Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | |
Entity Central Index Key | 1,065,201 | |
Trading Symbol | aigt | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Fixed maturity investments, available for sale, at fair value (amortized cost $11,398,239 and $11,406,979) | $ 11,381,436 | $ 11,362,421 |
Equity securities, available for sale, at fair value (cost $12,362,693 and $11,321,578) | 16,333,920 | 15,165,544 |
TOTAL INVESTMENTS | 27,715,356 | 26,527,965 |
Cash and cash equivalents | 3,803,822 | 4,631,709 |
Restricted cash and cash equivalents | 24,149 | 23,392 |
Other invested assets | 490,000 | 490,000 |
Assumed reinsurance balances receivable | 1,371,969 | 1,285,126 |
Accrued investment income | 88,495 | 76,975 |
Property and equipment | 222,975 | 226,988 |
Deferred policy acquisition costs | 1,527,814 | 1,384,915 |
Prepaid expenses and other assets | 1,398,305 | 1,398,739 |
TOTAL ASSETS | 36,642,885 | 36,045,809 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses | 10,088,179 | 8,941,991 |
Unearned premium | 4,128,115 | 3,743,006 |
Assumed reinsurance balances payable | 8,522 | 1,254,687 |
Accrued expenses and other liabilities | 3,761,444 | 4,035,617 |
TOTAL LIABILITIES | 17,986,260 | 17,975,301 |
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2017 and 2016: 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 | 15,810,446 | 15,379,345 |
Accumulated other comprehensive income | 3,954,424 | 3,799,408 |
Shares held by Subsidiary (348,605 and 348,605 shares) at cost | (8,390,791) | (8,390,791) |
TOTAL SHAREHOLDERS’ EQUITY | 18,656,625 | 18,070,508 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 36,642,885 | $ 36,045,809 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Fixed maturity investments, amortized cost | $ 11,398,239 | $ 11,406,979 |
Equity securities, cost | $ 12,362,693 | $ 11,321,578 |
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) | 348,605 | 348,605 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive Income (Loss) and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUE | ||
Net premiums earned | $ 1,792,611 | $ 1,615,608 |
Commission income | 1,215,044 | 1,033,485 |
Net investment income | 150,667 | 64,679 |
Net realized gain on investments | 478,256 | 243,253 |
TOTAL REVENUE | 3,636,578 | 2,957,025 |
LOSSES AND EXPENSES | ||
Losses and loss adjustment expenses | 1,156,235 | 1,058,223 |
Policy acquisition costs | 662,858 | 597,778 |
Operating and management expenses | 1,386,384 | 1,248,535 |
TOTAL LOSSES AND EXPENSES | 3,205,477 | 2,904,536 |
NET INCOME BEFORE TAX | 431,101 | 52,489 |
Income tax expense | 0 | 0 |
NET INCOME AFTER TAX | 431,101 | 52,489 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Net unrealized holding gains (losses) arising during the period | 633,272 | (52,025) |
Reclassification adjustment for gains included in net income | (478,256) | (243,253) |
OTHER COMPREHENSIVE INCOME (LOSS) | 155,016 | (295,278) |
COMPREHENSIVE INCOME (LOSS) | 586,117 | (242,789) |
RETAINED EARNINGS, BEGINNING OF PERIOD | 15,379,345 | 14,213,781 |
Net income | 431,101 | 52,489 |
Dividends | (142,694) | |
RETAINED EARNINGS, END OF PERIOD | $ 15,810,446 | $ 14,123,576 |
Net Income per share | ||
Basic (in dollars per share) | $ 0.67 | $ 0.08 |
Diluted (in dollars per share) | 0.66 | 0.08 |
Dividends (in dollars per share) | $ 0.25 | |
Weighted average number of shares outstanding for the entire period | ||
Basic (in shares) | 646,648 | 649,643 |
Diluted (in shares) | 647,691 | 649,643 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net Cash (used in) provided by Operating Activities | $ (243,837) | $ 434,810 |
INVESTING ACTIVITIES | ||
Movement in restricted cash and cash equivalents | (757) | 583,600 |
Purchases of property and equipment | (11,419) | (2,261) |
Purchases of available-for-sale securities | (2,928,035) | (1,454,434) |
Proceeds from sales of available-for-sale securities | 1,234,621 | 602,691 |
Proceeds from redemptions of fixed maturity investments | 446,540 | |
Proceeds from maturities of fixed maturity investments | 675,000 | 380,000 |
Net Cash used in Investing Activities | (584,050) | 109,596 |
FINANCING ACTIVITIES | ||
Dividends paid | (142,694) | |
Net Cash used in Financing Activities | (142,694) | |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (827,887) | 401,712 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,631,709 | 3,073,747 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 3,803,822 | $ 3,475,459 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. 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, 2016 10 New Accounting Pronouncements New Accounting Standards Adopted in 2017 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09”). 2014 09 five 2014 09, 944, Financial Services—Insurance 2014 09 January 1, 2017 2014 09 |
Note 2 - Investments
Note 2 - Investments | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company’s fixed maturity investments, by major security type, and equity securities as of March 31, 2017 December 31, 2016 Cost or Gross Gross Estimated As of March 31, 2017 Fixed maturity investments: U.S. government agency securities $ 1,458,048 $ 5,001 $ (53 ) $ 1,462,996 Obligations of states and political subdivisions 3,717,973 33,821 (827 ) 3,750,967 Corporate debt securities 6,222,218 9,300 (64,045 ) 6,167,473 Total fixed maturity investments 11,398,239 48,122 (64,925 ) 11,381,436 Equity securities 12,276,917 3,952,608 (37,598 ) 16,191,927 Hedge fund 85,776 56,217 — 141,993 Total equity securities 12,362,693 4,008,825 (37,598 ) 16,333,920 Total investments $ 23,760,932 $ 4,056,947 $ (102,523 ) $ 27,715,356 Cost or Gross Gross Estimated As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ 1,462,040 $ 6,408 $ (1,642 ) $ 1,466,806 Obligations of states and political subdivisions 4,098,069 37,309 (634 ) 4,134,744 Corporate debt securities 5,846,870 1,662 (87,661 ) 5,760,871 Total fixed maturity investments 11,406,979 45,379 (89,937 ) 11,362,421 Equity securities 11,235,802 3,917,670 (128,395 ) 15,025,077 Hedge fund 85,776 54,691 — 140,467 Total equity securities 11,321,578 3,972,361 (128,395 ) 15,165,544 Total investments $ 22,728,557 $ 4,017,740 $ (218,332 ) $ 26,527,965 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 March 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — 506,850 (53 ) 506,850 (53 ) Obligations of states and political subdivisions — — 1,200,407 (827 ) 1,200,407 (827 ) Corporate debt securities — — 3,853,849 (64,045 ) 3,853,849 (64,045 ) Total fixed maturity investments — — 5,561,106 (64,925 ) 5,561,106 (64,925 ) Equity securities 116,756 (9,398 ) 245,278 (28,200 ) 362,034 (37,598 ) Hedge fund — — — — — — Total equity securities 116,756 (9,398 ) 245,278 (28,200 ) 362,034 (37,598 ) Total investments $ 116,756 $ (9,398 ) $ 5,806,384 $ (93,125 ) $ 5,923,140 $ (102,523 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ — $ — $ 507,735 $ (1,642 ) $ 507,735 $ (1,642 ) Obligations of states and political subdivisions 542,968 (402 ) 420,050 (232 ) 963,018 (634 ) Corporate debt securities — — 4,549,756 (87,661 ) 4,549,756 (87,661 ) Total fixed maturity investments 542,968 (402 ) 5,477,541 (89,535 ) 6,020,509 (89,937 ) Equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Hedge fund — — — — — — Total equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Total investments $ 662,379 $ (7,145 ) $ 7,149,400 $ (211,187 ) $ 7,811,779 $ (218,332 ) As of March 31, 2017 December 31, 2016, 26 27 $5,923,140 $7,811,779, March 31, 2017 December 31, 2016, four six 12 March 31, 2017 December 31, 2016, At March 31, 2017 December 31, 2016, $490,000 $250,000 one 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) (2) The Company had no planned sales of its fixed maturity investments classified as available-for-sale that were in an unrealized loss position at March 31, 2017. three March 31, 2017, no In evaluating credit losses, the Company considers a variety of factors in the assessment of a fixed maturity investment including: (1) (2) (3) (4) (5) (6) 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 March 31, 2017 December 31, 2016, 15 16 $64,925 $89,937, 11 $37,598 $128,395, No March 31, 2017. three March 31, 2016, $105,920 one 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, 820 three 1) 3). three • Level 1 • Level 2 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 March 31, 2017 December 31, 2016 • U.S. government agency securities 2 • Obligations of state and political subdivisions 2 • Corporate debt securities 2 • Equity securities, at fair value 1 • Hedge fund In May 2016, 15 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 There have been no material changes to our valuation techniques from what was used as of December 31, 2016. 820 March 31, 2017 December 31, 2016: Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant March 31, 2017 U.S. government agency securities $ 1,462,996 $ 1,462,996 $ — $ 1,462,996 $ — Obligations of U.S. state and political subdivisions 3,750,967 3,750,967 3,750,967 Corporate debt securities 6,167,473 6,167,473 6,167,473 Total fixed maturity investments 11,381,436 11,381,436 Equity securities (excluding the hedge fund) 16,191,927 16,191,927 16,191,927 Total equity securities (excluding the hedge fund) 16,191,927 16,191,927 Hedge fund measured at net asset value (a) 141,993 141,993 Total investments $ 27,715,356 $ 27,715,356 $ 16,191,927 $ 11,381,436 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant December 31, 2016 U.S. government agency securities $ 1,466,806 $ 1,466,806 $ — $ 1,466,806 $ — Obligations of U.S. state and political subdivisions 4,134,744 4,134,744 4,134,744 Corporate debt securities 5,760,871 5,760,871 5,760,871 Total fixed maturity investments 11,362,421 11,362,421 Equity securities (excluding the hedge fund) 15,025,077 15,025,077 15,025,077 Total equity securities (excluding the hedge fund) 15,025,077 15,025,077 Hedge fund measured at net asset value (a) 140,467 140,467 Total investments $ 26,527,965 $ 26,527,965 $ 15,025,077 $ 11,362,421 $ — (a) In accordance with Subtopic 820 10, There were no transfers between Levels 1 2 three March 31, 2017 December 31, 2016. The cost or amortized cost and estimated fair value of fixed maturity investments as of March 31, 2017 December 31, 2016 may may Amortized Estimated March 31, 2017 Due in one year or less $ 777,254 $ 777,654 Due after one year through five years 9,593,420 9,603,982 Due after five years through ten years 861,569 833,387 Due after ten years 165,996 166,413 Total $ 11,398,239 $ 11,381,436 Amortized Estimated December 31, 2016 Due in one year or less $ 1,455,729 $ 1,457,201 Due after one year through five years 8,081,777 8,089,289 Due after five years through ten years 1,701,987 1,648,731 Due after ten years 167,486 167,200 Total $ 11,406,979 $ 11,362,421 Information on sales and maturities of investments during the three March 31, 2017 2016 March 31, March 31, Total proceeds on sales of available-for-sale securities $ 1,234,621 $ 602,691 Proceeds from redemptions of fixed maturity investments 446,540 — Total proceeds from maturities of fixed maturity investments 675,000 380,000 Gross gains on sales 480,605 350,385 Gross losses on sales (2,349 ) (1,212 ) Impairment losses — (105,920 ) Major categories of net investment income during the three March 31, 2017 2016 March 31, March 31, Interest earned: Fixed maturity investments $ 61,310 $ 45,620 Short term investments and cash and cash equivalents 1,909 878 Dividends earned 123,229 52,024 Investment expenses (35,781 ) (33,843 ) Net investment income $ 150,667 $ 64,679 |
Note 3 - Liability for Unpaid L
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 3. The following table presents a reconciliation of the beginning and ending balances for the liability for unpaid losses and loss adjustment expenses for the three March 31, 2017 2016: 2017 2016 Liability—beginning of year $ 8,941,991 $ 6,583,474 Incurred related to: Current year 1,156,235 1,058,223 Prior years — — Total incurred 1,156,235 1,058,223 Paid related to: Current year — (1,214 ) Prior years (10,047 ) (349,743 ) Total paid (10,047 ) (350,957 ) Liability—end of year $ 10,088,179 $ 7,290,740 As incurred losses for the quarter are derived by multiplying our estimated loss ratio of 64.5% |
Note 4 - Segment Information
Note 4 - Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. AmerInst has two (1) (2) The tables below summarize the results of our reportable segments as of and for the three March 31, 2017 2016. As of and for the Three Months Ended March 31, 2017 Reinsurance Insurance Total Revenues $ 2,420,750 $ 1,215,828 $ 3,636,578 Total losses and expenses 2,104,053 1,101,424 3,205,477 Segment income 316,697 114,404 431,101 Identifiable assets — 222,975 222,975 As of and for the Three Months Ended March 31, 2016 Reinsurance Insurance Total Revenues $ 1,922,939 $ 1,034,086 $ 2,957,025 Total losses and expenses 1,915,036 989,500 2,904,536 Segment income 7,903 44,586 52,489 Identifiable assets — 117,532 117,532 |
Note 5 - Stock Compensation
Note 5 - Stock Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. AmerInst Professional Services, Limited (“APSL”), a subsidiary of AmerInst, has employment agreements with four one 75,018 may three March 31, 2017, 84,725 March 31, 2017. For three January 1, 2015. fourth January 1, 2018. 65 60 January 1, 2018 fourth The liability relating to these phantom shares is recalculated quarterly based on the net book value of our common shares at the end of each quarter. As a result of the overall decrease in the net book value of our common shares since the grant dates, we have not recorded any liability relating to these phantom shares at March 31, 2017. During the quarter ended March 31, 2017, 35,000 $27.99. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, 2016 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2017 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09”). 2014 09 five 2014 09, 944, Financial Services—Insurance 2014 09 January 1, 2017 2014 09 |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Gross Gross Estimated As of March 31, 2017 Fixed maturity investments: U.S. government agency securities $ 1,458,048 $ 5,001 $ (53 ) $ 1,462,996 Obligations of states and political subdivisions 3,717,973 33,821 (827 ) 3,750,967 Corporate debt securities 6,222,218 9,300 (64,045 ) 6,167,473 Total fixed maturity investments 11,398,239 48,122 (64,925 ) 11,381,436 Equity securities 12,276,917 3,952,608 (37,598 ) 16,191,927 Hedge fund 85,776 56,217 — 141,993 Total equity securities 12,362,693 4,008,825 (37,598 ) 16,333,920 Total investments $ 23,760,932 $ 4,056,947 $ (102,523 ) $ 27,715,356 Cost or Gross Gross Estimated As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ 1,462,040 $ 6,408 $ (1,642 ) $ 1,466,806 Obligations of states and political subdivisions 4,098,069 37,309 (634 ) 4,134,744 Corporate debt securities 5,846,870 1,662 (87,661 ) 5,760,871 Total fixed maturity investments 11,406,979 45,379 (89,937 ) 11,362,421 Equity securities 11,235,802 3,917,670 (128,395 ) 15,025,077 Hedge fund 85,776 54,691 — 140,467 Total equity securities 11,321,578 3,972,361 (128,395 ) 15,165,544 Total investments $ 22,728,557 $ 4,017,740 $ (218,332 ) $ 26,527,965 |
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 March 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — 506,850 (53 ) 506,850 (53 ) Obligations of states and political subdivisions — — 1,200,407 (827 ) 1,200,407 (827 ) Corporate debt securities — — 3,853,849 (64,045 ) 3,853,849 (64,045 ) Total fixed maturity investments — — 5,561,106 (64,925 ) 5,561,106 (64,925 ) Equity securities 116,756 (9,398 ) 245,278 (28,200 ) 362,034 (37,598 ) Hedge fund — — — — — — Total equity securities 116,756 (9,398 ) 245,278 (28,200 ) 362,034 (37,598 ) Total investments $ 116,756 $ (9,398 ) $ 5,806,384 $ (93,125 ) $ 5,923,140 $ (102,523 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ — $ — $ 507,735 $ (1,642 ) $ 507,735 $ (1,642 ) Obligations of states and political subdivisions 542,968 (402 ) 420,050 (232 ) 963,018 (634 ) Corporate debt securities — — 4,549,756 (87,661 ) 4,549,756 (87,661 ) Total fixed maturity investments 542,968 (402 ) 5,477,541 (89,535 ) 6,020,509 (89,937 ) Equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Hedge fund — — — — — — Total equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Total investments $ 662,379 $ (7,145 ) $ 7,149,400 $ (211,187 ) $ 7,811,779 $ (218,332 ) |
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 March 31, 2017 U.S. government agency securities $ 1,462,996 $ 1,462,996 $ — $ 1,462,996 $ — Obligations of U.S. state and political subdivisions 3,750,967 3,750,967 3,750,967 Corporate debt securities 6,167,473 6,167,473 6,167,473 Total fixed maturity investments 11,381,436 11,381,436 Equity securities (excluding the hedge fund) 16,191,927 16,191,927 16,191,927 Total equity securities (excluding the hedge fund) 16,191,927 16,191,927 Hedge fund measured at net asset value (a) 141,993 141,993 Total investments $ 27,715,356 $ 27,715,356 $ 16,191,927 $ 11,381,436 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant December 31, 2016 U.S. government agency securities $ 1,466,806 $ 1,466,806 $ — $ 1,466,806 $ — Obligations of U.S. state and political subdivisions 4,134,744 4,134,744 4,134,744 Corporate debt securities 5,760,871 5,760,871 5,760,871 Total fixed maturity investments 11,362,421 11,362,421 Equity securities (excluding the hedge fund) 15,025,077 15,025,077 15,025,077 Total equity securities (excluding the hedge fund) 15,025,077 15,025,077 Hedge fund measured at net asset value (a) 140,467 140,467 Total investments $ 26,527,965 $ 26,527,965 $ 15,025,077 $ 11,362,421 $ — |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated March 31, 2017 Due in one year or less $ 777,254 $ 777,654 Due after one year through five years 9,593,420 9,603,982 Due after five years through ten years 861,569 833,387 Due after ten years 165,996 166,413 Total $ 11,398,239 $ 11,381,436 Amortized Estimated December 31, 2016 Due in one year or less $ 1,455,729 $ 1,457,201 Due after one year through five years 8,081,777 8,089,289 Due after five years through ten years 1,701,987 1,648,731 Due after ten years 167,486 167,200 Total $ 11,406,979 $ 11,362,421 |
Realized Gain (Loss) on Investments [Table Text Block] | March 31, March 31, Total proceeds on sales of available-for-sale securities $ 1,234,621 $ 602,691 Proceeds from redemptions of fixed maturity investments 446,540 — Total proceeds from maturities of fixed maturity investments 675,000 380,000 Gross gains on sales 480,605 350,385 Gross losses on sales (2,349 ) (1,212 ) Impairment losses — (105,920 ) |
Condensed Cash Flow Statement [Table Text Block] | March 31, March 31, Interest earned: Fixed maturity investments $ 61,310 $ 45,620 Short term investments and cash and cash equivalents 1,909 878 Dividends earned 123,229 52,024 Investment expenses (35,781 ) (33,843 ) Net investment income $ 150,667 $ 64,679 |
Note 3 - Liability for Unpaid13
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 2017 2016 Liability—beginning of year $ 8,941,991 $ 6,583,474 Incurred related to: Current year 1,156,235 1,058,223 Prior years — — Total incurred 1,156,235 1,058,223 Paid related to: Current year — (1,214 ) Prior years (10,047 ) (349,743 ) Total paid (10,047 ) (350,957 ) Liability—end of year $ 10,088,179 $ 7,290,740 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Three Months Ended March 31, 2017 Reinsurance Insurance Total Revenues $ 2,420,750 $ 1,215,828 $ 3,636,578 Total losses and expenses 2,104,053 1,101,424 3,205,477 Segment income 316,697 114,404 431,101 Identifiable assets — 222,975 222,975 As of and for the Three Months Ended March 31, 2016 Reinsurance Insurance Total Revenues $ 1,922,939 $ 1,034,086 $ 2,957,025 Total losses and expenses 1,915,036 989,500 2,904,536 Segment income 7,903 44,586 52,489 Identifiable assets — 117,532 117,532 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 26 | 27 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 5,923,140 | $ 7,811,779 | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 4 | 6 | |
Certificates of Deposit, at Carrying Value | $ 490,000 | $ 490,000 | |
Cash, FDIC Insured Amount | $ 250,000 | ||
Maturity of Time Deposits | 1 year | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 102,523 | 218,332 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | ||
Fixed Maturity Investments [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 15 | 16 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 64,925 | $ 89,937 | |
Equity Securities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 11 | 11 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 37,598 | $ 128,395 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 105,920 |
Note 2 - Investments - Cost or
Note 2 - Investments - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Cost or Amortized Cost | $ 23,760,932 | $ 22,728,557 |
Gross Unrealized Gains | 4,056,947 | 4,017,740 |
Gross Unrealized Losses | (102,523) | (218,332) |
Estimated Fair Value | 27,715,356 | 26,527,965 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 12,362,693 | 11,321,578 |
Gross Unrealized Gains | 4,008,825 | 3,972,361 |
Gross Unrealized Losses | (37,598) | (128,395) |
Estimated Fair Value | 16,333,920 | 15,165,544 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 11,398,239 | 11,406,979 |
Gross Unrealized Gains | 48,122 | 45,379 |
Gross Unrealized Losses | (64,925) | (89,937) |
Estimated Fair Value | 11,381,436 | 11,362,421 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 1,458,048 | 1,462,040 |
Gross Unrealized Gains | 5,001 | 6,408 |
Gross Unrealized Losses | (53) | (1,642) |
Estimated Fair Value | 1,462,996 | 1,466,806 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 3,717,973 | 4,098,069 |
Gross Unrealized Gains | 33,821 | 37,309 |
Gross Unrealized Losses | (827) | (634) |
Estimated Fair Value | 3,750,967 | 4,134,744 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 6,222,218 | 5,846,870 |
Gross Unrealized Gains | 9,300 | 1,662 |
Gross Unrealized Losses | (64,045) | (87,661) |
Estimated Fair Value | 6,167,473 | 5,760,871 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 12,276,917 | 11,235,802 |
Gross Unrealized Gains | 3,952,608 | 3,917,670 |
Gross Unrealized Losses | (37,598) | (128,395) |
Estimated Fair Value | 16,191,927 | 15,025,077 |
Hedge Funds [Member] | ||
Cost or Amortized Cost | 85,776 | 85,776 |
Gross Unrealized Gains | 56,217 | 54,691 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 141,993 | $ 140,467 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity and Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
12 months or greater, estimated fair value | $ 116,756 | $ 662,379 |
12 months or greater, unrealized losses | (9,398) | (7,145) |
Less than 12 months, estimated fair value | 5,806,384 | 7,149,400 |
Less than 12 months, unrealized losses | (93,125) | (211,187) |
Total estimated fair value | 5,923,140 | 7,811,779 |
Total unrealized losses | (102,523) | (218,332) |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 542,968 | |
12 months or greater, unrealized losses | (402) | |
Less than 12 months, estimated fair value | 5,561,106 | 5,477,541 |
Less than 12 months, unrealized losses | (64,925) | (89,535) |
Total estimated fair value | 5,561,106 | 6,020,509 |
Total unrealized losses | (64,925) | (89,937) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 116,756 | 119,411 |
12 months or greater, unrealized losses | (9,398) | (6,743) |
Less than 12 months, estimated fair value | 245,278 | 1,671,859 |
Less than 12 months, unrealized losses | (28,200) | (121,652) |
Total estimated fair value | 362,034 | 1,791,270 |
Total unrealized losses | (37,598) | (128,395) |
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 | ||
Total estimated fair value | ||
Total unrealized losses | ||
US Government Agencies Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | 506,850 | 507,735 |
Less than 12 months, unrealized losses | (53) | (1,642) |
Total estimated fair value | 506,850 | 507,735 |
Total unrealized losses | (53) | (1,642) |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 542,968 | |
12 months or greater, unrealized losses | (402) | |
Less than 12 months, estimated fair value | 1,200,407 | 420,050 |
Less than 12 months, unrealized losses | (827) | (232) |
Total estimated fair value | 1,200,407 | 963,018 |
Total unrealized losses | (827) | (634) |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | 3,853,849 | 4,549,756 |
Less than 12 months, unrealized losses | (64,045) | (87,661) |
Total estimated fair value | 3,853,849 | 4,549,756 |
Total unrealized losses | (64,045) | (87,661) |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 116,756 | 119,411 |
12 months or greater, unrealized losses | (9,398) | (6,743) |
Less than 12 months, estimated fair value | 245,278 | 1,671,859 |
Less than 12 months, unrealized losses | (28,200) | (121,652) |
Total estimated fair value | 362,034 | 1,791,270 |
Total unrealized losses | $ (37,598) | $ (128,395) |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Investments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Total Investments | $ 27,715,356 | $ 26,527,965 | |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Total Investments | 3,750,967 | 4,134,744 | |
Reported Value Measurement [Member] | |||
Total Investments | 27,715,356 | 26,527,965 | |
Reported Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 11,381,436 | 11,362,421 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 1,462,996 | 1,466,806 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,167,473 | 5,760,871 | |
Reported Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Reported Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | 141,993 | 140,467 |
Estimate of Fair Value Measurement [Member] | |||
Total Investments | 27,715,356 | 26,527,965 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 11,381,436 | 11,362,421 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 11,381,436 | 11,362,421 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 1,462,996 | 1,466,806 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 1,462,996 | 1,466,806 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,167,473 | 5,760,871 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,167,473 | 5,760,871 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,191,927 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | $ 141,993 | $ 140,467 |
[1] | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Note 2 - Investments - Cost o19
Note 2 - Investments - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Due in one year or less, amortized cost | $ 777,254 | $ 1,455,729 |
Due in one year or less, fair value | 777,654 | 1,457,201 |
Due after one year through five years, amortized cost | 9,593,420 | 8,081,777 |
Due after one year through five years, fair value | 9,603,982 | 8,089,289 |
Due after five years through ten years, amortized cost | 861,569 | 1,701,987 |
Due after five years through ten years, fair value | 833,387 | 1,648,731 |
Due after ten years, amortized cost | 165,996 | 167,486 |
Due after ten years, fair value | 166,413 | 167,200 |
Total, amortized cost | 11,398,239 | 11,406,979 |
Total, fair value | $ 11,381,436 | $ 11,362,421 |
Note 2 - Investments - Sales an
Note 2 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Proceeds from sales of available-for-sale securities | $ 1,234,621 | $ 602,691 |
Proceeds from redemptions of fixed maturity investments | 446,540 | |
Proceeds from maturities of fixed maturity investments | 675,000 | 380,000 |
Gross gains on sales | 480,605 | 350,385 |
Gross losses on sales | (2,349) | (1,212) |
Impairment losses | $ (105,920) |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fixed maturity investments | $ 61,310 | $ 45,620 |
Short term investments and cash and cash equivalents | 1,909 | 878 |
Dividends earned | 123,229 | 52,024 |
Investment expenses | (35,781) | (33,843) |
Net investment income | $ 150,667 | $ 64,679 |
Note 3 - Liability for Unpaid22
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Estimated Loss Ratio | 64.50% |
Note 3 - Liability for Unpaid23
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Liability—beginning of year | $ 8,941,991 | $ 6,583,474 |
Incurred related to: | ||
Current year | 1,156,235 | 1,058,223 |
Prior years | ||
Total incurred | 1,156,235 | 1,058,223 |
Paid related to: | ||
Current year | (1,214) | |
Prior years | (10,047) | (349,743) |
Total paid | (10,047) | (350,957) |
Liability—end of year | $ 10,088,179 | $ 7,290,740 |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 2 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Revenues | $ 3,636,578 | $ 2,957,025 | |
Total losses and expenses | 3,205,477 | 2,904,536 | |
Segment income | 431,101 | 52,489 | |
Identifiable assets | 222,975 | 117,532 | $ 226,988 |
Reinsurance Segment [Member] | |||
Revenues | 2,420,750 | 1,922,939 | |
Total losses and expenses | 2,104,053 | 1,915,036 | |
Segment income | 316,697 | 7,903 | |
Identifiable assets | |||
Insurance Segment [Member] | |||
Revenues | 1,215,828 | 1,034,086 | |
Total losses and expenses | 1,101,424 | 989,500 | |
Segment income | 114,404 | 44,586 | |
Identifiable assets | $ 222,975 | $ 117,532 |
Note 5 - Stock Compensation (De
Note 5 - Stock Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2012shares | |
Number of Employees in Plan | 4 | |
Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 35,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 27.99 | |
Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 75,018 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 84,725 | |
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 | |
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ | $ 0 |