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 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 • Level 2 • Level 3 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 June 30, 2015 and December 31, 2014 and what level within the fair value hierarchy each valuation technique resides: • U.S. government agency securities • Obligations of state and political subdivisions • Corporate debt securities • Equity securities, at fair value • Hedge fund 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, 2014. 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 June 30, 2015 and December 31, 2014: Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of June 30, 2015 U.S. government agency securities $ 454,775 $ 454,775 $ — $ 454,775 $ — Obligations of state and political subdivisions 5,246,187 5,246,187 5,246,187 Corporate debt securities 320,967 320,967 320,967 Total fixed maturity investments 6,021,929 6,021,929 Equity securities (excluding the hedge fund) 13,002,457 13,002,457 13,002,457 Hedge fund 1,739,621 1,739,621 1,739,621 Total equity securities 14,742,078 14,742,078 Total investments $ 20,764,007 $ 20,764,007 $ 13,002,457 $ 6,021,929 $ 1,739,621 Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of December 31, 2014 U.S. government agency securities $ 451,359 $ 451,359 $ — $ 451,359 $ — Obligations of state and political subdivisions 5,665,501 5,665,501 5,665,501 Corporate debt securities 325,689 325,689 325,689 Total fixed maturity investments 6,442,549 6,442,549 Equity securities (excluding the hedge fund) 12,808,121 12,808,121 12,808,121 Hedge fund 1,689,837 1,689,837 1,689,837 Total equity securities 14,497,958 14,497,958 Total investments $ 20,940,507 $ 20,940,507 $ 12,808,121 $ 6,442,549 $ 1,689,837 There were no transfers between Levels 1 and 2 during the six months ended June 30, 2015 and the year ended December 31, 2014. 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 six months ended June 30, 2015 and 2014: Hedge Fund Investment June 30, June 30, Balance classified as Level 3, beginning of period $ 1,689,837 $ 1,631,600 Total gains or losses included in earnings — — Change in fair value of hedge fund investment 49,784 25,093 Purchases — — Sales — — Transfers in and/or out of Level 3 — — Ending balance, end of period $ 1,739,621 $ 1,656,693 There were no transfers into or from Level 3 during the six months ended June 30, 2015 and 2014. 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 June 30, 2015 and 2014: Hedge Fund Investment June 30, June 30, Balance classified as Level 3, beginning of period $ 1,723,154 $ 1,659,295 Total gains or losses included in earnings — — Change in fair value of hedge fund investment 16,467 (2,602 ) Purchases — — Sales — — Transfers in and/or out of Level 3 — — Ending balance, end of period $ 1,739,621 $ 1,656,693 There were no transfers into or from Level 3 during the three months ended June 30, 2015 and 2014. The cost or amortized cost and estimated fair value of fixed maturity investments as of June 30, 2015 and December 31, 2014 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 As of June 30, 2015 Due in one year or less $ 954,913 $ 961,355 Due after one year through five years 4,574,810 4,657,893 Due after five years through ten years 227,851 227,983 Due after ten years 176,261 174,698 Total $ 5,933,835 $ 6,021,929 Amortized Estimated As of December 31, 2014 Due in one year or less $ 660,269 $ 665,201 Due after one year through five years 5,077,084 5,157,518 Due after five years through ten years 447,167 443,984 Due after ten years 179,126 175,846 Total $ 6,363,646 $ 6,442,549 Information on sales and maturities of investments during the six months ended June 30, 2015 and 2014 are as follows: June 30, June 30, Total proceeds on sales of available-for-sale securities $ 1,816,794 $ 1,809,460 Proceeds from redemptions of fixed maturity investments — 125,226 Total proceeds from maturities of fixed maturity investments 410,000 445,000 Gross gains on sales 699,941 1,024,129 Gross losses on sales (3,925 ) — Impairment losses (238,820 ) (2,236 ) Information on sales and maturities of investments during the three months ended June 30, 2015 and 2014 are as follows: June 30, June 30, Total proceeds on sales of available-for-sale securities $ 600,453 $ 255,589 Proceeds from redemptions of fixed maturity investments — 125,226 Total proceeds from maturities of fixed maturity investments 410,000 445,000 Gross gains on sales 38,632 227,048 Gross losses on sales (3,925 ) — Impairment losses (91,177 ) (1,890 ) Major categories of net investment income during the six months ended June 30, 2015 and 2014 are summarized as follows: June 30, June 30, Interest earned: Fixed maturity investments $ 88,041 $ 124,569 Short term investments and cash and cash equivalents 908 266 Dividends earned 109,414 84,146 Investment expenses (67,886 ) (64,772 ) Net investment income $ 130,477 $ 144,209 Major categories of net investment income during the three months ended June 30, 2015 and 2014 are summarized as follows: June 30, June 30, Interest earned: Fixed maturity investments $ 43,489 $ 61,074 Short term investments and cash and cash equivalents 448 105 Dividends earned 68,192 51,150 Investment expenses (34,314 ) (32,810 ) Net investment income $ 77,815 $ 79,519 |
Note 3 - Segment Information
Note 3 - Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 six months ended June 30, 2015 and 2014. As of and for the Six Months Ended June 30, 2015 Reinsurance Insurance Total Revenues $ 3,124,314 $ 1,457,662 $ 4,581,976 Total losses and expenses 3,220,444 1,775,907 4,996,351 Segment loss (96,130 ) (318,245 ) (414,375 ) Identifiable assets — 207,786 207,786 As of and for the Six Months Ended June 30, 2014 Reinsurance Insurance Total Revenues $ 2,814,898 $ 960,182 $ 3,775,080 Total losses and expenses 2,416,686 1,609,459 4,026,145 Segment income (loss) 398,212 (649,277 ) (251,065 ) Identifiable assets — 403,697 403,697 The tables below summarize the results of our reportable segments as of and for the three months ended June 30, 2015 and 2014. As of and for the Three Months Ended June 30, 2015 Reinsurance Insurance Total Revenues $ 1,332,557 $ 718,410 $ 2,050,967 Total losses and expenses 1,696,402 881,085 2,577,487 Segment loss (363,845 ) (162,675 ) (526,520 ) Identifiable assets — 207,786 207,786 As of and for the Three Months Ended June 30, 2014 Reinsurance Insurance Total Revenues $ 1,168,148 $ 460,908 $ 1,629,056 Total losses and expenses 1,279,625 813,522 2,093,147 Segment loss (111,477 ) (352,614 ) (464,091 ) Identifiable assets — 403,697 403,697 |
Note 4 - Stock Compensation
Note 4 - Stock Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 months ended June 30, 2015, no phantom shares were granted because no dividends were declared on the Company’s common shares. During the six months ended June 30, 2015, 659 phantom shares were granted, arising from the dividends declared on the Company’s common shares. 82,456 phantom shares were outstanding at June 30, 2015. For three of these employees, including Mr. Nieman, the phantom shares initially granted, as well as any additional shares granted from dividends declared, vested 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 occurred before January 1, 2015 for three of these employees and occurs before 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 June 30, 2015. |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Gross Gross Estimated As of June 30, 2015 Fixed maturity investments: U.S. government agency securities $ 447,980 $ 6,795 $ — $ 454,775 Obligations of states and political subdivisions 5,174,835 81,597 (10,245 ) 5,246,187 Corporate debt securities 311,020 9,947 — 320,967 Total fixed maturity investments 5,933,835 98,339 (10,245 ) 6,021,929 Equity securities 9,058,221 4,105,644 (161,408 ) 13,002,457 Hedge fund 1,000,000 739,621 — 1,739,621 Total equity securities 10,058,221 4,845,265 (161,408 ) 14,742,078 Total investments $ 15,992,056 $ 4,943,604 $ (171,653 ) $ 20,764,007 Cost or Gross Gross Estimated As of December 31, 2014 Fixed maturity investments: U.S. government agency securities $ 447,722 $ 3,637 $ — $ 451,359 Obligations of states and political subdivisions 5,601,616 85,978 (22,093 ) 5,665,501 Corporate debt securities 314,308 11,381 — 325,689 Total fixed maturity investments 6,363,646 100,996 (22,093 ) 6,442,549 Equity securities 8,310,880 4,559,699 (62,458 ) 12,808,121 Hedge fund 1,000,000 689,837 — 1,689,837 Total equity securities 9,310,880 5,249,536 (62,458 ) 14,497,958 Total investments $ 15,674,526 $ 5,350,532 $ (84,551 ) $ 20,940,507 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of June 30, 2015 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 1,713,522 (9,638 ) 249,393 (607 ) 1,962,915 (10,245 ) Corporate debt securities — — — — — — Total fixed maturity investments 1,713,522 (9,638 ) 249,393 (607 ) 1,962,915 (10,245 ) Equity securities — — 1,978,975 (161,408 ) 1,978,975 (161,408 ) Hedge fund — — — — — — Total equity securities — — 1,978,975 (161,408 ) 1,978,975 (161,408 ) Total investments $ 1,713,522 $ (9,638 ) $ 2,228,368 $ (162,015 ) $ 3,941,890 $ (171,653 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2014 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions 2,373,133 (22,093 ) — — 2,373,133 (22,093 ) Corporate debt securities — — — — — — Total fixed maturity investments 2,373,133 (22,093 ) — — 2,373,133 (22,093 ) Equity securities — — 1,159,287 (62,458 ) 1,159,287 (62,458 ) Hedge fund — — — — — — Total equity securities — — 1,159,287 (62,458 ) 1,159,287 (62,458 ) Total investments $ 2,373,133 $ (22,093 ) $ 1,159,287 $ (62,458 ) $ 3,532,420 $ (84,551 ) |
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 As of June 30, 2015 U.S. government agency securities $ 454,775 $ 454,775 $ — $ 454,775 $ — Obligations of state and political subdivisions 5,246,187 5,246,187 5,246,187 Corporate debt securities 320,967 320,967 320,967 Total fixed maturity investments 6,021,929 6,021,929 Equity securities (excluding the hedge fund) 13,002,457 13,002,457 13,002,457 Hedge fund 1,739,621 1,739,621 1,739,621 Total equity securities 14,742,078 14,742,078 Total investments $ 20,764,007 $ 20,764,007 $ 13,002,457 $ 6,021,929 $ 1,739,621 Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of December 31, 2014 U.S. government agency securities $ 451,359 $ 451,359 $ — $ 451,359 $ — Obligations of state and political subdivisions 5,665,501 5,665,501 5,665,501 Corporate debt securities 325,689 325,689 325,689 Total fixed maturity investments 6,442,549 6,442,549 Equity securities (excluding the hedge fund) 12,808,121 12,808,121 12,808,121 Hedge fund 1,689,837 1,689,837 1,689,837 Total equity securities 14,497,958 14,497,958 Total investments $ 20,940,507 $ 20,940,507 $ 12,808,121 $ 6,442,549 $ 1,689,837 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Hedge Fund Investment June 30, June 30, Balance classified as Level 3, beginning of period $ 1,689,837 $ 1,631,600 Total gains or losses included in earnings — — Change in fair value of hedge fund investment 49,784 25,093 Purchases — — Sales — — Transfers in and/or out of Level 3 — — Ending balance, end of period $ 1,739,621 $ 1,656,693 Hedge Fund Investment June 30, June 30, Balance classified as Level 3, beginning of period $ 1,723,154 $ 1,659,295 Total gains or losses included in earnings — — Change in fair value of hedge fund investment 16,467 (2,602 ) Purchases — — Sales — — Transfers in and/or out of Level 3 — — Ending balance, end of period $ 1,739,621 $ 1,656,693 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated As of June 30, 2015 Due in one year or less $ 954,913 $ 961,355 Due after one year through five years 4,574,810 4,657,893 Due after five years through ten years 227,851 227,983 Due after ten years 176,261 174,698 Total $ 5,933,835 $ 6,021,929 Amortized Estimated As of December 31, 2014 Due in one year or less $ 660,269 $ 665,201 Due after one year through five years 5,077,084 5,157,518 Due after five years through ten years 447,167 443,984 Due after ten years 179,126 175,846 Total $ 6,363,646 $ 6,442,549 |
Realized Gain (Loss) on Investments [Table Text Block] | June 30, June 30, Total proceeds on sales of available-for-sale securities $ 1,816,794 $ 1,809,460 Proceeds from redemptions of fixed maturity investments — 125,226 Total proceeds from maturities of fixed maturity investments 410,000 445,000 Gross gains on sales 699,941 1,024,129 Gross losses on sales (3,925 ) — Impairment losses (238,820 ) (2,236 ) June 30, June 30, Total proceeds on sales of available-for-sale securities $ 600,453 $ 255,589 Proceeds from redemptions of fixed maturity investments — 125,226 Total proceeds from maturities of fixed maturity investments 410,000 445,000 Gross gains on sales 38,632 227,048 Gross losses on sales (3,925 ) — Impairment losses (91,177 ) (1,890 ) |
Condensed Cash Flow Statement [Table Text Block] | June 30, June 30, Interest earned: Fixed maturity investments $ 88,041 $ 124,569 Short term investments and cash and cash equivalents 908 266 Dividends earned 109,414 84,146 Investment expenses (67,886 ) (64,772 ) Net investment income $ 130,477 $ 144,209 June 30, June 30, Interest earned: Fixed maturity investments $ 43,489 $ 61,074 Short term investments and cash and cash equivalents 448 105 Dividends earned 68,192 51,150 Investment expenses (34,314 ) (32,810 ) Net investment income $ 77,815 $ 79,519 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Six Months Ended June 30, 2015 Reinsurance Insurance Total Revenues $ 3,124,314 $ 1,457,662 $ 4,581,976 Total losses and expenses 3,220,444 1,775,907 4,996,351 Segment loss (96,130 ) (318,245 ) (414,375 ) Identifiable assets — 207,786 207,786 As of and for the Six Months Ended June 30, 2014 Reinsurance Insurance Total Revenues $ 2,814,898 $ 960,182 $ 3,775,080 Total losses and expenses 2,416,686 1,609,459 4,026,145 Segment income (loss) 398,212 (649,277 ) (251,065 ) Identifiable assets — 403,697 403,697 As of and for the Three Months Ended June 30, 2015 Reinsurance Insurance Total Revenues $ 1,332,557 $ 718,410 $ 2,050,967 Total losses and expenses 1,696,402 881,085 2,577,487 Segment loss (363,845 ) (162,675 ) (526,520 ) Identifiable assets — 207,786 207,786 As of and for the Three Months Ended June 30, 2014 Reinsurance Insurance Total Revenues $ 1,168,148 $ 460,908 $ 1,629,056 Total losses and expenses 1,279,625 813,522 2,093,147 Segment loss (111,477 ) (352,614 ) (464,091 ) Identifiable assets — 403,697 403,697 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014USD ($)shares | |
Minimum [Member] | |||||
Maturity of Time Deposits | 1 year | ||||
Maximum [Member] | |||||
Maturity of Time Deposits | 3 years | ||||
Fixed Maturity Investments [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 7 | 7 | 9 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 10,245 | $ 10,245 | $ 22,093 | ||
Equity Securities [Member] | |||||
Available-for-sale Securities, Other-than Temporarily Impaired, Qualitative Disclosure, Number of Positions | shares | 2 | 1 | 3 | 2 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 24 | 24 | 14 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 161,408 | $ 161,408 | $ 62,458 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 91,177 | $ 1,890 | 238,820 | $ 2,236 | |
Certificates of Deposit, at Carrying Value | $ 1,470,000 | $ 1,470,000 | $ 1,470,000 | ||
Available-for-sale Securities, Other-than Temporarily Impaired, Qualitative Disclosure, Number of Positions | shares | 0 | 0 | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 31 | 31 | 23 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 3,941,890 | $ 3,941,890 | $ 3,532,420 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 6 | 6 | 9 | ||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | |||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 171,653 | $ 171,653 | $ 84,551 | ||
Number of Strategies | 6 |
Note 2 - Cost or Amortized Cost
Note 2 - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | $ 447,980 | $ 447,722 |
Gross Unrealized Gains | $ 6,795 | $ 3,637 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 454,775 | $ 451,359 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 5,174,835 | 5,601,616 |
Gross Unrealized Gains | 81,597 | 85,978 |
Gross Unrealized Losses | (10,245) | (22,093) |
Estimated Fair Value | 5,246,187 | 5,665,501 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 311,020 | 314,308 |
Gross Unrealized Gains | $ 9,947 | $ 11,381 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 320,967 | $ 325,689 |
Fixed Maturities [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 5,933,835 | 6,363,646 |
Gross Unrealized Gains | 98,339 | 100,996 |
Gross Unrealized Losses | (10,245) | (22,093) |
Estimated Fair Value | 6,021,929 | 6,442,549 |
Equity Securities [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 9,058,221 | 8,310,880 |
Gross Unrealized Gains | 4,105,644 | 4,559,699 |
Gross Unrealized Losses | (161,408) | (62,458) |
Estimated Fair Value | 13,002,457 | 12,808,121 |
Hedge Funds [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 1,000,000 | 1,000,000 |
Gross Unrealized Gains | $ 739,621 | $ 689,837 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 1,739,621 | $ 1,689,837 |
Equity Securities and Hedge Funds [Member] | ||
Fixed maturity investments: | ||
Cost or Amortized Cost | 10,058,221 | 9,310,880 |
Gross Unrealized Gains | 4,845,265 | 5,249,536 |
Gross Unrealized Losses | (161,408) | (62,458) |
Estimated Fair Value | 14,742,078 | 14,497,958 |
Cost or Amortized Cost | 15,992,056 | 15,674,526 |
Gross Unrealized Gains | 4,943,604 | 5,350,532 |
Gross Unrealized Losses | (171,653) | (84,551) |
Estimated Fair Value | $ 20,764,007 | $ 20,940,507 |
Note 2 - Fixed Maturity and Equ
Note 2 - Fixed Maturity and Equity Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Total unrealized losses | ||
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
12 months or greater, estimated fair value | $ 1,713,522 | $ 2,373,133 |
12 months or greater, unrealized losses | (9,638) | $ (22,093) |
Less than 12 months, estimated fair value | 249,393 | |
Less than 12 months, unrealized losses | (607) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,962,915 | $ 2,373,133 |
Total unrealized losses | $ (10,245) | $ (22,093) |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Total unrealized losses | ||
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | $ 1,713,522 | $ 2,373,133 |
12 months or greater, unrealized losses | (9,638) | $ (22,093) |
Less than 12 months, estimated fair value | 249,393 | |
Less than 12 months, unrealized losses | (607) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,962,915 | $ 2,373,133 |
Total unrealized losses | $ (10,245) | $ (22,093) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | $ 1,978,975 | $ 1,159,287 |
Less than 12 months, unrealized losses | (161,408) | (62,458) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,978,975 | 1,159,287 |
Total unrealized losses | $ (161,408) | $ (62,458) |
Hedge Funds [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ||
Total unrealized losses | ||
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | $ 1,978,975 | $ 1,159,287 |
Less than 12 months, unrealized losses | (161,408) | (62,458) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,978,975 | 1,159,287 |
Total unrealized losses | (161,408) | (62,458) |
12 months or greater, estimated fair value | 1,713,522 | 2,373,133 |
12 months or greater, unrealized losses | (9,638) | (22,093) |
Less than 12 months, estimated fair value | 2,228,368 | 1,159,287 |
Less than 12 months, unrealized losses | (162,015) | (62,458) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 3,941,890 | 3,532,420 |
Total unrealized losses | $ (171,653) | $ (84,551) |
Note 2 - Fair Value of Investme
Note 2 - Fair Value of Investments (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total investments | $ 454,775 | $ 451,359 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total investments | 5,246,187 | 5,665,501 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total investments | 320,967 | 325,689 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | ||
Total investments | 6,021,929 | 6,442,549 |
Reported Value Measurement [Member] | Equity Securities [Member] | ||
Total investments | 13,002,457 | 12,808,121 |
Reported Value Measurement [Member] | Hedge Funds [Member] | ||
Total investments | 1,739,621 | 1,689,837 |
Reported Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | ||
Total investments | 14,742,078 | 14,497,958 |
Reported Value Measurement [Member] | ||
Total investments | $ 20,764,007 | $ 20,940,507 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | $ 454,775 | $ 451,359 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total investments | $ 454,775 | $ 451,359 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | $ 5,246,187 | $ 5,665,501 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total investments | $ 5,246,187 | $ 5,665,501 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | $ 320,967 | $ 325,689 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total investments | $ 320,967 | $ 325,689 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | ||
Total investments | $ 6,021,929 | $ 6,442,549 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | $ 13,002,457 | $ 12,808,121 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Total investments | $ 13,002,457 | $ 12,808,121 |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | $ 1,739,621 | $ 1,689,837 |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | ||
Total investments | $ 1,739,621 | $ 1,689,837 |
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | ||
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | ||
Total investments | $ 14,742,078 | $ 14,497,958 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total investments | 13,002,457 | 12,808,121 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total investments | 6,021,929 | 6,442,549 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total investments | 1,739,621 | 1,689,837 |
Estimate of Fair Value Measurement [Member] | ||
Total investments | 20,764,007 | 20,940,507 |
Total investments | $ 20,764,007 | $ 20,940,507 |
Note 2 - Reconciliation of Inve
Note 2 - Reconciliation of Investments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Balance classified as Level 3, beginning of period | $ 1,723,154 | $ 1,659,295 | $ 1,689,837 | $ 1,631,600 |
Change in fair value of hedge fund investment | 16,467 | (2,602) | 49,784 | 25,093 |
Ending balance, end of period | $ 1,739,621 | $ 1,656,693 | $ 1,739,621 | $ 1,656,693 |
Note 2 - Cost or Amortized Co17
Note 2 - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Due in one year or less | $ 954,913 | $ 660,269 |
Due in one year or less | 961,355 | 665,201 |
Due after one year through five years | 4,574,810 | 5,077,084 |
Due after one year through five years | 4,657,893 | 5,157,518 |
Due after five years through ten years | 227,851 | 447,167 |
Due after five years through ten years | 227,983 | 443,984 |
Due after ten years | 176,261 | 179,126 |
Due after ten years | 174,698 | 175,846 |
Total | 5,933,835 | 6,363,646 |
Total | $ 6,021,929 | $ 6,442,549 |
Note 2 - Sales and Maturities o
Note 2 - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Total proceeds on sales of available-for-sale securities | $ 600,453 | $ 255,589 | $ 1,816,794 | $ 1,809,460 |
Proceeds from redemptions of fixed maturity investments | 125,226 | 125,226 | ||
Proceeds from maturities of fixed maturity investments | $ 410,000 | 445,000 | $ 410,000 | 445,000 |
Gross gains on sales | 38,632 | $ 227,048 | 699,941 | $ 1,024,129 |
Gross losses on sales | (3,925) | (3,925) | ||
Impairment losses | $ (91,177) | $ (1,890) | $ (238,820) | $ (2,236) |
Note 2 - Major Categories of Ne
Note 2 - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fixed maturity investments | $ 43,489 | $ 61,074 | $ 88,041 | $ 124,569 |
Short term investments and cash and cash equivalents | 448 | 105 | 908 | 266 |
Dividends earned | 68,192 | 51,150 | 109,414 | 84,146 |
Investment expenses | (34,314) | (32,810) | (67,886) | (64,772) |
Net investment income | $ 77,815 | $ 79,519 | $ 130,477 | $ 144,209 |
Note 3 - Segment Information (D
Note 3 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2015 | |
Number of Reportable Segments | 2 |
Note 3 - Segment Reporting Info
Note 3 - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reinsurance Segment [Member] | ||||
Revenues | $ 1,332,557 | $ 1,168,148 | $ 3,124,314 | $ 2,814,898 |
Total losses and expenses | 1,696,402 | 1,279,625 | 3,220,444 | 2,416,686 |
Segment income (loss) | $ (363,845) | $ (111,477) | $ (96,130) | $ 398,212 |
Property and equipment | ||||
Insurance Segment [Member] | ||||
Revenues | $ 718,410 | $ 460,908 | $ 1,457,662 | $ 960,182 |
Total losses and expenses | 881,085 | 813,522 | 1,775,907 | 1,609,459 |
Segment income (loss) | (162,675) | (352,614) | (318,245) | (649,277) |
Property and equipment | 207,786 | 403,697 | 207,786 | 403,697 |
Revenues | 2,050,967 | 1,629,056 | 4,581,976 | 3,775,080 |
Total losses and expenses | 2,577,487 | 2,093,147 | 4,996,351 | 4,026,145 |
Segment income (loss) | (526,520) | (464,091) | (414,375) | (251,065) |
Property and equipment | $ 207,786 | $ 403,697 | $ 207,786 | $ 403,697 |
Note 4 - Stock Compensation (De
Note 4 - Stock Compensation (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015USD ($)shares | Jun. 30, 2015USD ($)shares | Jun. 30, 2014USD ($) | Dec. 31, 2012shares | |
Phantom Share Units (PSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 0 | 659 | 75,018 | |
Payments of Dividends | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 82,456 | 82,456 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age | 65 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Period before Death or Permanent Disability | 60 days | |||
Payments of Dividends | $ 151,791 | $ 165,918 | ||
Number of Employees in Plan | 4 | 4 |