Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 01, 2018 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Fixed maturity investments, at fair value (amortized cost $14,523,210 and $14,574,417) | $ 14,251,513 | $ 14,510,627 |
Equity securities, at fair value (cost $12,042,927 and $10,411,747) | 16,596,360 | 15,504,697 |
TOTAL INVESTMENTS | 30,847,873 | 30,015,324 |
Cash and cash equivalents | 4,891,898 | 5,008,138 |
Restricted cash and cash equivalents | 735,777 | 710,818 |
Assumed reinsurance premiums receivable | 2,868,769 | 2,375,629 |
Accrued investment income | 89,015 | 83,345 |
Property and equipment | 636,500 | 316,066 |
Deferred policy acquisition costs | 2,031,461 | 1,622,676 |
Prepaid expenses and other assets | 1,878,771 | 1,682,301 |
TOTAL ASSETS | 43,980,064 | 41,814,297 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses | 12,601,969 | 11,228,507 |
Unearned premiums | 5,489,945 | 4,385,354 |
Assumed reinsurance payable | 1,940,182 | 1,883,879 |
Accrued expenses and other liabilities | 4,460,250 | 4,610,781 |
TOTAL LIABILITIES | 24,492,346 | 22,108,521 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2018 and 2017: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,342,150 | 6,323,450 |
Retained earnings | 20,863,976 | 15,812,419 |
Accumulated other comprehensive income | (271,697) | 5,029,160 |
Shares held by Subsidiary (348,606 and 350,930 shares) at cost | (8,441,964) | (8,454,506) |
TOTAL SHAREHOLDERS’ EQUITY | 19,487,718 | 19,705,776 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 43,980,064 | $ 41,814,297 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fixed maturity investments, amortized cost | $ 14,523,210 | $ 14,574,417 |
Equity securities, cost | $ 12,042,927 | $ 10,411,747 |
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) | 348,606 | 350,930 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive Income and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
REVENUE | ||||
Net premiums earned | $ 2,554,044 | $ 2,233,906 | $ 7,224,922 | $ 6,235,045 |
Commission income | 1,334,352 | 1,163,669 | 4,091,561 | 3,551,532 |
Net investment income | 92,215 | 69,842 | 267,908 | 306,002 |
Net realized gain on investments | 567,054 | 276,772 | 895,340 | 1,128,344 |
TOTAL REVENUE | 4,547,665 | 3,744,189 | 12,479,731 | 11,220,923 |
LOSSES AND EXPENSES | ||||
Losses and loss adjustment expenses | 1,647,362 | 1,441,968 | 4,660,077 | 4,022,703 |
Policy acquisition costs | 944,994 | 826,778 | 2,673,143 | 2,306,793 |
Operating and management expenses | 1,515,854 | 1,370,383 | 4,874,487 | 4,138,855 |
TOTAL LOSSES AND EXPENSES | 4,108,210 | 3,639,129 | 12,207,707 | 10,468,351 |
NET INCOME BEFORE TAX | 439,455 | 105,060 | 272,024 | 752,572 |
Income tax expense | 0 | 0 | ||
NET INCOME AFTER TAX | 439,455 | 105,060 | 272,024 | 752,572 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Net unrealized holding (losses) gains arising during the period | (18,529) | 720,612 | (207,907) | 2,015,649 |
Reclassification adjustment for gains included in net income | (276,772) | (1,128,344) | ||
OTHER COMPREHENSIVE (LOSS) INCOME | (18,529) | 443,840 | (207,907) | 887,305 |
COMPREHENSIVE INCOME | 420,926 | 548,900 | 64,117 | 1,639,877 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 20,424,521 | 15,722,938 | 15,812,419 | 15,379,345 |
Net income | 439,455 | 105,060 | 272,024 | 752,572 |
Dividends | (313,417) | (303,919) | ||
Cumulative effect of adoption of accounting guidance (ASU 2016-01) | 5,092,950 | |||
RETAINED EARNINGS, END OF PERIOD | $ 20,863,976 | $ 15,827,998 | $ 20,863,976 | $ 15,827,998 |
Net Income per share | ||||
Basic (in dollars per share) | $ 0.68 | $ 0.16 | $ 0.42 | $ 1.16 |
Diluted (in dollars per share) | 0.68 | 0.16 | 0.42 | 1.16 |
Dividends (in dollars per share) | $ 0 | $ 0 | $ 0.50 | $ 0.50 |
Weighted average number of shares outstanding for the entire period | ||||
Basic (in shares) | 646,647 | 649,196 | 645,485 | 647,922 |
Diluted (in shares) | 648,605 | 651,071 | 648,167 | 651,541 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
OPERATING ACTIVITIES | ||||
Net Cash provided by Operating Activities | $ 861,395 | $ 1,197,664 | ||
INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (396,674) | (91,544) | ||
Purchases of available-for-sale securities | (6,035,248) | (6,448,153) | ||
Proceeds from sales of available-for-sale securities | $ 489,440 | $ 1,115,439 | 3,419,578 | 4,144,366 |
Proceeds from redemptions of hedge fund investments | 22,692 | 3,085 | 75,160 | |
Proceeds from redemptions of fixed maturity investments | 80,000 | 691,540 | ||
Proceeds from maturities of fixed maturity investments | 400,000 | 500,000 | 2,370,000 | 1,450,000 |
Net Cash used in provided by Investing Activities | (639,259) | (178,631) | ||
FINANCING ACTIVITIES | ||||
Dividends paid | (313,417) | (303,919) | ||
Net Cash used in Financing Activities | (313,417) | (303,919) | ||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (91,281) | 715,114 | ||
CASH, CASH EQUIVALENTS AND RESTRCITED CASH AT BEGINNING OF PERIOD | 5,718,956 | 4,655,101 | ||
CASH, CASH EQUIVALENTS AND CASH EQUIVALENTS AT END OF PERIOD | $ 5,627,675 | $ 5,370,215 | $ 5,627,675 | $ 5,370,215 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 9 Months Ended |
Sep. 30, 2018 | |
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 December 31, 2017 10 New Accounting Pronouncements New Accounting Standards Adopted in 2018 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09 five 2014 09, 944, 2014 09 December 15, 2017 2014 09 not Classification of Certain Cash Receipts and Cash Payments In August 2016, 2016 15, 230 eight December 15, 2017, 2016 15, not Statement of Cash Flows—Restricted Cash In November 2016, 2016 18, December 15, 2017. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, 825 10 2016 01 1 2 3 4 2016 01 December 15, 2017, We adopted ASU 2016 01 January 1, 2018. $5.1 not Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not December 15, 2019. not Test for Goodwill Impairment In January 2017, 2017 04, 2 December 15, 2019. January 1, 2017. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02 220 H.R.1, 2018 December 22, 2017. U.S. GAAP currently requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income rather than in income from continuing operations. As the adjustment of deferred taxes due to the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects for purposes of this Update) do not The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform. Consequently, the amendments eliminate the stranded tax effects resulting from U.S. Tax Reform and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of U.S. Tax Reform, the underlying guidance that requires the effect of a change in tax laws or rates be included in income from continuing operations is not |
Note 2 - Investments
Note 2 - Investments | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 December 31, 2017 Cost or Gross Gross Estimated As of September 30, 2018 Fixed maturity investments: U.S. government agency securities $ 6,440,955 $ — $ (104,934 ) $ 6,336,021 Obligations of states and political subdivisions 1,915,053 4,220 (17,162 ) 1,902,111 Corporate debt securities 6,167,202 — (153,821 ) 6,013,381 Total fixed maturity investments 14,523,210 4,220 (275,917 ) 14,251,513 Equity securities 12,037,570 4,782,643 (230,731 ) 16,589,482 Hedge fund 5,357 1,521 — 6,878 Total equity securities 12,042,927 4,784,164 (230,731 ) 16,596,360 Total investments $ 26,566,137 $ 4,788,384 $ (506,648 ) $ 30,847,873 Cost or Gross Gross Estimated As of December 31, 2017 Fixed maturity investments: U.S. government agency securities $ 4,394,864 $ 948 $ (15,312 ) $ 4,380,500 Obligations of states and political subdivisions 3,984,633 18,065 (9,565 ) 3,993,133 Corporate debt securities 6,194,920 367 (58,293 ) 6,136,994 Total fixed maturity investments 14,574,417 19,380 (83,170 ) 14,510,627 Equity securities 10,403,952 5,098,001 (8,749 ) 15,493,204 Hedge fund 7,795 3,698 — 11,493 Total equity securities 10,411,747 5,101,699 (8,749 ) 15,504,697 Total investments $ 24,986,164 $ 5,121,079 $ (91,919 ) $ 30,015,324 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 September 30, 2018 Fixed maturity investments: U.S. government agency securities $ 427,154 $ (22,257 ) $ 5,908,868 $ (82,677 ) $ 6,336,022 $ (104,934 ) Obligations of states and political subdivisions 766,715 (16,696 ) 340,894 (466 ) 1,107,609 (17,162 ) Corporate debt securities 2,730,492 (101,328 ) 3,282,888 (52,493 ) 6,013,380 (153,821 ) Total fixed maturity investments 3,924,361 (140,281 ) 9,532,650 (135,636 ) 13,457,011 (275,917 ) Equity securities 76,535 (4,847 ) 815,746 (225,884 ) 892,281 (230,731 ) Hedge fund — — — — — — Total equity securities 76,535 (4,847 ) 815,746 (225,884 ) 892,281 (230,731 ) Total investments $ 4,000,896 $ (145,128 ) $ 10,348,396 $ (361,520 ) $ 14,349,292 $ (506,648 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 3,424,024 $ (15,312 ) $ 3,424,024 $ (15,312 ) Obligations of states and political subdivisions — — 1,286,103 (9,565 ) 1,286,103 (9,565 ) Corporate debt securities 2,794,836 (51,149 ) 1,974,024 (7,144 ) 4,768,860 (58,293 ) Total fixed maturity investments 2,794,836 (51,149 ) 6,684,151 (32,021 ) 9,478,987 (83,170 ) Equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Hedge fund — — — — — — Total equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Total investments $ 2,794,836 $ (51,149 ) $ 6,891,852 $ (40,770 ) $ 9,686,688 $ (91,919 ) As of September 30, 2018 December 31, 2017, 49 29 $14,349,292 $9,686,688, September 30, 2018 December 31, 2017, 12 seven 12 September 30, 2018 December 31, 2017, none not not not 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 not 2 The Company had no September 30, 2018. not nine September 30, 2018, not 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 If we conclude a fixed income investment is other-than-temporarily impaired, we write down the amortized cost of the security to fair value, with a charge to net realized investment gains (losses) in the Consolidated Statement of Operations. Gross unrealized losses on the investment portfolio as of September 30, 2018 December 31, 2017, 36 23 $275,917 $83,170, not nine three September 30, 2018, no 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 not • 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 September 30, 2018 December 31, 2017 • U.S. government agency securities 2 not • Obligations of state and political subdivisions 2 not • Corporate debt securities 2 not • Equity securities, at fair value 1 • Hedge fund In May 2016, 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 not There have been no December 31, 2017. 820 September 30, 2018 December 31, 2017: Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of September 30, 2018 U.S. government agency securities $ 6,336,021 $ 6,336,021 $ — $ 6,336,021 $ — Obligations of U.S. state and political subdivisions 1,902,111 1,902,111 1,902,111 Corporate debt securities 6,013,381 6,013,381 6,013,381 Total fixed maturity investments 14,251,513 14,251,513 Equity securities (excluding the hedge fund) 16,589,482 16,589,482 16,589,482 Total equity securities (excluding the hedge fund) 16,589,482 16,589,482 Hedge fund measured at net asset value (a) 6,878 6,878 Total investments $ 30,847,873 $ 30,847,873 $ 16,589,482 $ 14,251,513 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of December 31, 2017 U.S. government agency securities $ 4,380,500 $ 4,380,500 $ — $ 4,380,500 $ — Obligations of U.S. state and political subdivisions 3,993,133 3,993,133 3,993,133 Corporate debt securities 6,136,994 6,136,994 6,136,994 Total fixed maturity investments 14,510,627 14,510,627 Equity securities (excluding the hedge fund) 15,493,204 15,493,204 15,493,204 Total equity securities (excluding the hedge fund) 15,493,204 15,493,204 Hedge fund measured at net asset value (a) 11,493 11,493 Total investments $ 30,015,324 $ 30,015,324 $ 15,493,204 $ 14,510,627 $ — (a) In accordance with Subtopic 820 10, not There were no 1 2 nine September 30, 2018 December 31, 2017. Contractual Maturities The cost or amortized cost and estimated fair value of fixed maturity investments as of September 30, 2018 December 31, 2017 may may Amortized Estimated As of September 30, 2018 Due in one year or less $ 3,085,969 $ 3,079,224 Due after one year through five years 10,912,590 10,654,028 Due after five years through ten years — — Due after ten years 524,651 518,261 Total $ 14,523,210 $ 14,251,513 Amortized Estimated As of December 31, 2017 Due in one year or less $ 1,970,793 $ 1,971,237 Due after one year through five years 10,852,417 10,805,684 Due after five years through ten years 1,215,724 1,200,086 Due after ten years 535,483 533,620 Total $ 14,574,417 $ 14,510,627 Information on sales and maturities of investments during the nine September 30, 2018 2017 September 30, September 30, Total proceeds on sales of available-for-sale securities $ 3,419,578 $ 4,144,366 Proceeds from redemptions of hedge fund investments 3,085 75,160 Proceeds from redemptions of fixed maturity investments — 691,540 Total proceeds from maturities of fixed maturity investments 2,370,000 1,450,000 Gross gains on sales 1,448,841 1,245,755 Gross losses on sales (13,983 ) (18,493 ) Impairment losses — (98,918 ) Net unrealized losses on equity investments (1) (539,518 ) — Net realized and unrealized gain (loss) on investments $ 895,340 $ 1,128,344 Information on sales and maturities of investments during the three September 30, 2018 2017 September 30, September 30, Total proceeds on sales of available-for-sale securities $ 489,440 $ 1,115,439 Proceeds from redemptions of hedge fund investments — 22,692 Proceeds from redemptions of fixed maturity investments — 80,000 Total proceeds from maturities of fixed maturity investments 400,000 500,000 Gross gains on sales 135,997 366,562 Gross losses on sales (13,367 ) (16,144 ) Impairment losses — (73,646 ) Net unrealized losses on equity investments (1) 444,424 — Net realized and unrealized gain (loss) on investments $ 567,054 $ 276,772 ( 1 Effective January 1, 2018, No. 2016 01. Net Investment Income Major categories of net investment income during the nine September 30, 2018 2017 September 30, September 30, Interest earned: Fixed maturity investments $ 249,287 $ 187,541 Short term investments and cash and cash equivalents 10,876 14,488 Dividends earned 116,432 213,358 Investment expenses (108,687 ) (109,385 ) Net investment income $ 267,908 $ 306,002 Major categories of net investment income during the three September 30, 2018 2017 September 30, September 30, 2017 Interest earned: Fixed maturity investments $ 83,688 $ 64,440 Short term investments and cash and cash equivalents 5,287 3,139 Dividends earned 40,362 39,497 Investment expenses (37,122 ) (37,234 ) Net investment income $ 92,215 $ 69,842 |
Note 3 - Liability for Unpaid L
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended |
Sep. 30, 2018 | |
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 nine September 30, 2018 2017: 2018 2017 Liability—beginning of period $ 11,228,507 $ 8,941,991 Incurred related to: Current year 4,660,077 4,022,703 Prior years — — Total incurred 4,660,077 4,022,703 Paid related to: Current year (202,620 ) (187,963 ) Prior years (3,083,995 ) (2,198,297 ) Total paid (3,286,615 ) (2,386,260 ) Liability—end of period $ 12,601,969 $ 10,578,434 As incurred losses for the nine September 30, 2018 64.5% |
Note 4 - Segment Information
Note 4 - Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
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 nine September 30, 2018 2017. As of and for the Nine Months Ended September 30, 201 8 Reinsurance Segment Insurance Segment Total Revenues $ 8,385,269 $ 4,094,462 $ 12,479,731 Total losses and expenses 8,318,960 3,888,747 12,207,707 Segment income 66,309 205,715 272,024 Identifiable assets — 636,500 636,500 As of and for the Nine Months Ended September 30, 2017 Reinsurance Segment Insurance Segment Total Revenues $ 7,667,097 $ 3,553,826 $ 11,220,923 Total losses and expenses 7,331,376 3,136,975 10,468,351 Segment income 335,721 416,851 752,572 Identifiable assets — 269,789 269,789 The tables below summarize the results of our reportable segments as of and for the three September 30, 2018 2017. As of and for the Three Months Ended September 30, 2018 Reinsurance Segment Insurance Segment Total Revenues $ 3,212,326 $ 1,335,339 $ 4,547,665 Total losses and expenses 2,842,754 1,265,456 4,108,210 Segment income 369,572 69,883 439,455 Identifiable assets — 636,500 636,500 As of and for the Three Months Ended September 30, 201 7 Reinsurance Segment Insurance Segment Total Revenues $ 2,579,771 $ 1,164,418 $ 3,744,189 Total losses and expenses 2,624,427 1,014,702 3,639,129 Segment (loss) income (44,656 ) 149,716 105,060 Identifiable assets — 269,789 269,789 |
Note 5 - Stock Compensation
Note 5 - Stock Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. Protexure Insurance Agency Inc. (“Protexure”) (formerly AmerInst Professional Services, Limited), a subsidiary of AmerInst, has employment agreements with four 75,018 may nine September 30, 2018, 1,477 three September 30, 2018, no 87,638 September 30, 2018. For three January 1, 2015. fourth January 1, 2018. 65 60 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 September 30, 2018. During the quarter ended March 31, 2017, 35,000 $27.99, December 31, 2016. five March 3, 2018. September 30, 2018, 7,000 $47,230 During the quarter ended March 31, 2018, 7,000 five $30.58, December 31, 2017. five January 1, 2019. nine September 30, 2018, $7,668 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 December 31, 2017 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2018 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09 five 2014 09, 944, 2014 09 December 15, 2017 2014 09 not Classification of Certain Cash Receipts and Cash Payments In August 2016, 2016 15, 230 eight December 15, 2017, 2016 15, not Statement of Cash Flows—Restricted Cash In November 2016, 2016 18, December 15, 2017. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, 825 10 2016 01 1 2 3 4 2016 01 December 15, 2017, We adopted ASU 2016 01 January 1, 2018. $5.1 not Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not December 15, 2019. not Test for Goodwill Impairment In January 2017, 2017 04, 2 December 15, 2019. January 1, 2017. not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02 220 H.R.1, 2018 December 22, 2017. U.S. GAAP currently requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income rather than in income from continuing operations. As the adjustment of deferred taxes due to the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects for purposes of this Update) do not The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform. Consequently, the amendments eliminate the stranded tax effects resulting from U.S. Tax Reform and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of U.S. Tax Reform, the underlying guidance that requires the effect of a change in tax laws or rates be included in income from continuing operations is not |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Gross Gross Estimated As of September 30, 2018 Fixed maturity investments: U.S. government agency securities $ 6,440,955 $ — $ (104,934 ) $ 6,336,021 Obligations of states and political subdivisions 1,915,053 4,220 (17,162 ) 1,902,111 Corporate debt securities 6,167,202 — (153,821 ) 6,013,381 Total fixed maturity investments 14,523,210 4,220 (275,917 ) 14,251,513 Equity securities 12,037,570 4,782,643 (230,731 ) 16,589,482 Hedge fund 5,357 1,521 — 6,878 Total equity securities 12,042,927 4,784,164 (230,731 ) 16,596,360 Total investments $ 26,566,137 $ 4,788,384 $ (506,648 ) $ 30,847,873 Cost or Gross Gross Estimated As of December 31, 2017 Fixed maturity investments: U.S. government agency securities $ 4,394,864 $ 948 $ (15,312 ) $ 4,380,500 Obligations of states and political subdivisions 3,984,633 18,065 (9,565 ) 3,993,133 Corporate debt securities 6,194,920 367 (58,293 ) 6,136,994 Total fixed maturity investments 14,574,417 19,380 (83,170 ) 14,510,627 Equity securities 10,403,952 5,098,001 (8,749 ) 15,493,204 Hedge fund 7,795 3,698 — 11,493 Total equity securities 10,411,747 5,101,699 (8,749 ) 15,504,697 Total investments $ 24,986,164 $ 5,121,079 $ (91,919 ) $ 30,015,324 |
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 September 30, 2018 Fixed maturity investments: U.S. government agency securities $ 427,154 $ (22,257 ) $ 5,908,868 $ (82,677 ) $ 6,336,022 $ (104,934 ) Obligations of states and political subdivisions 766,715 (16,696 ) 340,894 (466 ) 1,107,609 (17,162 ) Corporate debt securities 2,730,492 (101,328 ) 3,282,888 (52,493 ) 6,013,380 (153,821 ) Total fixed maturity investments 3,924,361 (140,281 ) 9,532,650 (135,636 ) 13,457,011 (275,917 ) Equity securities 76,535 (4,847 ) 815,746 (225,884 ) 892,281 (230,731 ) Hedge fund — — — — — — Total equity securities 76,535 (4,847 ) 815,746 (225,884 ) 892,281 (230,731 ) Total investments $ 4,000,896 $ (145,128 ) $ 10,348,396 $ (361,520 ) $ 14,349,292 $ (506,648 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized As of December 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 3,424,024 $ (15,312 ) $ 3,424,024 $ (15,312 ) Obligations of states and political subdivisions — — 1,286,103 (9,565 ) 1,286,103 (9,565 ) Corporate debt securities 2,794,836 (51,149 ) 1,974,024 (7,144 ) 4,768,860 (58,293 ) Total fixed maturity investments 2,794,836 (51,149 ) 6,684,151 (32,021 ) 9,478,987 (83,170 ) Equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Hedge fund — — — — — — Total equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Total investments $ 2,794,836 $ (51,149 ) $ 6,891,852 $ (40,770 ) $ 9,686,688 $ (91,919 ) |
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 September 30, 2018 U.S. government agency securities $ 6,336,021 $ 6,336,021 $ — $ 6,336,021 $ — Obligations of U.S. state and political subdivisions 1,902,111 1,902,111 1,902,111 Corporate debt securities 6,013,381 6,013,381 6,013,381 Total fixed maturity investments 14,251,513 14,251,513 Equity securities (excluding the hedge fund) 16,589,482 16,589,482 16,589,482 Total equity securities (excluding the hedge fund) 16,589,482 16,589,482 Hedge fund measured at net asset value (a) 6,878 6,878 Total investments $ 30,847,873 $ 30,847,873 $ 16,589,482 $ 14,251,513 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant As of December 31, 2017 U.S. government agency securities $ 4,380,500 $ 4,380,500 $ — $ 4,380,500 $ — Obligations of U.S. state and political subdivisions 3,993,133 3,993,133 3,993,133 Corporate debt securities 6,136,994 6,136,994 6,136,994 Total fixed maturity investments 14,510,627 14,510,627 Equity securities (excluding the hedge fund) 15,493,204 15,493,204 15,493,204 Total equity securities (excluding the hedge fund) 15,493,204 15,493,204 Hedge fund measured at net asset value (a) 11,493 11,493 Total investments $ 30,015,324 $ 30,015,324 $ 15,493,204 $ 14,510,627 $ — |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated As of September 30, 2018 Due in one year or less $ 3,085,969 $ 3,079,224 Due after one year through five years 10,912,590 10,654,028 Due after five years through ten years — — Due after ten years 524,651 518,261 Total $ 14,523,210 $ 14,251,513 Amortized Estimated As of December 31, 2017 Due in one year or less $ 1,970,793 $ 1,971,237 Due after one year through five years 10,852,417 10,805,684 Due after five years through ten years 1,215,724 1,200,086 Due after ten years 535,483 533,620 Total $ 14,574,417 $ 14,510,627 |
Realized Gain (Loss) on Investments [Table Text Block] | September 30, September 30, Total proceeds on sales of available-for-sale securities $ 3,419,578 $ 4,144,366 Proceeds from redemptions of hedge fund investments 3,085 75,160 Proceeds from redemptions of fixed maturity investments — 691,540 Total proceeds from maturities of fixed maturity investments 2,370,000 1,450,000 Gross gains on sales 1,448,841 1,245,755 Gross losses on sales (13,983 ) (18,493 ) Impairment losses — (98,918 ) Net unrealized losses on equity investments (1) (539,518 ) — Net realized and unrealized gain (loss) on investments $ 895,340 $ 1,128,344 September 30, September 30, Total proceeds on sales of available-for-sale securities $ 489,440 $ 1,115,439 Proceeds from redemptions of hedge fund investments — 22,692 Proceeds from redemptions of fixed maturity investments — 80,000 Total proceeds from maturities of fixed maturity investments 400,000 500,000 Gross gains on sales 135,997 366,562 Gross losses on sales (13,367 ) (16,144 ) Impairment losses — (73,646 ) Net unrealized losses on equity investments (1) 444,424 — Net realized and unrealized gain (loss) on investments $ 567,054 $ 276,772 |
Condensed Cash Flow Statement [Table Text Block] | September 30, September 30, Interest earned: Fixed maturity investments $ 249,287 $ 187,541 Short term investments and cash and cash equivalents 10,876 14,488 Dividends earned 116,432 213,358 Investment expenses (108,687 ) (109,385 ) Net investment income $ 267,908 $ 306,002 September 30, September 30, 2017 Interest earned: Fixed maturity investments $ 83,688 $ 64,440 Short term investments and cash and cash equivalents 5,287 3,139 Dividends earned 40,362 39,497 Investment expenses (37,122 ) (37,234 ) Net investment income $ 92,215 $ 69,842 |
Note 3 - Liability for Unpaid_2
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 2018 2017 Liability—beginning of period $ 11,228,507 $ 8,941,991 Incurred related to: Current year 4,660,077 4,022,703 Prior years — — Total incurred 4,660,077 4,022,703 Paid related to: Current year (202,620 ) (187,963 ) Prior years (3,083,995 ) (2,198,297 ) Total paid (3,286,615 ) (2,386,260 ) Liability—end of period $ 12,601,969 $ 10,578,434 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Nine Months Ended September 30, 201 8 Reinsurance Segment Insurance Segment Total Revenues $ 8,385,269 $ 4,094,462 $ 12,479,731 Total losses and expenses 8,318,960 3,888,747 12,207,707 Segment income 66,309 205,715 272,024 Identifiable assets — 636,500 636,500 As of and for the Nine Months Ended September 30, 2017 Reinsurance Segment Insurance Segment Total Revenues $ 7,667,097 $ 3,553,826 $ 11,220,923 Total losses and expenses 7,331,376 3,136,975 10,468,351 Segment income 335,721 416,851 752,572 Identifiable assets — 269,789 269,789 As of and for the Three Months Ended September 30, 2018 Reinsurance Segment Insurance Segment Total Revenues $ 3,212,326 $ 1,335,339 $ 4,547,665 Total losses and expenses 2,842,754 1,265,456 4,108,210 Segment income 369,572 69,883 439,455 Identifiable assets — 636,500 636,500 As of and for the Three Months Ended September 30, 201 7 Reinsurance Segment Insurance Segment Total Revenues $ 2,579,771 $ 1,164,418 $ 3,744,189 Total losses and expenses 2,624,427 1,014,702 3,639,129 Segment (loss) income (44,656 ) 149,716 105,060 Identifiable assets — 269,789 269,789 |
Note 1 - Basis of Preparation_2
Note 1 - Basis of Preparation and Consolidation (Details Textual) - USD ($) | Jan. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 5,092,950 | ||||
Accounting Standards Update 2016-01 [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 5,100,000 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 49 | 49 | 29 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 14,349,292 | $ 14,349,292 | $ 9,686,688 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 7 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | 0 | $ 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | 506,648 | 506,648 | $ 91,919 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | $ 0 | |
Fixed Maturities [Member] | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 36 | 36 | 23 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 13,457,011 | $ 13,457,011 | $ 9,478,987 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 275,917 | $ 275,917 | $ 83,170 |
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 ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Cost or Amortized Cost | $ 26,566,137 | $ 24,986,164 |
Gross Unrealized Gains | 4,788,384 | 5,121,079 |
Gross Unrealized Losses | (506,648) | (91,919) |
Estimated Fair Value | 30,847,873 | 30,015,324 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 14,523,210 | 14,574,417 |
Gross Unrealized Gains | 4,220 | 19,380 |
Gross Unrealized Losses | (275,917) | (83,170) |
Estimated Fair Value | 14,251,513 | 14,510,627 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 6,440,955 | 4,394,864 |
Gross Unrealized Gains | 948 | |
Gross Unrealized Losses | (104,934) | (15,312) |
Estimated Fair Value | 6,336,021 | 4,380,500 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 1,915,053 | 3,984,633 |
Gross Unrealized Gains | 4,220 | 18,065 |
Gross Unrealized Losses | (17,162) | (9,565) |
Estimated Fair Value | 1,902,111 | 3,993,133 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 6,167,202 | 6,194,920 |
Gross Unrealized Gains | 367 | |
Gross Unrealized Losses | (153,821) | (58,293) |
Estimated Fair Value | 6,013,381 | 6,136,994 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 12,037,570 | 10,403,952 |
Gross Unrealized Gains | 4,782,643 | 5,098,001 |
Gross Unrealized Losses | (230,731) | (8,749) |
Estimated Fair Value | 16,589,482 | 15,493,204 |
Hedge Funds [Member] | ||
Cost or Amortized Cost | 5,357 | 7,795 |
Gross Unrealized Gains | 1,521 | 3,698 |
Gross Unrealized Losses | ||
Estimated Fair Value | 6,878 | 11,493 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 12,042,927 | 10,411,747 |
Gross Unrealized Gains | 4,784,164 | 5,101,699 |
Gross Unrealized Losses | (230,731) | (8,749) |
Estimated Fair Value | $ 16,596,360 | $ 15,504,697 |
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 ($) | Sep. 30, 2018 | Dec. 31, 2017 |
12 months or greater, estimated fair value | $ 4,000,896 | $ 2,794,836 |
12 months or greater, unrealized losses | (145,128) | (51,149) |
Less than 12 months, estimated fair value | 10,348,396 | 6,891,852 |
Less than 12 months, unrealized losses | (361,520) | (40,770) |
Total estimated fair value | 14,349,292 | 9,686,688 |
Total unrealized losses | (506,648) | (91,919) |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 3,924,361 | 2,794,836 |
12 months or greater, unrealized losses | (140,281) | (51,149) |
Less than 12 months, estimated fair value | 9,532,650 | 6,684,151 |
Less than 12 months, unrealized losses | (135,636) | (32,021) |
Total estimated fair value | 13,457,011 | 9,478,987 |
Total unrealized losses | (275,917) | (83,170) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 76,535 | |
12 months or greater, unrealized losses | (4,847) | |
Less than 12 months, estimated fair value | 815,746 | 207,701 |
Less than 12 months, unrealized losses | (225,884) | (8,749) |
Total estimated fair value | 892,281 | 207,701 |
Total unrealized losses | (230,731) | (8,749) |
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 | ||
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 76,535 | |
12 months or greater, unrealized losses | (4,847) | |
Less than 12 months, estimated fair value | 815,746 | 207,701 |
Less than 12 months, unrealized losses | (225,884) | (8,749) |
Total estimated fair value | 892,281 | 207,701 |
Total unrealized losses | (230,731) | (8,749) |
US Government Agencies Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 427,154 | |
12 months or greater, unrealized losses | (22,257) | |
Less than 12 months, estimated fair value | 5,908,868 | 3,424,024 |
Less than 12 months, unrealized losses | (82,677) | (15,312) |
Total estimated fair value | 6,336,022 | 3,424,024 |
Total unrealized losses | (104,934) | (15,312) |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 766,715 | |
12 months or greater, unrealized losses | (16,696) | |
Less than 12 months, estimated fair value | 340,894 | 1,286,103 |
Less than 12 months, unrealized losses | (466) | (9,565) |
Total estimated fair value | 1,107,609 | 1,286,103 |
Total unrealized losses | (17,162) | (9,565) |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 2,730,492 | 2,794,836 |
12 months or greater, unrealized losses | (101,328) | (51,149) |
Less than 12 months, estimated fair value | 3,282,888 | 1,974,024 |
Less than 12 months, unrealized losses | (52,493) | (7,144) |
Total estimated fair value | 6,013,380 | 4,768,860 |
Total unrealized losses | $ (153,821) | $ (58,293) |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Investments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | |
Total Investments | $ 30,847,873 | $ 30,015,324 | |
Reported Value Measurement [Member] | |||
Total Investments | 30,847,873 | 30,015,324 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 14,251,513 | 14,510,627 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 6,336,021 | 4,380,500 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Total Investments | 1,902,111 | 3,993,133 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,013,381 | 6,136,994 | |
Reported Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,589,482 | 15,493,204 | |
Reported Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | 6,878 | 11,493 |
Estimate of Fair Value Measurement [Member] | |||
Total Investments | 30,847,873 | 30,015,324 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 14,251,513 | 14,510,627 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,589,482 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 14,251,513 | 14,510,627 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 6,336,021 | 4,380,500 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,336,021 | 4,380,500 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Total Investments | 1,902,111 | 3,993,133 | |
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 | 1,902,111 | 3,993,133 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,013,381 | 6,136,994 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,013,381 | 6,136,994 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,589,482 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,589,482 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | $ 6,878 | $ 11,493 |
[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 on the balance sheets. |
Note 2 - Investments - Cost o_2
Note 2 - Investments - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Due in one year or less, amortized cost | $ 3,085,969 | $ 1,970,793 |
Due in one year or less, fair value | 3,079,224 | 1,971,237 |
Due after one year through five years, amortized cost | 10,912,590 | 10,852,417 |
Due after one year through five years, fair value | 10,654,028 | 10,805,684 |
Due after five years through ten years, amortized cost | 1,215,724 | |
Due after five years through ten years, fair value | 1,200,086 | |
Due after ten years, amortized cost | 524,651 | 535,483 |
Due after ten years, fair value | 518,261 | 533,620 |
Total, amortized cost | 14,523,210 | 14,574,417 |
Total, fair value | $ 14,251,513 | $ 14,510,627 |
Note 2 - Investments - Sales an
Note 2 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Total proceeds on sales of available-for-sale securities | $ 489,440 | $ 1,115,439 | $ 3,419,578 | $ 4,144,366 | |
Proceeds from redemptions of hedge fund investments | 22,692 | 3,085 | 75,160 | ||
Proceeds from redemptions of fixed maturity investments | 80,000 | 691,540 | |||
Proceeds from maturities of fixed maturity investments | 400,000 | 500,000 | 2,370,000 | 1,450,000 | |
Gross gains on sales | 135,997 | 366,562 | 1,448,841 | 1,245,755 | |
Gross losses on sales | (13,367) | (16,144) | (13,983) | (18,493) | |
Impairment losses | (73,646) | (98,918) | |||
Net unrealized losses on equity investments (1) | [1] | 444,424 | (539,518) | ||
Net realized and unrealized gain (loss) on investments | $ 567,054 | $ 276,772 | $ 895,340 | $ 1,128,344 | |
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. The change in fair value of equity securities is now recognized in net realized and unrealized gain (loss) on investment. |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fixed maturity investments | $ 83,688 | $ 64,440 | $ 249,287 | $ 187,541 |
Short term investments and cash and cash equivalents | 5,287 | 3,139 | 10,876 | 14,488 |
Dividends earned | 40,362 | 39,497 | 116,432 | 213,358 |
Investment expenses | (37,122) | (37,234) | (108,687) | (109,385) |
Net investment income | $ 92,215 | $ 69,842 | $ 267,908 | $ 306,002 |
Note 3 - Liability for Unpaid_3
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Estimated Loss Ratio | 64.50% |
Note 3 - Liability for Unpaid_4
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Liability—beginning of period | $ 11,228,507 | $ 8,941,991 |
Incurred related to: | ||
Current year | 4,660,077 | 4,022,703 |
Prior years | ||
Total incurred | 4,660,077 | 4,022,703 |
Paid related to: | ||
Current year | (202,620) | (187,963) |
Prior years | (3,083,995) | (2,198,297) |
Total paid | (3,286,615) | (2,386,260) |
Liability—end of period | $ 12,601,969 | $ 10,578,434 |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) | 9 Months Ended |
Sep. 30, 2018 | |
Number of Reportable Segments | 2 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Revenues | $ 4,547,665 | $ 3,744,189 | $ 12,479,731 | $ 11,220,923 | |
Total losses and expenses | 4,108,210 | 3,639,129 | 12,207,707 | 10,468,351 | |
Segment income | 439,455 | 105,060 | 272,024 | 752,572 | |
Identifiable assets | 636,500 | 269,789 | 636,500 | 269,789 | $ 316,066 |
Reinsurance Segment [Member] | |||||
Revenues | 3,212,326 | 2,579,771 | 8,385,269 | 7,667,097 | |
Total losses and expenses | 2,842,754 | 2,624,427 | 8,318,960 | 7,331,376 | |
Segment income | 369,572 | (44,656) | 66,309 | 335,721 | |
Identifiable assets | |||||
Insurance Segment [Member] | |||||
Revenues | 1,335,339 | 1,164,418 | 4,094,462 | 3,553,826 | |
Total losses and expenses | 1,265,456 | 1,014,702 | 3,888,747 | 3,136,975 | |
Segment income | 69,883 | 149,716 | 205,715 | 416,851 | |
Identifiable assets | $ 636,500 | $ 269,789 | $ 636,500 | $ 269,789 |
Note 5 - Stock Compensation (De
Note 5 - Stock Compensation (Details Textual) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018USD ($)shares | Mar. 31, 2018$ / sharesshares | Mar. 31, 2017$ / sharesshares | Sep. 30, 2018USD ($)shares | Dec. 31, 2012shares | |
Number of Employees in Plan | 4 | 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 | ||||
Number of Annual Installments | 5 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 7,000 | 7,000 | |||
Five Protexure Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 30.58 | ||||
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 1,477 | 75,018 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 87,638 | 87,638 | |||
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 | $ 0 | |||
Employee Stock Option [Member] | Director [Member] | |||||
Allocated Share-based Compensation Expense, Total | $ | 47,230 | ||||
Employee Stock Option [Member] | Five Protexure Employees [Member] | |||||
Number of Annual Installments | 5 | ||||
Allocated Share-based Compensation Expense, Total | $ | $ 7,668 |