Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'Fortegra Financial Corporation | ' |
Entity Central Index Key | '0001495925 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 20,034,617 |
Entity well known seasoned issuer | 'No | ' |
Entity voluntary filer | 'No | ' |
Entity current reporting status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments: | ' | ' |
Fixed maturity securities available-for-sale, at fair value (amortized cost of $136,351 at March 31, 2014 and $133,288 at December 31, 2013) | $135,726 | $131,751 |
Equity securities available-for-sale, at fair value (cost of $7,081 at March 31, 2014 and $7,081 at December 31, 2013) | 6,660 | 6,198 |
Short-term investments | 871 | 871 |
Total investments | 143,257 | 138,820 |
Cash and cash equivalents | 10,974 | 21,681 |
Restricted cash | 17,852 | 17,293 |
Accrued investment income | 1,083 | 1,175 |
Notes receivable, net | 15,912 | 11,920 |
Accounts and premiums receivable, net | 20,526 | 18,702 |
Other receivables | 28,376 | 33,409 |
Reinsurance receivables | 210,900 | 215,084 |
Deferred acquisition costs | 71,662 | 78,042 |
Property and equipment, net | 13,898 | 14,332 |
Goodwill | 73,701 | 73,701 |
Other intangible assets, net | 47,856 | 49,173 |
Other assets | 6,482 | 6,307 |
Assets of discontinued operations | 791 | 791 |
Total assets | 663,270 | 680,430 |
Liabilities: | ' | ' |
Unpaid claims | 36,632 | 34,732 |
Unearned premiums | 249,353 | 256,380 |
Policyholder account balances | 23,008 | 23,486 |
Accrued expenses, accounts payable and other liabilities | 43,142 | 53,035 |
Income taxes payable | 1,762 | 2,842 |
Deferred revenue | 69,358 | 76,927 |
Notes payable | 13,165 | 3,273 |
Preferred trust securities | 35,000 | 35,000 |
Deferred income taxes, net | 19,960 | 19,659 |
Liabilities of discontinued operations | 1,236 | 8,603 |
Total liabilities | 492,616 | 513,937 |
Commitments and Contingencies (Note 18) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, par value $0.01; 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, par value $0.01; 150,000,000 shares authorized; 21,258,799 and 20,912,853 shares issued at March 31, 2014 and December 31, 2013, respectively, including shares in treasury | 213 | 209 |
Treasury stock, at cost; 1,224,182 shares at March 31, 2014 and December 31, 2013, respectively | -8,014 | -8,014 |
Additional paid-in capital | 99,687 | 99,398 |
Accumulated other comprehensive loss, net of tax | -2,622 | -3,665 |
Retained earnings | 75,430 | 72,532 |
Stockholders' equity before non-controlling interests | 164,694 | 160,460 |
Non-controlling interests | 5,960 | 6,033 |
Total stockholders' equity | 170,654 | 166,493 |
Total liabilities and stockholders' equity | $663,270 | $680,430 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investments: | ' | ' |
Fixed maturity securities available-for-sale amortized cost basis | $136,351 | $133,288 |
Equity securities available-for-sale amortized cost basis | $7,081 | $7,081 |
Stockholders' Equity: | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 21,258,799 | 20,912,853 |
Common stock, shares outstanding | 20,912,853 | 20,912,853 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, shares | 1,224,182 | 1,224,182 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | ' | ' |
Service and administrative fees | $43,968 | $38,858 |
Ceding commissions | 10,549 | 7,163 |
Net investment income | 707 | 903 |
Net realized investment gains | 1 | 7 |
Net earned premium | 34,928 | 33,142 |
Other income | 375 | 91 |
Total revenues | 90,528 | 80,164 |
Expenses: | ' | ' |
Net losses and loss adjustment expenses | 10,826 | 10,535 |
Member benefit claims | 10,671 | 9,366 |
Commissions | 40,071 | 35,362 |
Personnel costs | 10,191 | 10,797 |
Other operating expenses | 8,225 | 8,075 |
Depreciation and amortization | 1,249 | 1,177 |
Amortization of intangibles | 1,317 | 1,468 |
Interest expense | 920 | 853 |
Loss on note receivable | 1,317 | 0 |
Total expenses | 84,787 | 77,633 |
Income from continuing operations before income taxes | 5,741 | 2,531 |
Income taxes - continuing operations | 1,982 | 482 |
Income from continuing operations before non-controlling interests | 3,759 | 2,049 |
Income from discontinued operations - net of tax | 0 | 1,262 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Discontinued operations - net of tax | 0 | 1,262 |
Net income before non-controlling interests | 3,759 | 3,311 |
Less: net income attributable to non-controlling interests | 861 | 818 |
Net income attributable to Fortegra Financial Corporation | $2,898 | $2,493 |
Earnings per share - Basic: | ' | ' |
Net income from continuing operations - net of tax | $0.15 | $0.06 |
Discontinued operations - net of tax | $0 | $0.07 |
Net income attributable to Fortegra Financial Corporation | $0.15 | $0.13 |
Earnings per share - Diluted: | ' | ' |
Net income from continuing operations - net of tax | $0.14 | $0.06 |
Discontinued operations - net of tax | $0 | $0.06 |
Net income attributable to Fortegra Financial Corporation | $0.14 | $0.12 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' |
Basic (in shares) | 19,651,256 | 19,556,743 |
Diluted (in shares) | 20,436,442 | 20,625,041 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $3,759 | $3,311 |
Other comprehensive Income (Loss), net of tax: | ' | ' |
Unrealized holding gains (losses) arising during the period | 1,375 | -51 |
Related tax (expense) benefit | -481 | 18 |
Reclassification of (gains) included in net income | -1 | -7 |
Related tax expense | 0 | 2 |
Unrealized gains (losses) on available-for-sale securities, net of tax | 893 | -38 |
Interest Rate Swap: | ' | ' |
Unrealized (loss) gain on interest rate swap | -45 | 32 |
Related tax benefit (expense) | 15 | -11 |
Reclassification of losses included in net income | 282 | 277 |
Related tax benefit | -99 | -97 |
Unrealized gain on interest rate swap, net of tax | 153 | 201 |
Other Comprehensive Income (Loss), Net of Tax | 1,046 | 163 |
Comprehensive income | 4,805 | 3,474 |
Less: comprehensive income attributable to non-controlling interests | 864 | 818 |
Comprehensive income attributable to Fortegra Financial Corporation | $3,941 | $2,656 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common stock | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance, at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | $2,898 | ' |
Balance, at Dec. 31, 2013 | 166,493 | 209 | -8,014 | 99,398 | -3,665 | 72,532 | 6,033 |
Treasury Stock, Shares at Dec. 31, 2013 | -1,224,182 | ' | -1,224,182 | ' | ' | ' | ' |
Balance, Shares at Dec. 31, 2013 | 20,912,853 | 20,912,853 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income | 3,759 | ' | ' | ' | ' | ' | 861 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | ' | ' | ' | ' | 1,043 | ' | ' |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | 3 | ' | 3 |
Other Comprehensive Income (Loss), Net of Tax | 1,046 | ' | ' | ' | 1,046 | ' | ' |
Other comprehensive income (loss) | 4,805 | ' | ' | ' | ' | ' | ' |
Dividends paid to non-controlling interests | 0 | ' | ' | ' | ' | ' | ' |
Distributions to non-controlling interest partners | -688 | ' | ' | ' | ' | ' | -688 |
Non-controlling interest attributable to the consolidation of Creative Investigations Recovery Group, LLC | -249 | ' | ' | ' | ' | ' | -249 |
Stock-based compensation, shares | ' | 105,000 | ' | ' | ' | ' | ' |
Stock-based compensation | 292 | 2 | ' | 290 | ' | ' | ' |
Stock Issued During Period Period, Shares, Direct Stock Awards | ' | 124 | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Direct Stock Awards | 1 | 0 | ' | 1 | ' | ' | ' |
Options exercised, net of shares surrendered | ' | 240,822 | ' | ' | ' | ' | ' |
Options exercised, net of shares surrendered | 0 | -2 | ' | -2 | ' | ' | ' |
Balance, at Mar. 31, 2014 | $170,654 | $213 | ($8,014) | $99,687 | ($2,622) | $75,430 | $5,960 |
Balance, Shares at Mar. 31, 2014 | 20,912,853 | 21,258,799 | ' | ' | ' | ' | ' |
Treasury Stock, Shares at Mar. 31, 2014 | -1,224,182 | ' | -1,224,182 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities: | ' | ' |
Net income attributable to Fortegra Financial Corporation | $2,898 | $2,493 |
Adjustments to reconcile net income to net cash flows (used in) operating activities: | ' | ' |
Change in deferred acquisition costs | 6,380 | -4,303 |
Depreciation and amortization | 2,566 | 3,266 |
Deferred income tax (benefit) expense - continuing operations | -263 | 860 |
Deferred income tax expense - discontinued operations | 0 | 186 |
Net realized investment gains | -1 | -7 |
Loss on note receivable | 1,317 | 0 |
Stock-based compensation expense | 292 | 303 |
Direct stock awards to employees | 1 | 2 |
Amortization of premiums and accretion of discounts on investments | 437 | 350 |
Non-controlling interests | 861 | 818 |
Change in allowance for doubtful accounts | -162 | 11 |
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions: | ' | ' |
Accrued investment income | 27 | 56 |
Accounts and premiums receivable, net | -1,746 | -6,868 |
Other receivables | 4,921 | -14,678 |
Reinsurance receivables | 4,184 | 7,281 |
Income taxes receivable | 0 | -375 |
Other assets | -172 | -887 |
Unpaid claims | 1,900 | 948 |
Unearned premiums | -7,027 | -10,612 |
Policyholder account balances | -478 | -534 |
Accrued expenses, accounts payable and other liabilities | -9,809 | 12,592 |
Income taxes payable | -1,080 | 0 |
Deferred revenue | -7,570 | 7,803 |
Change in liabilities of discontinued operations | -7,367 | 0 |
Net cash flows (used in) operating activities | -9,891 | -1,295 |
Investing activities: | ' | ' |
Proceeds from maturities, calls and prepayments of available-for-sale investments | 16,263 | 3,332 |
Proceeds from sales of available-for-sale investments | 501 | 412 |
Purchases of available-for-sale investments | -20,267 | -10,199 |
Purchases of property and equipment | -816 | -993 |
Net paid for acquisitions of subsidiaries, net of cash received | 20 | -2,902 |
Net (issuance) from notes receivable | -5,162 | 0 |
Net proceeds from notes receivable | 0 | 110 |
Net proceeds from related party note receivable | 0 | 6,135 |
Change in restricted cash, net of restricted cash (paid) received from acquisitions and divestitures | -559 | 2,261 |
Net cash flows (used in) investing activities | -10,020 | -1,844 |
Financing activities: | ' | ' |
Payments on notes payable | -23,484 | -8,188 |
Proceeds from notes payable | 33,376 | 10,500 |
Distributions to non-controlling interest partners | -688 | 0 |
Dividends paid to non-controlling interests | 0 | -43 |
Net cash flows provided by financing activities | 9,204 | 2,269 |
Net (decrease) in cash and cash equivalents | -10,707 | -870 |
Cash and cash equivalents, beginning of period | 21,681 | 31,339 |
Cash and cash equivalents, end of period | $10,974 | $30,469 |
Nature_of_Operations
Nature of Operations | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
Nature of Operations | ||
Fortegra Financial Corporation (references in this Form 10-Q to "Fortegra Financial," "Fortegra," "we," "us," "the Company" or similar terms refer to Fortegra Financial Corporation and its subsidiaries), traded on the New York Stock Exchange under the symbol: FRF, is an insurance services company headquartered in Jacksonville, Florida. Fortegra offers a wide array of revenue enhancing products, including payment protection products, motor club memberships, service contracts, device and warranty services, and administration services, to our business partners, including insurance companies, retailers, dealers, insurance brokers and agents and financial services companies. In 2008, the Company changed its name from Life of the South Corporation to Fortegra Financial Corporation. The Company was incorporated in 1981 in the State of Georgia and re-incorporated in the State of Delaware in 2010. The Company generates most of its business through networks of small to mid-sized community and regional banks, small loan companies, independent wireless retailers and automobile dealerships. The Company's subsidiaries (100% direct or indirect ownership, unless otherwise noted below) at March 31, 2014, are as follows: | ||
• | 4Warranty Corporation ("4Warranty") | |
• | Auto Knight Motor Club, Inc. ("Auto Knight") | |
• | Continental Car Club, Inc. ("Continental") | |
• | CRC Reassurance Company, Ltd. ("CRC") * | |
• | Digital Leash, LLC, d/b/a ProtectCELL ("ProtectCELL"), 62.4% owned | |
• | Insurance Company of the South ("ICOTS") * | |
• | Life of the South Insurance Company ("LOTS") * and its subsidiary, Bankers Life of Louisiana ("Bankers Life") * | |
• | LOTS Intermediate Co. ("LOTS IM") | |
• | LOTS Reassurance Company ("LOTS RE") * | |
• | LOTSolutions, Inc. | |
• | Lyndon Southern Insurance Company ("Lyndon Southern") * | |
• | Pacific Benefits Group Northwest, LLC ("PBG") | |
• | Response Indemnity Company of California ("RICC") * | |
• | South Bay Acceptance Corporation ("South Bay") | |
• | South Bay Financial Services, LLC ("SBFS") | |
• | Southern Financial Life Insurance Company ("SFLAC"), 85.0% owned * | |
• | United Motor Club of America, Inc. ("United") | |
* =nsurance company subsidiary |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation and Significant Accounting Policies [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited interim Consolidated Financial Statements of Fortegra have been prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP") promulgated by the Financial Accounting Standards Board ("FASB") through the Accounting Standards Codification ("ASC") for interim financial information, and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the Company's 2013 Form 10-K. | |
The interim consolidated financial statements in this Form 10-Q have not been audited. In the opinion of management, the accompanying unaudited interim financial information reflects all adjustments, including normal recurring adjustments necessary to present fairly Fortegra's financial position, results of operations, other comprehensive income and cash flows for each of the interim periods presented. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the full year ending on December 31, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Fortegra's interim Consolidated Financial Statements as of March 31, 2014 and 2013 are unaudited and have been prepared following the significant accounting policies disclosed in Note 2, "Summary of Significant Accounting Policies," of the Notes to Consolidated Financial Statements of the Company's 2013 Form 10-K. | ||||||||||||
Principles of Consolidation | ||||||||||||
The Consolidated Financial Statements include the accounts of Fortegra Financial Corporation and its majority-owned and controlled subsidiaries. All material intercompany account balances and transactions have been eliminated. | ||||||||||||
Non-Controlling Interests | ||||||||||||
The third-party ownership of the common stock of SFLAC and of the ownership interests of ProtectCELL, which is treated as a partnership for income tax purposes, have been reflected as non-controlling interests on the Consolidated Balance Sheets. In addition, the Company's non-controlling interest includes the amount for the consolidation of the variable interest entity ("VIE"), Creative Investigations Recovery Group, LLC ("CIRG"). The following table shows the amount outstanding and the percentage of non-controlling interest by entity: | ||||||||||||
At | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Amount | Percent | Amount | Percent | |||||||||
ProtectCELL | $ | 5,633 | 37.6 | % | $ | 5,471 | 37.6 | % | ||||
SFLAC | 576 | 15 | % | 562 | 15 | % | ||||||
CIRG | (249 | ) | 100 | % | — | — | % | |||||
Total non-controlling interests | $ | 5,960 | $ | 6,033 | ||||||||
Income (loss) attributable to these non-controlling interests are presented on the Consolidated Statements of Income as net income (loss) attributable to non-controlling interests and on the Consolidated Statements of Comprehensive Income as comprehensive income (loss) attributable to non-controlling interests. | ||||||||||||
Reportable Segment | ||||||||||||
The Company reports operating results and financial data in one operating and one reportable segment, Protection Products and Services. The Company has determined that its Chief Executive Officer is the Chief Operating Decision Maker. The financial results of the Company's single segment are equal to the net income from continuing operations reported in the Consolidated Statements of Income for all periods presented. | ||||||||||||
Discontinued Operations | ||||||||||||
The results of operations of a business of the Company that either has been disposed of or is classified as held-for-sale are reported in discontinued operations if: 1) the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction; and 2) the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. The Company presents the operations of business(es) that meet the criteria for reporting as discontinued operations, and retrospectively reclassifies operating results for all prior periods presented. | ||||||||||||
On December 31, 2013, the Company completed the sale of its 100% ownership of Bliss and Glennon and eReinsure.com ("eReinsure"). The operating results of these businesses are presented in the line "Income from discontinued operations - net of tax" in the Consolidated Statements of Income for the three months ended March 31, 2013. In accordance with accounting guidance, the Company has elected to not separately disclose the cash flows related to the Bliss and Glennon and eReinsure discontinued operations. | ||||||||||||
In addition, certain assets and liabilities associated with the disposition of Bliss and Glennon and eReinsure that are still subject to final settlement are included in the line items "Assets of discontinued operations" and "Liabilities of discontinued operations," in the Consolidated Balance Sheet at December 31, 2013 and at March 31, 2014. See the Note, "Divestitures," for more information on discontinued operations. | ||||||||||||
Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) includes net income and other items of comprehensive income. These other items are generally comprised of unrealized gains and losses on investment securities classified as available-for-sale and unrealized gains and losses on the interest rate swap, net of the related tax effects. | ||||||||||||
Use of Estimates | ||||||||||||
Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Reclassifications | ||||||||||||
Certain items in prior period consolidated financial statements were reclassified to conform to the current period presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. | ||||||||||||
Subsequent Events | ||||||||||||
The Company reviewed all material events subsequent to March 31, 2014 that occurred up to the date on which the Company's Consolidated Financial Statements were issued, to determine whether any event required recognition or disclosure in these Consolidated Financial Statements and/or disclosure in the notes thereto. For more information, please see the Note, "Subsequent Events." |
Recent_Accounting_Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Issued Accounting Standards Adopted and Not Yet Adopted [Text Block] | ' |
Recent Accounting Standards | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, to clarify the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU No. 2013-11 is effective prospectively for years and interim periods within those years beginning after December 15, 2013. The adoption of ASU No. 2013-11 did not have a material impact on the Company's consolidated financial position, results of operations or cash flows. | |
Recently Issued Accounting Pronouncements | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s financial results or a business activity classified as held for sale should be reported as discontinued operations and also expands the disclosure requirements for discontinued operations and adds new disclosures for individually significant dispositions that do not qualify as discontinued operations. ASU No. 2014-08 is effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The adoption of ASU No. 2014-08 is not expected to have a material impact on the Company's consolidated financial position, results of operations or cash flows. |
Earnings_Per_Share
Earnings Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share [Text Block] | ' | |||||||
Earnings Per Share | ||||||||
The following table details the earnings per share calculation: | For the Three Months Ended March 31, | |||||||
2014 | 2013 | |||||||
Numerator: (for both basic and diluted earnings per share) | ||||||||
Income from continuing operations before non-controlling interests | $ | 3,759 | $ | 2,049 | ||||
Less: net income attributable to non-controlling interests | 861 | 818 | ||||||
Net income from continuing operations - net of tax | 2,898 | 1,231 | ||||||
Discontinued operations - net of tax | — | 1,262 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 2,898 | $ | 2,493 | ||||
Denominator: | ||||||||
Total weighted average basic common shares outstanding | 19,651,256 | 19,556,743 | ||||||
Effect of dilutive stock options and restricted stock awards | 785,186 | 1,068,298 | ||||||
Total weighted average diluted common shares outstanding | 20,436,442 | 20,625,041 | ||||||
Earnings per share - Basic: | ||||||||
Net income from continuing operations - net of tax | $ | 0.15 | $ | 0.06 | ||||
Discontinued operations - net of tax | — | 0.07 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 0.15 | $ | 0.13 | ||||
Earnings per share - Diluted: | ||||||||
Net income from continuing operations - net of tax | $ | 0.14 | $ | 0.06 | ||||
Discontinued operations - net of tax | — | 0.06 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 0.14 | $ | 0.12 | ||||
Weighted average anti-dilutive common shares | 539,119 | 402,132 | ||||||
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||
Other Comprehensive Income | ' | |||||||||||
Other Comprehensive Income | ||||||||||||
The following table presents the activity in AOCI for the following periods: | For the Three Months Ended March 31, 2014 | |||||||||||
Net unrealized gains (losses) on available-for-sale securities | Net unrealized gain (loss) on interest rate swap | Total | ||||||||||
Balance at December 31, 2013, net of tax | $ | (1,761 | ) | $ | (1,904 | ) | $ | (3,665 | ) | |||
Other comprehensive income (loss) before reclassifications: | ||||||||||||
Pre-tax income (loss) | 1,375 | (45 | ) | 1,330 | ||||||||
Income tax (expense) benefit | (481 | ) | 15 | (466 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | 894 | (30 | ) | 864 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||
Pre-tax (income) loss | (1 | ) | 282 | 281 | ||||||||
Income tax (benefit) | — | (99 | ) | (99 | ) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | (1 | ) | 183 | 182 | ||||||||
Current period other comprehensive income, net of tax | 893 | 153 | 1,046 | |||||||||
Less: other comprehensive income attributable to non-controlling interest | 3 | — | 3 | |||||||||
Balance at March 31, 2014, net of tax | $ | (871 | ) | $ | (1,751 | ) | $ | (2,622 | ) | |||
For the Three Months Ended March 31, 2013 | ||||||||||||
Net unrealized gains (losses) on available-for-sale securities | Net unrealized gain (loss) on interest rate swap | Total | ||||||||||
Balance at December 31, 2012, net of tax | $ | 2,189 | $ | (2,820 | ) | $ | (631 | ) | ||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||
Pre-tax (loss) income | (51 | ) | 32 | (19 | ) | |||||||
Income tax benefit (expense) | 18 | (11 | ) | 7 | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | (33 | ) | 21 | (12 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||
Pre-tax (income) loss | (7 | ) | 277 | 270 | ||||||||
Income tax expense (benefit) | 2 | (97 | ) | (95 | ) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | (5 | ) | 180 | 175 | ||||||||
Current period other comprehensive (loss) income, net of tax | (38 | ) | 201 | 163 | ||||||||
Less: other comprehensive income attributable to non-controlling interest | — | — | — | |||||||||
Balance at March 31, 2013, net of tax | $ | 2,151 | $ | (2,619 | ) | $ | (468 | ) | ||||
The following table presents the reclassifications out of AOCI for the following periods: | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||
2014 | 2013 | Consolidated Statement of Income Location | ||||||||||
Unrealized gains (losses) on available-for-sale securities: | ||||||||||||
Reclassification of gains included in net income | $ | 1 | $ | 7 | Net realized investment gains (losses) | |||||||
Related tax (expense) | — | (2 | ) | Income taxes | ||||||||
Net of tax | $ | 1 | $ | 5 | Net Income | |||||||
Unrealized gain (loss) on interest rate swap: | ||||||||||||
Reclassification of (losses) included in net income | $ | (282 | ) | $ | (277 | ) | Interest expense | |||||
Related tax benefit | 99 | 97 | Income taxes | |||||||||
Net of tax | $ | (183 | ) | $ | (180 | ) | Net Income |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | ' | ||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||
The following table presents the Company's available-for-sale fixed maturity and equity securities: | |||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||
Description of Security | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 47,480 | $ | 213 | $ | (527 | ) | $ | 47,166 | ||||||||||||||||||
Municipal securities | 28,921 | 94 | (278 | ) | 28,737 | ||||||||||||||||||||||
Corporate securities | 58,950 | 376 | (502 | ) | 58,824 | ||||||||||||||||||||||
Obligations of foreign governments | 1,000 | 3 | (4 | ) | 999 | ||||||||||||||||||||||
Total fixed maturity securities | $ | 136,351 | $ | 686 | $ | (1,311 | ) | $ | 135,726 | ||||||||||||||||||
Common stock - publicly traded | $ | 39 | $ | 8 | $ | — | $ | 47 | |||||||||||||||||||
Preferred stock - publicly traded | 5,974 | 40 | (465 | ) | 5,549 | ||||||||||||||||||||||
Common stock - non-publicly traded | 59 | 5 | (13 | ) | 51 | ||||||||||||||||||||||
Preferred stock - non-publicly traded | 1,009 | 4 | — | 1,013 | |||||||||||||||||||||||
Total equity securities | $ | 7,081 | $ | 57 | $ | (478 | ) | $ | 6,660 | ||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||
Description of Security | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 51,971 | $ | 142 | $ | (678 | ) | $ | 51,435 | ||||||||||||||||||
Municipal securities | 24,856 | 104 | (413 | ) | 24,547 | ||||||||||||||||||||||
Corporate securities | 56,050 | 210 | (900 | ) | 55,360 | ||||||||||||||||||||||
Obligations of foreign governments | 411 | — | (2 | ) | 409 | ||||||||||||||||||||||
Total fixed maturity securities | $ | 133,288 | $ | 456 | $ | (1,993 | ) | $ | 131,751 | ||||||||||||||||||
Common stock - publicly traded | $ | 39 | $ | 8 | $ | — | $ | 47 | |||||||||||||||||||
Preferred stock - publicly traded | 5,974 | — | (887 | ) | 5,087 | ||||||||||||||||||||||
Common stock - non-publicly traded | 59 | 5 | (13 | ) | 51 | ||||||||||||||||||||||
Preferred stock - non-publicly traded | 1,009 | 4 | — | 1,013 | |||||||||||||||||||||||
Total equity securities | $ | 7,081 | $ | 17 | $ | (900 | ) | $ | 6,198 | ||||||||||||||||||
Pursuant to certain reinsurance agreements and statutory licensing requirements, the Company has deposited invested assets in custody accounts or insurance department safekeeping accounts. The Company cannot remove invested assets from these accounts without prior approval of the contractual party or regulatory authority, as applicable. The following table presents the Company's restricted investments included in the Company's available-for-sale fixed maturity securities: | |||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Fair value of restricted investments for special deposits required by state insurance departments | $ | 10,254 | $ | 10,339 | |||||||||||||||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | 5,653 | 6,134 | |||||||||||||||||||||||||
Fair value of restricted investments | $ | 15,907 | $ | 16,473 | |||||||||||||||||||||||
The following table presents the amortized cost and fair value of fixed maturity securities by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 7,120 | $ | 7,158 | $ | 18,766 | $ | 18,771 | |||||||||||||||||||
Due after one year through five years | 70,866 | 70,982 | 69,380 | 69,355 | |||||||||||||||||||||||
Due after five years through ten years | 36,150 | 35,634 | 22,622 | 21,731 | |||||||||||||||||||||||
Due after ten years | 22,215 | 21,952 | 22,520 | 21,894 | |||||||||||||||||||||||
Total fixed maturity securities | $ | 136,351 | $ | 135,726 | $ | 133,288 | $ | 131,751 | |||||||||||||||||||
The following tables present information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months, and twelve months or greater: | |||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||
Description of Security | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 24,330 | $ | 524 | 51 | $ | 225 | $ | 3 | 6 | $ | 24,555 | $ | 527 | 57 | ||||||||||||
Municipal securities | 12,625 | 278 | 30 | — | — | — | 12,625 | 278 | 30 | ||||||||||||||||||
Corporate securities | 25,981 | 415 | 42 | 2,498 | 87 | 3 | 28,479 | 502 | 45 | ||||||||||||||||||
Obligations of foreign governments | 588 | 4 | 1 | — | — | — | 588 | 4 | 1 | ||||||||||||||||||
Total fixed maturity securities | $ | 63,524 | $ | 1,221 | 124 | $ | 2,723 | $ | 90 | 9 | $ | 66,247 | $ | 1,311 | 133 | ||||||||||||
Preferred stock - publicly traded | 4,526 | 465 | 8 | — | — | — | 4,526 | 465 | 8 | ||||||||||||||||||
Common stock - non-publicly traded | — | — | — | 31 | 13 | 2 | 31 | 13 | 2 | ||||||||||||||||||
Total equity securities | $ | 4,526 | $ | 465 | 8 | $ | 31 | $ | 13 | 2 | $ | 4,557 | $ | 478 | 10 | ||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||
Description of Security | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 37,385 | $ | 672 | 67 | $ | 234 | $ | 6 | 7 | $ | 37,619 | $ | 678 | 74 | ||||||||||||
Municipal securities | 10,080 | 413 | 23 | — | — | — | 10,080 | 413 | 23 | ||||||||||||||||||
Corporate securities | 27,866 | 734 | 55 | 7,676 | 166 | 8 | 35,542 | 900 | 63 | ||||||||||||||||||
Obligations of foreign governments | 409 | 2 | 1 | — | — | — | 409 | 2 | 1 | ||||||||||||||||||
Total fixed maturity securities | $ | 75,740 | $ | 1,821 | 146 | $ | 7,910 | $ | 172 | 15 | $ | 83,650 | $ | 1,993 | 161 | ||||||||||||
Preferred stock - publicly traded | 5,087 | 887 | 9 | — | — | — | 5,087 | 887 | 9 | ||||||||||||||||||
Common stock - non-publicly traded | — | — | — | 31 | 13 | 2 | 31 | 13 | 2 | ||||||||||||||||||
Total equity securities | $ | 5,087 | $ | 887 | 9 | $ | 31 | $ | 13 | 2 | $ | 5,118 | $ | 900 | 11 | ||||||||||||
The Company does not intend to sell the investments that were in an unrealized loss position at March 31, 2014 and management believes that it is more likely than not that the Company will be able to hold these securities until full recovery of their amortized cost basis for fixed maturity securities or cost for equity securities. As of March 31, 2014, based on the Company's review, none of the fixed maturity or equity securities were deemed to be other-than-temporarily impaired based on the Company's analysis of the securities and its intent to hold the securities until recovery. | |||||||||||||||||||||||||||
The following table presents the total gross proceeds from the sale of available-for-sale investment securities: | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Gross proceeds from sales | $ | 501 | $ | 412 | |||||||||||||||||||||||
The following table presents the gross realized gains and gross realized losses for both fixed maturity and equity securities and realized losses for other-than-temporary impairments for available-for-sale investment securities: | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Gross realized gains | $ | 1 | $ | 7 | |||||||||||||||||||||||
Gross realized losses | — | — | |||||||||||||||||||||||||
Total net gains from investment sales | 1 | 7 | |||||||||||||||||||||||||
Impairment write-downs (other-than-temporary impairments) | — | — | |||||||||||||||||||||||||
Net realized investment gains | $ | 1 | $ | 7 | |||||||||||||||||||||||
The following table presents the components of net investment income: | For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Fixed income securities | $ | 615 | $ | 737 | |||||||||||||||||||||||
Cash on hand and on deposit | — | 20 | |||||||||||||||||||||||||
Common and preferred stock dividends | 98 | 76 | |||||||||||||||||||||||||
Notes receivable | 93 | 72 | |||||||||||||||||||||||||
Other income | — | 114 | |||||||||||||||||||||||||
Investment expenses | (99 | ) | (116 | ) | |||||||||||||||||||||||
Net investment income | $ | 707 | $ | 903 | |||||||||||||||||||||||
Reinsurance_Receivables
Reinsurance Receivables | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||||
Reinsurance [Text Block] | ' | |||||||||||||
Reinsurance Receivables | ||||||||||||||
The following table presents the effect of reinsurance on premiums written and earned: | ||||||||||||||
Premiums | For the Three Months Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Written | Earned | Written | Earned | |||||||||||
Direct and assumed | $ | 101,472 | $ | 108,499 | $ | 81,510 | $ | 92,122 | ||||||
Ceded | (69,590 | ) | (73,571 | ) | (50,676 | ) | (58,980 | ) | ||||||
Net | $ | 31,882 | $ | 34,928 | $ | 30,834 | $ | 33,142 | ||||||
The following table presents the effect of reinsurance on losses and loss adjustment expenses ("LAE") incurred: | ||||||||||||||
Losses and LAE incurred | For the Three Months Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Direct and assumed | $ | 26,118 | $ | 21,040 | ||||||||||
Ceded | (15,292 | ) | (10,505 | ) | ||||||||||
Net losses and LAE incurred | $ | 10,826 | $ | 10,535 | ||||||||||
The following table presents the components of the reinsurance receivables: | At | |||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Prepaid reinsurance premiums: | ||||||||||||||
Life (1) | $ | 49,995 | $ | 51,355 | ||||||||||
Accident and health (1) | 34,088 | 36,214 | ||||||||||||
Property | 97,714 | 98,650 | ||||||||||||
Total | 181,797 | 186,219 | ||||||||||||
Ceded claim reserves: | ||||||||||||||
Life | 1,601 | 1,594 | ||||||||||||
Accident and health | 7,417 | 7,826 | ||||||||||||
Property | 14,118 | 12,102 | ||||||||||||
Total ceded claim reserves recoverable | 23,136 | 21,522 | ||||||||||||
Other reinsurance settlements recoverable | 5,967 | 7,343 | ||||||||||||
Reinsurance receivables | $ | 210,900 | $ | 215,084 | ||||||||||
(1) Including policyholder account balances ceded. | ||||||||||||||
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers: | ||||||||||||||
At | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Total of the three largest receivable balances from unrelated reinsurers | $ | 131,151 | $ | 136,061 | ||||||||||
At March 31, 2014 and December 31, 2013, respectively, the three unrelated reinsurers from whom the Company has the largest receivable balances were: London Life Reinsurance Company (A. M. Best Rating: A), London Life International Reinsurance Corporation (A. M. Best Rating: Not rated) and Spartan Property Insurance Company (A. M. Best Rating: Not rated). The related receivables of Spartan Property Insurance Company and London Life International Reinsurance Corporation are collateralized by assets held in trust accounts and letters of credit due to their offshore relationships. At March 31, 2014, the Company does not believe there is a risk of loss as a result of the concentration of credit risk in the reinsurance program. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Policy Acquisition Costs [Text Block] | ' | |||||||
Deferred Acquisition Costs | ||||||||
Deferred Acquisition Costs - Insurance Related | ||||||||
The following table presents the amortization of deferred acquisition costs for the Company's insurance contracts: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total amortization of deferred acquisition costs - insurance related | $ | 17,242 | $ | 16,291 | ||||
Deferred Acquisition Costs - Non-insurance Related | ||||||||
The following table presents the amortization of deferred acquisition costs for the Company's non-insurance products: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total amortization of deferred acquisition costs - non-insurance related | $ | 14,497 | $ | 19,815 | ||||
Divestitures
Divestitures | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | |||||||
Divestitures | ||||||||
Discontinued Operations | ||||||||
On December 31, 2013, the Company completed the previously announced sale of all of the issued and outstanding stock of its subsidiaries Bliss and Glennon and eReinsure, to AmWINS Holdings, LLC, a North Carolina limited liability company ("AmWINS") (the "Disposition"), pursuant to the terms of the Stock Purchase Agreement (the "Purchase Agreement"), dated December 2, 2013. | ||||||||
The Company received net cash proceeds of $81.8 million for the Disposition, representing gross proceeds of $83.5 million less $1.0 million in transaction fees paid at the time of closing and $0.7 million of cash held by the disposed entities. The proceeds are subject to certain purchase price adjustments as set forth in the Purchase Agreement to reflect fluctuations in working capital, including adjustments for any receivable balances as of the disposition date that are not collected within one year. | ||||||||
As a result of the Disposition, the Company no longer operates in the businesses of wholesale insurance brokerage and selling or licensing of a computerized system or platform for the negotiation and/or placement of facultative reinsurance. As of and after December 31, 2013, the Company does not beneficially own the disposed businesses and will no longer consolidate Bliss and Glennon or eReinsure into its financial results. The historical financial results of the disposed businesses for periods prior to the Disposition are reflected in the Company's Consolidated Statements of Income as income from discontinued operations - net of tax. The Company allocated interest expense to the discontinued operations based on the anticipated net proceeds that would be applied to the repayment of the credit facilities outstanding at the respective time, multiplied by the respective interest rate of the credit facilities at the respective time. | ||||||||
The following table presents the assets and liabilities of the discontinued operations included on the Consolidated Balance Sheets: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Assets: | ||||||||
Other receivables | $ | 791 | $ | 791 | ||||
Assets of discontinued operations | $ | 791 | $ | 791 | ||||
Liabilities: | ||||||||
Accrued expenses, accounts payable and other liabilities | $ | 1,236 | $ | 2,708 | ||||
Income taxes payable | — | 5,895 | ||||||
Liabilities of discontinued operations | $ | 1,236 | $ | 8,603 | ||||
The following table presents the amounts related to the Company's discontinued operations in the Consolidated Statements of Income for the following period: | ||||||||
For the Three Months Ended | ||||||||
31-Mar-13 | ||||||||
Income from discontinued operations: | ||||||||
Revenues: | ||||||||
Brokerage commissions and fees | $ | 9,731 | ||||||
Net investment income | 6 | |||||||
Total revenues | 9,737 | |||||||
Expenses: | ||||||||
Personnel costs | 5,049 | |||||||
Other operating expenses | 1,342 | |||||||
Depreciation and amortization | 141 | |||||||
Amortization of intangibles | 480 | |||||||
Interest expense | 591 | |||||||
Total expenses | 7,603 | |||||||
Income from discontinued operations before income taxes | 2,134 | |||||||
Income taxes - discontinued operations | 872 | |||||||
Income from discontinued operations - net of tax | $ | 1,262 | ||||||
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Other Intangible Assets [Abstract] | ' | |||||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | |||||||||||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||||||||||||
The following table presents finite-lived other intangible assets and their respective amortization periods: | ||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||
Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Customer and agent relationships | 7 | to | 15 | $ | 40,075 | $ | (14,337 | ) | $ | 25,738 | $ | 40,075 | $ | (13,262 | ) | $ | 26,813 | |||||||||||
Tradenames | 8 | to | 10 | 1,460 | (166 | ) | 1,294 | 1,460 | (128 | ) | 1,332 | |||||||||||||||||
Software | 2.25 | to | 10 | 5,336 | (3,117 | ) | 2,219 | 5,336 | (2,930 | ) | 2,406 | |||||||||||||||||
Present value of future profits | 0.3 | to | 0.75 | 548 | (548 | ) | — | 548 | (548 | ) | — | |||||||||||||||||
Non-compete agreements | 1.5 | to | 6 | 1,378 | (912 | ) | 466 | 1,378 | (895 | ) | 483 | |||||||||||||||||
Total finite-lived other intangible assets | $ | 48,797 | $ | (19,080 | ) | $ | 29,717 | $ | 48,797 | $ | (17,763 | ) | $ | 31,034 | ||||||||||||||
The following table presents the carrying amount of indefinite-lived other intangible assets: | At | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Tradenames | $ | 17,764 | $ | 17,764 | ||||||||||||||||||||||||
Licenses | 375 | 375 | ||||||||||||||||||||||||||
Total | $ | 18,139 | $ | 18,139 | ||||||||||||||||||||||||
The following table presents the activity in other intangible assets: | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 49,173 | ||||||||||||||||||||||||||
Less: amortization expense | 1,317 | |||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 47,856 | ||||||||||||||||||||||||||
The following table presents estimated amortization of finite-lived other intangible assets for the next five years and thereafter ending December 31: | ||||||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||||||
Remainder of 2014 | $ | 3,952 | ||||||||||||||||||||||||||
2015 | 5,115 | |||||||||||||||||||||||||||
2016 | 4,868 | |||||||||||||||||||||||||||
2017 | 3,648 | |||||||||||||||||||||||||||
2018 | 2,230 | |||||||||||||||||||||||||||
Thereafter | 9,904 | |||||||||||||||||||||||||||
Total | $ | 29,717 | ||||||||||||||||||||||||||
Variable_Interest_Entity
Variable Interest Entity | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||
Variable Interest Entities Disclosure [Text Block] | ' | |||
Variable Interest Entity | ||||
In July 2011, the Company sold its 100% interest in CIRG. The consideration included a note receivable, with a first priority lien security interest in the assets of CIRG and other property of the buyers. As previously disclosed, the Company has a variable interest in CIRG. Prior to March 31, 2014, the Company did not consolidate CIRG into its results, because the Company was not the primary beneficiary. | ||||
During 2013, the buyers were unable to make the scheduled payments on the note, and the parties executed a forbearance agreement along with a security agreement and a subordination agreement designed to allow more flexibility in timing of repayment. The Company also provided $0.1 million in short term funding. | ||||
In March 2014, the Company notified the buyers of the cessation of forbearance, and began to exercise certain of the rights and remedies afforded by the note and related agreements to preserve its economic interest, including steps to protect assets of CIRG. The Company also provided additional short term funding. The Company has not taken ownership of CIRG, but the Company now has power over the VIE, and has consolidated the immaterial balances of CIRG as of March 31, 2014. | ||||
In March 31, 2014, the Company established an allowance for the full value of the note and accrued interest, incurring a charge of $1.3 million. The Company's maximum exposure to further loss in the VIE is limited to the balance of the short term funding. | ||||
At | ||||
March 31, 2014 | ||||
The Company's maximum exposure to loss in the VIE | $ | 174 | ||
Notes_Payable
Notes Payable | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Debt Disclosure [Text Block] | ' | |||||||
Notes Payable | ||||||||
The Company's Notes Payable consisted of the following: | At | |||||||
March 31, 2014 | December 31, 2013 | |||||||
Wells Fargo Bank, N.A. credit facility, maturing August 2019 (1) | $ | 7,067 | $ | — | ||||
Synovus Bank, revolving line of credit, maturing April 2017 | 6,098 | 3,273 | ||||||
Total | $ | 13,165 | $ | 3,273 | ||||
Maximum balance allowed on the Wells Fargo Bank, N.A. credit facility (1) | $ | 100,000 | $ | 75,000 | ||||
Interest rate at the end of the respective period, Wells Fargo Bank, N.A. credit facility (2) | 4.25 | % | — | % | ||||
Maximum balance allowed on the Synovus Bank, revolving line of credit | $ | 15,000 | $ | 15,000 | ||||
Interest rate at the end of the respective period, Synovus Bank, revolving line of credit | 3.24 | % | 3.24 | % | ||||
(1) - The maturity date was extended to August 2, 2019 and the maximum balance was increased to $100.0 million, effective April 11, 2014. | ||||||||
(2) - At December 31, 2013 the Company had no borrowings outstanding under the Revolving Facility, thus no interest rate can be defined. | ||||||||
The following table presents the aggregate maturities for the Company's notes payable by year at March 31, 2014: | ||||||||
Maturities | ||||||||
Remainder of 2014 | $ | 6,098 | ||||||
2015 | — | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
Thereafter (1) | 7,067 | |||||||
Total maturities | $ | 13,165 | ||||||
(1) - Effective April 11, 2014, the maturity date was extended to August 2, 2019. | ||||||||
$100.0 million Secured Credit Agreement - Wells Fargo Bank, N.A. | ||||||||
On April 11, 2014 the Company amended the original credit agreement, entered into on August 2, 2012, (as amended, the "Credit Agreement"), with a syndicate of lenders, among them Wells Fargo Bank, N.A., who also serves as administrative agent ("Wells Fargo" or the "Administrative Agent"). The Credit Agreement provides for an extended maturity to August 2, 2019 (subject to earlier termination) and an increased revolving credit facility of $100.0 million (the "Revolving Facility") with a sub-limit of $10.0 million for swingline loans and $10.0 million for letters of credit. The Credit Agreement includes a provision pursuant to which, from time to time, the Company may request that the lenders in their discretion increase the maximum amount of commitments under the Facilities by an amount not to exceed $50.0 million. The Credit Agreement also contains financial covenants, which the Company must maintain. See the section below, "Financial Covenants" for a presentation of the Company's more significant covenants associated with the Credit Agreement. The amendment to the Credit Agreement also serves to (1) reduce the interest rate margin on revolving loans by 0.35% for each pricing level and (2) reduce the unused line fee paid on undrawn revolving commitments by 0.05% for each pricing level. | ||||||||
Financial Covenants - Secured Credit Agreement - Wells Fargo Bank, N.A. | ||||||||
At March 31, 2014 and December 31, 2013, respectively, the Company was required to comply with various financial covenants set forth in the Credit Agreement. The following describes the Credit Agreement's more significant financial covenants in effect at March 31, 2014 and the calculations used to arrive at each ratio (capitalized terms used but not defined in this paragraph are defined in the Credit Agreement or as otherwise provided below): | ||||||||
Total Leverage Ratio - the ratio of (i) Consolidated Total Debt as of such date to (ii) Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") for the Measurement Period ending on or immediately prior to such date. | ||||||||
Fixed Charge Coverage Ratio - the ratio of (a) Consolidated Adjusted EBITDA less the actual amount paid by the Borrowers and their Subsidiaries in cash on account of Capital Expenditures less cash taxes paid by the Borrowers and their Subsidiaries to (b) Consolidated Fixed Charges, in each case for the Measurement Period ending on or immediately prior to such date. | ||||||||
Reinsurance Ratio - the ratio (expressed as a percentage) of (a) the aggregate amounts recoverable by the Borrowers and its Subsidiaries from reinsurers divided by (b) the sum of (i) policy and claim liabilities plus (ii) unearned premiums, in each case of the Borrowers and their Subsidiaries determined in accordance with U.S. GAAP. | ||||||||
Risk-Based Capital ("RBC") Ratio - the ratio (expressed as a percentage) of NAIC RBC (as defined in the NAIC standards) for any Regulated Insurance Company on an individual basis, calculated at the end of any Fiscal Year, to the "authorized control level" (as defined in the NAIC standards). | ||||||||
The following table presents the Credit Agreement's more significant financial covenants at March 31, 2014, except for the RBC ratios, which under the Credit Agreement reflect the ratios calculated as of the most recent year-end, in this case, December 31, 2013: | ||||||||
Actual At | ||||||||
Covenant | Covenant Requirement | March 31, 2014 | ||||||
Total leverage ratio | not more than 3.25 | 0.84 | ||||||
Fixed charge coverage ratio | not less than 2.00 | 3.51 | ||||||
Reinsurance ratio | not less than 50% | 68.00% | ||||||
Actual At | ||||||||
31-Dec-13 | ||||||||
RBC Ratios: | ||||||||
RBC Ratio - Bankers Life of Louisiana | not less than 250% | 435.00% | ||||||
RBC Ratio - Southern Financial Life Insurance Company | not less than 250% | 2096.00% | ||||||
RBC Ratio - Insurance Company of the South | not less than 250% | 366.00% | ||||||
RBC Ratio - Lyndon Southern Insurance Company | not less than 250% | 305.00% | ||||||
RBC Ratio - Life of the South Insurance Company | not less than 250% | 430.00% | ||||||
RBC Ratio - Response Indemnity Company of California | not less than 250% | 39754.00% | ||||||
$15.0 million Revolving Line of Credit - Synovus Bank | ||||||||
At March 31, 2014, the Company's subsidiary, South Bay had a $15.0 million revolving line of credit agreement (the "Line of Credit") with Synovus Bank, entered into in October 2013, with a maturity date of April 2017. The Line of Credit bears interest at a rate of 300 basis points plus 90-day LIBOR. South Bay uses the Line of Credit for its premium-financing product. The Line of Credit allows South Bay to finance up to 90% of the eligible receivables less an applicable reserve of $500,000. At March 31, 2014, the balance of premium financing receivables included in notes receivable, net, on the Consolidated Balance Sheet, totaled $9.8 million. At March 31, 2014, South Bay was in compliance with the covenants required by the Line of Credit. |
Derivative_Financial_Instrumen
Derivative Financial Instruments - Interest Rate Swap | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||
Derivative Financial Instruments - Interest Rate Swap | ||||||||||
The Company has an interest rate swap (the "Swap") with Wells Fargo Bank, N.A., pursuant to which the Company swapped the floating rate portion of its outstanding preferred trust securities to a fixed rate. The Swap, which is designated as a cash flow hedge, commenced in June 2012 and expires in June 2017. The following table presents the fair value (including accrued interest) and the related outstanding notional amount of the Company's single derivative instrument and indicates where within the Consolidated Balance Sheets each amount is reported: | ||||||||||
Balance Sheet Location | At | |||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedging instruments: | ||||||||||
Interest rate swap - notional value | $ | 35,000 | $ | 35,000 | ||||||
Fair value of the Swap | Accrued expenses, accounts payable and other liabilities | 2,693 | 2,930 | |||||||
Unrealized loss, net of tax, on the fair value of the Swap | AOCI | 1,751 | 1,904 | |||||||
Variable rate of the interest rate swap | 0.23 | % | 0.24 | % | ||||||
Fixed rate of the interest rate swap | 3.47 | % | 3.47 | % | ||||||
The following table presents the pretax impact of the Swap on the Consolidated Financial Statements for the following periods: | ||||||||||
For the Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
(Loss) gain recognized in AOCI on the derivative-effective portion | $ | (45 | ) | $ | 32 | |||||
Loss reclassified from AOCI into income-effective portion | $ | 282 | $ | 277 | ||||||
Gain (loss) recognized in income on the derivative-ineffective portion | $ | — | $ | — | ||||||
The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item. | ||||||||||
At | ||||||||||
March 31, 2014 | ||||||||||
Estimated loss to be reclassified to earnings from AOCI during the next 12 months | $ | 1,133 | ||||||||
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Stock-based compensation [Abstract] | ' | |||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||||||||
Stock Options | ||||||||||||||||||||||||||||
The Company granted 15,000 time-based stock options during the three months ended March 31, 2014, which vest in equal amounts on each of the four anniversaries of the grant date. The following table presents the Company's time-based and performance-based stock option activity for the current period: | ||||||||||||||||||||||||||||
Time-Based | Performance-Based | |||||||||||||||||||||||||||
Options Outstanding | Weighted Average Exercise Price (in dollars per share) | Options Exercisable | Weighted Average Exercise Price (in dollars per share) | Options Outstanding | Weighted Average Exercise Price (in dollars per share) | Options Exercisable | Weighted Average Exercise Price (in dollars per share) | |||||||||||||||||||||
Balance, December 31, 2013 | 1,930,407 | $ | 4.22 | 1,806,251 | $ | 3.98 | 289,306 | $ | 8.46 | — | $ | — | ||||||||||||||||
Granted | 15,000 | 8.27 | — | — | — | — | — | — | ||||||||||||||||||||
Vested | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Exercised | (391,389 | ) | 3.1 | (391,389 | ) | 3.1 | — | — | — | — | ||||||||||||||||||
Canceled/forfeited | (74,176 | ) | 7.9 | (74,176 | ) | 7.9 | — | — | — | — | ||||||||||||||||||
Balance, March 31, 2014 | 1,479,842 | $ | 4.37 | 1,340,686 | $ | 4.01 | 289,306 | $ | 8.46 | — | $ | — | ||||||||||||||||
Weighted average remaining contractual term at March 31, 2014 (in years) | 3.8 | 3.3 | 8.5 | — | ||||||||||||||||||||||||
The following table presents the weighted average assumptions used to estimate the fair values of all stock options granted during the three months ended March 31, 2014: | ||||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||
Expected term (years) | 6.25 | |||||||||||||||||||||||||||
Expected volatility | 33.83 | % | ||||||||||||||||||||||||||
Expected dividends | — | % | ||||||||||||||||||||||||||
Risk-free rate | 2.19 | % | ||||||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||||
During the three months ended March 31, 2014, the Company granted 30,000 time-based restricted stock awards to its Chief Executive Officer and 75,000 time-based restricted stock awards, equally distributed to five of its Directors. These awards will vest in equal amounts on each of the three anniversaries of the grant date. | ||||||||||||||||||||||||||||
The following table presents the Company's time-based and performance-based restricted stock award activity for the current period: | ||||||||||||||||||||||||||||
Time-Based | Performance-Based | |||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Shares outstanding at December 31, 2013 | 139,680 | $ | 8.59 | 130,629 | $ | 10.2 | ||||||||||||||||||||||
Grants | 105,000 | 7.26 | — | — | ||||||||||||||||||||||||
Vests | (45,000 | ) | 8.51 | — | — | |||||||||||||||||||||||
Forfeitures | — | — | — | — | ||||||||||||||||||||||||
Shares outstanding at March 31, 2014 | 199,680 | $ | 7.91 | 130,629 | $ | 10.2 | ||||||||||||||||||||||
Stock-based Compensation Expense | ||||||||||||||||||||||||||||
The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Income: | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Personnel costs | $ | 160 | $ | 185 | ||||||||||||||||||||||||
Other operating expenses | 132 | 118 | ||||||||||||||||||||||||||
Income tax benefit | (112 | ) | (116 | ) | ||||||||||||||||||||||||
Net stock-based compensation expense | $ | 180 | $ | 187 | ||||||||||||||||||||||||
Additional information on total non-vested stock-based compensation is as follows: | At March 31, 2014 | |||||||||||||||||||||||||||
Stock Options | Restricted Stock Awards | |||||||||||||||||||||||||||
Unrecognized compensation cost related to non-vested awards | $ | 398 | $ | 1,517 | ||||||||||||||||||||||||
Weighted-average recognition period (in years) | 3.2 | 3.6 | ||||||||||||||||||||||||||
For the three months ended March 31, 2014, the Company did not recognize expense on 149,306 performance-based stock options and 49,768 performance-based restricted stock awards because the attainment of the performance metrics associated with these awards was not probable based on current projections. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||
Income Taxes | ||||||||||||||
The following table presents the provision for income taxes for both continuing and discontinued operations: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income taxes - continuing operations | $ | 1,982 | $ | 482 | ||||||||||
Income taxes - discontinued operations | — | 872 | ||||||||||||
Income taxes | $ | 1,982 | $ | 1,354 | ||||||||||
The following table presents the provision for income taxes from continuing operations: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Current | $ | 2,245 | $ | (378 | ) | |||||||||
Deferred | (263 | ) | 860 | |||||||||||
Income taxes - continuing operations | $ | 1,982 | $ | 482 | ||||||||||
The following table presents a reconciliation of income taxes from continuing operations calculated at the federal statutory rate of 35% and the income tax expense attributable to continuing operations for the following periods: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Percent of Pre-tax Income | Amount | Percent of Pre-tax Income | |||||||||||
Income taxes at federal income tax rate | $ | 2,009 | 35 | % | $ | 886 | 35 | % | ||||||
Effect of: | ||||||||||||||
Small life deduction | (107 | ) | (1.86 | ) | (109 | ) | (4.31 | ) | ||||||
Non-deductible expenses | 22 | 0.38 | 18 | 0.71 | ||||||||||
Tax exempt interest | (34 | ) | (0.59 | ) | (31 | ) | (1.22 | ) | ||||||
State taxes | 162 | 2.82 | 59 | 2.33 | ||||||||||
Non-controlling interest | (304 | ) | (5.30 | ) | (286 | ) | (11.30 | ) | ||||||
Other, net | 234 | 4.08 | (55 | ) | (2.17 | ) | ||||||||
Income taxes - continuing operations | $ | 1,982 | 34.53 | % | $ | 482 | 19.04 | % | ||||||
At March 31, 2014, the Company had a net operating loss carry forward of $0.6 million, which is subject to certain limitations under IRC Section 382 and will begin to expire in December 31, 2025. The Company expects to utilize the full amount of the net operating loss carryforward. | ||||||||||||||
The Company has reviewed its uncertain tax positions and management has concluded that there are no additional amounts required to be recorded. | ||||||||||||||
In 2012, the Company was under examination by the Internal Revenue Service ("IRS") for the 2010 and 2009 tax years. In February 2013, the IRS completed its field audit for those tax years and presented its findings. The Company agreed to those findings and expensed $57.0 thousand in the first quarter of 2013. | ||||||||||||||
The Company's income tax returns are subject to review and examination by federal and state taxing authorities. The Company is currently open to audit under the applicable statutes of limitations by the IRS for the tax years 2011 through 2013. The years open to examination by state taxing authorities vary by jurisdiction. There are no extensions of the statute of limitations to assess income taxes currently in effect. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Disclosures [Text Block] | ' | |||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
The carrying and fair values of financial instruments are as follows: | At | |||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 10,974 | $ | 10,974 | $ | 21,681 | $ | 21,681 | ||||||||
Restricted cash | 17,852 | 17,852 | 17,293 | 17,293 | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | 47,166 | 47,166 | 51,435 | 51,435 | ||||||||||||
Municipal securities | 28,737 | 28,737 | 24,547 | 24,547 | ||||||||||||
Corporate securities | 58,824 | 58,824 | 55,360 | 55,360 | ||||||||||||
Obligations of foreign governments | 999 | 999 | 409 | 409 | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | 47 | 47 | ||||||||||||
Preferred stock - publicly traded | 5,549 | 5,549 | 5,087 | 5,087 | ||||||||||||
Common stock - non-publicly traded | 51 | 51 | 51 | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | 1,013 | 1,013 | 1,013 | ||||||||||||
Notes receivable | 15,912 | 15,912 | 11,920 | 11,920 | ||||||||||||
Accounts and premiums receivable, net | 20,526 | 20,526 | 18,702 | 18,702 | ||||||||||||
Other receivables | 28,376 | 28,376 | 33,409 | 33,409 | ||||||||||||
Short-term investments | 871 | 871 | 871 | 871 | ||||||||||||
Total financial assets | $ | 236,897 | $ | 236,897 | $ | 241,825 | $ | 241,825 | ||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 13,165 | $ | 13,165 | $ | 3,273 | $ | 3,273 | ||||||||
Preferred trust securities | 35,000 | 35,000 | 35,000 | 35,000 | ||||||||||||
Interest rate swap | 2,693 | 2,693 | 2,930 | 2,930 | ||||||||||||
Total financial liabilities | $ | 50,858 | $ | 50,858 | $ | 41,203 | $ | 41,203 | ||||||||
The Company's financial assets and liabilities accounted for at fair value by level within the fair value hierarchy are as follows: | ||||||||||||||||
At March 31, 2014 | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Financial Assets: | ||||||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 47,166 | $ | — | $ | 47,166 | $ | — | ||||||||
Municipal securities | 28,737 | — | 28,737 | — | ||||||||||||
Corporate securities | 58,824 | — | 58,824 | — | ||||||||||||
Obligations of foreign governments | 999 | — | 999 | — | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | — | — | ||||||||||||
Preferred stock - publicly traded | 5,549 | 5,549 | — | — | ||||||||||||
Common stock - non-publicly traded | 51 | — | — | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | — | — | 1,013 | ||||||||||||
Short-term investments | 871 | 871 | — | — | ||||||||||||
Total assets | $ | 143,257 | $ | 6,467 | $ | 135,726 | $ | 1,064 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swap | $ | 2,693 | $ | — | $ | 2,693 | $ | — | ||||||||
At December 31, 2013 | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Financial Assets: | ||||||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 51,435 | $ | — | $ | 51,435 | $ | — | ||||||||
Municipal securities | 24,547 | — | 24,547 | — | ||||||||||||
Corporate securities | 55,360 | — | 55,360 | — | ||||||||||||
Obligations of foreign governments | 409 | — | 409 | — | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | — | — | ||||||||||||
Preferred stock - publicly traded | 5,087 | 5,087 | — | — | ||||||||||||
Common stock - non-publicly traded | 51 | — | — | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | — | — | 1,013 | ||||||||||||
Short-term investments | 871 | 871 | — | — | ||||||||||||
Total Assets | $ | 138,820 | $ | 6,005 | $ | 131,751 | $ | 1,064 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swap | $ | 2,930 | $ | — | $ | 2,930 | $ | — | ||||||||
There were no transfers between Level 1, Level 2 or Level 3 for the three months ended March 31, 2014. The Company's use of Level 3 unobservable inputs included six individual securities that accounted for 0.7% of total investments at March 31, 2014. The Company utilized an independent third party pricing service to value four of the Level 3 securities. The values of two equity securities in Level 3, which are non-publicly traded preferred stocks, were calculated by the Company. One of the equity securities, with a value of $1.0 million was valued by taking into account the strength of the issuer's parent company guaranteeing the dividend of the issuer. While one of the Level 3 equity securities, with a value of $13.0 thousand, was valued by estimating the total value of the Class-A shares outstanding by the issuer and a review of the company's audited financial statements. At December 31, 2013, the Company had six individual securities valued under Level 3 that accounted for 0.8% of total investments. | ||||||||||||||||
The following table presents the changes in Level 3 assets measured at fair value: | For the Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance, January 1, | $ | 1,064 | $ | 1,123 | ||||||||||||
Total investment gains or losses (realized/unrealized): | ||||||||||||||||
Included in other comprehensive (loss) | — | (25 | ) | |||||||||||||
Transfers (out of) Level 3 | — | (27 | ) | |||||||||||||
Ending balance, March 31, | $ | 1,064 | $ | 1,071 | ||||||||||||
Statutory_Reporting_and_Insura
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Statutory Reporting and Dividend Restrictions [Abstract] | ' | |||||||
Statutory Reporting and Dividend Restrictions Disclosure [Text Block] | ' | |||||||
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions | ||||||||
The Company's insurance company subsidiaries may pay dividends to the Company, subject to statutory restrictions. Payments in excess of statutory restrictions (extraordinary dividends) to the Company are permitted only with prior approval of the insurance department of the applicable state of domicile. The Company eliminated all dividends from its subsidiaries in the Consolidated Financial Statements. The following table sets forth the dividends paid to the Company by its insurance company subsidiaries for the following periods: | ||||||||
For the Three Months Ended March 31, | For the Twelve Months Ended December 31, | |||||||
2014 | 2013 | |||||||
Ordinary dividends | $ | — | $ | 2,383 | ||||
Extraordinary dividends | — | — | ||||||
Total dividends | $ | — | $ | 2,383 | ||||
The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | 75,079 | $ | 69,269 | ||||
Required minimum statutory capital and surplus | $ | 17,200 | $ | 17,200 | ||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 4,244 | $ | 3,989 | ||||
At March 31, 2014, the maximum amount of dividends that our regulated insurance company subsidiaries could pay under applicable laws and regulations without regulatory approval was $4.2 million. The Company may seek regulatory approval to pay dividends in excess of this permitted amount, but there can be no assurance that the Company would receive regulatory approval if sought. | ||||||||
Under the NAIC's Risk-Based Capital Act of 1995, a company's Risk-Based Capital ("RBC") is calculated by applying certain risk factors to various asset, claim and reserve items. If a company's adjusted surplus falls below calculated RBC thresholds, regulatory intervention or oversight is required. The Company's insurance company subsidiaries' RBC levels, as calculated in accordance with the NAIC's RBC instructions, exceeded all RBC thresholds as of March 31, 2014 and December 31, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
Commitments | |
The Company, in the ordinary course of normal business, may enter from time to time into certain contractual obligations or commitments. The Company's commitments, as of March 31, 2014, have not materially changed from those disclosed in the note "Commitments and Contingencies," in the Company's 2013 Form 10-K. | |
Contingencies | |
The Company is a party to claims and litigation in the normal course of its operations. Management believes that the ultimate outcome of these matters in existence at March 31, 2014 are reserved against, covered by insurance or would not have a material adverse effect on the consolidated financial condition, results of operations or cash flows of the Company. | |
The Company is currently a defendant in Mullins v. Southern Financial Life Insurance Co., which was filed on February 2, 2006, in the Pike Circuit Court, in the Commonwealth of Kentucky. A class was certified on June 25, 2010. At issue is the duration or term of coverage under certain policies. The action alleges violations of the Consumer Protection Act and certain insurance statutes, as well as common law fraud. The action seeks compensatory and punitive damages, attorney fees and interest. The parties are currently involved in the merits discovery phase and discovery disputes have arisen. Plaintiffs filed a Motion for Sanctions on April 5, 2012 in connection with the Company's efforts to locate and gather certificates and other documents from the Company's agents. While the court did not award sanctions, it did order the Company to subpoena certain records from its agents. In an effort to prevent the trial court from enforcing the order, the Company filed a Writ of Prohibition, which the Kentucky Court of Appeals denied on August 31, 2012. In response, the Company filed a motion for discretionary review of the Writ of Prohibition. The Company also filed a direct appeal of the same order, on the grounds that the order could be construed as a finding of contempt on the part of the Company. The Court of Appeals dismissed the direct appeal on September 13, 2013, which prompted the Company to file a motion for discretionary review of the direct appeal. The Kentucky Supreme Court denied the Writ of Prohibition on November 21, 2013, and subsequently denied the direct appeal in April 2014. No hearings are currently scheduled and no trial date has been set. | |
The Company considers such litigation customary in its lines of business. In management's opinion, based on information available at this time, the ultimate resolution of such litigation, which it is vigorously defending, should not be materially adverse to the financial position, results of operations or cash flows of the Company. It should be noted that large punitive damage awards, bearing little relation to actual damages sustained by plaintiffs, have been awarded in certain states against other companies in the credit insurance business. Loss contingencies may be taken as developments warrant, although such amounts are not reasonably estimable at this time. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions Disclosure [Text Block] | ' | |||||||
Related Party Transactions | ||||||||
In conjunction with the December 31, 2012 acquisition of ProtectCELL, the Company assumed an office space lease between ProtectCELL and 39500 High Pointe, LLC ("High Pointe"). The ownership of High Pointe includes three members who were the founding members of ProtectCELL and are now employees of the Company. The table below presents the lease payments made to High Pointe. | ||||||||
At December 31, 2012, ProtectCELL held a $6.1 million note receivable carrying an interest rate of 8.00% from High Pointe, which is fully secured by a mortgage on the office building owned by High Pointe (see the lease described above). On March 15, 2013, ProtectCELL received $6.1 million from High Pointe, representing the full payoff of the outstanding balance of the note receivable. The Company only recorded interest income on this note receivable during the three months ended March 31, 2013. | ||||||||
An executive officer of ProtectCELL owned multiple wireless retail locations, which sell ProtectCELL protection plans to wireless retail customers. The executive sold these wireless retail locations in February 2014. The table below presents the income recorded on and the commissions paid for this related party agreement. | ||||||||
In conjunction with the December 31, 2012 acquisition of 4Warranty, the Company assumed an office space lease between 4Warranty and Source International Incorporated ("Source"), effective January 1, 2013. The ownership of Source is comprised of two individuals who had consulting relationships with the Company. The lease with Source, which expired on December 31, 2013, was not renewed since the operations of 4Warranty were moved to the Company's main office. The table below presents the lease payments made to Source during the three months ended March 31, 2013. | ||||||||
In December 2011, the Company entered into a marketing and referral agreement (the "Marketing Agreement") with a company in which a member serving on the Company's Board of Directors also serves on the board of the company providing the marketing services (the "Marketer"). The Marketing Agreement has a five year term and requires the Company to pay the Marketer a per account fee per month based on the number of enrolled customers the Marketer obtains for the Company. In conjunction with this Marketing Agreement, during April 2013, the Company entered into an agreement under which the Marketer began selling insurance-related products of the Company to the Marketer's customers. The Company recorded income and paid claims, associated with the sale of the Company's insurance-related products, for the three months ended March 31, 2014, which are reflected in the table below. | ||||||||
The following table presents the amounts recorded on the Company's Consolidated Statements of Income resulting from related party transactions: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Income recorded by ProtectCELL for protection plans sold | $ | 307 | $ | 507 | ||||
Income recorded for the sale of the Company's insurance-related products under the Marketing Agreement | 317 | — | ||||||
Total related party income recorded by the Company | $ | 624 | $ | 507 | ||||
Interest income recorded on the High Pointe note receivable | $ | — | $ | 21 | ||||
Lease expense paid to High Pointe | $ | 104 | $ | 94 | ||||
Lease expense paid to Source | — | 29 | ||||||
Total related party lease expense | $ | 104 | $ | 123 | ||||
Commissions paid by ProtectCELL for protection plans sold | $ | 122 | $ | 205 | ||||
Claims paid on the Company's insurance-related products under the Marketing Agreement | $ | 23 | $ | — | ||||
The following table presents the amounts recorded on the Company's Consolidated Balance Sheets from related party transactions: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts receivable from related parties | $ | — | $ | 113 | ||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
The Company measures subsequent events through the date of the filing of its Consolidated Financial Statements. Management has determined that the following events merit disclosure as subsequent events: | |
Amended Secured Credit Agreement - Wells Fargo Bank, N.A. | |
As disclosed on April 16, 2014, in the Company's Current Report on Form 8-K, effective April 11, 2014, the Company entered into the Second Amendment to the Credit Agreement. For more information, please see the note, "Note Payable." |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||
Principles of Consolidation | ||||||||||||
The Consolidated Financial Statements include the accounts of Fortegra Financial Corporation and its majority-owned and controlled subsidiaries. All material intercompany account balances and transactions have been eliminated. | ||||||||||||
Non-Controlling Interests | ||||||||||||
The third-party ownership of the common stock of SFLAC and of the ownership interests of ProtectCELL, which is treated as a partnership for income tax purposes, have been reflected as non-controlling interests on the Consolidated Balance Sheets. In addition, the Company's non-controlling interest includes the amount for the consolidation of the variable interest entity ("VIE"), Creative Investigations Recovery Group, LLC ("CIRG"). The following table shows the amount outstanding and the percentage of non-controlling interest by entity: | ||||||||||||
At | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Amount | Percent | Amount | Percent | |||||||||
ProtectCELL | $ | 5,633 | 37.6 | % | $ | 5,471 | 37.6 | % | ||||
SFLAC | 576 | 15 | % | 562 | 15 | % | ||||||
CIRG | (249 | ) | 100 | % | — | — | % | |||||
Total non-controlling interests | $ | 5,960 | $ | 6,033 | ||||||||
Income (loss) attributable to these non-controlling interests are presented on the Consolidated Statements of Income as net income (loss) attributable to non-controlling interests and on the Consolidated Statements of Comprehensive Income as comprehensive income (loss) attributable to non-controlling interests. | ||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | |||||||||||
Reportable Segment | ||||||||||||
The Company reports operating results and financial data in one operating and one reportable segment, Protection Products and Services. The Company has determined that its Chief Executive Officer is the Chief Operating Decision Maker. The financial results of the Company's single segment are equal to the net income from continuing operations reported in the Consolidated Statements of Income for all periods presented. | ||||||||||||
Discontinued Operations, Policy [Policy Text Block] | ' | |||||||||||
Discontinued Operations | ||||||||||||
The results of operations of a business of the Company that either has been disposed of or is classified as held-for-sale are reported in discontinued operations if: 1) the operations and cash flows of the component have been or will be eliminated from the ongoing operations of the Company as a result of the disposal transaction; and 2) the Company will not have any significant continuing involvement in the operations of the component after the disposal transaction. The Company presents the operations of business(es) that meet the criteria for reporting as discontinued operations, and retrospectively reclassifies operating results for all prior periods presented. | ||||||||||||
On December 31, 2013, the Company completed the sale of its 100% ownership of Bliss and Glennon and eReinsure.com ("eReinsure"). The operating results of these businesses are presented in the line "Income from discontinued operations - net of tax" in the Consolidated Statements of Income for the three months ended March 31, 2013. In accordance with accounting guidance, the Company has elected to not separately disclose the cash flows related to the Bliss and Glennon and eReinsure discontinued operations. | ||||||||||||
In addition, certain assets and liabilities associated with the disposition of Bliss and Glennon and eReinsure that are still subject to final settlement are included in the line items "Assets of discontinued operations" and "Liabilities of discontinued operations," in the Consolidated Balance Sheet at December 31, 2013 and at March 31, 2014. See the Note, "Divestitures," for more information on discontinued operations. | ||||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | |||||||||||
Comprehensive Income (Loss) | ||||||||||||
Comprehensive income (loss) includes net income and other items of comprehensive income. These other items are generally comprised of unrealized gains and losses on investment securities classified as available-for-sale and unrealized gains and losses on the interest rate swap, net of the related tax effects. | ||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||
Use of Estimates | ||||||||||||
Preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | ' | |||||||||||
Reclassifications | ||||||||||||
Certain items in prior period consolidated financial statements were reclassified to conform to the current period presentation, which had no impact on net income, comprehensive income or loss, net cash provided by operating activities or stockholders' equity. | ||||||||||||
Subsequent Events, Policy [Policy Text Block] | ' | |||||||||||
Subsequent Events | ||||||||||||
The Company reviewed all material events subsequent to March 31, 2014 that occurred up to the date on which the Company's Consolidated Financial Statements were issued, to determine whether any event required recognition or disclosure in these Consolidated Financial Statements and/or disclosure in the notes thereto. For more information, please see the Note, "Subsequent Events." |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Table Text Block] | ' | |||||||||||
The following table shows the amount outstanding and the percentage of non-controlling interest by entity: | ||||||||||||
At | ||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||
Amount | Percent | Amount | Percent | |||||||||
ProtectCELL | $ | 5,633 | 37.6 | % | $ | 5,471 | 37.6 | % | ||||
SFLAC | 576 | 15 | % | 562 | 15 | % | ||||||
CIRG | (249 | ) | 100 | % | — | — | % | |||||
Total non-controlling interests | $ | 5,960 | $ | 6,033 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||
The following table details the earnings per share calculation: | For the Three Months Ended March 31, | |||||||
2014 | 2013 | |||||||
Numerator: (for both basic and diluted earnings per share) | ||||||||
Income from continuing operations before non-controlling interests | $ | 3,759 | $ | 2,049 | ||||
Less: net income attributable to non-controlling interests | 861 | 818 | ||||||
Net income from continuing operations - net of tax | 2,898 | 1,231 | ||||||
Discontinued operations - net of tax | — | 1,262 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 2,898 | $ | 2,493 | ||||
Denominator: | ||||||||
Total weighted average basic common shares outstanding | 19,651,256 | 19,556,743 | ||||||
Effect of dilutive stock options and restricted stock awards | 785,186 | 1,068,298 | ||||||
Total weighted average diluted common shares outstanding | 20,436,442 | 20,625,041 | ||||||
Earnings per share - Basic: | ||||||||
Net income from continuing operations - net of tax | $ | 0.15 | $ | 0.06 | ||||
Discontinued operations - net of tax | — | 0.07 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 0.15 | $ | 0.13 | ||||
Earnings per share - Diluted: | ||||||||
Net income from continuing operations - net of tax | $ | 0.14 | $ | 0.06 | ||||
Discontinued operations - net of tax | — | 0.06 | ||||||
Net income attributable to Fortegra Financial Corporation | $ | 0.14 | $ | 0.12 | ||||
Weighted average anti-dilutive common shares | 539,119 | 402,132 | ||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Other Comprehensive Income [Abstract] | ' | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
The following table presents the activity in AOCI for the following periods: | For the Three Months Ended March 31, 2014 | |||||||||||
Net unrealized gains (losses) on available-for-sale securities | Net unrealized gain (loss) on interest rate swap | Total | ||||||||||
Balance at December 31, 2013, net of tax | $ | (1,761 | ) | $ | (1,904 | ) | $ | (3,665 | ) | |||
Other comprehensive income (loss) before reclassifications: | ||||||||||||
Pre-tax income (loss) | 1,375 | (45 | ) | 1,330 | ||||||||
Income tax (expense) benefit | (481 | ) | 15 | (466 | ) | |||||||
Other comprehensive income (loss) before reclassifications, net of tax | 894 | (30 | ) | 864 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||
Pre-tax (income) loss | (1 | ) | 282 | 281 | ||||||||
Income tax (benefit) | — | (99 | ) | (99 | ) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | (1 | ) | 183 | 182 | ||||||||
Current period other comprehensive income, net of tax | 893 | 153 | 1,046 | |||||||||
Less: other comprehensive income attributable to non-controlling interest | 3 | — | 3 | |||||||||
Balance at March 31, 2014, net of tax | $ | (871 | ) | $ | (1,751 | ) | $ | (2,622 | ) | |||
For the Three Months Ended March 31, 2013 | ||||||||||||
Net unrealized gains (losses) on available-for-sale securities | Net unrealized gain (loss) on interest rate swap | Total | ||||||||||
Balance at December 31, 2012, net of tax | $ | 2,189 | $ | (2,820 | ) | $ | (631 | ) | ||||
Other comprehensive income (loss) before reclassifications: | ||||||||||||
Pre-tax (loss) income | (51 | ) | 32 | (19 | ) | |||||||
Income tax benefit (expense) | 18 | (11 | ) | 7 | ||||||||
Other comprehensive (loss) income before reclassifications, net of tax | (33 | ) | 21 | (12 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||
Pre-tax (income) loss | (7 | ) | 277 | 270 | ||||||||
Income tax expense (benefit) | 2 | (97 | ) | (95 | ) | |||||||
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | (5 | ) | 180 | 175 | ||||||||
Current period other comprehensive (loss) income, net of tax | (38 | ) | 201 | 163 | ||||||||
Less: other comprehensive income attributable to non-controlling interest | — | — | — | |||||||||
Balance at March 31, 2013, net of tax | $ | 2,151 | $ | (2,619 | ) | $ | (468 | ) | ||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||
The following table presents the reclassifications out of AOCI for the following periods: | ||||||||||||
For the Three Months Ended March 31, | ||||||||||||
2014 | 2013 | Consolidated Statement of Income Location | ||||||||||
Unrealized gains (losses) on available-for-sale securities: | ||||||||||||
Reclassification of gains included in net income | $ | 1 | $ | 7 | Net realized investment gains (losses) | |||||||
Related tax (expense) | — | (2 | ) | Income taxes | ||||||||
Net of tax | $ | 1 | $ | 5 | Net Income | |||||||
Unrealized gain (loss) on interest rate swap: | ||||||||||||
Reclassification of (losses) included in net income | $ | (282 | ) | $ | (277 | ) | Interest expense | |||||
Related tax benefit | 99 | 97 | Income taxes | |||||||||
Net of tax | $ | (183 | ) | $ | (180 | ) | Net Income |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||
Investments [Abstract] | ' | ||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | ' | ||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||
Description of Security | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 51,971 | $ | 142 | $ | (678 | ) | $ | 51,435 | ||||||||||||||||||
Municipal securities | 24,856 | 104 | (413 | ) | 24,547 | ||||||||||||||||||||||
Corporate securities | 56,050 | 210 | (900 | ) | 55,360 | ||||||||||||||||||||||
Obligations of foreign governments | 411 | — | (2 | ) | 409 | ||||||||||||||||||||||
Total fixed maturity securities | $ | 133,288 | $ | 456 | $ | (1,993 | ) | $ | 131,751 | ||||||||||||||||||
Common stock - publicly traded | $ | 39 | $ | 8 | $ | — | $ | 47 | |||||||||||||||||||
Preferred stock - publicly traded | 5,974 | — | (887 | ) | 5,087 | ||||||||||||||||||||||
Common stock - non-publicly traded | 59 | 5 | (13 | ) | 51 | ||||||||||||||||||||||
Preferred stock - non-publicly traded | 1,009 | 4 | — | 1,013 | |||||||||||||||||||||||
Total equity securities | $ | 7,081 | $ | 17 | $ | (900 | ) | $ | 6,198 | ||||||||||||||||||
The following table presents the Company's available-for-sale fixed maturity and equity securities: | |||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||
Description of Security | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 47,480 | $ | 213 | $ | (527 | ) | $ | 47,166 | ||||||||||||||||||
Municipal securities | 28,921 | 94 | (278 | ) | 28,737 | ||||||||||||||||||||||
Corporate securities | 58,950 | 376 | (502 | ) | 58,824 | ||||||||||||||||||||||
Obligations of foreign governments | 1,000 | 3 | (4 | ) | 999 | ||||||||||||||||||||||
Total fixed maturity securities | $ | 136,351 | $ | 686 | $ | (1,311 | ) | $ | 135,726 | ||||||||||||||||||
Common stock - publicly traded | $ | 39 | $ | 8 | $ | — | $ | 47 | |||||||||||||||||||
Preferred stock - publicly traded | 5,974 | 40 | (465 | ) | 5,549 | ||||||||||||||||||||||
Common stock - non-publicly traded | 59 | 5 | (13 | ) | 51 | ||||||||||||||||||||||
Preferred stock - non-publicly traded | 1,009 | 4 | — | 1,013 | |||||||||||||||||||||||
Total equity securities | $ | 7,081 | $ | 57 | $ | (478 | ) | $ | 6,660 | ||||||||||||||||||
Restricted investments [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table presents the Company's restricted investments included in the Company's available-for-sale fixed maturity securities: | |||||||||||||||||||||||||||
At | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
Fair value of restricted investments for special deposits required by state insurance departments | $ | 10,254 | $ | 10,339 | |||||||||||||||||||||||
Fair value of restricted investments in trust pursuant to reinsurance agreements | 5,653 | 6,134 | |||||||||||||||||||||||||
Fair value of restricted investments | $ | 15,907 | $ | 16,473 | |||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table presents the amortized cost and fair value of fixed maturity securities by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | ||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 7,120 | $ | 7,158 | $ | 18,766 | $ | 18,771 | |||||||||||||||||||
Due after one year through five years | 70,866 | 70,982 | 69,380 | 69,355 | |||||||||||||||||||||||
Due after five years through ten years | 36,150 | 35,634 | 22,622 | 21,731 | |||||||||||||||||||||||
Due after ten years | 22,215 | 21,952 | 22,520 | 21,894 | |||||||||||||||||||||||
Total fixed maturity securities | $ | 136,351 | $ | 135,726 | $ | 133,288 | $ | 131,751 | |||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||
The following tables present information on unrealized losses on investment securities that have been in an unrealized loss position for less than twelve months, and twelve months or greater: | |||||||||||||||||||||||||||
At March 31, 2014 | |||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||
Description of Security | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 24,330 | $ | 524 | 51 | $ | 225 | $ | 3 | 6 | $ | 24,555 | $ | 527 | 57 | ||||||||||||
Municipal securities | 12,625 | 278 | 30 | — | — | — | 12,625 | 278 | 30 | ||||||||||||||||||
Corporate securities | 25,981 | 415 | 42 | 2,498 | 87 | 3 | 28,479 | 502 | 45 | ||||||||||||||||||
Obligations of foreign governments | 588 | 4 | 1 | — | — | — | 588 | 4 | 1 | ||||||||||||||||||
Total fixed maturity securities | $ | 63,524 | $ | 1,221 | 124 | $ | 2,723 | $ | 90 | 9 | $ | 66,247 | $ | 1,311 | 133 | ||||||||||||
Preferred stock - publicly traded | 4,526 | 465 | 8 | — | — | — | 4,526 | 465 | 8 | ||||||||||||||||||
Common stock - non-publicly traded | — | — | — | 31 | 13 | 2 | 31 | 13 | 2 | ||||||||||||||||||
Total equity securities | $ | 4,526 | $ | 465 | 8 | $ | 31 | $ | 13 | 2 | $ | 4,557 | $ | 478 | 10 | ||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||
Less than Twelve Months | Twelve Months or Greater | Total | |||||||||||||||||||||||||
Description of Security | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | Fair Value | Unrealized Losses | # of Securities | ||||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 37,385 | $ | 672 | 67 | $ | 234 | $ | 6 | 7 | $ | 37,619 | $ | 678 | 74 | ||||||||||||
Municipal securities | 10,080 | 413 | 23 | — | — | — | 10,080 | 413 | 23 | ||||||||||||||||||
Corporate securities | 27,866 | 734 | 55 | 7,676 | 166 | 8 | 35,542 | 900 | 63 | ||||||||||||||||||
Obligations of foreign governments | 409 | 2 | 1 | — | — | — | 409 | 2 | 1 | ||||||||||||||||||
Total fixed maturity securities | $ | 75,740 | $ | 1,821 | 146 | $ | 7,910 | $ | 172 | 15 | $ | 83,650 | $ | 1,993 | 161 | ||||||||||||
Preferred stock - publicly traded | 5,087 | 887 | 9 | — | — | — | 5,087 | 887 | 9 | ||||||||||||||||||
Common stock - non-publicly traded | — | — | — | 31 | 13 | 2 | 31 | 13 | 2 | ||||||||||||||||||
Total equity securities | $ | 5,087 | $ | 887 | 9 | $ | 31 | $ | 13 | 2 | $ | 5,118 | $ | 900 | 11 | ||||||||||||
Gross proceeds from the sale of available-for-sale securities [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table presents the total gross proceeds from the sale of available-for-sale investment securities: | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Gross proceeds from sales | $ | 501 | $ | 412 | |||||||||||||||||||||||
Gain (Loss) on Investments [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table presents the gross realized gains and gross realized losses for both fixed maturity and equity securities and realized losses for other-than-temporary impairments for available-for-sale investment securities: | |||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Gross realized gains | $ | 1 | $ | 7 | |||||||||||||||||||||||
Gross realized losses | — | — | |||||||||||||||||||||||||
Total net gains from investment sales | 1 | 7 | |||||||||||||||||||||||||
Impairment write-downs (other-than-temporary impairments) | — | — | |||||||||||||||||||||||||
Net realized investment gains | $ | 1 | $ | 7 | |||||||||||||||||||||||
Investment Income [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table presents the components of net investment income: | For the Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||
Fixed income securities | $ | 615 | $ | 737 | |||||||||||||||||||||||
Cash on hand and on deposit | — | 20 | |||||||||||||||||||||||||
Common and preferred stock dividends | 98 | 76 | |||||||||||||||||||||||||
Notes receivable | 93 | 72 | |||||||||||||||||||||||||
Other income | — | 114 | |||||||||||||||||||||||||
Investment expenses | (99 | ) | (116 | ) | |||||||||||||||||||||||
Net investment income | $ | 707 | $ | 903 | |||||||||||||||||||||||
Reinsurance_Receivables_Tables
Reinsurance Receivables (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Reinsurance Disclosures [Abstract] | ' | |||||||||||||
Premiums Written and Earned [Table Text Block] | ' | |||||||||||||
The following table presents the effect of reinsurance on premiums written and earned: | ||||||||||||||
Premiums | For the Three Months Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Written | Earned | Written | Earned | |||||||||||
Direct and assumed | $ | 101,472 | $ | 108,499 | $ | 81,510 | $ | 92,122 | ||||||
Ceded | (69,590 | ) | (73,571 | ) | (50,676 | ) | (58,980 | ) | ||||||
Net | $ | 31,882 | $ | 34,928 | $ | 30,834 | $ | 33,142 | ||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | ' | |||||||||||||
The following table presents the effect of reinsurance on losses and loss adjustment expenses ("LAE") incurred: | ||||||||||||||
Losses and LAE incurred | For the Three Months Ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Direct and assumed | $ | 26,118 | $ | 21,040 | ||||||||||
Ceded | (15,292 | ) | (10,505 | ) | ||||||||||
Net losses and LAE incurred | $ | 10,826 | $ | 10,535 | ||||||||||
Components of Reinsurance Receivable [Table Text Block] | ' | |||||||||||||
The following table presents the components of the reinsurance receivables: | At | |||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Prepaid reinsurance premiums: | ||||||||||||||
Life (1) | $ | 49,995 | $ | 51,355 | ||||||||||
Accident and health (1) | 34,088 | 36,214 | ||||||||||||
Property | 97,714 | 98,650 | ||||||||||||
Total | 181,797 | 186,219 | ||||||||||||
Ceded claim reserves: | ||||||||||||||
Life | 1,601 | 1,594 | ||||||||||||
Accident and health | 7,417 | 7,826 | ||||||||||||
Property | 14,118 | 12,102 | ||||||||||||
Total ceded claim reserves recoverable | 23,136 | 21,522 | ||||||||||||
Other reinsurance settlements recoverable | 5,967 | 7,343 | ||||||||||||
Reinsurance receivables | $ | 210,900 | $ | 215,084 | ||||||||||
(1) Including policyholder account balances ceded. | ||||||||||||||
The following table presents the aggregate amount included in reinsurance receivables that is comprised of the three largest receivable balances from unrelated reinsurers: | ||||||||||||||
At | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Total of the three largest receivable balances from unrelated reinsurers | $ | 131,151 | $ | 136,061 | ||||||||||
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | |||||||
The following table presents the amortization of deferred acquisition costs for the Company's non-insurance products: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total amortization of deferred acquisition costs - non-insurance related | $ | 14,497 | $ | 19,815 | ||||
The following table presents the amortization of deferred acquisition costs for the Company's insurance contracts: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Total amortization of deferred acquisition costs - insurance related | $ | 17,242 | $ | 16,291 | ||||
Divestitures_Discontinued_Oper
Divestitures Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | |||||||
The following table presents the assets and liabilities of the discontinued operations included on the Consolidated Balance Sheets: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Assets: | ||||||||
Other receivables | $ | 791 | $ | 791 | ||||
Assets of discontinued operations | $ | 791 | $ | 791 | ||||
Liabilities: | ||||||||
Accrued expenses, accounts payable and other liabilities | $ | 1,236 | $ | 2,708 | ||||
Income taxes payable | — | 5,895 | ||||||
Liabilities of discontinued operations | $ | 1,236 | $ | 8,603 | ||||
The following table presents the amounts related to the Company's discontinued operations in the Consolidated Statements of Income for the following period: | ||||||||
For the Three Months Ended | ||||||||
31-Mar-13 | ||||||||
Income from discontinued operations: | ||||||||
Revenues: | ||||||||
Brokerage commissions and fees | $ | 9,731 | ||||||
Net investment income | 6 | |||||||
Total revenues | 9,737 | |||||||
Expenses: | ||||||||
Personnel costs | 5,049 | |||||||
Other operating expenses | 1,342 | |||||||
Depreciation and amortization | 141 | |||||||
Amortization of intangibles | 480 | |||||||
Interest expense | 591 | |||||||
Total expenses | 7,603 | |||||||
Income from discontinued operations before income taxes | 2,134 | |||||||
Income taxes - discontinued operations | 872 | |||||||
Income from discontinued operations - net of tax | $ | 1,262 | ||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Other Intangible Assets [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents finite-lived other intangible assets and their respective amortization periods: | ||||||||||||||||||||||||||||
At March 31, 2014 | At December 31, 2013 | |||||||||||||||||||||||||||
Amortization Period (Years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Customer and agent relationships | 7 | to | 15 | $ | 40,075 | $ | (14,337 | ) | $ | 25,738 | $ | 40,075 | $ | (13,262 | ) | $ | 26,813 | |||||||||||
Tradenames | 8 | to | 10 | 1,460 | (166 | ) | 1,294 | 1,460 | (128 | ) | 1,332 | |||||||||||||||||
Software | 2.25 | to | 10 | 5,336 | (3,117 | ) | 2,219 | 5,336 | (2,930 | ) | 2,406 | |||||||||||||||||
Present value of future profits | 0.3 | to | 0.75 | 548 | (548 | ) | — | 548 | (548 | ) | — | |||||||||||||||||
Non-compete agreements | 1.5 | to | 6 | 1,378 | (912 | ) | 466 | 1,378 | (895 | ) | 483 | |||||||||||||||||
Total finite-lived other intangible assets | $ | 48,797 | $ | (19,080 | ) | $ | 29,717 | $ | 48,797 | $ | (17,763 | ) | $ | 31,034 | ||||||||||||||
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the carrying amount of indefinite-lived other intangible assets: | At | |||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Tradenames | $ | 17,764 | $ | 17,764 | ||||||||||||||||||||||||
Licenses | 375 | 375 | ||||||||||||||||||||||||||
Total | $ | 18,139 | $ | 18,139 | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the activity in other intangible assets: | ||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 49,173 | ||||||||||||||||||||||||||
Less: amortization expense | 1,317 | |||||||||||||||||||||||||||
Balance at March 31, 2014 | $ | 47,856 | ||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents estimated amortization of finite-lived other intangible assets for the next five years and thereafter ending December 31: | ||||||||||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||||||||||
Remainder of 2014 | $ | 3,952 | ||||||||||||||||||||||||||
2015 | 5,115 | |||||||||||||||||||||||||||
2016 | 4,868 | |||||||||||||||||||||||||||
2017 | 3,648 | |||||||||||||||||||||||||||
2018 | 2,230 | |||||||||||||||||||||||||||
Thereafter | 9,904 | |||||||||||||||||||||||||||
Total | $ | 29,717 | ||||||||||||||||||||||||||
Variable_Interest_Entity_Table
Variable Interest Entity (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | ' | |||
Schedule of Variable Interest Entities [Table Text Block] | ' | |||
The Company's maximum exposure to further loss in the VIE is limited to the balance of the short term funding. | ||||
At | ||||
March 31, 2014 | ||||
The Company's maximum exposure to loss in the VIE | $ | 174 | ||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | |||||||
The Company's Notes Payable consisted of the following: | At | |||||||
March 31, 2014 | December 31, 2013 | |||||||
Wells Fargo Bank, N.A. credit facility, maturing August 2019 (1) | $ | 7,067 | $ | — | ||||
Synovus Bank, revolving line of credit, maturing April 2017 | 6,098 | 3,273 | ||||||
Total | $ | 13,165 | $ | 3,273 | ||||
Maximum balance allowed on the Wells Fargo Bank, N.A. credit facility (1) | $ | 100,000 | $ | 75,000 | ||||
Interest rate at the end of the respective period, Wells Fargo Bank, N.A. credit facility (2) | 4.25 | % | — | % | ||||
Maximum balance allowed on the Synovus Bank, revolving line of credit | $ | 15,000 | $ | 15,000 | ||||
Interest rate at the end of the respective period, Synovus Bank, revolving line of credit | 3.24 | % | 3.24 | % | ||||
(1) - The maturity date was extended to August 2, 2019 and the maximum balance was increased to $100.0 million, effective April 11, 2014. | ||||||||
(2) - At December 31, 2013 the Company had no borrowings outstanding under the Revolving Facility, thus no interest rate can be defined. | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | |||||||
The following table presents the aggregate maturities for the Company's notes payable by year at March 31, 2014: | ||||||||
Maturities | ||||||||
Remainder of 2014 | $ | 6,098 | ||||||
2015 | — | |||||||
2016 | — | |||||||
2017 | — | |||||||
2018 | — | |||||||
Thereafter (1) | 7,067 | |||||||
Total maturities | $ | 13,165 | ||||||
Line of Credit Covenant Requirements [Table Text Block] | ' | |||||||
The following table presents the Credit Agreement's more significant financial covenants at March 31, 2014, except for the RBC ratios, which under the Credit Agreement reflect the ratios calculated as of the most recent year-end, in this case, December 31, 2013: | ||||||||
Actual At | ||||||||
Covenant | Covenant Requirement | March 31, 2014 | ||||||
Total leverage ratio | not more than 3.25 | 0.84 | ||||||
Fixed charge coverage ratio | not less than 2.00 | 3.51 | ||||||
Reinsurance ratio | not less than 50% | 68.00% | ||||||
Actual At | ||||||||
31-Dec-13 | ||||||||
RBC Ratios: | ||||||||
RBC Ratio - Bankers Life of Louisiana | not less than 250% | 435.00% | ||||||
RBC Ratio - Southern Financial Life Insurance Company | not less than 250% | 2096.00% | ||||||
RBC Ratio - Insurance Company of the South | not less than 250% | 366.00% | ||||||
RBC Ratio - Lyndon Southern Insurance Company | not less than 250% | 305.00% | ||||||
RBC Ratio - Life of the South Insurance Company | not less than 250% | 430.00% | ||||||
RBC Ratio - Response Indemnity Company of California | not less than 250% | 39754.00% | ||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments - Interest Rate Swap Level 3 (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2014 | ||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||
The following table presents the fair value (including accrued interest) and the related outstanding notional amount of the Company's single derivative instrument and indicates where within the Consolidated Balance Sheets each amount is reported: | ||||||||||
Balance Sheet Location | At | |||||||||
March 31, 2014 | December 31, 2013 | |||||||||
Derivatives designated as cash flow hedging instruments: | ||||||||||
Interest rate swap - notional value | $ | 35,000 | $ | 35,000 | ||||||
Fair value of the Swap | Accrued expenses, accounts payable and other liabilities | 2,693 | 2,930 | |||||||
Unrealized loss, net of tax, on the fair value of the Swap | AOCI | 1,751 | 1,904 | |||||||
Variable rate of the interest rate swap | 0.23 | % | 0.24 | % | ||||||
Fixed rate of the interest rate swap | 3.47 | % | 3.47 | % | ||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||
The following table presents the pretax impact of the Swap on the Consolidated Financial Statements for the following periods: | ||||||||||
For the Three Months Ended March 31, | ||||||||||
2014 | 2013 | |||||||||
(Loss) gain recognized in AOCI on the derivative-effective portion | $ | (45 | ) | $ | 32 | |||||
Loss reclassified from AOCI into income-effective portion | $ | 282 | $ | 277 | ||||||
Gain (loss) recognized in income on the derivative-ineffective portion | $ | — | $ | — | ||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | |||||||||
The following table presents the estimated amount to be reclassified to earnings from AOCI during the next 12 months. These net losses reclassified into earnings are primarily expected to increase net interest expense related to the respective hedged item. | ||||||||||
At | ||||||||||
March 31, 2014 | ||||||||||
Estimated loss to be reclassified to earnings from AOCI during the next 12 months | $ | 1,133 | ||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Stock-based compensation [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the Company's time-based and performance-based stock option activity for the current period: | ||||||||||||||||||||||||||||
Time-Based | Performance-Based | |||||||||||||||||||||||||||
Options Outstanding | Weighted Average Exercise Price (in dollars per share) | Options Exercisable | Weighted Average Exercise Price (in dollars per share) | Options Outstanding | Weighted Average Exercise Price (in dollars per share) | Options Exercisable | Weighted Average Exercise Price (in dollars per share) | |||||||||||||||||||||
Balance, December 31, 2013 | 1,930,407 | $ | 4.22 | 1,806,251 | $ | 3.98 | 289,306 | $ | 8.46 | — | $ | — | ||||||||||||||||
Granted | 15,000 | 8.27 | — | — | — | — | — | — | ||||||||||||||||||||
Vested | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Exercised | (391,389 | ) | 3.1 | (391,389 | ) | 3.1 | — | — | — | — | ||||||||||||||||||
Canceled/forfeited | (74,176 | ) | 7.9 | (74,176 | ) | 7.9 | — | — | — | — | ||||||||||||||||||
Balance, March 31, 2014 | 1,479,842 | $ | 4.37 | 1,340,686 | $ | 4.01 | 289,306 | $ | 8.46 | — | $ | — | ||||||||||||||||
Weighted average remaining contractual term at March 31, 2014 (in years) | 3.8 | 3.3 | 8.5 | — | ||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the weighted average assumptions used to estimate the fair values of all stock options granted during the three months ended March 31, 2014: | ||||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||
Expected term (years) | 6.25 | |||||||||||||||||||||||||||
Expected volatility | 33.83 | % | ||||||||||||||||||||||||||
Expected dividends | — | % | ||||||||||||||||||||||||||
Risk-free rate | 2.19 | % | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the Company's time-based and performance-based restricted stock award activity for the current period: | ||||||||||||||||||||||||||||
Time-Based | Performance-Based | |||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Shares outstanding at December 31, 2013 | 139,680 | $ | 8.59 | 130,629 | $ | 10.2 | ||||||||||||||||||||||
Grants | 105,000 | 7.26 | — | — | ||||||||||||||||||||||||
Vests | (45,000 | ) | 8.51 | — | — | |||||||||||||||||||||||
Forfeitures | — | — | — | — | ||||||||||||||||||||||||
Shares outstanding at March 31, 2014 | 199,680 | $ | 7.91 | 130,629 | $ | 10.2 | ||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table presents the total time-based and performance-based stock-based compensation expense and the related income tax benefit recognized on the Consolidated Statements of Income: | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Personnel costs | $ | 160 | $ | 185 | ||||||||||||||||||||||||
Other operating expenses | 132 | 118 | ||||||||||||||||||||||||||
Income tax benefit | (112 | ) | (116 | ) | ||||||||||||||||||||||||
Net stock-based compensation expense | $ | 180 | $ | 187 | ||||||||||||||||||||||||
Additional information on total non-vested stock-based compensation is as follows: | At March 31, 2014 | |||||||||||||||||||||||||||
Stock Options | Restricted Stock Awards | |||||||||||||||||||||||||||
Unrecognized compensation cost related to non-vested awards | $ | 398 | $ | 1,517 | ||||||||||||||||||||||||
Weighted-average recognition period (in years) | 3.2 | 3.6 | ||||||||||||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | ' | |||||||||||||||||||||||||||
Additional information on total non-vested stock-based compensation is as follows: | At March 31, 2014 | |||||||||||||||||||||||||||
Stock Options | Restricted Stock Awards | |||||||||||||||||||||||||||
Unrecognized compensation cost related to non-vested awards | $ | 398 | $ | 1,517 | ||||||||||||||||||||||||
Weighted-average recognition period (in years) | 3.2 | 3.6 | ||||||||||||||||||||||||||
Income_Taxes_Provision_for_inc
Income Taxes Provision for income taxes (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Income taxes [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||
The following table presents the provision for income taxes from continuing operations: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Current | $ | 2,245 | $ | (378 | ) | |||||||||
Deferred | (263 | ) | 860 | |||||||||||
Income taxes - continuing operations | $ | 1,982 | $ | 482 | ||||||||||
The following table presents the provision for income taxes for both continuing and discontinued operations: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Income taxes - continuing operations | $ | 1,982 | $ | 482 | ||||||||||
Income taxes - discontinued operations | — | 872 | ||||||||||||
Income taxes | $ | 1,982 | $ | 1,354 | ||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||||
The following table presents a reconciliation of income taxes from continuing operations calculated at the federal statutory rate of 35% and the income tax expense attributable to continuing operations for the following periods: | ||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Amount | Percent of Pre-tax Income | Amount | Percent of Pre-tax Income | |||||||||||
Income taxes at federal income tax rate | $ | 2,009 | 35 | % | $ | 886 | 35 | % | ||||||
Effect of: | ||||||||||||||
Small life deduction | (107 | ) | (1.86 | ) | (109 | ) | (4.31 | ) | ||||||
Non-deductible expenses | 22 | 0.38 | 18 | 0.71 | ||||||||||
Tax exempt interest | (34 | ) | (0.59 | ) | (31 | ) | (1.22 | ) | ||||||
State taxes | 162 | 2.82 | 59 | 2.33 | ||||||||||
Non-controlling interest | (304 | ) | (5.30 | ) | (286 | ) | (11.30 | ) | ||||||
Other, net | 234 | 4.08 | (55 | ) | (2.17 | ) | ||||||||
Income taxes - continuing operations | $ | 1,982 | 34.53 | % | $ | 482 | 19.04 | % | ||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Level 3 (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | |||||||||||||||
The carrying and fair values of financial instruments are as follows: | At | |||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 10,974 | $ | 10,974 | $ | 21,681 | $ | 21,681 | ||||||||
Restricted cash | 17,852 | 17,852 | 17,293 | 17,293 | ||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | 47,166 | 47,166 | 51,435 | 51,435 | ||||||||||||
Municipal securities | 28,737 | 28,737 | 24,547 | 24,547 | ||||||||||||
Corporate securities | 58,824 | 58,824 | 55,360 | 55,360 | ||||||||||||
Obligations of foreign governments | 999 | 999 | 409 | 409 | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | 47 | 47 | ||||||||||||
Preferred stock - publicly traded | 5,549 | 5,549 | 5,087 | 5,087 | ||||||||||||
Common stock - non-publicly traded | 51 | 51 | 51 | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | 1,013 | 1,013 | 1,013 | ||||||||||||
Notes receivable | 15,912 | 15,912 | 11,920 | 11,920 | ||||||||||||
Accounts and premiums receivable, net | 20,526 | 20,526 | 18,702 | 18,702 | ||||||||||||
Other receivables | 28,376 | 28,376 | 33,409 | 33,409 | ||||||||||||
Short-term investments | 871 | 871 | 871 | 871 | ||||||||||||
Total financial assets | $ | 236,897 | $ | 236,897 | $ | 241,825 | $ | 241,825 | ||||||||
Financial liabilities: | ||||||||||||||||
Notes payable | $ | 13,165 | $ | 13,165 | $ | 3,273 | $ | 3,273 | ||||||||
Preferred trust securities | 35,000 | 35,000 | 35,000 | 35,000 | ||||||||||||
Interest rate swap | 2,693 | 2,693 | 2,930 | 2,930 | ||||||||||||
Total financial liabilities | $ | 50,858 | $ | 50,858 | $ | 41,203 | $ | 41,203 | ||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
The Company's financial assets and liabilities accounted for at fair value by level within the fair value hierarchy are as follows: | ||||||||||||||||
At March 31, 2014 | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Financial Assets: | ||||||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 47,166 | $ | — | $ | 47,166 | $ | — | ||||||||
Municipal securities | 28,737 | — | 28,737 | — | ||||||||||||
Corporate securities | 58,824 | — | 58,824 | — | ||||||||||||
Obligations of foreign governments | 999 | — | 999 | — | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | — | — | ||||||||||||
Preferred stock - publicly traded | 5,549 | 5,549 | — | — | ||||||||||||
Common stock - non-publicly traded | 51 | — | — | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | — | — | 1,013 | ||||||||||||
Short-term investments | 871 | 871 | — | — | ||||||||||||
Total assets | $ | 143,257 | $ | 6,467 | $ | 135,726 | $ | 1,064 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swap | $ | 2,693 | $ | — | $ | 2,693 | $ | — | ||||||||
At December 31, 2013 | ||||||||||||||||
Fair Value Measurements Using: | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Financial Assets: | ||||||||||||||||
Fixed maturity securities: | ||||||||||||||||
Obligations of the U.S. Treasury and U.S. Government agencies | $ | 51,435 | $ | — | $ | 51,435 | $ | — | ||||||||
Municipal securities | 24,547 | — | 24,547 | — | ||||||||||||
Corporate securities | 55,360 | — | 55,360 | — | ||||||||||||
Obligations of foreign governments | 409 | — | 409 | — | ||||||||||||
Equity securities: | ||||||||||||||||
Common stock - publicly traded | 47 | 47 | — | — | ||||||||||||
Preferred stock - publicly traded | 5,087 | 5,087 | — | — | ||||||||||||
Common stock - non-publicly traded | 51 | — | — | 51 | ||||||||||||
Preferred stock - non-publicly traded | 1,013 | — | — | 1,013 | ||||||||||||
Short-term investments | 871 | 871 | — | — | ||||||||||||
Total Assets | $ | 138,820 | $ | 6,005 | $ | 131,751 | $ | 1,064 | ||||||||
Financial Liabilities: | ||||||||||||||||
Interest rate swap | $ | 2,930 | $ | — | $ | 2,930 | $ | — | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table presents the changes in Level 3 assets measured at fair value: | For the Three Months Ended March 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Beginning balance, January 1, | $ | 1,064 | $ | 1,123 | ||||||||||||
Total investment gains or losses (realized/unrealized): | ||||||||||||||||
Included in other comprehensive (loss) | — | (25 | ) | |||||||||||||
Transfers (out of) Level 3 | — | (27 | ) | |||||||||||||
Ending balance, March 31, | $ | 1,064 | $ | 1,071 | ||||||||||||
Statutory_Reporting_and_Insura1
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions Level 3 (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Statutory Reporting and Dividend Restrictions [Abstract] | ' | |||||||
Statutory Accounting Practices Disclosure [Table Text Block] | ' | |||||||
The following table presents the combined statutory capital and surplus of the Company's insurance company subsidiaries, the required minimum statutory capital and surplus, as required by the laws of the states in which they are domiciled and the combined amount available for ordinary dividends of the Company's insurance company subsidiaries for the following periods: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Combined statutory capital and surplus of the Company's insurance company subsidiaries | $ | 75,079 | $ | 69,269 | ||||
Required minimum statutory capital and surplus | $ | 17,200 | $ | 17,200 | ||||
Amount available for ordinary dividends of the Company's insurance company subsidiaries | $ | 4,244 | $ | 3,989 | ||||
The following table sets forth the dividends paid to the Company by its insurance company subsidiaries for the following periods: | ||||||||
For the Three Months Ended March 31, | For the Twelve Months Ended December 31, | |||||||
2014 | 2013 | |||||||
Ordinary dividends | $ | — | $ | 2,383 | ||||
Extraordinary dividends | — | — | ||||||
Total dividends | $ | — | $ | 2,383 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||
The following table presents the amounts recorded on the Company's Consolidated Statements of Income resulting from related party transactions: | ||||||||
For the Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Income recorded by ProtectCELL for protection plans sold | $ | 307 | $ | 507 | ||||
Income recorded for the sale of the Company's insurance-related products under the Marketing Agreement | 317 | — | ||||||
Total related party income recorded by the Company | $ | 624 | $ | 507 | ||||
Interest income recorded on the High Pointe note receivable | $ | — | $ | 21 | ||||
Lease expense paid to High Pointe | $ | 104 | $ | 94 | ||||
Lease expense paid to Source | — | 29 | ||||||
Total related party lease expense | $ | 104 | $ | 123 | ||||
Commissions paid by ProtectCELL for protection plans sold | $ | 122 | $ | 205 | ||||
Claims paid on the Company's insurance-related products under the Marketing Agreement | $ | 23 | $ | — | ||||
The following table presents the amounts recorded on the Company's Consolidated Balance Sheets from related party transactions: | ||||||||
At | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Accounts receivable from related parties | $ | — | $ | 113 | ||||
Nature_of_Operations_Details
Nature of Operations (Details) | 3 Months Ended |
Mar. 31, 2014 | |
ProtectCell [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 62.40% |
Southern Financial Life Insurance Company [Member] | ' |
Subsidiary or Equity Method Investee [Line Items] | ' |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 85.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Non-Controlling Interest (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Noncontrolling Interest [Line Items] | ' | ' |
Non-controlling interests | $5,960 | $6,033 |
Total non-controlling interests | 170,654 | 166,493 |
Noncontrolling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Total non-controlling interests | 5,960 | 6,033 |
ProtectCell [Member] | Noncontrolling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 37.60% | 37.60% |
Non-controlling interests | 5,633 | 5,471 |
Southern Financial Life Insurance Company [Member] | Noncontrolling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 15.00% | 15.00% |
Non-controlling interests | 576 | 562 |
Creative Investigations Recovery Group, LLC [Member] | Noncontrolling Interests [Member] | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 100.00% | 0.00% |
Non-controlling interests | ($249) | $0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Discontinued Operations (Details) (Discontinued Operations - Sale of Bliss & Glennon and eReinsure [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Discontinued Operations - Sale of Bliss & Glennon and eReinsure [Member] | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' |
Sale of Stock, Percentage of Ownership before Transaction | 100.00% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Income from continuing operations before non-controlling interests | $3,759 | $2,049 |
Less: net income attributable to non-controlling interests | 861 | 818 |
Net income from continuing operations - net of tax | 2,898 | 1,231 |
Discontinued operations - net of tax | 0 | 1,262 |
Net income attributable to Fortegra Financial Corporation | $2,898 | $2,493 |
Total weighted average basic common shares outstanding | 19,651,256 | 19,556,743 |
Effect of dilutive stock options and restricted stock awards | 785,186 | 1,068,298 |
Total weighted average diluted common shares outstanding | 20,436,442 | 20,625,041 |
Earnings per share - Basic: | ' | ' |
Net income from continuing operations - net of tax | $0.15 | $0.06 |
Discontinued operations - net of tax | $0 | $0.07 |
Net income attributable to Fortegra Financial Corporation | $0.15 | $0.13 |
Earnings per share - Diluted: | ' | ' |
Net income from continuing operations - net of tax | $0.14 | $0.06 |
Discontinued operations - net of tax | $0 | $0.06 |
Net income attributable to Fortegra Financial Corporation | $0.14 | $0.12 |
Earnings Per Share, Diluted, Other Disclosures [Abstract] | ' | ' |
Weighted average anti-dilutive common shares | 539,119 | 402,132 |
Other_Comprehensive_Income_Acc
Other Comprehensive Income Accumulated Other Comprehensive Income - Roll Forward (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive (loss) income, net of tax at beginning of period | ($3,665) | ' |
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' |
Current period other comprehensive income, net of tax | 1,046 | 163 |
Accumulated other comprehensive (loss) income, net of tax at end of period | -2,622 | ' |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive (loss) income, net of tax at beginning of period | -1,761 | 2,189 |
Other comprehensive income (loss) before reclassifications: | ' | ' |
Pre-tax income (loss) | 1,375 | -51 |
Income tax (expense) benefit | -481 | 18 |
Other comprehensive income (loss) before reclassifications, net of tax | 894 | -33 |
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' |
Pre-tax (income) loss | -1 | -7 |
Income tax (benefit) | 0 | 2 |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | -1 | -5 |
Current period other comprehensive income, net of tax | 893 | -38 |
Accumulated other comprehensive (loss) income, net of tax at end of period | -871 | 2,151 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 3 | 0 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive (loss) income, net of tax at beginning of period | -1,904 | -2,820 |
Other comprehensive income (loss) before reclassifications: | ' | ' |
Pre-tax income (loss) | -45 | 32 |
Income tax (expense) benefit | 15 | -11 |
Other comprehensive income (loss) before reclassifications, net of tax | -30 | 21 |
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' |
Pre-tax (income) loss | 282 | 277 |
Income tax (benefit) | -99 | -97 |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 183 | 180 |
Current period other comprehensive income, net of tax | 153 | 201 |
Accumulated other comprehensive (loss) income, net of tax at end of period | -1,751 | -2,619 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | 0 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Accumulated other comprehensive (loss) income, net of tax at beginning of period | -3,665 | -631 |
Other comprehensive income (loss) before reclassifications: | ' | ' |
Pre-tax income (loss) | 1,330 | -19 |
Income tax (expense) benefit | -466 | 7 |
Other comprehensive income (loss) before reclassifications, net of tax | 864 | -12 |
Amounts reclassified from accumulated other comprehensive income (loss): | ' | ' |
Pre-tax (income) loss | 281 | 270 |
Income tax (benefit) | -99 | -95 |
Amounts reclassified from accumulated other comprehensive (loss) income, net of tax | 182 | 175 |
Current period other comprehensive income, net of tax | 1,046 | 163 |
Accumulated other comprehensive (loss) income, net of tax at end of period | -2,622 | -468 |
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | $3 | $0 |
Other_Comprehensive_Income_Acc1
Other Comprehensive Income Accumulated Other Comprehensive Income - Reclassification Adjustments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Related tax (expense) benefit | ($1,982) | ($482) |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Reclassification of gains included in net income | 1 | 7 |
Related tax (expense) benefit | 0 | -2 |
Net of tax | 1 | 5 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Related tax (expense) benefit | 99 | 97 |
Reclassification of (losses) included in net income | -282 | -277 |
Net of tax | ($183) | ($180) |
Investments_Cost_Gross_Unreali
Investments Cost, Gross Unrealized Gains, Losses and Fair Value (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | $136,351 | $133,288 |
Fair Value | 135,726 | 131,751 |
Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 47,480 | 51,971 |
Gross Unrealized Gains | 213 | 142 |
Gross Unrealized Losses | -527 | -678 |
Fair Value | 47,166 | 51,435 |
Municipal securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 28,921 | 24,856 |
Gross Unrealized Gains | 94 | 104 |
Gross Unrealized Losses | -278 | -413 |
Fair Value | 28,737 | 24,547 |
Corporate securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 58,950 | 56,050 |
Gross Unrealized Gains | 376 | 210 |
Gross Unrealized Losses | -502 | -900 |
Fair Value | 58,824 | 55,360 |
Obligations of foreign governments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 1,000 | 411 |
Gross Unrealized Gains | 3 | 0 |
Gross Unrealized Losses | -4 | -2 |
Fair Value | 999 | 409 |
Total fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 136,351 | 133,288 |
Gross Unrealized Gains | 686 | 456 |
Gross Unrealized Losses | -1,311 | -1,993 |
Fair Value | 135,726 | 131,751 |
Common stock - publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 39 | 39 |
Gross Unrealized Gains | 8 | 8 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 47 | 47 |
Preferred stock - publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 5,974 | 5,974 |
Gross Unrealized Gains | 40 | 0 |
Gross Unrealized Losses | -465 | -887 |
Fair Value | 5,549 | 5,087 |
Common stock - non-publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 59 | 59 |
Gross Unrealized Gains | 5 | 5 |
Gross Unrealized Losses | -13 | -13 |
Fair Value | 51 | 51 |
Preferred stock - non-publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 1,009 | 1,009 |
Gross Unrealized Gains | 4 | 4 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,013 | 1,013 |
Total equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Cost or Amortized Cost | 7,081 | 7,081 |
Gross Unrealized Gains | 57 | 17 |
Gross Unrealized Losses | -478 | -900 |
Fair Value | $6,660 | $6,198 |
Investments_Restricted_Investm
Investments Restricted Investments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Fair value of restricted investments for special deposits required by state insurance departments | $10,254 | $10,339 |
Fair value of restricted investments in trust pursuant to reinsurance agreements | 5,653 | 6,134 |
Fair value of restricted investments | $15,907 | $16,473 |
Investments_by_Maturity_Detail
Investments by Maturity (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Due in one year or less, Amortized Cost | $7,120 | $18,766 |
Due in one year or less, Fair Value | 7,158 | 18,771 |
Due after one year through five years, Amortized Cost | 70,866 | 69,380 |
Due after one year through five years, Fair Value | 70,982 | 69,355 |
Due after five years through ten years, Amortized Cost | 36,150 | 22,622 |
Due after five years through ten years, Fair Value | 35,634 | 21,731 |
Due after ten years, Amortized Cost | 22,215 | 22,520 |
Due after ten years, Fair Value | 21,952 | 21,894 |
Total Fixed Maturity Securities, Amortized Cost | 136,351 | 133,288 |
Fair Value | $135,726 | $131,751 |
Investments_Investments_in_a_u
Investments Investments in a unrealized loss position for <> 12 Months, current period (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Securities | Securities | |
Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | $24,330 | $37,385 |
Unrealized Losses, Less than Twelve Months | 524 | 672 |
Number of securities, Less than Twelve Months | 51 | 67 |
Fair Value, Twelve months or Greater | 225 | 234 |
Unrealized Losses,Twelve months or Greater | 3 | 6 |
Number of securities,Twelve months or Greater | 6 | 7 |
Total, Fair Value | 24,555 | 37,619 |
Total Unrealized Losses | 527 | 678 |
Total, Number of Securities | 57 | 74 |
Municipal securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 12,625 | 10,080 |
Unrealized Losses, Less than Twelve Months | 278 | 413 |
Number of securities, Less than Twelve Months | 30 | 23 |
Fair Value, Twelve months or Greater | 0 | 0 |
Unrealized Losses,Twelve months or Greater | 0 | 0 |
Number of securities,Twelve months or Greater | 0 | 0 |
Total, Fair Value | 12,625 | 10,080 |
Total Unrealized Losses | 278 | 413 |
Total, Number of Securities | 30 | 23 |
Corporate securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 25,981 | 27,866 |
Unrealized Losses, Less than Twelve Months | 415 | 734 |
Number of securities, Less than Twelve Months | 42 | 55 |
Fair Value, Twelve months or Greater | 2,498 | 7,676 |
Unrealized Losses,Twelve months or Greater | 87 | 166 |
Number of securities,Twelve months or Greater | 3 | 8 |
Total, Fair Value | 28,479 | 35,542 |
Total Unrealized Losses | 502 | 900 |
Total, Number of Securities | 45 | 63 |
Obligations of foreign governments | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 588 | 409 |
Unrealized Losses, Less than Twelve Months | 4 | 2 |
Number of securities, Less than Twelve Months | 1 | 1 |
Fair Value, Twelve months or Greater | 0 | 0 |
Unrealized Losses,Twelve months or Greater | 0 | 0 |
Number of securities,Twelve months or Greater | 0 | 0 |
Total, Fair Value | 588 | 409 |
Total Unrealized Losses | 4 | 2 |
Total, Number of Securities | 1 | 1 |
Total fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 63,524 | 75,740 |
Unrealized Losses, Less than Twelve Months | 1,221 | 1,821 |
Number of securities, Less than Twelve Months | 124 | 146 |
Fair Value, Twelve months or Greater | 2,723 | 7,910 |
Unrealized Losses,Twelve months or Greater | 90 | 172 |
Number of securities,Twelve months or Greater | 9 | 15 |
Total, Fair Value | 66,247 | 83,650 |
Total Unrealized Losses | 1,311 | 1,993 |
Total, Number of Securities | 133 | 161 |
Preferred stock - publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 4,526 | 5,087 |
Unrealized Losses, Less than Twelve Months | 465 | 887 |
Number of securities, Less than Twelve Months | 8 | 9 |
Fair Value, Twelve months or Greater | 0 | 0 |
Unrealized Losses,Twelve months or Greater | 0 | 0 |
Number of securities,Twelve months or Greater | 0 | 0 |
Total, Fair Value | 4,526 | 5,087 |
Total Unrealized Losses | 465 | 887 |
Total, Number of Securities | 8 | 9 |
Common stock - non-publicly traded | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 0 | 0 |
Unrealized Losses, Less than Twelve Months | 0 | 0 |
Number of securities, Less than Twelve Months | 0 | 0 |
Fair Value, Twelve months or Greater | 31 | 31 |
Unrealized Losses,Twelve months or Greater | 13 | 13 |
Number of securities,Twelve months or Greater | 2 | 2 |
Total, Fair Value | 31 | 31 |
Total Unrealized Losses | 13 | 13 |
Total, Number of Securities | 2 | 2 |
Total equity securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Fair Value, Less than Twelve Months | 4,526 | 5,087 |
Unrealized Losses, Less than Twelve Months | 465 | 887 |
Number of securities, Less than Twelve Months | 8 | 9 |
Fair Value, Twelve months or Greater | 31 | 31 |
Unrealized Losses,Twelve months or Greater | 13 | 13 |
Number of securities,Twelve months or Greater | 2 | 2 |
Total, Fair Value | 4,557 | 5,118 |
Total Unrealized Losses | $478 | $900 |
Total, Number of Securities | 10 | 11 |
Investments_Gross_Proceeds_fro
Investments Gross Proceeds from sales of available-for-sale investments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investments [Abstract] | ' | ' |
Gross proceeds from sales | $501 | $412 |
Investments_Realized_investmen
Investments Realized investment gains, losses and OTTI (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Securities | ||
Realized Investment Gains (Losses) [Abstract] | ' | ' |
Number of Securities with Other Than Temporary Impairment Losses, Investments | 0 | ' |
Gross realized gains | $1 | $7 |
Gross realized losses | 0 | 0 |
Total net gains from investment sales | 1 | 7 |
Impairment write-downs (other-than-temporary impairments) | 0 | 0 |
Net realized investment gains | $1 | $7 |
Investments_Schedule_of_net_in
Investments Schedule of net investment income (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Investment Income, Net [Abstract] | ' | ' |
Fixed income securities | $615 | $737 |
Cash on hand and on deposit | 0 | 20 |
Common and preferred stock dividends | 98 | 76 |
Notes receivable | 93 | 72 |
Other income | 0 | 114 |
Investment expenses | -99 | -116 |
Net investment income | $707 | $903 |
Reinsurance_Receivables_Premiu
Reinsurance Receivables Premiums, Direct and Assumed, Ceded (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reinsurance Disclosures [Abstract] | ' | ' |
Direct and Assumed, Premiums Written | $101,472 | $81,510 |
Direct and Assumed Premiums Earned | 108,499 | 92,122 |
Ceded Premiums Written | -69,590 | -50,676 |
Ceded Premiums Earned | -73,571 | -58,980 |
Premiums Written, Net | 31,882 | 30,834 |
Net earned premium | $34,928 | $33,142 |
Reinsurance_Receivables_Losses
Reinsurance Receivables Losses and LAE Incurred (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reinsurance Disclosures [Abstract] | ' | ' |
Direct and assumed | $26,118 | $21,040 |
Ceded | -15,292 | -10,505 |
Net losses and LAE incurred | $10,826 | $10,535 |
Reinsurance_Receivables_Compon
Reinsurance Receivables Components of Reinsurance Receivables (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ||
Reinsurance Recoverables | $181,797 | $186,219 | ||
Other reinsurance settlements recoverable | 5,967 | 7,343 | ||
Reinsurance receivables | 210,900 | 215,084 | ||
Life [Member] | ' | ' | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ||
Reinsurance Recoverables | 49,995 | [1] | 51,355 | [1] |
Ceded claim reserves recoverable | 1,601 | 1,594 | ||
Accident and Health [Member] | ' | ' | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ||
Reinsurance Recoverables | 34,088 | [1] | 36,214 | [1] |
Ceded claim reserves recoverable | 7,417 | 7,826 | ||
Property [Member] | ' | ' | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ||
Reinsurance Recoverables | 97,714 | 98,650 | ||
Ceded claim reserves recoverable | 14,118 | 12,102 | ||
Ceded claim reserves [Member] | ' | ' | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ||
Ceded claim reserves recoverable | $23,136 | $21,522 | ||
[1] | (1) Including policyholder account balances ceded. |
Reinsurance_Receivables_Reinsu
Reinsurance Receivables Reinsurer concentration of Credit Risk (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Concentration Risk [Line Items] | ' | ' |
Total of the three largest receivable balances from unrelated reinsurers | $210,900 | $215,084 |
Customer Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Total of the three largest receivable balances from unrelated reinsurers | $131,151 | $136,061 |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Insurance Related [Member] | ' | ' |
Schedule of Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Deferred Policy Acquisition Cost, Amortization Expense | $17,242 | $16,291 |
Non Insurance Related [Member] | ' | ' |
Schedule of Deferred Policy Acquisition Costs [Line Items] | ' | ' |
Deferred Policy Acquisition Cost, Amortization Expense | $14,497 | $19,815 |
Divestitures_Details
Divestitures (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Discontinued Operations, Period for Purchase Price Adjustments | '1 year | ' | ' |
Assets: | ' | ' | ' |
Assets of discontinued operations | $791,000 | ' | $791,000 |
Liabilities: | ' | ' | ' |
Liabilities of discontinued operations | 1,236,000 | ' | 8,603,000 |
Expenses: | ' | ' | ' |
Income taxes - discontinued operations | 0 | 872,000 | ' |
Income from discontinued operations - net of tax | 0 | 1,262,000 | ' |
Discontinued operations - net of tax | 0 | 1,262,000 | ' |
Discontinued Operations - Sale of Bliss & Glennon and eReinsure [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Disposal Date | 31-Dec-13 | ' | ' |
Discontinued Operations, effective date of purchase agreement | 2-Dec-13 | ' | ' |
Sale of subsidiaries, net of cash received (paid) | 81,800,000 | ' | ' |
Proceeds from Divestiture of Businesses | 83,500,000 | ' | ' |
Discontinued Operations, Transaction Costs | 1,000,000 | ' | ' |
Cash Divested from Deconsolidation | 700,000 | ' | ' |
Assets: | ' | ' | ' |
Other receivables | 791,000 | ' | 791,000 |
Assets of discontinued operations | 791,000 | ' | 791,000 |
Liabilities: | ' | ' | ' |
Accrued expenses, accounts payable and other liabilities | 1,236,000 | ' | 2,708,000 |
Income taxes payable | 0 | ' | 5,895,000 |
Liabilities of discontinued operations | 1,236,000 | ' | 8,603,000 |
Income Statement [Abstract] | ' | ' | ' |
Brokerage commissions and fees | ' | 9,731,000 | ' |
Net investment income | ' | 6,000 | ' |
Total revenue | ' | 9,737,000 | ' |
Expenses: | ' | ' | ' |
Personnel costs | ' | 5,049,000 | ' |
Other operating expenses | ' | 1,342,000 | ' |
Depreciation and amortization | ' | 141,000 | ' |
Amortization of intangibles | ' | 480,000 | ' |
Interest expense | ' | 591,000 | ' |
Total expenses | ' | 7,603,000 | ' |
Income from discontinued operations before income taxes | ' | 2,134,000 | ' |
Income taxes - discontinued operations | ' | 872,000 | ' |
Income from discontinued operations - net of tax | ' | $1,262,000 | ' |
Other_Intangible_Assets_Level_
Other Intangible Assets Level 4 Other Intangible Assets, Carrying Values and Amortization Periods (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | Customer and agent relationships | Customer and agent relationships | Tradenames | Tradenames | Software | Software | Present value of future profits | Present value of future profits | Non-compete agreements | Non-compete agreements | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Customer and agent relationships | Tradenames | Software | Present value of future profits | Non-compete agreements | Customer and agent relationships | Tradenames | Software | Present value of future profits | Non-compete agreements | |||||||||||||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period (Years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '8 years | '2 years 3 months | '3 months 18 days | '1 year 6 months | '15 years | '10 years | '10 years | '9 months | '6 years |
Gross Carrying Amount | $48,797 | $48,797 | $40,075 | $40,075 | $1,460 | $1,460 | $5,336 | $5,336 | $548 | $548 | $1,378 | $1,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Amortization | -19,080 | -17,763 | -14,337 | -13,262 | -166 | -128 | -3,117 | -2,930 | -548 | -548 | -912 | -895 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $29,717 | $31,034 | $25,738 | $26,813 | $1,294 | $1,332 | $2,219 | $2,406 | $0 | $0 | $466 | $483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Intangible_Assets_Indefi
Other Intangible Assets Indefinite lived intangible assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Total | $18,139 | $18,139 |
Tradenames | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Tradenames | 17,764 | 17,764 |
Licensing Agreements [Member] | ' | ' |
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Licenses | $375 | $375 |
Other_Intangible_Assets_Other_
Other Intangible Assets Other Intangible Assets Rollforward (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' |
Other Intangible Assets, Net | $49,173 | ' |
Less: Amortization Expense | 1,317 | 1,468 |
Other Intangible Assets, Net | $47,856 | ' |
Other_Intangible_Assets_Future
Other Intangible Assets Future Amortization Expense (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite Lived Intangible Future Amortization [Abstract] | ' | ' |
Remainder of 2014 | $3,952 | ' |
2015 | 5,115 | ' |
2016 | 4,868 | ' |
2017 | 3,648 | ' |
2018 | 2,230 | ' |
Thereafter | 9,904 | ' |
Total | $29,717 | $31,034 |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2011 | Mar. 31, 2014 | |
Creative Investigations Recovery Group (CIRG) | Creative Investigations Recovery Group (CIRG) | |||
Variable Interest Entity [Line Items] | ' | ' | ' | ' |
Ownership Percentage in VIE | ' | ' | 100.00% | ' |
Variable Interest Entity, Financial or Other Support, Amount | $100,000 | ' | ' | ' |
Loss on note receivable | 1,317,000 | 0 | ' | ' |
The Company's maximum exposure to loss in the VIE | ' | ' | ' | $174,000 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 11, 2014 | |||
Minimum [Member] | Maximum [Member] | Bankers Life of Louisiana [Member] | Southern Financial Life Insurance Company [Member] | Insurance Company of the South [Member] | Lyndon Southern Insurance Company [Member] | Life of the South Insurance Company [Member] | Response Indemnity Company of California [Member] | Wells Fargo Bank, N.A. credit facility, [Member] | Wells Fargo Bank, N.A. credit facility, [Member] | Wells Fargo Bank, N.A. credit facility, [Member] | Synovus Bank, Line of credit [Member] | Synovus Bank, Line of credit [Member] | Synovus Bank, Line of credit [Member] | Subsequent Event [Member] | ||||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Long-term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | Well Fargo Bank, N. A. credit facility, 2014 amendment [Member] | ||||||||||||
Long-term Debt [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Debt Instrument, Covenant Compliance, Total Leverage Ratio | ' | ' | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of Credit Facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes payable | $13,165,000 | $3,273,000 | ' | ' | ' | ' | ' | ' | ' | ' | $7,067,000 | [1] | $0 | ' | $6,098,000 | $3,273,000 | ' | ' | ||
Maximum balance allowed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | [1] | 75,000,000 | ' | 15,000,000 | 15,000,000 | ' | ' | ||
Interest rate at the end of the respective period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | 0.00% | [2] | ' | 3.24% | 3.24% | ' | ' | ||
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Remainder of 2014 | 6,098,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2015 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2016 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Thereafter (1) | 7,067,000 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total maturities | 13,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Long-term Line of Credit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | |||
Line of Credit Facility, Initiation Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2-Aug-12 | 9-Oct-13 | ' | ' | 11-Apr-14 | |||
Line of Credit Facility, Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-17 | ' | ' | 2-Aug-19 | |||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | |||
Letters of Credit, Available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | |||
Line of Credit, Incremental Amount Available | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | |||
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 0.35% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, Reduction in Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | |||
Amount of receivables eligible to be financed under the line of credit, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | |||
Line of Credit Facility, Minimum Availability Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | |||
Financing Receivable, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,800,000 | ' | ' | ' | |||
Long-term debt, financial covenants [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant Requirement, fixed charge coverage ratio | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant Requirement, reinsurance ratio | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Covenant Requirement, RBC ratio | ' | ' | ' | ' | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | ' | ' | ' | ' | ' | ' | ' | |||
Total Leverage Ratio - Well Fargo Bank, credit facility | 0.84 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fixed Charge Coverage Ratio-Wells Fargo, credit facility | 3.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Reinsurance Ratio-Wells Fargo Bank, credit facility | 68.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Bankers Life of Louisiana | ' | 435.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Southern Financial Life Insurance Company | ' | 2096.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Insurance Company of the South | ' | 366.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Lyndon Southern Insurance Company | ' | 305.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Life of the South Insurance Company | ' | 430.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
RBC Ratio - Response Indemnity Corporation of California | ' | 39754.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (1) - The maturity date was extended to August 2, 2019 and the maximum balance was increased to $100.0 million, effective April 11, 2014. | |||||||||||||||||||
[2] | (2) - At December 31, 2013 the Company had no borrowings outstanding under the Revolving Facility, thus no interest rate can be defined. | |||||||||||||||||||
[3] | (1) - Effective April 11, 2014, the maturity date was extended to August 2, 2019. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Interest Rate Swap Level 4 Amounts in AOCI (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
(Loss) gain recognized in AOCI on the derivative-effective portion | ($45) | $32 | ' |
Loss reclassified from AOCI into income-effective portion | -282 | -277 | ' |
Estimated loss to be reclassified to earnings from AOCI during the next 12 months | 1,133 | ' | ' |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Interest rate swap - notional value | 35,000 | ' | 35,000 |
Variable rate of the interest rate swap | 0.23% | ' | 0.24% |
Fixed rate of the interest rate swap | 3.47% | ' | 3.47% |
Loss reclassified from AOCI into income-effective portion | 282 | 277 | ' |
Gain (loss) recognized in income on the derivative-ineffective portion | 0 | 0 | ' |
Accrued expenses, accounts payable and other liabilities [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Balance Sheet Location | 'Accrued expenses, accounts payable and other liabilities | ' | ' |
Accrued expenses, accounts payable and other liabilities [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Fair value of the Swap | 2,693 | ' | 2,930 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Balance Sheet Location | 'AOCI | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Unrealized loss, net of tax, on the fair value of the Swap | $1,751 | ' | $1,904 |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | |
Share-based Compensation awards, time-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,930,407 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $4.22 | $4.37 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,806,251 | 1,340,686 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $3.98 | $4.01 |
Total stock options granted (in shares) | 15,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.27 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,479,842 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | -391,389 | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $3.10 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | -74,176 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $7.90 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '3 years 9 months 18 days | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 3 months 18 days | ' |
Share-based Compensation awards, performanced-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 289,306 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $8.46 | $8.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $0 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 289,306 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '8 years 6 months 0 days | ' |
StockBased_Compensation_Weight
Stock-Based Compensation Weighted Average Assumptions (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' |
Expected term (years) | '6 years 3 months 0 days |
Expected volatility | 33.83% |
Expected dividends | 0.00% |
Risk-free rate | 2.19% |
StockBased_Compensation_Summar1
Stock-Based Compensation Summary of Restricted Stock Awards (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | |
Share-based Compensation awards, restricted share awards,time-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 139,680 | 199,680 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 105,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -45,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $8.59 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $7.26 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $8.51 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $7.91 | ' |
Share-based Compensation awards, restricted share awards,performance-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 130,629 | 130,629 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $10.20 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $10.20 | ' |
Chief Executive Officer [Member] | Share-based Compensation awards, restricted share awards,time-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,000 | ' |
Director [Member] | Share-based Compensation awards, restricted share awards,time-based [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 75,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award, Number Of Employees Receiving Grants | 5 | ' |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Income tax benefit | ($112) | ($116) |
Net stock-based compensation expense | 180 | 187 |
share-based compensation expense, recognized in personnel expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | 160 | 185 |
share-based compensation expense, recognized in other operating expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $132 | $118 |
StockBased_Compensation_Unreco
Stock-Based Compensation Unrecognized Compensation related to non-vested awards (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stock Options [Member] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ' |
Unrecognized compensation cost related to non-vested awards | $398 |
Weighted-average recognition period (in years) | '3 years 2 months 12 days |
Restricted Stock [Member] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ' |
Unrecognized compensation cost related to non-vested awards | $1,517 |
Weighted-average recognition period (in years) | '3 years 7 months 6 days |
Share-based Compensation awards, performanced-based [Member] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Number of Shares | 149,306 |
Share-based Compensation awards, restricted share awards,performance-based [Member] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Number of Shares | 49,768 |
Income_Taxes_Provision_for_inc1
Income Taxes Provision for income taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income taxes [Abstract] | ' | ' |
Income taxes - continuing operations | $1,982 | $482 |
Income taxes - discontinued operations | 0 | 872 |
Income taxes | $1,982 | $1,354 |
Recovered_Sheet1
Income Taxes Provision for Income Taxes from Continuing Operations (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Current | $2,245 | ($378) |
Deferred | -263 | 860 |
Income taxes - continuing operations | $1,982 | $482 |
Income_Taxes_Schedule_of_Effec
Income Taxes Schedule of Effective Rate Reconciliation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income taxes [Abstract] | ' | ' |
Income taxes at federal income tax rate | $2,009 | $886 |
Income taxes at federal income tax rate - Percent of Pre-tax Income | 35.00% | 35.00% |
Small life deduction | -107 | -109 |
Small life deduction - Percent of Pre-tax Income | -1.86% | -4.31% |
Non-deductible expenses | 22 | 18 |
Non-deductible expenses - Percent of Pre-tax Income | 0.38% | 0.71% |
Tax exempt interest | -34 | -31 |
Tax Exempt Income - Percent of Pre-tax Income | -0.59% | -1.22% |
State taxes | 162 | 59 |
State Taxes- Percent of Pre-tax Income | 2.82% | 2.33% |
Non-controlling interests | -304 | -286 |
Non-controlling interest - Percent of Pre-tax Income | -5.30% | -11.30% |
Other, net | 234 | -55 |
Other, net - Percent of Pre-tax Income | 4.08% | -2.17% |
Income taxes - continuing operations | $1,982 | $482 |
Effective Income Tax Rate, Continuing Operations | 34.53% | 19.04% |
Income_Taxes_Net_Operating_Los
Income Taxes Net Operating Loss (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | $0.60 |
Operating Loss Carryforwards, Expiration Dates | 31-Dec-25 |
Income_Taxes_Income_Tax_Examin
Income Taxes Income Tax Examination (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Examination [Line Items] | ' |
Income tax examination, examination completion date | 'February 2013 |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $57,000 |
Maximum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2010 |
Open Tax Year | '2013 |
Minimum [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Year under Examination | '2009 |
Open Tax Year | '2011 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Level 4 Carrying and Fair Values of Financial Instruments (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $10,974 | $21,681 | $30,469 | $31,339 |
Restricted cash | 17,852 | 17,293 | ' | ' |
Fixed Maturity Securities | 135,726 | 131,751 | ' | ' |
Equity Securities | 6,660 | 6,198 | ' | ' |
Notes receivable | 15,912 | 11,920 | ' | ' |
Accounts and premiums receivable, net | 20,526 | 18,702 | ' | ' |
Other receivables | 28,376 | 33,409 | ' | ' |
Short-term investments | 871 | 871 | ' | ' |
Notes payable | 13,165 | 3,273 | ' | ' |
Preferred trust securities | 35,000 | 35,000 | ' | ' |
Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 47,166 | 51,435 | ' | ' |
Municipal securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 28,737 | 24,547 | ' | ' |
Corporate securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 58,824 | 55,360 | ' | ' |
Obligations of foreign governments | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 999 | 409 | ' | ' |
Common stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 47 | 47 | ' | ' |
Preferred stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 5,549 | 5,087 | ' | ' |
Common stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 51 | 51 | ' | ' |
Preferred stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 1,013 | 1,013 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 10,974 | 21,681 | ' | ' |
Restricted cash | 17,852 | 17,293 | ' | ' |
Notes receivable | 15,912 | 11,920 | ' | ' |
Accounts and premiums receivable, net | 20,526 | 18,702 | ' | ' |
Other receivables | 28,376 | 33,409 | ' | ' |
Short-term investments | 871 | 871 | ' | ' |
Total Financial Assets | 236,897 | 241,825 | ' | ' |
Notes payable | 13,165 | 3,273 | ' | ' |
Preferred trust securities | 35,000 | 35,000 | ' | ' |
Interest Rate Swap | 2,693 | 2,930 | ' | ' |
Total Financial Liabilities | 50,858 | 41,203 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 47,166 | 51,435 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Municipal securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 28,737 | 24,547 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Corporate securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 58,824 | 55,360 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Obligations of foreign governments | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 999 | 409 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Common stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 47 | 47 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Preferred stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 5,549 | 5,087 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Common stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 51 | 51 | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Preferred stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 1,013 | 1,013 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 10,974 | 21,681 | ' | ' |
Restricted cash | 17,852 | 17,293 | ' | ' |
Notes receivable | 15,912 | 11,920 | ' | ' |
Accounts and premiums receivable, net | 20,526 | 18,702 | ' | ' |
Other receivables | 28,376 | 33,409 | ' | ' |
Short-term investments | 871 | 871 | ' | ' |
Total Financial Assets | 236,897 | 241,825 | ' | ' |
Notes payable | 13,165 | 3,273 | ' | ' |
Preferred trust securities | 35,000 | 35,000 | ' | ' |
Interest Rate Swap | 2,693 | 2,930 | ' | ' |
Total Financial Liabilities | 50,858 | 41,203 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 47,166 | 51,435 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 28,737 | 24,547 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate securities | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 58,824 | 55,360 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of foreign governments | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities | 999 | 409 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Common stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 47 | 47 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Preferred stock - publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 5,549 | 5,087 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Common stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | 51 | 51 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Preferred stock - non-publicly traded | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Equity Securities | $1,013 | $1,013 | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Level 4 Fair Value Assets and Liabilities Measured with Level 1,2,& 3 (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Securities | Securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | $135,726,000 | $131,751,000 |
Equity Securities | 6,660,000 | 6,198,000 |
Short-term investments | 871,000 | 871,000 |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | 0 | ' |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | ' |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | ' |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | ' |
Number of Securities transferred from Level 3 to Level 2 | 0 | ' |
Number of Level 3 Securities | 6 | 6 |
Number of Level 3 Securities Priced by Third Party Service | 4 | ' |
Percent of Total Investments | 0.70% | 0.80% |
Number of Level 3 Securities Priced Internally | 2 | ' |
Consideration of Parent Company Guarantee [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 1,000,000 | ' |
Number of Level 3 Securities Priced Internally | 1 | ' |
Consideration of Issuer's Audited Financial Statements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | ' |
Number of Level 3 Securities Priced Internally | 1 | ' |
Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 47,166,000 | 51,435,000 |
Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 28,737,000 | 24,547,000 |
Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 58,824,000 | 55,360,000 |
Obligations of foreign governments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 999,000 | 409,000 |
Common stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 47,000 | 47,000 |
Preferred stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 5,549,000 | 5,087,000 |
Common stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 51,000 | 51,000 |
Preferred stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 1,013,000 | 1,013,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 871,000 | 871,000 |
Total Assets | 143,257,000 | 138,820,000 |
Interest Rate Swap | 2,693,000 | 2,930,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 47,166,000 | 51,435,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 28,737,000 | 24,547,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 58,824,000 | 55,360,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Obligations of foreign governments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 999,000 | 409,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Common stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 47,000 | 47,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Preferred stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 5,549,000 | 5,087,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Common stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 51,000 | 51,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Preferred stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 1,013,000 | 1,013,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 871,000 | 871,000 |
Total Assets | 6,467,000 | 6,005,000 |
Interest Rate Swap | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Obligations of foreign governments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Common stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 47,000 | 47,000 |
Fair Value, Inputs, Level 1 [Member] | Preferred stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 5,549,000 | 5,087,000 |
Fair Value, Inputs, Level 1 [Member] | Common stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Preferred stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Total Assets | 135,726,000 | 131,751,000 |
Interest Rate Swap | 2,693,000 | 2,930,000 |
Fair Value, Inputs, Level 2 [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 47,166,000 | 51,435,000 |
Fair Value, Inputs, Level 2 [Member] | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 28,737,000 | 24,547,000 |
Fair Value, Inputs, Level 2 [Member] | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 58,824,000 | 55,360,000 |
Fair Value, Inputs, Level 2 [Member] | Obligations of foreign governments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 999,000 | 409,000 |
Fair Value, Inputs, Level 2 [Member] | Common stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Preferred stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Common stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Preferred stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Short-term investments | 0 | 0 |
Total Assets | 1,064,000 | 1,064,000 |
Interest Rate Swap | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Obligations of the U.S. Treasury and U.S. Government agencies | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Municipal securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate securities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Obligations of foreign governments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fixed Maturity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Common stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Preferred stock - publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Common stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | 51,000 | 51,000 |
Fair Value, Inputs, Level 3 [Member] | Preferred stock - non-publicly traded | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Equity Securities | $1,013,000 | $1,013,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments Level 4 Rollforward of Level 3 Assets measured at Fair Value (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $1,064 | $1,123 |
Included in other comprehensive (loss) | 0 | -25 |
Transfers (out of) Level 3 | 0 | -27 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $1,064 | $1,071 |
Statutory_Reporting_and_Insura2
Statutory Reporting and Insurance Company Subsidiaries Dividend Restrictions Level 4 (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Statutory Accounting Practices [Line Items] | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | $0 | $2,383 |
Combined statutory capital and surplus of the Company's insurance company subsidiaries | 75,079 | 69,269 |
Required minimum statutory capital and surplus | 17,200 | 17,200 |
Amount available for ordinary dividends of the Company's insurance company subsidiaries | 4,244 | 3,989 |
Ordinary dividends paid to the parent compary by insurance company subsidiaries [Member] | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | ' | 2,383 |
Extraordinary dividends paid to the parent compary by insurance company subsidiaries [Member] | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | ' | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Repayment of Notes Receivable from Related Parties | $0 | $6,135,000 | ' |
Revenue from Related Parties | 624,000 | 507,000 | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 122,000 | 205,000 | ' |
Accounts receivable from related parties | 0 | ' | 113,000 |
ProtectCELL protection plans [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from Related Parties | 307,000 | 507,000 | ' |
ProtectCell [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Due from Related Parties | 6,100,000 | ' | ' |
Related Party Transaction, Rate | 8.00% | ' | ' |
Related Party Transaction, Date | 15-Mar-13 | ' | ' |
Repayment of Notes Receivable from Related Parties | 6,100,000 | ' | ' |
Related party income - Tenant's Legal Liability program [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Revenue from Related Parties | 317,000 | 0 | ' |
Interest Income [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Income recorded by the Company from related parties | 0 | 21,000 | ' |
Related party lease expense-39500 High Pointe, LLC [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 104,000 | 94,000 | ' |
related party lease expense-Source International Incorporate [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 29,000 | ' |
Relate party lease expense [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 104,000 | 123,000 | ' |
Policyholder Benefits and Claims Incurred, Net [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $23,000 | $0 | ' |