Oxbridge Re Holdings Limited (OXBR) 10-Q 13 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'OXBRU	'
Entity Registrant Name	'OXBRIDGE RE HOLDINGS Ltd	'
Entity Central Index Key	'0001584831	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	6,000,000

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$28,483	$695
Restricted cash and cash equivalents	8,865	10,118
Premiums receivable	41	'
Deferred policy acquisition costs	33	69
Prepayment and other receivables	59	64
Prepaid offering costs	'	417
Property and equipment, net	49	'
Total assets	37,530	11,363
Liabilities and Shareholders' Equity	'	'
Reserve for losses and loss adjustment expenses	'	'
Loss experience refund payable	1,953	1,367
Unearned premiums reserve	860	2,036
Accounts payable and other liabilities	242	511
Total liabilities	3,055	3,914
Shareholders' equity:	'	'
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,000,000 and 1,115,350 shares issued and outstanding	6	1
Additional paid-in capital	33,491	6,595
Retained earnings	978	853
Total shareholders' equity	34,475	7,449
Total liabilities and shareholders' equity	$37,530	$11,363

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Ordinary share, Par value	$0.00	$0.00
Ordinary share, Authorized	50,000,000	50,000,000
Ordinary share, Outstanding	6,000,000	1,115,350
Ordinary share, Issued	6,000,000	1,115,350

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue	'	'
Assumed premiums	$58	'
Change in loss experience refund payable	-586	'
Change in unearned premiums reserve	1,176	'
Net premiums earned	648	'
Total revenue	648	'
Expenses	'	'
Policy acquisition costs	43	'
General and administrative expenses	212	'
Total expenses	255	'
Net income	$393	'
Earnings per share	'	'
Basic	$0.28	'
Diluted	$0.28	'
Weighted average shares outstanding	'	'
Basic	1,386,719	'
Diluted	1,386,719	'
Dividends paid per share	$0.24	'

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net income	$393	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	1	'
Change in operating assets and liabilities:	'	'
Restricted cash and cash equivalents	1,253	'
Premiums receivable	-41	'
Deferred policy acquisition costs	36	'
Prepayment and other receivables	5	'
Prepaid offering costs	417	'
Loss experience refund payable	586	'
Unearned premiums reserve	-1,176	'
Accounts payable and other liabilities	-269	'
Net cash provided by operating activities	1,205	'
Investing activities	'	'
Purchase of property and equipment	-50	'
Net cash used in investing activities	-50	'
Financing activities	'	'
Proceeds on issuance of share capital	5	'
Additional paid-in capital proceeds, net of offering costs, resulting from share capital	21,816	'
Additional paid-in capital proceeds, net of offering costs, resulting from share warrants	5,080	'
Dividends paid	-268	'
Net cash provided by financing activities	26,633	'
Net change in cash and cash equivalents	27,788	'
Cash and cash equivalents at beginning of period	695	'
Cash and cash equivalents at end of period	28,483	'
Supplemental Cash Flows Information	'	'
Interest paid	0	'
Income taxes paid	$0	'

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (USD $)	Total	Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
In Thousands, except Share data
Beginning Balance at Dec. 31, 2013	$7,449	$1	$6,595	$853
Beginning Balance, Shares at Dec. 31, 2013	1,115,350	1,115,350	'	'
Net proceeds from the sale of ordinary shares (unaudited)	21,821	5	21,816	'
Net proceeds from the sale of ordinary shares (unaudited), Shares	'	4,884,650	'	'
Ordinary share warrants (unaudited)	5,080	'	5,080	'
Dividends paid (unaudited)	-268	'	'	-268
Net income (unaudited)	393	'	'	393
Ending Balance at Mar. 31, 2014	$34,475	$6	$33,491	$978
Ending Balance, Shares at Mar. 31, 2014	6,000,000	6,000,000	'	'

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Organization and Basis of Presentation	'
	1	ORGANIZATION AND BASIS OF PRESENTATION
	(a) Organization
	Oxbridge Re Holdings Limited was incorporated as an exempted company on April 4, 2013 under the laws of the Cayman Islands. Oxbridge Re Holdings Limited owns 100% of the equity interest in Oxbridge Reinsurance Limited (the “Subsidiary”), an entity incorporated on April 23, 2013 under the laws of the Cayman Islands and for which a Class “C” Insurer’s license was granted on April 29, 2013 under the provisions of the Cayman Islands Insurance Law. Oxbridge Re Holdings Limited and the Subsidiary (collectively, the “Company”) have their registered offices at P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands.
	The Company’s ordinary shares and warrants are listed on the Nasdaq Capital Market under the symbols “OXBR” and “OXBRW” respectively.
	The current principal activity of the Company is the provision of collateralized reinsurance to cover excess of loss catastrophe risks of primarily Claddaugh Casualty Insurance Company, Ltd. (“Claddaugh”), a related-party entity domiciled in Bermuda. The Company intends to increase its coverage to provide similar reinsurance arrangements to affiliated and non-affiliated U.S. Gulf Coast property insurers.
	(b) Basis of Presentation
	The accompanying interim unaudited condensed consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, and the Securities and Exchange Commission (“SEC”) rules for interim financial reporting and do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s financial position as of March 31, 2014 and the results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results of operations to be expected for the fiscal year ending December 31, 2014 or any other interim period. The accompanying interim unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the period ended December 31, 2013 included in the Company’s Registration Statement on Form S-1 (as amended), which was declared effective by the SEC on February 28, 2014.
	In preparing the interim unaudited condensed consolidated financial statements, management was required to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates, which would be reflected in future periods.
	Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the reserve for losses and loss adjustment expenses and loss experience refund payable. Although considerable variability is inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually reviewed and adjusted as necessary. Such adjustments are reflected in current operations.
	All significant intercompany balances and transactions have been eliminated.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	2	SIGNIFICANT ACCOUNTING POLICIES
	Cash and cash equivalents: Cash and cash equivalents are comprised of cash and short term investments with original maturities of three months or less.
	Restricted cash and cash equivalents: Restricted cash and cash equivalents represent funds held in accordance with the Company’s trust agreements with the ceding reinsurer and a trustee, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium.
	Deferred policy acquisition costs (“DAC”): Policy acquisition costs consist of brokerage fees, federal excise taxes and other costs related directly to the successful acquisition of new or renewal insurance contracts, and are deferred and amortized over the terms of the reinsurance agreements to which they relate. The Company evaluates the recoverability of DAC by determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At March 31, 2014, the DAC was considered fully recoverable and no premium deficiency loss was recorded.
	Property and equipment: Property and equipment are recorded at cost when acquired. Property and equipment are comprised of motor vehicles, furniture and fixtures and leasehold improvements and are depreciated, using the straight-line method, over their estimated useful lives, which are five years for furniture and fixtures and four years for motor vehicles. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or remaining lease term. The Company periodically reviews property and equipment that have finite lives, and that are not held for sale, for impairment by comparing the carrying value of the assets to their estimated future undiscounted cash flows. For the three-month period ending March 31, 2014, there were no impairments in property and equipment.
	Allowance for uncollectible receivables: Management evaluates credit quality by evaluating the exposure to individual counterparties; where warranted management also considers the credit rating or financial position, operating results and/or payment history of the counterparty. Management establishes an allowance for amounts for which collection is considered doubtful. Adjustments to previous assessments are recognized as income in the year in which they are determined. At March 31, 2014, no receivables were determined to be overdue or impaired and, accordingly, no allowance for uncollectible receivables has been established.
	Reserves for losses and loss adjustment expenses: The Company determines its reserves for losses and loss adjustment expenses on the basis of the claims reported by the Company’s ceding insurers, and for losses incurred but not reported, if any, management uses the assistance of an independent actuary. The reserves for losses and loss adjustment expenses represent management’s best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate; however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated statement of income in the period in which they are determined.
	There were no loss and loss adjustment expenses incurred for the three-month period ending March 31, 2014 or from April 4, 2013 (date of incorporation) through December 31, 2013.
	Loss experience refund payable: Certain contracts include retrospective provisions that adjust premiums or result in profit commissions in the event losses are minimal or zero. Under such contracts, the Company expects to recognize aggregate liabilities payable to the ceding reinsurer of approximately $2.3 million from June 1, 2013 through May 31, 2014 assuming no losses occur during that period. In accordance with GAAP, the Company will recognize a liability in the period in which the absence of loss experience obligates the Company to pay cash or other consideration under the contract. On the contrary, the Company will derecognize such liability in the period in which a loss experience arises. Such adjustments to the liability, which accrue throughout the contract term, will reduce the liability should a catastrophic loss event covered by the Company occur.
	Premiums assumed: The Company records premiums assumed, net of loss experience refunds, as earned pro-rata over the terms of the reinsurance agreements and the unearned portion at the balance sheet date is recorded as unearned premiums reserve. A reserve is made for estimated premium deficiencies to the extent that estimated losses and loss adjustment expenses exceed related unearned premiums. Investment income is not considered in determining whether or not a deficiency exists.
	Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiry of a contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums are earned over the remaining coverage period.
	Preopening and Organizational Costs: Preopening and organizational costs incurred prior to the commencement of insurance operations were expensed as incurred in the period subsequent to incorporation (April 4, 2013).
	Prepaid offering costs: Prepaid offering costs relate to the Company’s Form S-1 and initial public offering and such costs were netted out of the offering proceeds upon consummation of the offering.
	Uncertain income tax positions: The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Company’s consolidated financial statements because the Company had no uncertain tax positions at March 31, 2014.
	Comprehensive income: There were no elements of comprehensive income for the three month period ending March 31, 2014 other than net income disclosed in the condensed consolidated statement of income.
	Earnings Per share: Basic earnings per share has been computed on the basis of the weighted-average number of shares of share capital outstanding during the periods presented. Diluted earnings per share is the same as basic earnings per share because the exercise price of the outstanding share capital warrants exceeded the fair value of the shares during the period. In 2014, 8,230,700 warrants to purchase 8,230,700 ordinary shares at $7.50 per share were not dilutive because the exercise price exceeded the average market price during the period.
	Recent accounting pronouncements: There have been no recent accounting pronouncements during the three-month period ended March 31, 2014 that are of significance or potential significance to the Company.

Cash_and_Cash_Equivalents_and_

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2014
Cash And Cash Equivalents [Abstract]	'
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	'
	3	CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS
			March 31,		December 31,
			2014		2013
			(in thousands)		(in thousands)
	Cash on deposit		$	28,483	$	695
	Restricted cash held in trust			8,865		10,118
	Total			37,348		10,813
	Cash and cash equivalents are held by large and reputable counterparties in the United States of America and in the Cayman Islands. Restricted cash held in trust is custodied with Bank of New York Mellon and is held in accordance with the Company’s trust agreement with the ceding reinsurer and a trustee, which requires that the Company provide collateral having a market value greater than or equal to the limit of liability less unpaid premium. During the period ended March 31, 2014, the ceding insurer released collateral amounting to $1,660,000 to the Company under the terms and conditions of the Company’s reinsurance contract and trust agreement with the ceding insurer.

Taxation

Taxation	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Taxation	'
	4	TAXATION
	Under current Cayman Islands law, no corporate entity, including the Company and the Subsidiary, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company and the Subsidiary have an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Law, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes tax on profits, income, gains or appreciations, or any tax in the nature of estate duty or inheritance tax, such tax will not be applicable to the Company and the Subsidiary or their operations, or to the ordinary shares or related obligations, until April 23, 2033 and May 17, 2033, respectively.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Shareholders' Equity	'
	5	SHAREHOLDERS’ EQUITY
	On February 28, 2014, the Company’s Registration Statement on Form S-1, as amended, relating to the initial public offering of the Company’s units was declared effective by the Securities and Exchange Commission. The Registration Statement covered the offer and sale by the Company of 4,884,650 units, each consisting of one ordinary share and one warrant (“Unit”), which were sold to the public on March 26, 2014 at a price of $6.00 per Unit. The ordinary shares and warrants comprising the Units began separate trading on May 9, 2014. The ordinary shares and warrants are traded on the Nasdaq Capital Market under the symbols “OXBR” and “OXBRW,” respectively. One warrant may be exercised to acquire one ordinary share at an exercise price equal to $7.50 per share on or before March 26, 2019. At any time after September 26, 2014 and before the expiration of the warrants, the Company at its option may cancel the warrants in whole or in part, provided that the closing price per ordinary share has exceeded $9.38 for at least ten trading days within any period of twenty consecutive trading days, including the last trading day of the period.
	The initial public offering resulted in aggregate gross proceeds to the Company of approximately $29.3 million (of which approximately $5 million related to the fair value proceeds on the warrants issued) and net proceeds of approximately $26.9 million after deducting underwriting commissions and offering expenses.
	In June 2013, the Company completed the sale of 1,115,350 units, each consisting of one of the Company’s ordinary shares and three warrants, in its initial private placement offering. One warrant may be exercised to acquire one ordinary share at an exercise price equal to $7.50 per share on or before May 31, 2018. The initial private placement offering resulted in aggregate gross proceeds to the Company of approximately $6.7 million, of which $3,479,892 related to the fair value proceeds on the warrants issued.
	The fair value of the warrants issued in the initial public offering and initial private placement offering of $1.04 per warrant was determined by the Black-Scholes pricing model using the following assumptions: volatility of 48%, an expected life of 5 years, expected dividend yield of 8% and a risk-free interest rate of 1.69%. There were 8,230,700 warrants outstanding at March 31, 2014. No warrants were exercised during the three month period ended March 31, 2014.
	On January 19, 2014, the Company’s Board of Directors declared dividends of $0.12 per share for the third and fourth quarters of the period ended December 31, 2013, respectively. Such dividends were resolved to be payable to shareholders of record as of December 31, 2013. On January 19, 2014, the Subsidiary’s Board of Directors declared dividends of $267,684 and during the three month period ended March 31, 2014, the Subsidiary obtained approval from the Cayman Islands Monetary Authority (“CIMA”) and paid dividends amounting to $267,684.
	As of March 31, 2014, none of the Company’s retained earnings were restricted from payment of dividends to the Company’s shareholders. However, since most of the Company’s capital and retained earnings are invested in the Subsidiary, a dividend from the Subsidiary would likely be required in order to fund a dividend to the Company’s shareholders and would require notification to CIMA.
	Under Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement. See also Note 6.

Net_worth_for_regulatory_purpo

Net worth for regulatory purposes	3 Months Ended
	Mar. 31, 2014
Text Block [Abstract]	'
Net worth for regulatory purposes	'
	6	NET WORTH FOR REGULATORY PURPOSES
	The Subsidiary is subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of its license, the Subsidiary is required to maintain a minimum and prescribed capital requirement of $500 in accordance with the Subsidiary’s approved business plan with CIMA. At March 31, 2014, the Subsidiary’s net worth of $6.8 million exceeded the minimum and prescribed capital requirement. For the three-month period ending March 31, 2014, the Subsidiary’s net income was $347,000.
	The Subsidiary is not required to prepare separate statutory financial statements for filing with CIMA and, there were no material differences between the Subsidiary’s GAAP capital, surplus and net income, and its statutory capital, surplus and net income as of March 31, 2014 or for the period then ended.

Fair_value_and_certain_risks_a

Fair value and certain risks and uncertainties	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair value and certain risks and uncertainties	'
	7	FAIR VALUE AND CERTAIN RISKS AND UNCERTAINTIES
	Fair values
	With the exception of balances in respect of insurance contracts (which are specifically excluded from fair value disclosures under GAAP), the carrying amounts of all financial instruments, which consist of cash and cash equivalents, restricted cash and cash equivalents, premiums receivable and other receivables, approximate their fair values due to their short-term nature. The Company had no investments at March 31, 2014. The fair value of cash and restricted cash were based on level 1 inputs which consist of unadjusted quoted prices in active markets for identical assets.
	Concentration of underwriting risk
	Substantially all of the Company’s current insurance business ultimately relates to the risks of one entity domiciled in Florida in the United States that is under common directorship; accordingly the Company’s underwriting risks are not significantly diversified.
	Credit risk
	The Company’s cash balances are held in custody by two financial institutions in the Cayman Islands and United States of America. The Company is subject to credit risk to the extent that the financial institutions may be unable to fulfil their obligations to repay amounts owed. Management is satisfied that the Company will not suffer a material loss as a result of these concentrations.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	8	COMMITMENTS AND CONTINGENCIES
	The Company has an operating lease for office space located at Harbour Place, 103 South Church Street, Grand Cayman, Cayman Islands. The term of the lease is one year which commenced on March 1, 2014. Rent expense under this lease for the three month period ended March 31, 2014 was $3,000 and lease commitments at March 31, 2014 were $33,000.
	The Company also has an operating lease for residential space at Britannia Villas #616, Grand Cayman, Cayman Islands. The term of the lease is 13 months, which commenced on October 1, 2013. Rent expense under this lease for the three month period ended March 31, 2014 was $12,600 and lease commitments at March 31, 2014 were $29,400.
	As disclosed in Note 5 above, the Company’s initial public offering closed on March 26, 2014. The Company is party to an Underwriting Advisory Agreement under which a minimum fee of $75,000 is payable within 30 days after the completion of the Company’s initial public offering to an underwriting consultant under such contract.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	9	RELATED PARTY TRANSACTIONS
	During the period ended December 31, 2013, the Company paid brokerage fees of $116,651 to Advocate Reinsurance Partners LLC, a company in which a former director of the Company holds a senior partner position. Included within policy acquisition costs on the condensed consolidated statements of income is an amount of $29,162 relating to the amortization of related party brokerage fees during the three-month period ended March 31, 2014.
	Except as disclosed elsewhere in these condensed consolidated financial statements and notes thereto, there were no other related party transactions and balances for the three-month period ending as of or at March 31, 2014.

Subsequent_events

Subsequent events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent events	'
	10	SUBSEQUENT EVENTS
	We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. Except as disclosed in Note 5 of these condensed consolidated financial statements and notes thereto, there were no subsequent events and transactions that require disclosure in our financial statements.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Cash and Cash Equivalents	'
	Cash and cash equivalents: Cash and cash equivalents are comprised of cash and short term investments with original maturities of three months or less.
Restricted Cash and Cash Equivalents	'
	Restricted cash and cash equivalents: Restricted cash and cash equivalents represent funds held in accordance with the Company’s trust agreements with the ceding reinsurer and a trustee, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium.
Deferred Policy Acquisition Cost	'
	Deferred policy acquisition costs (“DAC”): Policy acquisition costs consist of brokerage fees, federal excise taxes and other costs related directly to the successful acquisition of new or renewal insurance contracts, and are deferred and amortized over the terms of the reinsurance agreements to which they relate. The Company evaluates the recoverability of DAC by determining if the sum of future earned premiums and anticipated investment income is greater than the expected future claims and expenses. If a loss is probable on the unexpired portion of policies in force, a premium deficiency loss is recognized. At March 31, 2014, the DAC was considered fully recoverable and no premium deficiency loss was recorded.
Property and Equipment	'
	Property and equipment: Property and equipment are recorded at cost when acquired. Property and equipment are comprised of motor vehicles, furniture and fixtures and leasehold improvements and are depreciated, using the straight-line method, over their estimated useful lives, which are five years for furniture and fixtures and four years for motor vehicles. Leasehold improvements are amortized over the lesser of the estimated useful lives of the assets or remaining lease term. The Company periodically reviews property and equipment that have finite lives, and that are not held for sale, for impairment by comparing the carrying value of the assets to their estimated future undiscounted cash flows. For the three-month period ending March 31, 2014, there were no impairments in property and equipment.
Allowance for Uncollectible Receivables	'
	Allowance for uncollectible receivables: Management evaluates credit quality by evaluating the exposure to individual counterparties; where warranted management also considers the credit rating or financial position, operating results and/or payment history of the counterparty. Management establishes an allowance for amounts for which collection is considered doubtful. Adjustments to previous assessments are recognized as income in the year in which they are determined. At March 31, 2014, no receivables were determined to be overdue or impaired and, accordingly, no allowance for uncollectible receivables has been established.
Reserves for Losses and Loss Adjustment Expenses	'
	Reserves for losses and loss adjustment expenses: The Company determines its reserves for losses and loss adjustment expenses on the basis of the claims reported by the Company’s ceding insurers, and for losses incurred but not reported, if any, management uses the assistance of an independent actuary. The reserves for losses and loss adjustment expenses represent management’s best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate; however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated statement of income in the period in which they are determined.
	There were no loss and loss adjustment expenses incurred for the three-month period ending March 31, 2014 or from April 4, 2013 (date of incorporation) through December 31, 2013.
Loss Experience Refund Payable	'Loss experience refund payable: Certain contracts include retrospective provisions that adjust premiums or result in profit commissions in the event losses are minimal or zero. Under such contracts, the Company expects to recognize aggregate liabilities payable to the ceding reinsurer of approximately $2.3 million from June 1, 2013 through May 31, 2014 assuming no losses occur during that period. In accordance with GAAP, the Company will recognize a liability in the period in which the absence of loss experience obligates the Company to pay cash or other consideration under the contract. On the contrary, the Company will derecognize such liability in the period in which a loss experience arises. Such adjustments to the liability, which accrue throughout the contract term, will reduce the liability should a catastrophic loss event covered by the Company occur.
Premiums Assumed	'
	Premiums assumed: The Company records premiums assumed, net of loss experience refunds, as earned pro-rata over the terms of the reinsurance agreements and the unearned portion at the balance sheet date is recorded as unearned premiums reserve. A reserve is made for estimated premium deficiencies to the extent that estimated losses and loss adjustment expenses exceed related unearned premiums. Investment income is not considered in determining whether or not a deficiency exists.
	Certain contracts allow for reinstatement premiums in the event of a full limit loss prior to the expiry of a contract. A reinstatement premium is not due until there is a full limit loss event and therefore, in accordance with GAAP, the Company records a reinstatement premium as written only in the event that the reinsured incurs a full limit loss on the contract and the contract allows for a reinstatement of coverage upon payment of an additional premium. For catastrophe contracts which contractually require the payment of a reinstatement premium equal to or greater than the original premium upon the occurrence of a full limit loss, the reinstatement premiums are earned over the original contract period. Reinstatement premiums that are contractually calculated on a pro-rata basis of the original premiums are earned over the remaining coverage period.
Preopening and Organizational Costs	'
	Preopening and Organizational Costs: Preopening and organizational costs incurred prior to the commencement of insurance operations were expensed as incurred in the period subsequent to incorporation (April 4, 2013).
Prepaid offering costs	'Prepaid offering costs: Prepaid offering costs relate to the Company’s Form S-1 and initial public offering and such costs were netted out of the offering proceeds upon consummation of the offering.
Uncertain Income Tax Positions	'
	Uncertain income tax positions: The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Company’s consolidated financial statements because the Company had no uncertain tax positions at March 31, 2014.
Comprehensive Income	'
	Comprehensive income: There were no elements of comprehensive income for the three month period ending March 31, 2014 other than net income disclosed in the condensed consolidated statement of income.
Earnings Per Share	'Earnings Per share: Basic earnings per share has been computed on the basis of the weighted-average number of shares of share capital outstanding during the periods presented. Diluted earnings per share is the same as basic earnings per share because the exercise price of the outstanding share capital warrants exceeded the fair value of the shares during the period. In 2014, 8,230,700 warrants to purchase 8,230,700 ordinary shares at $7.50 per share were not dilutive because the exercise price exceeded the average market price during the period.
Recent Accounting Pronouncements	'
	Recent accounting pronouncements: There have been no recent accounting pronouncements during the three-month period ended March 31, 2014 that are of significance or potential significance to the Company.

Cash_and_Cash_Equivalents_and_1

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2014
Cash And Cash Equivalents [Abstract]	'
Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents	'
		March 31,		December 31,
		2014		2013
		(in thousands)		(in thousands)
	Cash on deposit	$	28,483	$	695
	Restricted cash held in trust		8,865		10,118
	Total		37,348		10,813

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation - Additional Information (Detail)	Mar. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Equity Method Investment, Ownership Percentage	100.00%

Significant_Accounting_Policie2

Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended	9 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]	'	'
Impairments in fixed assets	$0	'
Receivables	0	'
Allowance for uncollectible receivables	0	'
Loss and loss adjustment expense	0	0
Provisions	0	'
Liabilities payable to ceding reinsurer	2,300,000	'
Losses during period	0	'
Uncertain tax positions	$0	'
Likelihood percentage	'For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority.	'
Warrant outstanding	8,230,700	'
Number of ordinary shares which can be purchased by the exercise of warrants	8,230,700	'
Warrants exercise price	7.5	'
Furniture and fixtures [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Fixed asset, Estimated useful life	'5 years	'
Motor vehicles [Member]	'	'
Significant Accounting Policies [Line Items]	'	'
Fixed asset, Estimated useful life	'4 years	'

Cash_and_Cash_Equivalents_and_2

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Cash And Cash Equivalents [Abstract]	'	'	'	'
Cash on deposit	$28,483	$695	'	'
Restricted cash held in trust	8,865	10,118	'	'
Total	$37,348	$10,813	'	'

Cash_and_Cash_Equivalents_and_3

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Cash And Cash Equivalents [Abstract]	'
Amount of collateral released by ceding insurer	$1,660,000

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)	0 Months Ended			3 Months Ended
	Feb. 28, 2014	Jan. 19, 2014	31-May-13	Mar. 31, 2014
Stockholders Equity [Line Items]	'	'	'	'
Initial public offering	4,884,650	'	'	'
Sale of company's ordinary shares	1	'	'	'
Sale of warrants	1	'	'	'
Price per unit	$6	'	'	'
Exercise price of Warrant exercised to acquire ordinary share	$7.50	'	$7.50	'
Closing price per ordinary share	$9.38	'	'	'
Number of trading days	'10 days	'	'	'
Aggregate gross proceeds resulted from IPO	'	'	'	$29,300,000
Fair value proceeds on warrants issued	'	'	'	5,000,000
Net proceeds after deducting underwriting commissions and offering expenses	'	'	'	26,900,000
Sale of units	'	'	1,115,350	'
Aggregate gross proceeds from initial private placement offering	'	'	6,700,000	'
Fair value proceeds on warrants issued	'	'	3,479,892	'
Volatility	'	'	'	48.00%
Expected life	'	'	'	'5 years
Expected dividend yield	'	'	'	8.00%
Risk free interest rate	'	'	'	1.69%
Warrant outstanding	'	'	'	8,230,700
Warrants exercised	'	'	'	0
Declared dividends per share	'	$0.12	'	'
Dividend declared by subsidiary	'	'	'	267,684
Dividend paid by subsidiary	'	'	'	$268,000
Initial Public Offering [Member]	'	'	'	'
Stockholders Equity [Line Items]	'	'	'	'
Fair value of the warrants issued in the initial offering	'	'	'	$1.04
Initial Private Placement Offering [Member]	'	'	'	'
Stockholders Equity [Line Items]	'	'	'	'
Fair value of the warrants issued in the initial offering	'	'	'	$1.04

Recovered_Sheet1

Net Worth for Regulatory Purposes - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Regulated Operations [Abstract]	'
Minimum prescribed capital requirement	$500
Subsidiary net worth	6,800,000
Subsidiary's net income	$347,000

Recovered_Sheet2

Fair Value and Certain Risks and Uncertainties - Additional Information (Detail) (USD $)	Mar. 31, 2014
Debt Instrument Fair Value Carrying Value [Abstract]	'
Investments	$0

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Minimum [Member]	'
Other Commitments [Line Items]	'
Underwriting minimum fee	$75,000
Harbour Place, 103 South Church Street [Member]	'
Other Commitments [Line Items]	'
Lease term	'1 year
Rent expense	3,000
Lease commitments	33,000
Britannia Villas #616, Grand Cayman [Member]	'
Other Commitments [Line Items]	'
Lease term	'13 months
Rent expense	12,600
Lease commitments	$29,400

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Commitment Contingency And Related Party Transactions [Abstract]	'	'
Brokerage fees paid	'	$116,651
Amortization of related party brokerage fees	29,162	'
Related party transactions amount	$0	'