Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001065201 | |
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-28249 | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-0207447 | |
Entity Address, Address Line One | 25 Church Street, Continental Building | |
Entity Address, City or Town | Hamilton | |
Entity Address, Country | BM | |
Entity Address, Postal Zip Code | HMGX | |
City Area Code | 441 | |
Local Phone Number | 295-2185 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 995,253 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 2,037,046 | $ 3,477,714 |
Property and equipment (Note 2) | 700,980 | 898,560 |
Deferred income taxes | 653,000 | 1,059,000 |
Prepaid expenses and other assets (Note 3) | 1,404,978 | 1,091,815 |
TOTAL ASSETS | 4,796,004 | 6,527,089 |
LIABILITIES | ||
Accrued expenses and other liabilities (Note 4) | 2,182,415 | 2,860,876 |
TOTAL LIABILITIES | 2,182,415 | 2,860,876 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2022 and 2021: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,287,293 | 6,287,293 |
Retained earnings | 4,603,539 | 5,656,163 |
Shares held by Subsidiary (375,861 shares) at cost | (9,272,496) | (9,272,496) |
TOTAL SHAREHOLDERS’ EQUITY | 2,613,589 | 3,666,213 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 4,796,004 | $ 6,527,089 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
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) | 375,861 | 375,861 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REVENUE | ||||
Net premiums earned | $ 0 | $ (1,737,803) | $ 0 | $ 2,581,408 |
Commission income | 489,998 | 808,896 | 1,743,342 | 2,656,532 |
Net investment income | 1,400 | 57,893 | 1,452 | 204,624 |
Net realized and unrealized gains on investments | 0 | 344,852 | 0 | 426,933 |
TOTAL REVENUE | 491,398 | (526,162) | 1,744,794 | 5,869,497 |
LOSSES AND EXPENSES | ||||
Losses and loss adjustment expenses | 0 | (1,259,530) | 0 | 1,504,764 |
Policy acquisition costs | 0 | 579,317 | 0 | 1,405,774 |
Operating and management expenses | 463,082 | 1,135,526 | 2,407,713 | 3,699,146 |
TOTAL LOSSES AND EXPENSES.. | 463,082 | 455,313 | 2,407,713 | 6,609,684 |
NET (LOSS) INCOME BEFORE TAX | 28,316 | (981,475) | (662,919) | (740,187) |
Income tax expense (benefit) | 470,025 | (26,363) | 389,705 | (36,144) |
NET LOSS AFTER TAX | (441,709) | (955,112) | (1,052,624) | (704,043) |
OTHER COMPREHENSIVE LOSS | ||||
Net unrealized holding losses arising during the period | 0 | (39,164) | 0 | (239,546) |
Reclassification adjustment for gains included in net income | 0 | (343,350) | 0 | (343,350) |
OTHER COMPREHENSIVE LOSS | 0 | (382,514) | 0 | (582,896) |
COMPREHENSIVE LOSS | (441,709) | (1,337,626) | (1,052,624) | (1,286,939) |
RETAINED EARNINGS, BEGINNING OF PERIOD | 5,045,248 | 7,501,263 | 5,656,163 | 7,250,194 |
Net loss | (441,709) | (955,112) | (1,052,624) | (704,043) |
Dividends | 0 | 0 | 0 | 0 |
RETAINED EARNINGS, END OF PERIOD | $ 4,603,539 | $ 6,546,151 | $ 4,603,539 | $ 6,546,151 |
Net loss per share | ||||
Basic (in dollars per share) | $ (0.71) | $ (1.54) | $ (1.70) | $ (1.14) |
Diluted (in dollars per share) | (0.71) | (1.54) | (1.70) | (1.14) |
Dividends (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding for the entire period | ||||
Basic (in shares) | 619,392 | 619,392 | 619,392 | 620,252 |
Diluted (in shares) | 619,392 | 619,392 | 619,392 | 620,252 |
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) | 995,253 | |||||
Balance (in shares) at Dec. 31, 2020 | 995,253 | |||||
Balance at Dec. 31, 2020 | $ 6,287,293 | $ 7,250,194 | $ 582,896 | $ (9,216,579) | $ 5,899,057 | |
Net loss | 0 | 344,147 | 0 | 0 | 344,147 | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | (186,782) | 0 | (186,782) | |
Balance (in shares) at Mar. 31, 2021 | 995,253 | |||||
Balance at Mar. 31, 2021 | 6,287,293 | 7,594,341 | 396,114 | (9,216,579) | 6,056,422 | |
Balance (in shares) at Dec. 31, 2020 | 995,253 | |||||
Balance at Dec. 31, 2020 | 6,287,293 | 7,250,194 | 582,896 | (9,216,579) | 5,899,057 | |
Net loss | (704,043) | |||||
Unrealized gain on securities, net of reclassification adjustment | (582,896) | |||||
Balance (in shares) at Sep. 30, 2021 | 995,253 | |||||
Balance at Sep. 30, 2021 | 6,287,293 | 6,546,151 | 0 | (9,272,496) | 4,556,201 | |
BALANCE (in shares) | 995,253 | |||||
Balance (in shares) at Mar. 31, 2021 | 995,253 | |||||
Balance at Mar. 31, 2021 | 6,287,293 | 7,594,341 | 396,114 | (9,216,579) | 6,056,422 | |
Net loss | 0 | (93,078) | 0 | 0 | (93,078) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | (13,600) | 0 | (13,600) | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | (55,917) | (55,917) | |
Balance (in shares) at Jun. 30, 2021 | 995,253 | |||||
Balance at Jun. 30, 2021 | 6,287,293 | 7,501,263 | 382,514 | (9,272,496) | 5,893,827 | |
BALANCE (in shares) | 995,253 | |||||
Net loss | 0 | (955,112) | 0 | 0 | (955,112) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | (382,514) | 0 | (382,514) | |
Balance (in shares) at Sep. 30, 2021 | 995,253 | |||||
Balance at Sep. 30, 2021 | 6,287,293 | 6,546,151 | 0 | (9,272,496) | 4,556,201 | |
BALANCE (in shares) | 995,253 | |||||
BALANCE (in shares) | 995,253 | |||||
Balance (in shares) at Dec. 31, 2021 | 995,253 | |||||
Balance at Dec. 31, 2021 | 6,287,293 | 5,656,163 | 0 | (9,272,496) | 3,666,213 | |
Net loss | 0 | (210,261) | 0 | 0 | (210,261) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2022 | 995,253 | |||||
Balance at Mar. 31, 2022 | 6,287,293 | 5,445,902 | 0 | (9,272,496) | 3,455,952 | |
Balance (in shares) at Dec. 31, 2021 | 995,253 | |||||
Balance at Dec. 31, 2021 | 6,287,293 | 5,656,163 | 0 | (9,272,496) | 3,666,213 | |
Net loss | (1,052,624) | |||||
Unrealized gain on securities, net of reclassification adjustment | 0 | |||||
Balance (in shares) at Sep. 30, 2022 | 995,253 | |||||
Balance at Sep. 30, 2022 | 6,287,293 | 4,603,539 | 0 | (9,272,496) | 2,613,589 | |
BALANCE (in shares) | 995,253 | |||||
Balance (in shares) at Mar. 31, 2022 | 995,253 | |||||
Balance at Mar. 31, 2022 | 6,287,293 | 5,445,902 | 0 | (9,272,496) | 3,455,952 | |
Net loss | 0 | (400,654) | 0 | 0 | (400,654) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Jun. 30, 2022 | 995,253 | |||||
Balance at Jun. 30, 2022 | 6,287,293 | 5,045,248 | 0 | (9,272,496) | 3,055,298 | |
BALANCE (in shares) | 995,253 | |||||
Net loss | 0 | (441,709) | 0 | 0 | (441,709) | |
Unrealized gain on securities, net of reclassification adjustment | 0 | 0 | 0 | 0 | 0 | |
Balance (in shares) at Sep. 30, 2022 | 995,253 | |||||
Balance at Sep. 30, 2022 | $ 6,287,293 | $ 4,603,539 | $ 0 | $ (9,272,496) | $ 2,613,589 | |
BALANCE (in shares) | 995,253 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||||
Net Cash used in Operating Activities | $ (1,364,524) | $ (1,123,906) | ||
INVESTING ACTIVITIES | ||||
Purchases of property and equipment | (76,144) | (107,520) | ||
Purchases of available-for-sale securities | 0 | (5,545,313) | ||
Proceeds from sales of available-for-sale securities | $ 0 | $ 1,684,014 | 0 | 1,684,014 |
Proceeds from redemptions of fixed maturity investments | 0 | 21,047,547 | 0 | 21,650,652 |
Proceeds from maturities of fixed maturity investments | 0 | 0 | 0 | 2,336,000 |
Net Cash (used in) provided by Investing Activities | (76,144) | 20,017,833 | ||
FINANCING ACTIVITIES | ||||
Purchase of shares by subsidiary, net | 0 | (55,917) | ||
Net Cash used in Financing Activities | 0 | (55,917) | ||
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (1,440,668) | 18,838,010 | ||
CASH, CASH EQUIVALENTS AND RESTRCITED CASH AT BEGINNING OF PERIOD | 3,477,714 | 10,696,236 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 2,037,046 | $ 29,534,246 | $ 2,037,046 | $ 29,534,246 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 10 New Accounting Pronouncements New Accounting Standards Adopted in 2022 No 2022. 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 - Property and Equipment
Note 2 - Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property and equipment, all associated with Protexure, at September 30, 2022 December 31, 2021 $700,98F0 Cost Accumulated Depreciation and Amortization Total September 30, 2022 Furniture and fixtures $ 36,705 $ 35,048 $ 1,657 Office equipment 107,392 96,270 11,122 Computer equipment 24,129 22,031 2,098 Internal use software 1,833,569 1,147,466 686,103 Total $ 2,001,795 $ 1,300,815 $ 700,980 Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 |
Note 3 - Prepaid Expenses and O
Note 3 - Prepaid Expenses and Other Assets | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 3. Prepaid expenses and other assets as at September 30, 2022 December 31, 2021 2022 2021 Prepaid expenses and other assets 109,169 171,342 Accounts receivable 582,522 520,117 Employee retention credit receivable 417,559 — Policy acquisition costs 225,048 258,996 Building right of use asset 70,680 141,360 $ 1,404,978 $ 1,091,815 |
Note 4 - Accrued Expenses and O
Note 4 - Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 4. Accrued expenses and other liabilities as at September 30, 2022 December 31, 2021 2022 2021 Premiums payable 1,608,094 2,143,468 Accounts payable and accrued liabilities 278,689 293,169 Unearned commission income 110,943 176,693 Building lease liability 75,170 136,816 Other liabilities 109,519 110,730 $ 2,182,415 $ 2,860,876 |
Note 5 - Investments
Note 5 - Investments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. In September 2021, nine September 30, 2022 2021 September 30, 2022 September 30, 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Proceeds from redemptions of fixed maturity investments — 21,650,652 Total proceeds from maturities of fixed maturity investments — 2,336,000 Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Net unrealized (losses) gains on equity investments — — Total $ — $ 426,933 Information on sales and maturity of investments and net unrealized gains (losses) on equity investments during the three September 30, 2022 2021 September 30, 2022 September 30, 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Proceeds from redemptions of fixed maturity investments — 21,047,547 Total proceeds from maturities of fixed maturity investments — — Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Net unrealized (losses) gains on equity investments — (82,081 ) Total $ — $ 344,852 Net Investment Income Major categories of net investment income during the nine September 30, 2022 2021 September 30, 2022 September 30, 2021 Interest earned: Fixed maturity investments $ — $ 234,601 Short term investments and cash and cash equivalents 1,452 7,237 Dividends earned — 13,170 Investment expenses — (50,384 ) Net investment income $ 1,452 $ 204,624 Major categories of net investment income during the three September 30, 2022 2021 September 30, 2022 September 30, 2021 Interest earned: Fixed maturity investments $ — $ 66,412 Short term investments and cash and cash equivalents 1,400 2,965 Dividends earned — 6,381 Investment expenses — (17,865 ) Net investment income $ 1,400 $ 57,893 |
Note 6 - Liability for Unpaid L
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6. 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, 2022 2021: September 30, 2022 September 30, 2021 Liability—beginning of year $ — $ 20,936,677 Incurred related to: Current year — 1,652,101 Prior years — (147,337 ) Total incurred — 1,504,764 Paid related to: Current year — (4,267 ) Prior years — (22,395,890 ) Total paid — (22,400,157 ) Liability—end of period $ — $ 41,284 During the third 2021, March 31, 2021 ( October 2021. During the first 2022, December 31, 2021 ( March 2022. |
Note 7 - Segment Information
Note 7 - Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. AmerInst has two reportable segments: ( 1 2 nine September 30, 2022 2021. As of and for the Nine Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,450 $ 1,743,344 $ 1,744,794 Total losses and expenses 438,696 2,358,722 2,797,418 Segment income (loss) (437,246 ) (615,378 ) (1,052,624 ) Identifiable assets — 700,980 700,980 As of and for the Nine Months Ended September 30, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ 3,212,581 $ 2,656,916 $ 5,869,497 Total losses and expenses 3,814,799 2,758,741 6,573,540 Segment income (loss) (602,218 ) (101,825 ) (704,043 ) Identifiable assets — 950,251 950,251 The tables below summarize the results of our reportable segments as of and for the three September 30, 2022 2021. As of and for the Three Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,400 $ 489,998 $ 491,398 Total losses and expenses 116,547 816,560 803,592 Segment (loss) income (115,147 ) (326,562 ) (441,709 ) Identifiable assets — 700,980 700,980 As of and for the Three Months Ended September 30, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ (1,335,096 ) $ 808,934 $ (526,162 ) Total losses and expenses (443,869 ) 872,819 428,950 Segment (loss) income (891,227 ) (63,885 ) (955,112 ) Identifiable assets — 950,251 950,251 |
Note 8 - Stock Compensation
Note 8 - Stock Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Phantom Shares: Protexure Insurance Agency, Inc. (“Protexure”), a subsidiary of AmerInst, has employment agreements with two may For these two January 1, 2015. 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, 2022. 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 shares are authorized under the stock option plan. A summary of the status of the stock option plan as of September 30, 2022 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2022 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,400 28.42 (8,400 ) 28.42 — — Outstanding September 30, 2022 42,600 $ 28.43 2,400 $ 30.40 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) 0.5 1.6 0.5 A summary of the status of the stock option plan as of December 31, 2021 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 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) 1.2 1.4 1.3 The Company accounts for these options in accordance with U.S. 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 nine September 30, 2022 2021, |
Note 2 - Property and Equipme_2
Note 2 - Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation and Amortization Total September 30, 2022 Furniture and fixtures $ 36,705 $ 35,048 $ 1,657 Office equipment 107,392 96,270 11,122 Computer equipment 24,129 22,031 2,098 Internal use software 1,833,569 1,147,466 686,103 Total $ 2,001,795 $ 1,300,815 $ 700,980 Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 |
Note 3 - Prepaid Expenses and_2
Note 3 - Prepaid Expenses and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2022 2021 Prepaid expenses and other assets 109,169 171,342 Accounts receivable 582,522 520,117 Employee retention credit receivable 417,559 — Policy acquisition costs 225,048 258,996 Building right of use asset 70,680 141,360 $ 1,404,978 $ 1,091,815 |
Note 4 - Accrued Expenses and_2
Note 4 - Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2022 2021 Premiums payable 1,608,094 2,143,468 Accounts payable and accrued liabilities 278,689 293,169 Unearned commission income 110,943 176,693 Building lease liability 75,170 136,816 Other liabilities 109,519 110,730 $ 2,182,415 $ 2,860,876 |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Realized Gain (Loss) on Investments [Table Text Block] | September 30, 2022 September 30, 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Proceeds from redemptions of fixed maturity investments — 21,650,652 Total proceeds from maturities of fixed maturity investments — 2,336,000 Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Net unrealized (losses) gains on equity investments — — Total $ — $ 426,933 September 30, 2022 September 30, 2021 Total proceeds on sales of available-for-sale securities $ — $ 1,684,014 Proceeds from redemptions of fixed maturity investments — 21,047,547 Total proceeds from maturities of fixed maturity investments — — Gross gains on sales — 499,859 Gross losses on sales — (72,926 ) Net unrealized (losses) gains on equity investments — (82,081 ) Total $ — $ 344,852 |
Condensed Cash Flow Statement [Table Text Block] | September 30, 2022 September 30, 2021 Interest earned: Fixed maturity investments $ — $ 234,601 Short term investments and cash and cash equivalents 1,452 7,237 Dividends earned — 13,170 Investment expenses — (50,384 ) Net investment income $ 1,452 $ 204,624 September 30, 2022 September 30, 2021 Interest earned: Fixed maturity investments $ — $ 66,412 Short term investments and cash and cash equivalents 1,400 2,965 Dividends earned — 6,381 Investment expenses — (17,865 ) Net investment income $ 1,400 $ 57,893 |
Note 6 - Liability for Unpaid_2
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | September 30, 2022 September 30, 2021 Liability—beginning of year $ — $ 20,936,677 Incurred related to: Current year — 1,652,101 Prior years — (147,337 ) Total incurred — 1,504,764 Paid related to: Current year — (4,267 ) Prior years — (22,395,890 ) Total paid — (22,400,157 ) Liability—end of period $ — $ 41,284 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Nine Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,450 $ 1,743,344 $ 1,744,794 Total losses and expenses 438,696 2,358,722 2,797,418 Segment income (loss) (437,246 ) (615,378 ) (1,052,624 ) Identifiable assets — 700,980 700,980 As of and for the Nine Months Ended September 30, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ 3,212,581 $ 2,656,916 $ 5,869,497 Total losses and expenses 3,814,799 2,758,741 6,573,540 Segment income (loss) (602,218 ) (101,825 ) (704,043 ) Identifiable assets — 950,251 950,251 As of and for the Three Months Ended September 30, 2022 Reinsurance and Corporate Insurance Segment Total Revenues $ 1,400 $ 489,998 $ 491,398 Total losses and expenses 116,547 816,560 803,592 Segment (loss) income (115,147 ) (326,562 ) (441,709 ) Identifiable assets — 700,980 700,980 As of and for the Three Months Ended September 30, 2021 Reinsurance and Corporate Insurance Segment Total Revenues $ (1,335,096 ) $ 808,934 $ (526,162 ) Total losses and expenses (443,869 ) 872,819 428,950 Segment (loss) income (891,227 ) (63,885 ) (955,112 ) Identifiable assets — 950,251 950,251 |
Note 8 - Stock Compensation (Ta
Note 8 - Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2022 34,200 $ 28.43 10,800 $ 28.86 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,400 28.42 (8,400 ) 28.42 — — Outstanding September 30, 2022 42,600 $ 28.43 2,400 $ 30.40 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) 0.5 1.6 0.5 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 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) 1.2 1.4 1.3 |
Note 2 - Property and Equipme_3
Note 2 - Property and Equipment (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Property, Plant and Equipment, Net, Total | $ 700,980 | $ 898,560 | $ 950,251 |
Note 2 - Property and Equipme_4
Note 2 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Cost | $ 2,001,795 | $ 1,925,651 | |
Amortization | 1,300,815 | 1,027,091 | |
Property and equipment (Note 2) | 700,980 | 898,560 | $ 950,251 |
Furniture and Fixtures [Member] | |||
Cost | 36,705 | 36,705 | |
Amortization | 35,048 | 34,337 | |
Property and equipment (Note 2) | 1,657 | 2,368 | |
Office Equipment [Member] | |||
Cost | 107,392 | 107,392 | |
Amortization | 96,270 | 84,992 | |
Property and equipment (Note 2) | 11,122 | 22,400 | |
Computer Equipment [Member] | |||
Cost | 24,129 | 24,129 | |
Amortization | 22,031 | 20,529 | |
Property and equipment (Note 2) | 2,098 | 3,600 | |
Software Development [Member] | |||
Cost | 1,833,569 | 1,757,425 | |
Amortization | 1,147,466 | 887,233 | |
Property and equipment (Note 2) | $ 686,103 | $ 870,192 |
Note 3 - Prepaid Expenses and_3
Note 3 - Prepaid Expenses and Other Assets - Prepaid Expenses (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid expenses and other assets | $ 109,169 | $ 171,342 |
Accounts receivable | 582,522 | 520,117 |
Employee retention credit receivable | 417,559 | 0 |
Policy acquisition costs | 225,048 | 258,996 |
Prepaid Expense and Other Assets | 1,404,978 | 1,091,815 |
Prepaid Expenses and Other Assets [Member] | ||
Building right of use asset | $ 70,680 | $ 141,360 |
Note 4 - Accrued Expenses and_3
Note 4 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Premiums payable | $ 1,608,094 | $ 2,143,468 |
Accounts payable and accrued liabilities | 278,689 | 293,169 |
Unearned commission income | 110,943 | 176,693 |
Other liabilities | 109,519 | 110,730 |
Accounts Payable and Accrued Liabilities, Total | 2,182,415 | 2,860,876 |
Accrued Expenses and Other Liabilities [Member] | ||
Building lease liability | $ 75,170 | $ 136,816 |
Note 5 - Investments - Sales an
Note 5 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total proceeds on sales of available-for-sale securities | $ 0 | $ 1,684,014 | $ 0 | $ 1,684,014 |
Proceeds from redemptions of fixed maturity investments | 0 | 21,047,547 | 0 | 21,650,652 |
Proceeds from maturities of fixed maturity investments | 0 | 0 | 0 | 2,336,000 |
Gross gains on sales | 0 | 499,859 | 0 | 499,859 |
Gross losses on sales | 0 | (72,926) | 0 | (72,926) |
Net unrealized (losses) gains on equity investments | 0 | (82,081) | 0 | 0 |
Total | $ 0 | $ 344,852 | $ 0 | $ 426,933 |
Note 5 - Investments - Major Ca
Note 5 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fixed maturity investments | $ 0 | $ 66,412 | $ 0 | $ 234,601 |
Short term investments and cash and cash equivalents | 1,400 | 2,965 | 1,452 | 7,237 |
Dividends earned | 0 | 6,381 | 0 | 13,170 |
Investment expenses | 0 | (17,865) | 0 | (50,384) |
Net investment income | $ 1,400 | $ 57,893 | $ 1,452 | $ 204,624 |
Note 6 - Liability for Unpaid_3
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 1 Months Ended | |
Mar. 31, 2022 | Oct. 31, 2021 | |
Payments for Reinsurance | $ 15,000 | $ 26,076,000 |
Note 6 - Liability for Unpaid_4
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Liability—beginning of year | $ 0 | $ 20,936,677 |
Incurred related to: | ||
Current year | 0 | 1,652,101 |
Prior years | 0 | (147,337) |
Total incurred | 0 | 1,504,764 |
Paid related to: | ||
Current year | 0 | (4,267) |
Prior years | 0 | (22,395,890) |
Total paid | 0 | (22,400,157) |
Liability—end of period | $ 0 | $ 41,284 |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2022 | |
Number of Reportable Segments | 2 |
Note 7 - Segment Information -
Note 7 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenues | $ 491,398 | $ (526,162) | $ 1,744,794 | $ 5,869,497 | |||||
Total losses and expenses | 803,592 | 428,950 | 2,797,418 | ||||||
Segment income (loss) | (441,709) | $ (400,654) | $ (210,261) | (955,112) | $ (93,078) | $ 344,147 | (1,052,624) | (704,043) | |
Property, Plant and Equipment, Net, Total | 700,980 | 950,251 | 700,980 | 950,251 | $ 898,560 | ||||
Total losses and expenses | 6,573,540 | ||||||||
Reinsurance Segment [Member] | |||||||||
Revenues | 1,400 | (1,335,096) | 1,450 | 3,212,581 | |||||
Total losses and expenses | 116,547 | (443,869) | 438,696 | ||||||
Segment income (loss) | (115,147) | (891,227) | (437,246) | (602,218) | |||||
Property, Plant and Equipment, Net, Total | 0 | 0 | 0 | 0 | |||||
Total losses and expenses | 3,814,799 | ||||||||
Insurance Segment [Member] | |||||||||
Revenues | 489,998 | 808,934 | 1,743,344 | 2,656,916 | |||||
Total losses and expenses | 816,560 | 872,819 | 2,358,722 | ||||||
Segment income (loss) | (326,562) | (63,885) | (615,378) | (101,825) | |||||
Property, Plant and Equipment, Net, Total | $ 700,980 | $ 950,251 | $ 700,980 | 950,251 | |||||
Total losses and expenses | $ 2,758,741 |
Note 8 - Stock Compensation (De
Note 8 - Stock Compensation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Phantom Share Units (PSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 48,762 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age (Year) | 65 years | |
Phantom Share Units (PSUs) [Member] | Senior Management Member One [Member] | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 0 | |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 100,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |
Reversal of Allocated Share-based Comepensation | $ 0 | $ 0 |
Note 8 - Stock Compensation - S
Note 8 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Balance, vested (in shares) | 34,200 | 25,300 |
Balance, weighted average exercise price per share (in dollars per share) | $ 28.43 | $ 28.40 |
Balance, non-vested shares (in shares) | 10,800 | 19,700 |
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.86 | $ 28.71 |
Balance (in shares) | 45,000 | 45,000 |
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 |
Granted, non-vested shares (in shares) | 0 | |
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | |
Forfeited, non-vested shares (in shares) | 0 | 0 |
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | $ 0 |
Vested, vested (in shares) | 8,400 | 8,900 |
Vested, weighted average exercise price per share (in dollars per share) | $ 28.42 | $ 28.52 |
Vested, non-vested shares (in shares) | (8,400) | (8,900) |
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.42 | $ 28.52 |
Balance, vested (in shares) | 42,600 | 34,200 |
Balance, weighted average exercise price per share (in dollars per share) | $ 28.43 | $ 28.43 |
Balance, non-vested shares (in shares) | 2,400 | 10,800 |
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.40 | $ 28.86 |
Balance (in shares) | 45,000 | 45,000 |
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 |
Remaining contractual life (years), vested (Year) | 6 months | 1 year 2 months 12 days |
Remaining contractual life (years), non-vested shares (Year) | 1 year 7 months 6 days | 1 year 4 months 24 days |
Remaining contractual life (years), outstanding shares (Year) | 6 months | 1 year 3 months 18 days |
Options exercisable at year end, weighted average exercise price per share, vested (in dollars per share) | $ 0 |