Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | |
Entity Central Index Key | 0001065201 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Fixed maturity investments, at fair value (amortized cost $15,666,805 and $15,564,687) | $ 16,205,591 | $ 15,668,317 |
Equity securities, at fair value (cost $10,162,313 and $10,889,683) | 11,440,297 | 15,365,299 |
TOTAL INVESTMENTS | 27,645,888 | 31,033,616 |
Cash and cash equivalents | 5,042,529 | 6,589,810 |
Restricted cash and cash equivalents | 1,227,924 | 1,169,805 |
Assumed reinsurance premiums receivable | 2,888,481 | 5,695,847 |
Accrued investment income | 129,678 | 104,935 |
Property and equipment | 1,160,757 | 1,105,513 |
Deferred income taxes | 2,472,000 | 2,564,000 |
Deferred policy acquisition costs | 2,213,152 | 1,964,052 |
Prepaid expenses and other assets | 2,001,387 | 2,019,622 |
TOTAL ASSETS | 44,781,796 | 52,247,200 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses | 14,490,375 | 13,966,044 |
Unearned premiums | 5,981,486 | 5,308,398 |
Assumed reinsurance payable | 1,068,854 | 6,756,177 |
Accrued expenses and other liabilities | 5,480,796 | 5,873,130 |
TOTAL LIABILITIES | 27,021,511 | 31,903,749 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2020 and 2019: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,454,626 | 6,465,776 |
Retained earnings | 18,830,067 | 21,842,409 |
Accumulated other comprehensive income | 538,786 | 103,630 |
Shares held by Subsidiary (369,576 and 369,576 shares) at cost | (9,058,447) | (9,063,617) |
TOTAL SHAREHOLDERS’ EQUITY | 17,760,285 | 20,343,451 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 44,781,796 | $ 52,247,200 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Fixed maturity investments, amortized cost | $ 15,666,805 | $ 15,564,687 |
Equity securities, cost | $ 10,162,313 | $ 10,889,683 |
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) | 369,576 | 369,576 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive (Loss) Income and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
REVENUE | ||||
Net premiums earned | $ 2,930,898 | $ 2,862,026 | $ 5,510,514 | $ 5,325,609 |
Commission income | 1,467,696 | 1,389,684 | 3,105,297 | 2,945,488 |
Net investment income | 97,024 | 106,610 | 208,835 | 229,652 |
Net realized and unrealized (loss) gain on investments | 1,625,128 | 775,972 | (2,752,862) | 2,523,297 |
TOTAL REVENUE | 6,120,746 | 5,134,292 | 6,071,784 | 11,024,046 |
LOSSES AND EXPENSES | ||||
Losses and loss adjustment expenses | 1,875,775 | 1,831,695 | 3,526,729 | 3,408,388 |
Policy acquisition costs | 1,084,434 | 1,058,950 | 2,038,831 | 1,970,658 |
Operating and management expenses | 1,664,027 | 1,770,889 | 3,426,311 | 3,502,531 |
TOTAL LOSSES AND EXPENSES | 4,624,236 | 4,661,534 | 8,991,871 | 8,881,577 |
NET (LOSS) INCOME BEFORE TAX | 1,496,510 | 472,758 | (2,920,087) | 2,142,469 |
Income tax (benefit) expense | 31,255 | (38,686) | 92,255 | (38,686) |
NET (LOSS) INCOME AFTER TAX | 1,465,255 | 511,444 | (3,012,342) | 2,181,155 |
OTHER COMPREHENSIVE INCOME | ||||
Net unrealized holding gains arising during the period | 206,382 | 126,352 | 517,617 | 266,761 |
Reclassification adjustment for gains included in net (loss) income | (82,461) | |||
OTHER COMPREHENSIVE INCOME | 206,382 | 126,352 | 435,156 | 266,761 |
COMPREHENSIVE (LOSS) INCOME | 1,671,637 | 637,796 | (2,577,186) | 2,447,916 |
RETAINED EARNINGS, BEGINNING OF PERIOD | 17,364,812 | 21,395,292 | 21,842,409 | 19,725,581 |
Net (loss) income | 1,465,255 | 511,444 | (3,012,342) | 2,181,155 |
Dividends | (325,691) | (325,691) | ||
RETAINED EARNINGS, END OF PERIOD | $ 18,830,067 | $ 21,581,045 | $ 18,830,067 | $ 21,581,045 |
Net (loss) income per share | ||||
Basic (in dollars per share) | $ 2.34 | $ 0.81 | $ (4.81) | $ 3.45 |
Diluted (in dollars per share) | 2.34 | 0.80 | (4.81) | 3.44 |
Dividends, per share (in dollars per share) | $ 0.50 | $ 0.50 | ||
Weighted average number of shares outstanding for the entire period | ||||
Basic (in shares) | 625,677 | 632,554 | 625,677 | 631,305 |
Diluted (in shares) | 625,677 | 637,058 | 625,677 | 633,787 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Shares Held By Subsidiary [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 995,253 | |||||
Balance at Dec. 31, 2018 | $ 6,393,730 | $ 19,725,581 | $ (218,348) | $ (8,941,051) | $ 17,955,165 | |
Net (loss) income | 1,669,711 | 1,669,711 | ||||
Unrealized gains on securities, net of reclassification adjustment | 140,409 | 140,409 | ||||
Balance (in shares) at Mar. 31, 2019 | 995,253 | |||||
Balance at Mar. 31, 2019 | 6,393,730 | 21,395,292 | (77,939) | (8,941,051) | 19,765,285 | |
Balance (in shares) at Dec. 31, 2018 | 995,253 | |||||
Balance at Dec. 31, 2018 | 6,393,730 | 19,725,581 | (218,348) | (8,941,051) | 17,955,165 | |
Net (loss) income | 2,181,155 | |||||
Unrealized gains on securities, net of reclassification adjustment | 266,761 | |||||
Purchase of shares by subsidiary, net | ||||||
Purchase of shares by subsidiary, net | ||||||
Dividends | (325,691) | |||||
Balance (in shares) at Jun. 30, 2019 | 995,253 | |||||
Balance at Jun. 30, 2019 | 6,425,996 | 21,581,045 | 48,413 | (8,871,051) | 20,179,656 | |
Balance (in shares) at Mar. 31, 2019 | 995,253 | |||||
Balance at Mar. 31, 2019 | 6,393,730 | 21,395,292 | (77,939) | (8,941,051) | 19,765,285 | |
Net (loss) income | 511,444 | 511,444 | ||||
Unrealized gains on securities, net of reclassification adjustment | 126,352 | 126,352 | ||||
Purchase of shares by subsidiary, net | (70,000) | (70,000) | ||||
Stock option awards expense | 32,266 | 32,266 | ||||
Purchase of shares by subsidiary, net | 70,000 | 70,000 | ||||
Dividends | (325,691) | (325,691) | ||||
Balance (in shares) at Jun. 30, 2019 | 995,253 | |||||
Balance at Jun. 30, 2019 | 6,425,996 | 21,581,045 | 48,413 | (8,871,051) | 20,179,656 | |
Balance (in shares) at Dec. 31, 2019 | 995,253 | |||||
Balance at Dec. 31, 2019 | 6,465,776 | 21,842,409 | 103,630 | (9,063,617) | 20,343,451 | |
Net (loss) income | (4,477,597) | (4,477,597) | ||||
Stock option awards expense | (11,955) | (11,955) | ||||
Unrealized gains on securities, net of reclassification adjustment | 228,774 | 228,774 | ||||
Purchase of shares by subsidiary, net | 5,170 | 5,170 | ||||
Purchase of shares by subsidiary, net | (5,170) | (5,170) | ||||
Balance (in shares) at Mar. 31, 2020 | 995,253 | |||||
Balance at Mar. 31, 2020 | 6,453,821 | 17,364,812 | 332,404 | (9,058,447) | 16,087,843 | |
Balance (in shares) at Dec. 31, 2019 | 995,253 | |||||
Balance at Dec. 31, 2019 | 6,465,776 | 21,842,409 | 103,630 | (9,063,617) | 20,343,451 | |
Net (loss) income | (3,012,342) | |||||
Unrealized gains on securities, net of reclassification adjustment | 435,156 | |||||
Purchase of shares by subsidiary, net | 5,170 | |||||
Purchase of shares by subsidiary, net | (5,170) | |||||
Dividends | ||||||
Balance (in shares) at Jun. 30, 2020 | 995,253 | |||||
Balance at Jun. 30, 2020 | 6,454,626 | 18,830,067 | 538,786 | (9,058,447) | 17,760,285 | |
Balance (in shares) at Mar. 31, 2020 | 995,253 | |||||
Balance at Mar. 31, 2020 | 6,453,821 | 17,364,812 | 332,404 | (9,058,447) | 16,087,843 | |
Net (loss) income | 1,465,255 | 1,465,255 | ||||
Unrealized gains on securities, net of reclassification adjustment | 206,382 | 206,382 | ||||
Stock option awards expense | 805 | 805 | ||||
Dividends | ||||||
Balance (in shares) at Jun. 30, 2020 | 995,253 | |||||
Balance at Jun. 30, 2020 | $ 6,454,626 | $ 18,830,067 | $ 538,786 | $ (9,058,447) | $ 17,760,285 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Dividends, per share (in dollars per share) | $ 0.50 | $ 0.50 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING ACTIVITIES | ||||
Net Cash (used in) provided by Operating Activities | $ (2,376,822) | $ 1,040,966 | ||
INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (149,796) | (427,800) | ||
Purchases of available-for-sale securities | (5,356,925) | (3,485,934) | ||
Proceeds from sales of available-for-sale securities | $ 516,681 | $ 1,627,022 | 2,084,199 | 1,802,726 |
Proceeds from redemptions of fixed maturity investments | 1,267,932 | 3,100,012 | ||
Proceeds from maturities of fixed maturity investments | 1,000,000 | 1,205,000 | 2,250,000 | |
Net Cash provided by Investing Activities | 882,490 | 138,992 | ||
FINANCING ACTIVITIES | ||||
Dividends paid | (325,691) | |||
Purchase of shares by subsidiary, net | (70,000) | 5,170 | ||
Net Cash provided by (used in) Financing Activities | 5,170 | (325,691) | ||
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,489,162) | 854,267 | ||
CASH, CASH EQUIVALENTS AND RESTRCITED CASH AT BEGINNING OF PERIOD | 7,759,615 | 5,971,046 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 6,270,453 | $ 6,825,313 | $ 6,270,453 | $ 6,825,313 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019 10 New Accounting Pronouncements New Accounting Standards Adopted in 2020 No 2020. Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not 2016 13. January 1, 2023. not |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 2020 | |
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 June 30, 2020 December 31, 2019 Cost or Gross Gross Estimated June 30 , 2020 Fixed maturity investments: U.S. government agency securities $ 2,331,794 $ 57,823 $ — $ 2,389,617 Obligations of U.S. states and political subdivisions 5,955,805 266,302 (1,166 ) 6,220,941 Corporate debt securities 7,379,206 215,827 — 7,595,033 Total fixed maturity investments 15,666,805 539,952 (1,166 ) 16,205,591 Equity securities 10,162,313 2,759,171 (1,481,187 ) 11,440,297 Total equity securities 10,162,313 2,759,171 (1,481,187 ) 11,440,297 Total investments $ 25,829,118 $ 3,299,123 $ (1,482,353 ) $ 27,645,888 Cost or Gross Gross Estimated December 31, 2019 Fixed maturity investments: U.S. government agency securities $ 4,731,181 $ 38,524 $ (1,086 ) $ 4,768,619 Obligations of U.S. states and political subdivisions 3,188,217 29,521 (5,936 ) 3,211,802 Corporate debt securities 7,645,289 45,080 (2,473 ) 7,687,896 Total fixed maturity investments 15,564,687 113,125 (9,495 ) 15,668,317 Equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total investments $ 26,454,370 $ 4,967,304 $ (388,058 ) $ 31,033,616 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 June 30 , 2020 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — 410,580 (1,166 ) 410,580 (1,166 ) Corporate debt securities — — — — — — Total fixed maturity investments — — 410,580 (1,166 ) 410,580 (1,166 ) Equity securities 1,172,994 (629,553 ) 2,996,311 (851,634 ) 4,169,305 (1,481,187 ) Total equity securities 1,172,994 (629,553 ) 2,996,311 (851,634 ) 4,169,305 (1,481,187 ) Total investments $ 1,172,994 $ (629,553 ) $ 3,406,891 $ (852,800 ) $ 4,579,885 $ (1,482,353 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2019 Fixed maturity investments: U.S. government agency securities $ — $ — $ 1,528,838 $ (1,086 ) $ 1,528,838 $ (1,086 ) Obligations of states and political subdivisions — — 601,053 (5,936 ) 601,053 (5,936 ) Corporate debt securities 743,360 (2,473 ) — — 743,360 (2,473 ) Total fixed maturity investments 743,360 (2,473 ) 2,129,891 (7,022 ) 2,873,251 (9,495 ) Equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total investments $ 1,079,681 $ (121,786 ) $ 3,626,043 $ (266,272 ) $ 4,705,724 $ (388,058 ) As of June 30, 2020 December 31, 2019, one eight $410,580 $2,873,251, June 30, 2020 December 31, 2019, none two 12 June 30, 2020 December 31, 2019, 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 June 30, 2020. 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 June 30, 2020 December 31, 2019, one eight $1,166 $9,495, not six three June 30, 2020, 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 June 30, 2020 December 31, 2019 • 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 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, 2019. 820 June 30, 2020 December 31, 2019: Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant June 30 , 2020 U.S. government agency securities $ 2,389,617 $ 2,389,617 $ — $ 2,389,617 $ — Obligations of U.S. state and political subdivisions 6,220,941 6,220,941 6,220,941 Corporate debt securities 7,595,033 7,595,033 7,595,033 Total fixed maturity investments 16,205,591 16,205,591 Equity securities 11,440,297 11,440,297 11,440,297 Total equity securities 11,440,297 11,440,297 Total investments $ 27,645,888 $ 27,645,888 $ 11,440,297 $ 16,205,591 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant December 31, 2019 U.S. government agency securities $ 4,768,619 $ 4,768,619 $ — $ 4,768,619 $ — Obligations of U.S. state and political subdivisions 3,211,802 3,211,802 3,211,802 Corporate debt securities 7,687,896 7,687,896 7,687,896 Total fixed maturity investments 15,668,317 15,668,317 Equity securities 15,365,299 15,365,299 15,365,299 Total equity securities 15,365,299 15,365,299 Total investments $ 31,033,616 $ 31,033,616 $ 15,365,299 $ 15,668,317 $ — There were no 1 2 six June 30, 2020 December 31, 2019. Contractual Maturities The cost or amortized cost and estimated fair value of fixed maturity investments as of June 30, 2020 December 31, 2019 may may Amortized Estimated June 30 , 2020 Due in one year or less $ 3,679,418 $ 3,713,782 Due after one year through five years 9,748,209 10,120,009 Due after five years through ten years 1,778,689 1,892,373 Due after ten years 460,489 479,427 Total $ 15,666,805 $ 16,205,591 Amortized Estimated December 31, 2019 Due in one year or less $ 2,539,709 $ 2,542,229 Due after one year through five years 12,518,738 12,619,593 Due after five years through ten years 506,240 506,495 Total $ 15,564,687 $ 15,668,317 Information on sales and maturity of investments and net unrealized gains (losses) on equity investments during the six June 30, 2020 2019 June 30, 2020 June 30, 2019 Total proceeds on sales of available-for-sale securities $ 2,084,199 $ 1,802,726 Proceeds from redemptions of fixed maturity investments 3,100,012 — Total proceeds from maturities of fixed maturity investments 1,205,000 2,250,000 Gross gains on sales 829,688 522,735 Gross losses on sales (384,918 ) (93,604 ) Net unrealized gains (losses) on equity investments (3,197,632 ) 2,094,166 Total $ (2,752,862 ) $ 2,523,297 Information on sales and maturity of investments and net unrealized gains (losses) on equity investments during the three June 30, 2020 2019 June 30, 2020 June 30, 2019 Total proceeds on sales of available-for-sale securities $ 516,681 $ 1,627,022 Proceeds from redemptions of fixed maturity investments 1,267,932 — Total proceeds from maturities of fixed maturity investments — 1,000,000 Gross gains on sales 6,366 484,667 Gross losses on sales (216,445 ) (81,058 ) Net unrealized gains (losses) on equity investments 1,835,207 372,363 Total $ 1,625,128 $ 775,972 Net Investment Income Major categories of net investment income during the six June 30, 2020 2019 June 30, 2020 June 30, 2019 Interest earned: Fixed maturity investments $ 176,566 $ 171,885 Short term investments and cash and cash equivalents 10,281 35,874 Dividends earned 87,985 93,972 Investment expenses (65,997 ) (72,079 ) Net investment income $ 208,835 $ 229,652 Major categories of net investment income during the three June 30, 2020 2019 June 30, 2020 June 30, 2019 Interest earned: Fixed maturity investments $ 87,293 $ 87,862 Short term investments and cash and cash equivalents 2,271 18,274 Dividends earned 45,253 46,495 Investment expenses (37,793 ) (46,021 ) Net investment income $ 97,024 $ 106,610 |
Note 3 - Liability for Unpaid L
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2020 | |
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 six June 30, 2020 2019: June 30 , June 30 , Liability—beginning of year $ 13,966,044 $ 12,989,260 Incurred related to: Current year 3,526,729 3,408,388 Prior years — — Total incurred 3,526,729 3,408,388 Paid related to: Current year — (94,416 ) Prior years (3,002,398 ) (2,308,015 ) Total paid (3,002,398 ) (2,402,431 ) Liability—end of year $ 14,490,375 $ 13,995,217 As incurred losses for the six June 30, 2020 64.0% |
Note 4 - Segment Information
Note 4 - Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
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 six June 30, 2020 2019. As of and for the Six Months Ended June 30, 2020 Reinsurance Insurance Total Revenues $ 2,962,862 $ 3,108,922 $ 6,071,784 Total losses and expenses 6,190,518 2,893,608 9,084,126 Segment (loss) income (3,227,656 ) 215,314 (3,012,342 ) Identifiable assets — 1,160,757 1,160,757 As of and for the Six Months Ended June 30, 2019 Reinsurance Insurance Total Revenues $ 8,052,556 $ 2,971,490 $ 11,024,046 Total losses and expenses 6,121,178 2,721,713 8,842,891 Segment income 1,931,378 249,777 2,181,155 Identifiable assets — 1,056,273 1,056,273 The tables below summarize the results of our reportable segments as of and for the three June 30, 2020 2019. As of and for the Three Months Ended June 30, 2020 Reinsurance Insurance Total Revenues $ 4,652,755 $ 1,467,991 $ 6,120,746 Total losses and expenses 3,254,075 1,401,416 4,655,491 Segment income 1,398,680 66,575 1,465,255 Identifiable assets — 1,160,757 1,160,757 As of and for the Three Months Ended June 30, 2019 Insurance Insurance Insurance Revenues $ 3,731,115 $ 1,403,177 $ 5,134,292 Total losses and expenses 3,287,517 1,335,331 4,622,848 Segment income 443,598 67,846 511,444 Identifiable assets — 1,056,273 1,056,273 |
Note 5 - Stock Compensation
Note 5 - Stock Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5. Phantom Shares: Protexure Insurance Agency, Inc. (“Protexure”), a subsidiary of AmerInst, has employment agreements with three 63,765 may six three June 30, 2020, no 76,403 June 30, 2020 December 31, 2019. For these three January 1, 2015. 65 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 June 30, 2020. Stock Option Plan: The Company has a nonqualified stock option plan to advance the development, growth and financial condition of the Company. This plan provides incentives through participation in the appreciation of its common stock in order to secure, retain and motivate directors and employees and align such person's interests with those of its shareholders. A total of 100,000 A summary of the status of the stock option plan as of June 30, 2020 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2020 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,400 28.42 (8,400 ) 28.42 — — Outstanding—June 30 , 2020 24,800 $ 28.37 20,200 $ 28.74 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 2.7 2.9 2.8 A summary of the status of the stock option plan as of December 31, 2019 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2019 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Granted — — — — — — Forfeited — — (2,000 ) 30.14 (2,000 ) 30.14 Exercised — — — — — — Vested 9,400 28.60 (9,400 ) 28.60 — — Outstanding—December 31, 2019 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 3.2 3.3 3.3 The Company accounts for these options in accordance with GAAP, which requires that the fair value of the equity awards be recognized as compensation expense over the period during which the employee is required to provide service in exchange for such an award. The Company is amortizing compensation expense over the vesting period, or five 11,150 $72,046 six June 30, 2020 December 31, 2019, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2019 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2020 No 2020. Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not 2016 13. January 1, 2023. not |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Gross Gross Estimated June 30 , 2020 Fixed maturity investments: U.S. government agency securities $ 2,331,794 $ 57,823 $ — $ 2,389,617 Obligations of U.S. states and political subdivisions 5,955,805 266,302 (1,166 ) 6,220,941 Corporate debt securities 7,379,206 215,827 — 7,595,033 Total fixed maturity investments 15,666,805 539,952 (1,166 ) 16,205,591 Equity securities 10,162,313 2,759,171 (1,481,187 ) 11,440,297 Total equity securities 10,162,313 2,759,171 (1,481,187 ) 11,440,297 Total investments $ 25,829,118 $ 3,299,123 $ (1,482,353 ) $ 27,645,888 Cost or Gross Gross Estimated December 31, 2019 Fixed maturity investments: U.S. government agency securities $ 4,731,181 $ 38,524 $ (1,086 ) $ 4,768,619 Obligations of U.S. states and political subdivisions 3,188,217 29,521 (5,936 ) 3,211,802 Corporate debt securities 7,645,289 45,080 (2,473 ) 7,687,896 Total fixed maturity investments 15,564,687 113,125 (9,495 ) 15,668,317 Equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total investments $ 26,454,370 $ 4,967,304 $ (388,058 ) $ 31,033,616 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized June 30 , 2020 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — 410,580 (1,166 ) 410,580 (1,166 ) Corporate debt securities — — — — — — Total fixed maturity investments — — 410,580 (1,166 ) 410,580 (1,166 ) Equity securities 1,172,994 (629,553 ) 2,996,311 (851,634 ) 4,169,305 (1,481,187 ) Total equity securities 1,172,994 (629,553 ) 2,996,311 (851,634 ) 4,169,305 (1,481,187 ) Total investments $ 1,172,994 $ (629,553 ) $ 3,406,891 $ (852,800 ) $ 4,579,885 $ (1,482,353 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2019 Fixed maturity investments: U.S. government agency securities $ — $ — $ 1,528,838 $ (1,086 ) $ 1,528,838 $ (1,086 ) Obligations of states and political subdivisions — — 601,053 (5,936 ) 601,053 (5,936 ) Corporate debt securities 743,360 (2,473 ) — — 743,360 (2,473 ) Total fixed maturity investments 743,360 (2,473 ) 2,129,891 (7,022 ) 2,873,251 (9,495 ) Equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total investments $ 1,079,681 $ (121,786 ) $ 3,626,043 $ (266,272 ) $ 4,705,724 $ (388,058 ) |
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 June 30 , 2020 U.S. government agency securities $ 2,389,617 $ 2,389,617 $ — $ 2,389,617 $ — Obligations of U.S. state and political subdivisions 6,220,941 6,220,941 6,220,941 Corporate debt securities 7,595,033 7,595,033 7,595,033 Total fixed maturity investments 16,205,591 16,205,591 Equity securities 11,440,297 11,440,297 11,440,297 Total equity securities 11,440,297 11,440,297 Total investments $ 27,645,888 $ 27,645,888 $ 11,440,297 $ 16,205,591 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant other Significant December 31, 2019 U.S. government agency securities $ 4,768,619 $ 4,768,619 $ — $ 4,768,619 $ — Obligations of U.S. state and political subdivisions 3,211,802 3,211,802 3,211,802 Corporate debt securities 7,687,896 7,687,896 7,687,896 Total fixed maturity investments 15,668,317 15,668,317 Equity securities 15,365,299 15,365,299 15,365,299 Total equity securities 15,365,299 15,365,299 Total investments $ 31,033,616 $ 31,033,616 $ 15,365,299 $ 15,668,317 $ — |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated June 30 , 2020 Due in one year or less $ 3,679,418 $ 3,713,782 Due after one year through five years 9,748,209 10,120,009 Due after five years through ten years 1,778,689 1,892,373 Due after ten years 460,489 479,427 Total $ 15,666,805 $ 16,205,591 Amortized Estimated December 31, 2019 Due in one year or less $ 2,539,709 $ 2,542,229 Due after one year through five years 12,518,738 12,619,593 Due after five years through ten years 506,240 506,495 Total $ 15,564,687 $ 15,668,317 |
Realized Gain (Loss) on Investments [Table Text Block] | June 30, 2020 June 30, 2019 Total proceeds on sales of available-for-sale securities $ 2,084,199 $ 1,802,726 Proceeds from redemptions of fixed maturity investments 3,100,012 — Total proceeds from maturities of fixed maturity investments 1,205,000 2,250,000 Gross gains on sales 829,688 522,735 Gross losses on sales (384,918 ) (93,604 ) Net unrealized gains (losses) on equity investments (3,197,632 ) 2,094,166 Total $ (2,752,862 ) $ 2,523,297 June 30, 2020 June 30, 2019 Total proceeds on sales of available-for-sale securities $ 516,681 $ 1,627,022 Proceeds from redemptions of fixed maturity investments 1,267,932 — Total proceeds from maturities of fixed maturity investments — 1,000,000 Gross gains on sales 6,366 484,667 Gross losses on sales (216,445 ) (81,058 ) Net unrealized gains (losses) on equity investments 1,835,207 372,363 Total $ 1,625,128 $ 775,972 |
Condensed Cash Flow Statement [Table Text Block] | June 30, 2020 June 30, 2019 Interest earned: Fixed maturity investments $ 176,566 $ 171,885 Short term investments and cash and cash equivalents 10,281 35,874 Dividends earned 87,985 93,972 Investment expenses (65,997 ) (72,079 ) Net investment income $ 208,835 $ 229,652 June 30, 2020 June 30, 2019 Interest earned: Fixed maturity investments $ 87,293 $ 87,862 Short term investments and cash and cash equivalents 2,271 18,274 Dividends earned 45,253 46,495 Investment expenses (37,793 ) (46,021 ) Net investment income $ 97,024 $ 106,610 |
Note 3 - Liability for Unpaid_2
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | June 30 , June 30 , Liability—beginning of year $ 13,966,044 $ 12,989,260 Incurred related to: Current year 3,526,729 3,408,388 Prior years — — Total incurred 3,526,729 3,408,388 Paid related to: Current year — (94,416 ) Prior years (3,002,398 ) (2,308,015 ) Total paid (3,002,398 ) (2,402,431 ) Liability—end of year $ 14,490,375 $ 13,995,217 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Six Months Ended June 30, 2020 Reinsurance Insurance Total Revenues $ 2,962,862 $ 3,108,922 $ 6,071,784 Total losses and expenses 6,190,518 2,893,608 9,084,126 Segment (loss) income (3,227,656 ) 215,314 (3,012,342 ) Identifiable assets — 1,160,757 1,160,757 As of and for the Six Months Ended June 30, 2019 Reinsurance Insurance Total Revenues $ 8,052,556 $ 2,971,490 $ 11,024,046 Total losses and expenses 6,121,178 2,721,713 8,842,891 Segment income 1,931,378 249,777 2,181,155 Identifiable assets — 1,056,273 1,056,273 As of and for the Three Months Ended June 30, 2020 Reinsurance Insurance Total Revenues $ 4,652,755 $ 1,467,991 $ 6,120,746 Total losses and expenses 3,254,075 1,401,416 4,655,491 Segment income 1,398,680 66,575 1,465,255 Identifiable assets — 1,160,757 1,160,757 As of and for the Three Months Ended June 30, 2019 Insurance Insurance Insurance Revenues $ 3,731,115 $ 1,403,177 $ 5,134,292 Total losses and expenses 3,287,517 1,335,331 4,622,848 Segment income 443,598 67,846 511,444 Identifiable assets — 1,056,273 1,056,273 |
Note 5 - Stock Compensation (Ta
Note 5 - Stock Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2020 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,400 28.42 (8,400 ) 28.42 — — Outstanding—June 30 , 2020 24,800 $ 28.37 20,200 $ 28.74 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 2.7 2.9 2.8 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2019 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Granted — — — — — — Forfeited — — (2,000 ) 30.14 (2,000 ) 30.14 Exercised — — — — — — Vested 9,400 28.60 (9,400 ) 28.60 — — Outstanding—December 31, 2019 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 3.2 3.3 3.3 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 4,579,885 | $ 4,705,724 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 1,482,353 | $ 388,058 |
Fixed Maturities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 410,580 | $ 2,873,251 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 2 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss, Total | $ 1,166 | $ 9,495 |
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Cost or Amortized Cost | $ 25,829,118 | $ 26,454,370 |
Gross Unrealized Gains | 3,299,123 | 4,967,304 |
Gross Unrealized Losses | (1,482,353) | (388,058) |
Estimated Fair Value | 27,645,888 | 31,033,616 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 15,666,805 | 15,564,687 |
Gross Unrealized Gains | 539,952 | 113,125 |
Gross Unrealized Losses | (1,166) | (9,495) |
Estimated Fair Value | 16,205,591 | 15,668,317 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 2,331,794 | 4,731,181 |
Gross Unrealized Gains | 57,823 | 38,524 |
Gross Unrealized Losses | (1,086) | |
Estimated Fair Value | 2,389,617 | 4,768,619 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 5,955,805 | 3,188,217 |
Gross Unrealized Gains | 266,302 | 29,521 |
Gross Unrealized Losses | (1,166) | (5,936) |
Estimated Fair Value | 6,220,941 | 3,211,802 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 7,379,206 | 7,645,289 |
Gross Unrealized Gains | 215,827 | 45,080 |
Gross Unrealized Losses | (2,473) | |
Estimated Fair Value | 7,595,033 | 7,687,896 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 10,162,313 | 10,889,683 |
Gross Unrealized Gains | 2,759,171 | 4,854,179 |
Gross Unrealized Losses | (1,481,187) | (378,563) |
Estimated Fair Value | 11,440,297 | 15,365,299 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 10,162,313 | 10,889,683 |
Gross Unrealized Gains | 2,759,171 | 4,854,179 |
Gross Unrealized Losses | (1,481,187) | (378,563) |
Estimated Fair Value | $ 11,440,297 | $ 15,365,299 |
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 ($) | Jun. 30, 2020 | Dec. 31, 2019 |
12 months or greater, estimated fair value | $ 1,172,994 | $ 1,079,681 |
12 months or greater, unrealized losses | (629,553) | (121,786) |
Less than 12 months, estimated fair value | 3,406,891 | 3,626,043 |
Less than 12 months, unrealized losses | (852,800) | (266,272) |
Total estimated fair value | 4,579,885 | 4,705,724 |
Total unrealized losses | (1,482,353) | (388,058) |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 743,360 | |
12 months or greater, unrealized losses | (2,473) | |
Less than 12 months, estimated fair value | 410,580 | 2,129,891 |
Less than 12 months, unrealized losses | (1,166) | (7,022) |
Total estimated fair value | 410,580 | 2,873,251 |
Total unrealized losses | (1,166) | (9,495) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 1,172,994 | 336,321 |
12 months or greater, unrealized losses | (629,553) | (119,313) |
Less than 12 months, estimated fair value | 2,996,311 | 1,496,152 |
Less than 12 months, unrealized losses | (851,634) | (259,250) |
Total estimated fair value | 4,169,305 | 1,832,473 |
Total unrealized losses | (1,481,187) | (378,563) |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 336,321 | |
12 months or greater, unrealized losses | (119,313) | |
Less than 12 months, estimated fair value | 1,496,152 | |
Less than 12 months, unrealized losses | (259,250) | |
Total estimated fair value | 1,832,473 | |
Total unrealized losses | (378,563) | |
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 | 1,528,838 | |
Less than 12 months, unrealized losses | (1,086) | |
Total estimated fair value | 1,528,838 | |
Total unrealized losses | (1,086) | |
US States and Political Subdivisions 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 | 410,580 | 601,053 |
Less than 12 months, unrealized losses | (1,166) | (5,936) |
Total estimated fair value | 410,580 | 601,053 |
Total unrealized losses | (1,166) | (5,936) |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 743,360 | |
12 months or greater, unrealized losses | (2,473) | |
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Total estimated fair value | 743,360 | |
Total unrealized losses | $ (2,473) | |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 1,172,994 | |
12 months or greater, unrealized losses | (629,553) | |
Less than 12 months, estimated fair value | 2,996,311 | |
Less than 12 months, unrealized losses | (851,634) | |
Total estimated fair value | 4,169,305 | |
Total unrealized losses | $ (1,481,187) |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Investments (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Total Investments | $ 27,645,888 | $ 31,033,616 |
Equity Securities [Member] | ||
Total Investments | 11,440,297 | 15,365,299 |
Reported Value Measurement [Member] | ||
Total Investments | 27,645,888 | 31,033,616 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | ||
Total Investments | 16,205,591 | 15,668,317 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total Investments | 2,389,617 | 4,768,619 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total Investments | 6,220,941 | 3,211,802 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total Investments | 7,595,033 | 7,687,896 |
Reported Value Measurement [Member] | Equity Securities [Member] | ||
Total Investments | 11,440,297 | 15,365,299 |
Estimate of Fair Value Measurement [Member] | ||
Total Investments | 27,645,888 | 31,033,616 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 16,205,591 | 15,668,317 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 11,440,297 | 15,365,299 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | ||
Total Investments | 16,205,591 | 15,668,317 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total Investments | 2,389,617 | 4,768,619 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 2,389,617 | 4,768,619 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total Investments | 6,220,941 | 3,211,802 |
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 | 6,220,941 | 3,211,802 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total Investments | 7,595,033 | 7,687,896 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 7,595,033 | 7,687,896 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Total Investments | 11,440,297 | 15,365,299 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | $ 11,440,297 | $ 15,365,299 |
Note 2 - Investments - Cost o_2
Note 2 - Investments - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Due in one year or less, amortized cost | $ 3,679,418 | $ 2,539,709 |
Due in one year or less, fair value | 3,713,782 | 2,542,229 |
Due after one year through five years, amortized cost | 9,748,209 | 12,518,738 |
Due after one year through five years, fair value | 10,120,009 | 12,619,593 |
Due after five years through ten years, amortized cost | 1,778,689 | 506,240 |
Due after five years through ten years, fair value | 1,892,373 | 506,495 |
Due after ten years, amortized cost | 460,489 | |
Due after ten years, fair value | 479,427 | |
Total, amortized cost | 15,666,805 | 15,564,687 |
Total, fair value | $ 16,205,591 | $ 15,668,317 |
Note 2 - Investments - Sales an
Note 2 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Total proceeds on sales of available-for-sale securities | $ 516,681 | $ 1,627,022 | $ 2,084,199 | $ 1,802,726 |
Proceeds from redemptions of fixed maturity investments | 1,267,932 | 3,100,012 | ||
Proceeds from maturities of fixed maturity investments | 1,000,000 | 1,205,000 | 2,250,000 | |
Gross gains on sales | 6,366 | 484,667 | 829,688 | 522,735 |
Gross losses on sales | (216,445) | (81,058) | (384,918) | (93,604) |
Net unrealized gains (losses) on equity investments | 1,835,207 | 372,363 | (3,197,632) | 2,094,166 |
Total | $ 1,625,128 | $ 775,972 | $ (2,752,862) | $ 2,523,297 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Fixed maturity investments | $ 87,293 | $ 87,862 | $ 176,566 | $ 171,885 |
Short term investments and cash and cash equivalents | 2,271 | 18,274 | 10,281 | 35,874 |
Dividends earned | 45,253 | 46,495 | 87,985 | 93,972 |
Investment expenses | (37,793) | (46,021) | (65,997) | (72,079) |
Net investment income | $ 97,024 | $ 106,610 | $ 208,835 | $ 229,652 |
Note 3 - Liability for Unpaid_3
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Estimated Loss Ratio | 64.00% |
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 ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Liability—beginning of year | $ 13,966,044 | $ 12,989,260 |
Incurred related to: | ||
Current year | 3,526,729 | 3,408,388 |
Prior years | ||
Total incurred | 3,526,729 | 3,408,388 |
Paid related to: | ||
Current year | (94,416) | |
Prior years | (3,002,398) | (2,308,015) |
Total paid | (3,002,398) | (2,402,431) |
Liability—end of year | $ 14,490,375 | $ 13,995,217 |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Reportable Segments | 2 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenues | $ 6,120,746 | $ 5,134,292 | $ 6,071,784 | $ 11,024,046 | |||
Total losses and expenses | 4,655,491 | 4,622,848 | 9,084,126 | 8,842,891 | |||
Segment (loss) income | 1,465,255 | $ (4,477,597) | 511,444 | $ 1,669,711 | (3,012,342) | 2,181,155 | |
Identifiable assets | 1,160,757 | 1,056,273 | 1,160,757 | 1,056,273 | $ 1,105,513 | ||
Reinsurance Segment [Member] | |||||||
Revenues | 4,652,755 | 3,731,115 | 2,962,862 | 8,052,556 | |||
Total losses and expenses | 3,254,075 | 3,287,517 | 6,190,518 | 6,121,178 | |||
Segment (loss) income | 1,398,680 | 443,598 | (3,227,656) | 1,931,378 | |||
Identifiable assets | |||||||
Insurance Segment [Member] | |||||||
Revenues | 1,467,991 | 1,403,177 | 3,108,922 | 2,971,490 | |||
Total losses and expenses | 1,401,416 | 1,335,331 | 2,893,608 | 2,721,713 | |||
Segment (loss) income | 66,575 | 67,846 | 215,314 | 249,777 | |||
Identifiable assets | $ 1,160,757 | $ 1,056,273 | $ 1,160,757 | $ 1,056,273 |
Note 5 - Stock Compensation (De
Note 5 - Stock Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Phantom Share Units (PSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 63,765 | 63,765 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 76,403 | 76,403 | 76,403 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age (Year) | 65 years | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 0 | $ 0 | |
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 100,000 | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Reversal of Allocated Share-based Comepensation | $ 11,150 | ||
Share-based Payment Arrangement, Expense | $ 72,046 |
Note 5 - Stock Compensation - S
Note 5 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Balance, vested (in shares) | 16,400 | 7,000 |
Balance, weighted average exercise price per share (in dollars per share) | $ 28.34 | $ 27.99 |
Balance, non-vested shares (in shares) | 28,600 | 40,000 |
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.65 | $ 28.71 |
Balance (in shares) | 45,000 | 47,000 |
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.60 |
Granted, non-vested shares (in shares) | ||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Forfeited, non-vested shares (in shares) | (2,000) | |
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ (30.14) | |
Forfeited (in shares) | (2,000) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 30.14 | |
Exercised (in shares) | ||
Exercised, weighted average exercise price (in dollars per share) | ||
Vested, vested (in shares) | 8,400 | 9,400 |
Vested, weighted average exercise price per share (in dollars per share) | $ 28.42 | $ 28.60 |
Vested, non-vested shares (in shares) | (8,400) | (9,400) |
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.42 | $ 28.60 |
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 |
Options exercisable at year end, vested (in shares) | ||
Options exercisable at year end (in shares) | ||
Options exercisable at year end, weighted average exercise price (in dollars per share) | ||
Remaining contractual life (years), vested (Year) | 2 years 255 days | 3 years 73 days |
Remaining contractual life (years), non-vested shares (Year) | 2 years 328 days | 3 years 109 days |
Remaining contractual life (years), outstanding shares (Year) | 2 years 292 days | 3 years 109 days |
Balance, vested (in shares) | 24,800 | 16,400 |
Balance, weighted average exercise price per share (in dollars per share) | $ 28.37 | $ 28.34 |
Balance, non-vested shares (in shares) | 20,200 | 28,600 |
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.74 | $ 28.65 |
Balance (in shares) | 45,000 | 45,000 |
Options exercisable at year end, weighted average exercise price per share, vested (in dollars per share) |