Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 11, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OXBR | |
Entity Registrant Name | OXBRIDGE RE HOLDINGS Ltd | |
Entity Central Index Key | 1,584,831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,060,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,683 and $3,681, respectively) | $ 3,492 | $ 3,659 |
Equity securities, available for sale, at fair value (cost: $8,850 and $8,140, respectively) | 6,817 | 8,179 |
Total investments | 10,309 | 11,838 |
Cash and cash equivalents | 6,408 | 5,317 |
Restricted cash and cash equivalents | 30,152 | 28,178 |
Accrued interest and dividend receivable | 28 | 22 |
Premiums receivable | 6,729 | 4,081 |
Deferred policy acquisition costs | 175 | 132 |
Prepayment and other receivables | 121 | 80 |
Property and equipment, net | 59 | 46 |
Total assets | 53,981 | 49,694 |
Liabilities: | ||
Reserve for losses and loss adjustment expenses | 0 | 0 |
Loss experience refund payable | 7,824 | 7,133 |
Unearned premiums reserve | 9,452 | 5,744 |
Accounts payable and other liabilities | 103 | 109 |
Total liabilities | 17,379 | 12,986 |
Shareholders' equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,060,000 and 6,000,000 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 33,628 | 33,540 |
Retained earnings | 5,192 | 3,145 |
Accumulated other comprehensive (loss) income | (2,224) | 17 |
Total shareholders' equity | 36,602 | 36,708 |
Total liabilities and shareholders' equity | $ 53,981 | $ 49,694 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed-maturity securities, available for sale, at fair value amortized cost | $ 3,683 | $ 3,681 |
Equity securities, available for sale, at fair value cost | $ 8,850 | $ 8,140 |
Ordinary share, par value | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 50,000,000 | 50,000,000 |
Ordinary shares, outstanding | 6,060,000 | 6,000,000 |
Ordinary shares, issued | 6,060,000 | 6,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Assumed premiums | $ 468 | $ 14,888 | $ 14,293 | |
Change in loss experience refund payable | $ (2,089) | (2,052) | (6,204) | (3,713) |
Change in unearned premiums reserve | 3,881 | 3,220 | (3,708) | (7,397) |
Net premiums earned | 1,792 | 1,636 | 4,976 | 3,183 |
Net realized investment gains (losses) | (303) | 165 | 673 | 165 |
Net investment income | 90 | 50 | 262 | 50 |
Other-than-temporary impairment losses | (399) | 0 | (399) | 0 |
Total revenue | 1,180 | 1,851 | 5,512 | 3,398 |
Expenses | ||||
Policy acquisition costs and underwriting expenses | 85 | 129 | 259 | 302 |
General and administrative expenses | 353 | 346 | 1,024 | 785 |
Total expenses | 438 | 475 | 1,283 | 1,087 |
Net income | $ 742 | $ 1,376 | $ 4,229 | $ 2,311 |
Earnings per share | ||||
Basic and Diluted | $ 0.12 | $ 0.23 | $ 0.70 | $ 0.52 |
Dividends paid per share | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 742 | $ 1,376 | $ 4,229 | $ 2,311 |
Change in unrealized gain on investments: | ||||
Unrealized (loss) gain arising during the period | (1,209) | 120 | (1,967) | 120 |
Other-than-temporary impairment losses | 399 | 399 | ||
Reclassification adjustment for net realized losses (gains) included in net income | 303 | (165) | (673) | (165) |
Net change in unrealized (loss) gain | (507) | (45) | (2,241) | (45) |
Total other comprehensive loss | (507) | (45) | (2,241) | (45) |
Comprehensive income | $ 235 | $ 1,331 | $ 1,988 | $ 2,266 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income | $ 4,229 | $ 2,311 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 88 | |
Depreciation | 12 | 9 |
Net realized investment gains | (673) | (165) |
Other-than-temporary impairment losses | 399 | 0 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | (6) | (22) |
Premiums receivable | (2,648) | (6,234) |
Deferred policy acquisition costs | (43) | (154) |
Prepayment and other receivables | (41) | (47) |
Prepaid offering costs | 417 | |
Loss experience refund payable | 691 | 3,713 |
Unearned premiums reserve | 3,708 | 7,397 |
Accounts payable and other liabilities | (6) | (438) |
Net cash provided by operating activities | 5,710 | 6,787 |
Investing activities | ||
Change in restricted cash and cash equivalents | (1,974) | (16,406) |
Purchase of fixed-maturity securities | (1,101) | (2,969) |
Purchase of equity securities | (10,814) | (8,777) |
Proceeds from sale of fixed-maturity and equity securities | 11,477 | 2,880 |
Purchase of property and equipment | (25) | (57) |
Net cash used in investing activities | (2,437) | (25,329) |
Financing activities | ||
Proceeds on issuance of share capital | 5 | |
Additional paid-in capital proceeds, net of offering costs, resulting from; | ||
Share capital | 21,865 | |
Share warrants | 5,080 | |
Dividends paid | (2,182) | (988) |
Net cash (used in) / provided by financing activities | (2,182) | 25,962 |
Net change in cash and cash equivalents | 1,091 | 7,420 |
Cash and cash equivalents at beginning of period | 5,317 | 695 |
Cash and cash equivalents at end of period | 6,408 | 8,115 |
Supplemental disclosure of cash flow information | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing activities | ||
Net change in unrealized gain on securities available for sale | $ (2,241) | $ (45) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Ordinary Share Capital / Common Stocks [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2013 | $ 7,449 | $ 1 | $ 6,595 | $ 853 | |
Beginning Balance, Shares at Dec. 31, 2013 | 1,115,350 | ||||
Net proceeds from the sale of ordinary shares | 21,870 | $ 5 | 21,865 | ||
Net proceeds from the sale of ordinary shares, Shares | 4,884,650 | ||||
Ordinary share warrants | 5,080 | 5,080 | |||
Cash dividends paid | (988) | (988) | |||
Net income | 2,311 | 2,311 | |||
Total other comprehensive loss | (45) | $ (45) | |||
Ending Balance at Sep. 30, 2014 | 35,677 | $ 6 | 33,540 | 2,176 | (45) |
Ending Balance, Shares at Sep. 30, 2014 | 6,000,000 | ||||
Beginning Balance at Dec. 31, 2014 | $ 36,708 | $ 6 | 33,540 | 3,145 | 17 |
Beginning Balance, Shares at Dec. 31, 2014 | 6,000,000 | 6,000,000 | |||
Cash dividends paid | $ (2,182) | (2,182) | |||
Net income | 4,229 | 4,229 | |||
Issuance of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
Issuance of restricted stock, Shares | 60,000 | ||||
Stock-based compensation | 88 | 88 | |||
Total other comprehensive loss | (2,241) | (2,241) | |||
Ending Balance at Sep. 30, 2015 | $ 36,602 | $ 6 | $ 33,628 | $ 5,192 | $ (2,224) |
Ending Balance, Shares at Sep. 30, 2015 | 6,060,000 | 6,060,000 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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 Company operates as a single business segment through the Subsidiary, which provides collateralized reinsurance to cover excess of loss catastrophe risks of various affiliated and non-affiliated ceding insurers, including Claddaugh Casualty Insurance Company, Ltd. (“Claddaugh”) and Homeowners Choice Property & Casualty Insurance Company (“HCPCI”), which are related-party entities domiciled in Bermuda and Florida, respectively. (b) Basis of Presentation The accompanying unaudited, consolidated financial statements of 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, in the opinion of management, the accompanying interim consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the Company’s consolidated financial position as of September 30, 2015 and the consolidated results of operations and cash flows for the periods presented. The consolidated results of operations for interim periods are not necessarily indicative of the results of operations to be expected for any subsequent interim period or for the fiscal year ended December 31, 2015. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014 included in the Company’s Form 10-K, which was filed with the SEC on March 18, 2015. In preparing the interim unaudited 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, valuation of investments and assessment of other-than-temporary impairment (“OTTI”) and loss experience refund payable. Although considerable variability is likely to be inherent in these estimates, management believes that the amounts provided are reasonable. These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. All significant intercompany balances and transactions have been eliminated. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. SIGNIFICANT ACCOUNTING POLICIES Cash and cash equivalents: Restricted cash and cash equivalents: Investments Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the statements of income. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. The Company reviews all securities for other-than-temporary impairment (“OTTI”) on a quarterly basis and more frequently when economic or market conditions warrant such review. When the fair value of any investment is lower than its cost, an assessment is made to see whether the decline is temporary or other-than-temporary. If the decline is determined to be other-than-temporary the investment is written down to fair value and an impairment charge is recognized in income in the period in which the Company makes such determination. For a debt security that the Company does not intend to sell nor is it more likely than not that the Company will be required to sell before recovery of its amortized cost, only the credit loss component is recognized in income, while impairment related to all other factors is recognized in other comprehensive (loss) income. The Company considers various factors in determining whether an individual security is other-than-temporarily impaired (see Note 4). Fair value measurement Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. For debt securities, inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments in common stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management and the Company’s investment custodians. Management and the investment custodians consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant markets. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to management and the investment custodians’ perceived risk of that instrument. Deferred policy acquisition costs (“DAC”): Property and equipment: Allowance for uncollectible receivables: Reserves for losses and loss adjustment expenses: There were no losses or loss adjustment expenses incurred for the three-month and nine-month periods ended September 30, 2015 and 2014. Loss experience refund payable: Premiums assumed: Subsequent adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when assumed. Certain contracts may allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the 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. Uncertain income tax positions: Stock-Based Compensation The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. Recent accounting pronouncements: Reclassifications: |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 (in thousands) December 31, (in thousands) Cash on deposit $ 2,078 $ 1,451 Cash held with custodians 4,330 3,866 Restricted cash held in trust 30,152 28,178 Total 36,560 33,495 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 Wells Fargo Bank and is held in accordance with the Company’s trust agreements with the ceding insurers and trustees, which require that the Company provide collateral having a market value greater than or equal to the limit of liability, less unpaid premium. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. INVESTMENTS The Company holds investments in fixed-maturity securities and equity securities that are classified as available for sale. At September 30, 2015 and December 31, 2014, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available for sale securities by security type were as follows: Cost or Gross Gross Estimated ($ in thousands) As of September 30, 2015 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 30 $ — $ 2,999 Exchange-traded debt securities 313 5 — 318 Convertible debt securities $ 401 $ — $ (226 ) $ 175 Total fixed-maturity securities 3,683 35 (226 ) 3,492 Preferred stocks 2,278 38 (68 ) 2,248 Common stocks 6,572 17 (2,020 ) 4,569 Total equity securities 8,850 55 (2,088 ) 6,817 Total available for sale securities $ 12,533 $ 90 $ (2,314 ) $ 10,309 As of December 31, 2014 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 2 $ — $ 2,971 Exchange-traded debt securities 513 18 — 531 Convertible debt securities $ 199 $ — $ (42 ) $ 157 Total fixed-maturity securities 3,681 20 (42 ) 3,659 REITs 400 — (20 ) 380 Preferred stocks 1,997 32 (5 ) 2,024 Common stocks 5,743 308 (276 ) 5,775 Total equity securities 8,140 340 (301 ) 8,179 Total available for sale securities $ 11,821 $ 360 $ (343 ) $ 11,838 At September 30, 2015 and December 31, 2014, available for sale securities with fair value of $3,807,000 and $3,463,000, respectively, are held in trust accounts as collateral under reinsurance contacts with the Company’s ceding insurers. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at September 30, 2015 and December 31, 2014 are as follows: Amortized Estimated ($ in thousands) As of September 30, 2015 Available for sale Due in one year or less $ 401 $ 175 Due after one year through five years $ 2,969 $ 2,999 Due after ten years 313 318 $ 3,683 $ 3,492 As of December 31, 2014 Available for sale Due after one year through five years $ 3,168 $ 3,128 Due after ten years 513 531 $ 3,681 $ 3,659 Proceeds received, and the gross realized gains and losses from sales of available for sale securities, for the three and nine months ended September 30, 2015 and 2014 were as follows: Gross Gross Gross ($ in thousands) Three Months Ended September 30, 2015 Fixed-maturity securities $ — $ — $ — Equity securities $ 773 $ 5 $ 308 Nine Months Ended September 30, 2015 Fixed-maturity securities $ 775 $ 75 $ — Equity securities $ 10,702 $ 914 $ 316 Three Months Ended September 30, 2014 Fixed-maturity securities $ — $ — $ — Equity securities $ 2,880 $ 166 $ 1 Nine Months Ended September 30, 2014 Fixed-maturity securities $ — $ — $ — Equity securities $ 2,880 $ 166 $ 1 The Company regularly reviews its individual investment securities for OTTI. The Company considers various factors in determining whether each individual security is other-than-temporarily impaired, including: • the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or income; • the length of time and the extent to which the market value of the security has been below its cost or amortized cost; • general market conditions and industry or sector specific factors; • nonpayment by the issuer of its contractually obligated interest and principal payments; and • the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs. Securities with gross unrealized loss positions at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Total As of September 30, 2015 Gross Estimated Gross Estimated Gross Estimated ($ in thousands) ($ in thousands) ($ in thousands) Fixed-maturity securities Convertible debt securities $ (226 ) $ 175 $ — $ — $ (226 ) $ 175 Total fixed-maturity securities (226 ) 175 — — (226 ) 175 Preferred stocks (68 ) 695 — — (68 ) 695 All other common stocks (2,020 ) 4,277 — — (2,020 ) 4,277 Total equity securities (2,088 ) 4,972 — — (2,088 ) 4,972 Total available for sale securities $ (2,314 ) $ 5,147 $ — $ — $ (2,314 ) $ 5,147 At September 30, 2015, there were 26 securities in an unrealized loss position. None of these securities had been in an unrealized loss position for 12 months or greater. Less Than Twelve Twelve Months or Total As of December 31, 2014 Gross Estimated Gross Estimated Gross Estimated ($ in thousands) ($ in thousands) ($ in thousands) Fixed-maturity securities Convertible debt securities $ 42 $ 157 $ — $ — $ 42 $ 157 Total fixed-maturity securities 42 157 — — 42 157 REITs 20 380 — — 20 380 Preferred stocks 5 598 — — 5 598 All other common stocks 276 3,933 — — 276 3,933 Total equity securities 301 4,911 — — 301 4,911 Total available for sale securities $ 343 $ 5,068 $ — $ — $ 343 $ 5,068 At December 31, 2014, there were 17 securities in an unrealized loss position. None of these securities had been in an unrealized loss position for 12 months or greater. The Company believes there were no fundamental issues such as credit losses or other factors with respect to its fixed-maturity securities. It is expected that the securities would not be settled at a price less than the par value of the investments and because the Company has the ability and intent to hold these securities and it is probable that the Company will not be required to sell these securities until a market price recovery or maturity, the Company does not consider any of its fixed-maturity securities to be other-than-temporarily impaired at September 30, 2015 and December 31, 2014. In determining whether equity securities are other than temporarily impaired, the Company considers its intent and ability to hold a security for a period of time sufficient to allow for the recovery of cost. In the three and nine months ended September 30, 2015, the Company determined that two equity securities were other-than-temporarily impaired after considering factors such as the length of time each security had been in an unrealized loss position, the extent of the decline and the near term prospect for recovery alongside other factors. As a result, the Company recognized impairment losses of $399,000 for the three and nine months ended September 30, 2015. There were no impairment losses recorded in the three and nine months ended September 30, 2014. Assets Measured at Estimated Fair Value on a Recurring Basis The following tables present information about the Company’s financial assets measured at estimated fair value on a recurring basis that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total ($ in thousands) As of September 30, 2015 Financial Assets: Cash and cash equivalents $ 6,408 $ — $ — $ 6,408 Restricted cash and cash equivalents $ 30,152 $ — $ — $ 30,152 Fixed-maturity securities: U.S. Treasury and agency securities 2,999 — — 2,999 Exchange-traded debt securities 318 — — 318 Convertible debt securities 175 — — 175 Total fixed-maturity securities 3,492 — — 3,492 Preferred stocks 2,248 — — 2,248 All other common stocks 4,569 — — 4,569 Total equity securities 6,817 — — 6,817 Total available for sale securities 10,309 — — 10,309 Total $ 46,869 $ — $ — $ 46,869 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total ($ in thousands) As of December 31, 2014 Financial Assets: Cash and cash equivalents $ 5,317 $ — $ — $ 5,317 Restricted cash and cash equivalents $ 28,178 $ — $ — $ 28,178 Fixed-maturity securities: U.S. Treasury and agency securities 2,971 — — 2,971 Exchange-traded debt securities 531 — — 531 Convertible debt securities 157 — — 157 Total fixed-maturity securities 3,659 — — 3,659 REITs 380 — — 380 Preferred stocks 2,024 — — 2,024 All other common stocks 5,775 — — 5,775 Total equity securities 8,179 — — 8,179 Total available for sale securities 11,838 — — 11,838 Total $ 45,333 $ — $ — $ 45,333 |
Taxation
Taxation | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Taxation | 5. 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. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 6. EARNINGS PER SHARE Basic earnings per share has been computed on the basis of the weighted-average number of ordinary shares outstanding during the periods presented. Diluted earnings per share is computed based on the weighted-average number of ordinary shares outstanding and reflects the assumed exercise or conversion of diluted securities, such as stock options and warrants, computed using the treasury stock method. A summary of the numerator and denominator of the basic and diluted earnings per share is presented below (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator: Net earnings $ 742 1,376 $ 4,229 2,311 Denominator: Weighted average shares - basic 6,060,000 6,000,000 6,054,945 4,479,138 Effect of dilutive securities - Stock options — — — — Shares issuable upon conversion of warrants — — — — Weighted average shares - diluted 6,060,000 6,000,000 6,054,945 4,479,138 Earnings per shares - basic $ 0.12 0.23 $ 0.70 0.52 Earnings per shares - diluted $ 0.12 0.23 $ 0.70 0.52 For the three and nine-month period ended September 30, 2015, 180,000 options to purchase 180,000 ordinary shares were anti-dilutive as the sum of the proceeds, including unrecognized compensation expense, exceeded the average market price of the Company’s ordinary share during the periods presented. For the three and nine-month period ended September 30, 2015, 8,230,700 warrants to purchase an aggregate of 8,230,700 ordinary shares were not dilutive because the exercise price of $7.50 exceeded the average market price of the Company’s ordinary share during the periods presented. GAAP requires the Company to use the two-class method in computing basic earnings per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net income. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Shareholders' Equity | 7. 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 SEC. 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. 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 September 30, 2015. No warrants were exercised during the three-month periods ended September 30, 2015 and 2014. On January 23, 2015, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on March 27, 2015 to shareholders of record on February 27, 2015. On May 9, 2015, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on June 29, 2015 to shareholders of record on June 8, 2015. On August 7, 2015, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on September 29, 2015 to shareholders of record on September 11, 2015. On November 7, 2015, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on December 29, 2015 to shareholders of record on December 11, 2015. As of September 30, 2015, 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 may be 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 the Cayman Islands Monetary Authority (“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 9. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 8. SHARE-BASED COMPENSATION The Company currently has outstanding stock-based awards granted under the 2014 Omnibus Incentive Plan (the “Plan”). Under the Plan, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance of up to 1,000,000 of the Company’s ordinary shares. At September 30, 2015, there were 760,000 shares available for grant under the Plan. Stock options Stock options granted and outstanding under the Plan vests quarterly over four years, and are exercisable over the contractual term of ten years. A summary of the stock option activity for the nine-month period ended September 30, 2015 is as follows (option amounts not in thousands): Number Weighted- Weighted- Remaining Contractual Term Aggregate Outstanding at January 1, 2015 — Granted 180,000 $ 6 Exercised — Forfeited — Outstanding at September 30, 2015 180,000 $ 6 9.25 years $ — Exercisable at September 30, 2015 33,750 $ 6 9.25 years $ — Compensation expense recognized for the three and nine-month period ended September 30, 2015 totaled $7,000 and $22,000 respectively, and is included in general and administrative expenses. At September 30, 2015, there was approximately $95,000 unrecognized compensation expense related to non-vested stock options granted under the Plan, which the Company expects to recognize over a weighted-average period of thirty nine (39) months. During the nine-month period ended September 30, 2015, 180,000 options were granted with fair value estimated on the date of grant using the following assumptions and the Black-Scholes option pricing model: Expected dividend yield 8 % Expected volatility 35 % Risk-free interest rate 1.81 % Expected life (in years) 10 Per share grant date fair value of options issued $ 0.64 Restricted Stock Awards The Company has granted and may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the value of the Company’s stock on the grant date. Information with respect to the activity of unvested restricted stock awards during the nine-month period ended September 30, 2015 is as follows (share amounts not in thousands): Weighted- Weighted- Nonvested at January 1, 2015 — Granted 60,000 $ 5.86 Vested (11,250 ) Forfeited — Nonvested at September 30, 2015 48,750 $ 5.86 Compensation expense recognized for the three and nine-month period ended September 30, 2015 totaled $22,000 and $66,000 respectively, and is included in general and administrative expenses. At September 30, 2015, there was approximately $286,000 unrecognized compensation expense related to non-vested restricted stock granted under the Plan, which the Company expects to recognize over a weighted-average period of thirty nine (39) months. |
Net Worth for Regulatory Purpos
Net Worth for Regulatory Purposes | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Net Worth for Regulatory Purposes | 9. 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 filed with CIMA. At September 30, 2015, the Subsidiary’s net worth of $24 million exceeded the minimum and prescribed capital requirement. For the three and nine-month period ended September 30, 2015, the Subsidiary’s net income was approximately $1.3 million and $3.6 million, respectively. 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 September 30, 2015 or for the periods then ended. |
Fair Value and Certain Risks an
Fair Value and Certain Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value and Certain Risks and Uncertainties | 10. 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) and investment securities as disclosed in Note 4 of these consolidated financial statements, the carrying amounts of all other financial instruments, which consist of cash and cash equivalents, restricted cash and cash equivalents, accrued interest and dividends receivable, premiums receivable and other receivables and accounts payable and accruals, approximate their fair values due to their short-term nature. Concentration of underwriting risk A substantial portion of the Company’s current reinsurance business ultimately relates to the risks of two entities domiciled in Florida in the United States, one of which is under common directorship; accordingly the Company’s underwriting risks are not significantly diversified. Credit risk The Company is exposed to credit risk in relation to counterparties that may default on their obligations to the Company. The amount of counterparty credit risk predominantly relates to premiums receivable and assets held at the counterparties. The Company mitigates its counterparty credit risk by using several counterparties which decreases the likelihood of any significant concentration of credit risk with any one counterparty. In addition, the Company is exposed to credit risk on fixed-maturity debt instruments to the extent that the debtors may default on their debt obligations. Market risk Market risk exists to the extent that the values of the Company’s monetary assets fluctuate as a result of changes in market prices. Changes in market prices can arise from factors specific to individual securities or their respective issuers, or factors affecting all securities traded in a particular market. Relevant factors for the Company are both volatility and liquidity of specific securities and markets in which the Company holds investments. The Company has established investment guidelines that seek to mitigate significant exposure to market risk. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES The Company has an operating lease for office space located at Strathvale House, 2 nd The Company also has an operating lease for residential space at Britannia Villas #616, Grand Cayman, Cayman Islands. The original term of the lease, which commenced on October 1, 2013, was 13 months. The lease was extended for another 12 months under substantially the same terms and conditions. Rent expense under this lease for the three and nine-month period ended September 30, 2015 was $12,600 and $37,800 respectively, and lease commitments at September 30, 2015 were $4,200. Subsequent to period end, the Company negotiated a further extension of 24 months under substantially similar terms and conditions. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS The Company has entered into reinsurance agreements with Claddaugh and HCPCI, both of which are related entities through common directorships. At September 30, 2015 and December 31, 2014, included within premiums receivable, loss experience refund payable and unearned premiums reserve on the consolidated balance sheets are the following related-party amounts: At September 30, At December 31, (in thousands) Premiums receivable $ — $ 501 Loss experience refund payable $ 5,880 $ 3,917 Unearned premiums reserve $ 2,227 $ 2,113 During the three and nine-month periods ended September 30, 2015 and 2014, included within assumed premiums, change in loss experience refund payable and change in unearned premiums reserve on the consolidated statements of income are the following related-party amounts: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) (in thousands) Revenue Assumed premiums — — 3,340 5,070 Change in loss experience refund payable (630 ) (674 ) (1,964 ) (1,875 ) Change in unearned premiums reserve 835 1,268 (114 ) (1,344 ) Expenses Policy acquisition costs & underwriting expenses — — — 49 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. Except as disclosed in Notes 7 and 11 of these consolidated financial statements and notes thereto, there were no subsequent events and transactions that require disclosure in our financial statements. |
Significant Accounting Polici21
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents: |
Restricted cash and cash equivalents | Restricted cash and cash equivalents: |
Investments | Investments Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the statements of income. The cost of securities sold is based on the specified identification method. Investment income is recognized as earned and discounts or premiums arising from the purchase of debt securities are recognized in investment income using the interest method over the remaining term of the security. The Company reviews all securities for other-than-temporary impairment (“OTTI”) on a quarterly basis and more frequently when economic or market conditions warrant such review. When the fair value of any investment is lower than its cost, an assessment is made to see whether the decline is temporary or other-than-temporary. If the decline is determined to be other-than-temporary the investment is written down to fair value and an impairment charge is recognized in income in the period in which the Company makes such determination. For a debt security that the Company does not intend to sell nor is it more likely than not that the Company will be required to sell before recovery of its amortized cost, only the credit loss component is recognized in income, while impairment related to all other factors is recognized in other comprehensive (loss) income. The Company considers various factors in determining whether an individual security is other-than-temporarily impaired (see Note 4). |
Fair value measurement | Fair value measurement Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and Level 3 Inputs that are unobservable. Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. For debt securities, inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, broker quotes for similar securities and other factors. The fair value of investments in common stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by management and the Company’s investment custodians. Management and the investment custodians consider observable data to be market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant markets. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to management and the investment custodians’ perceived risk of that instrument. |
Deferred policy acquisition costs ("DAC") | Deferred policy acquisition costs (“DAC”): |
Property and equipment | Property and equipment: |
Allowance for uncollectible receivables | Allowance for uncollectible receivables: |
Reserves for losses and loss adjustment expenses | Reserves for losses and loss adjustment expenses: There were no losses or loss adjustment expenses incurred for the three-month and nine-month periods ended September 30, 2015 and 2014. |
Loss experience refund payable | Loss experience refund payable: |
Premiums assumed | Premiums assumed: Subsequent adjustments of premiums assumed, based on reports of actual premium by the ceding companies, or revisions in estimates of ultimate premium, are recorded in the period in which they are determined. Such adjustments are generally determined after the associated risk periods have expired, in which case the premium adjustments are fully earned when assumed. Certain contracts may allow for reinstatement premiums in the event of a full limit loss prior to the expiration of the 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. |
Uncertain income tax positions | Uncertain income tax positions: |
Stock-Based Compensation | Stock-Based Compensation The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. |
Recent accounting pronouncements | Recent accounting pronouncements: |
Reclassifications | Reclassifications: |
Cash and Cash Equivalents and22
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | September 30, 2015 (in thousands) December 31, (in thousands) Cash on deposit $ 2,078 $ 1,451 Cash held with custodians 4,330 3,866 Restricted cash held in trust 30,152 28,178 Total 36,560 33,495 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Securities | At September 30, 2015 and December 31, 2014, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available for sale securities by security type were as follows: Cost or Gross Gross Estimated ($ in thousands) As of September 30, 2015 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 30 $ — $ 2,999 Exchange-traded debt securities 313 5 — 318 Convertible debt securities $ 401 $ — $ (226 ) $ 175 Total fixed-maturity securities 3,683 35 (226 ) 3,492 Preferred stocks 2,278 38 (68 ) 2,248 Common stocks 6,572 17 (2,020 ) 4,569 Total equity securities 8,850 55 (2,088 ) 6,817 Total available for sale securities $ 12,533 $ 90 $ (2,314 ) $ 10,309 As of December 31, 2014 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 2 $ — $ 2,971 Exchange-traded debt securities 513 18 — 531 Convertible debt securities $ 199 $ — $ (42 ) $ 157 Total fixed-maturity securities 3,681 20 (42 ) 3,659 REITs 400 — (20 ) 380 Preferred stocks 1,997 32 (5 ) 2,024 Common stocks 5,743 308 (276 ) 5,775 Total equity securities 8,140 340 (301 ) 8,179 Total available for sale securities $ 11,821 $ 360 $ (343 ) $ 11,838 |
Schedule of Contractual Maturities of Fixed-maturity Securities | The scheduled contractual maturities of fixed-maturity securities at September 30, 2015 and December 31, 2014 are as follows: Amortized Estimated ($ in thousands) As of September 30, 2015 Available for sale Due in one year or less $ 401 $ 175 Due after one year through five years $ 2,969 $ 2,999 Due after ten years 313 318 $ 3,683 $ 3,492 As of December 31, 2014 Available for sale Due after one year through five years $ 3,168 $ 3,128 Due after ten years 513 531 $ 3,681 $ 3,659 |
Summary of Proceeds Received, and Gross Realized Gains and Losses from Sales of Available-for-sale Securities | Proceeds received, and the gross realized gains and losses from sales of available for sale securities, for the three and nine months ended September 30, 2015 and 2014 were as follows: Gross Gross Gross ($ in thousands) Three Months Ended September 30, 2015 Fixed-maturity securities $ — $ — $ — Equity securities $ 773 $ 5 $ 308 Nine Months Ended September 30, 2015 Fixed-maturity securities $ 775 $ 75 $ — Equity securities $ 10,702 $ 914 $ 316 Three Months Ended September 30, 2014 Fixed-maturity securities $ — $ — $ — Equity securities $ 2,880 $ 166 $ 1 Nine Months Ended September 30, 2014 Fixed-maturity securities $ — $ — $ — Equity securities $ 2,880 $ 166 $ 1 |
Summary of Securities with Gross Unrealized Loss Positions | Securities with gross unrealized loss positions at September 30, 2015 and December 31, 2014, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Twelve Months or Total As of September 30, 2015 Gross Estimated Gross Estimated Gross Estimated ($ in thousands) ($ in thousands) ($ in thousands) Fixed-maturity securities Convertible debt securities $ (226 ) $ 175 $ — $ — $ (226 ) $ 175 Total fixed-maturity securities (226 ) 175 — — (226 ) 175 Preferred stocks (68 ) 695 — — (68 ) 695 All other common stocks (2,020 ) 4,277 — — (2,020 ) 4,277 Total equity securities (2,088 ) 4,972 — — (2,088 ) 4,972 Total available for sale securities $ (2,314 ) $ 5,147 $ — $ — $ (2,314 ) $ 5,147 At September 30, 2015, there were 26 securities in an unrealized loss position. None of these securities had been in an unrealized loss position for 12 months or greater. Less Than Twelve Twelve Months or Total As of December 31, 2014 Gross Estimated Gross Estimated Gross Estimated ($ in thousands) ($ in thousands) ($ in thousands) Fixed-maturity securities Convertible debt securities $ 42 $ 157 $ — $ — $ 42 $ 157 Total fixed-maturity securities 42 157 — — 42 157 REITs 20 380 — — 20 380 Preferred stocks 5 598 — — 5 598 All other common stocks 276 3,933 — — 276 3,933 Total equity securities 301 4,911 — — 301 4,911 Total available for sale securities $ 343 $ 5,068 $ — $ — $ 343 $ 5,068 |
Fair Value of Assets Measured on Recurring Basis | The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of September 30, 2015 and December 31, 2014: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total ($ in thousands) As of September 30, 2015 Financial Assets: Cash and cash equivalents $ 6,408 $ — $ — $ 6,408 Restricted cash and cash equivalents $ 30,152 $ — $ — $ 30,152 Fixed-maturity securities: U.S. Treasury and agency securities 2,999 — — 2,999 Exchange-traded debt securities 318 — — 318 Convertible debt securities 175 — — 175 Total fixed-maturity securities 3,492 — — 3,492 Preferred stocks 2,248 — — 2,248 All other common stocks 4,569 — — 4,569 Total equity securities 6,817 — — 6,817 Total available for sale securities 10,309 — — 10,309 Total $ 46,869 $ — $ — $ 46,869 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total ($ in thousands) As of December 31, 2014 Financial Assets: Cash and cash equivalents $ 5,317 $ — $ — $ 5,317 Restricted cash and cash equivalents $ 28,178 $ — $ — $ 28,178 Fixed-maturity securities: U.S. Treasury and agency securities 2,971 — — 2,971 Exchange-traded debt securities 531 — — 531 Convertible debt securities 157 — — 157 Total fixed-maturity securities 3,659 — — 3,659 REITs 380 — — 380 Preferred stocks 2,024 — — 2,024 All other common stocks 5,775 — — 5,775 Total equity securities 8,179 — — 8,179 Total available for sale securities 11,838 — — 11,838 Total $ 45,333 $ — $ — $ 45,333 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | A summary of the numerator and denominator of the basic and diluted earnings per share is presented below (dollars in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 (Unaudited) (Unaudited) Numerator: Net earnings $ 742 1,376 $ 4,229 2,311 Denominator: Weighted average shares - basic 6,060,000 6,000,000 6,054,945 4,479,138 Effect of dilutive securities - Stock options — — — — Shares issuable upon conversion of warrants — — — — Weighted average shares - diluted 6,060,000 6,000,000 6,054,945 4,479,138 Earnings per shares - basic $ 0.12 0.23 $ 0.70 0.52 Earnings per shares - diluted $ 0.12 0.23 $ 0.70 0.52 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the stock option activity for the nine-month period ended September 30, 2015 is as follows (option amounts not in thousands): Number Weighted- Weighted- Remaining Contractual Term Aggregate Outstanding at January 1, 2015 — Granted 180,000 $ 6 Exercised — Forfeited — Outstanding at September 30, 2015 180,000 $ 6 9.25 years $ — Exercisable at September 30, 2015 33,750 $ 6 9.25 years $ — |
Estimated Fair Value of Options Granted using Black-Scholes Option-Pricing Model with Weighted-Average Assumptions | During the nine-month period ended September 30, 2015, 180,000 options were granted with fair value estimated on the date of grant using the following assumptions and the Black-Scholes option pricing model: Expected dividend yield 8 % Expected volatility 35 % Risk-free interest rate 1.81 % Expected life (in years) 10 Per share grant date fair value of options issued $ 0.64 |
Summary of Unvested Restricted Stock Awards | Information with respect to the activity of unvested restricted stock awards during the nine-month period ended September 30, 2015 is as follows (share amounts not in thousands): Weighted- Weighted- Nonvested at January 1, 2015 — Granted 60,000 $ 5.86 Vested (11,250 ) Forfeited — Nonvested at September 30, 2015 48,750 $ 5.86 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Premium Receivable, Loss Experience Refund Repayable and Unearned Premiums | At September 30, 2015 and December 31, 2014, included within premiums receivable, loss experience refund payable and unearned premiums reserve on the consolidated balance sheets are the following related-party amounts: At September 30, At December 31, (in thousands) Premiums receivable $ — $ 501 Loss experience refund payable $ 5,880 $ 3,917 Unearned premiums reserve $ 2,227 $ 2,113 |
Summary of Related Party Transactions | During the three and nine-month periods ended September 30, 2015 and 2014, included within assumed premiums, change in loss experience refund payable and change in unearned premiums reserve on the consolidated statements of income are the following related-party amounts: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (in thousands) (in thousands) Revenue Assumed premiums — — 3,340 5,070 Change in loss experience refund payable (630 ) (674 ) (1,964 ) (1,875 ) Change in unearned premiums reserve 835 1,268 (114 ) (1,344 ) Expenses Policy acquisition costs & underwriting expenses — — — 49 |
Organization and Basis of Pre27
Organization and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Number of business operating segments | 1 |
Significant Accounting Polici28
Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Significant Accounting Policies [Line Items] | ||||
Impairments in fixed assets | $ 0 | $ 0 | ||
Receivables | 0 | 0 | ||
Allowance for uncollectible receivables | 0 | 0 | ||
Loss and loss adjustment expenses | 0 | $ 0 | 0 | $ 0 |
Provisions | 0 | 0 | ||
Uncertain tax positions | $ 0 | $ 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. | |||
Options forfeitures in period | 0 | |||
Stock Options [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated term of options | 10 years | |||
Options forfeitures in period | 0 | |||
Furniture and Fixtures [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Fixed asset, Estimated useful life | 5 years | |||
Computer Equipment [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 and29
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents - Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Cash on deposit | $ 2,078 | $ 1,451 |
Cash held with custodians | 4,330 | 3,866 |
Restricted cash held in trust | 30,152 | 28,178 |
Total | $ 36,560 | $ 33,495 |
Investments - Summary of Availa
Investments - Summary of Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 12,533 | $ 11,821 |
Gross Unrealized Gain, Total available-for-sale securities | 90 | 360 |
Gross Unrealized Loss, Total available-for-sale securities | (2,314) | (343) |
Estimated Fair Value, Total available-for-sale securities | 10,309 | 11,838 |
Cost or Amortized cost, Equity securities | 8,850 | 8,140 |
Gross Unrealized Gain, Equity securities | 55 | 340 |
Gross Unrealized Loss, Equity securities | (2,088) | (301) |
Estimated Fair Value, Equity securities | 6,817 | 8,179 |
Cost or Amortized Cost, Debt securities | 3,683 | 3,681 |
Gross Unrealized Gain, Debt securities | 35 | 20 |
Gross Unrealized Loss, Debt securities | (226) | (42) |
Estimated Fair Value, Debt securities | 3,492 | 3,659 |
U.S. Treasury and Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 2,969 | 2,969 |
Gross Unrealized Gain, Debt securities | 30 | 2 |
Estimated Fair Value, Debt securities | 2,999 | 2,971 |
Exchange-Traded Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 313 | 513 |
Gross Unrealized Gain, Debt securities | 5 | 18 |
Estimated Fair Value, Debt securities | 318 | 531 |
Convertible Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 401 | 199 |
Gross Unrealized Loss, Debt securities | (226) | (42) |
Estimated Fair Value, Debt securities | 175 | 157 |
REITs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 400 | |
Gross Unrealized Loss, Equity securities | (20) | |
Estimated Fair Value, Equity securities | 380 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 2,278 | 1,997 |
Gross Unrealized Gain, Equity securities | 38 | 32 |
Gross Unrealized Loss, Equity securities | (68) | (5) |
Estimated Fair Value, Equity securities | 2,248 | 2,024 |
Ordinary Share Capital / Common Stocks [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 6,572 | 5,743 |
Gross Unrealized Gain, Equity securities | 17 | 308 |
Gross Unrealized Loss, Equity securities | (2,020) | (276) |
Estimated Fair Value, Equity securities | $ 4,569 | $ 5,775 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Securities | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Securities | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Securities | |
Amortized Cost and Fair Value Debt Securities [Abstract] | |||||
Fair value of securities held in trust accounts | $ 3,807,000 | $ 3,807,000 | $ 3,463,000 | ||
Number of securities in unrealized loss position | Securities | 26 | 26 | 17 | ||
Other-than-temporary impairment losses | $ 399,000 | $ 0 | $ 399,000 | $ 0 |
Investments - Schedule of Contr
Investments - Schedule of Contractual Maturities of Fixed-maturity Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 12,533 | $ 11,821 |
Total estimated fair value available for sale | 3,492 | 3,659 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less | 401 | |
Due after one year through five years | 2,969 | 3,168 |
Due after ten years | 313 | 513 |
Cost or Amortized Cost, Total available-for-sale securities | 3,683 | 3,681 |
Due in one year or less | 175 | |
Due after one year through five years | 2,999 | 3,128 |
Due after ten years | 318 | 531 |
Total estimated fair value available for sale | $ 3,492 | $ 3,659 |
Investments - Summary of Procee
Investments - Summary of Proceeds Received, and Gross Realized Gains and Losses from Sales of Available-for-sale Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fixed Maturity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds | $ 775 | |||
Gross Realized Gains | 75 | |||
Equity Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds | $ 773 | $ 2,880 | 10,702 | $ 2,880 |
Gross Realized Gains | 5 | 166 | 914 | 166 |
Gross Realized Losses | $ 308 | $ 1 | $ 316 | $ 1 |
Investments - Summary of Securi
Investments - Summary of Securities with Gross Unrealized Loss Positions (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | $ 2,314 | $ 343 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 5,147 | 5,068 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 2,314 | 343 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,147 | 5,068 |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 226 | 42 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 175 | 157 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 226 | 42 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 175 | 157 |
Fixed Maturity Securities [Member] | Convertible Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 226 | 42 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 175 | 157 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 226 | 42 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 175 | 157 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 2,088 | 301 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 4,972 | 4,911 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 2,088 | 301 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,972 | 4,911 |
Equity Securities [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 68 | 5 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 695 | 598 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 68 | 5 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 695 | 598 |
Equity Securities [Member] | Ordinary Share Capital / Common Stocks [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 2,020 | 276 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 4,277 | 3,933 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 2,020 | 276 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 4,277 | 3,933 |
Equity Securities [Member] | Real Estate Investment Trust [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 20 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 380 | |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 20 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 380 |
Investments - Fair Value of Ass
Investments - Fair Value of Assets Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 30,152 | $ 28,178 |
Total available-for-sale securities | 10,309 | 11,838 |
Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 6,408 | 5,317 |
Restricted cash and cash equivalents | 30,152 | 28,178 |
Total available-for-sale securities | 10,309 | 11,838 |
Total | 46,869 | 45,333 |
Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,492 | 3,659 |
Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | U.S. Treasury and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,999 | 2,971 |
Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | Exchange-Traded Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 318 | 531 |
Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 175 | 157 |
Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,817 | 8,179 |
Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Real Estate Investment Trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 380 | |
Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,248 | 2,024 |
Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Ordinary Share Capital / Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 4,569 | 5,775 |
Fair Value, Inputs, Level 1 [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 6,408 | 5,317 |
Restricted cash and cash equivalents | 30,152 | 28,178 |
Total available-for-sale securities | 10,309 | 11,838 |
Total | 46,869 | 45,333 |
Fair Value, Inputs, Level 1 [Member] | Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,492 | 3,659 |
Fair Value, Inputs, Level 1 [Member] | Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | U.S. Treasury and Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,999 | 2,971 |
Fair Value, Inputs, Level 1 [Member] | Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | Exchange-Traded Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 318 | 531 |
Fair Value, Inputs, Level 1 [Member] | Fixed Maturity Securities [Member] | Fair Value Measurements, Recurring [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 175 | 157 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,817 | 8,179 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Real Estate Investment Trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 380 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,248 | 2,024 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Fair Value Measurements, Recurring [Member] | Ordinary Share Capital / Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 4,569 | $ 5,775 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net earnings | $ 742 | $ 1,376 | $ 4,229 | $ 2,311 |
Denominator: | ||||
Weighted average shares-basic | 6,060,000 | 6,000,000 | 6,054,945 | 4,479,138 |
Effect of dilutive securities-Stock options | 0 | 0 | 0 | 0 |
Shares issuable upon conversion of warrants | 0 | 0 | 0 | 0 |
Weighted average shares-diluted | 6,060,000 | 6,000,000 | 6,054,945 | 4,479,138 |
Earnings per shares-basic | $ 0.12 | $ 0.23 | $ 0.70 | $ 0.52 |
Earnings per shares-diluted | $ 0.12 | $ 0.23 | $ 0.70 | $ 0.52 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | Sep. 30, 2015$ / sharesshares | |
Earnings Per Share [Abstract] | ||
Number of Options, Granted | 180,000 | 180,000 |
Anti-dilutive shares | 180,000 | 180,000 |
Warrant outstanding | 8,230,700 | 8,230,700 |
Number of ordinary shares which can be purchased by the exercise of warrants | 8,230,700 | 8,230,700 |
Warrants exercise price | $ / shares | $ 7.50 | $ 7.50 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Nov. 07, 2015 | Aug. 07, 2015 | May. 09, 2015 | Jan. 23, 2015 | Feb. 28, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 |
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 | |||||||
Closing price per ordinary share | $ 9.38 | |||||||
Least trading days within any period | 10 days | |||||||
Within any period of consecutive trading days, including the last trading day of the period | 20 days | |||||||
Aggregate gross proceeds resulted from IPO | $ 29.3 | |||||||
Fair value of proceeds on warrants issued | 5 | |||||||
Net proceeds after deducting underwriting commissions and offering expenses | $ 26.9 | |||||||
Volatility | 48.00% | |||||||
Expected life | 5 years | |||||||
Expected dividend yield | 8.00% | |||||||
Risk free interest rate | 1.69% | |||||||
Warrant outstanding | 8,230,700 | 8,230,700 | ||||||
Warrants exercised | 0 | 0 | ||||||
Declared dividends per share | $ 0.12 | $ 0.12 | $ 0.12 | |||||
Dividends payable, date declared | Aug. 7, 2015 | May 9, 2015 | Jan. 23, 2015 | |||||
Dividends payable, date to be paid | Sep. 29, 2015 | Jun. 29, 2015 | Mar. 27, 2015 | |||||
Dividends payable, date of record | Sep. 11, 2015 | Jun. 8, 2015 | Feb. 27, 2015 | |||||
Subsequent Event [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Declared dividends per share | $ 0.12 | |||||||
Dividends payable, date declared | Nov. 7, 2015 | |||||||
Dividends payable, date to be paid | Dec. 29, 2015 | |||||||
Dividends payable, date of record | Dec. 11, 2015 | |||||||
Initial Public Offering [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Fair value of the warrants issued in the initial offering | $ 1.04 | $ 1.04 | ||||||
Initial Private Placement Offering [Member] | ||||||||
Stockholders Equity [Line Items] | ||||||||
Fair value of the warrants issued in the initial offering | $ 1.04 | $ 1.04 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($)shares | Sep. 30, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of ordinary shares under Incentive plan | shares | 180,000 | 180,000 |
Share based compensation arrangement, exercisable contractual term | 9 years 3 months | |
Unrecognized compensation expense, non-vested stock options | $ 95,000 | $ 95,000 |
Unrecognized compensation cost, Weighted average recognition period | 39 months | |
General and administrative expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense recognized | 7,000 | $ 22,000 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation arrangement, vesting period | 4 years | |
Share based compensation arrangement, exercisable contractual term | 10 years | |
Restricted Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost, Weighted average recognition period | 39 months | |
Unrecognized compensation expense, non-vested restricted stock | 286,000 | $ 286,000 |
Restricted Shares [Member] | General and administrative expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense recognized | $ 22,000 | $ 66,000 |
2014 Omnibus Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance of ordinary shares under Incentive plan | shares | 1,000,000 | |
Shares available for grant | shares | 760,000 | 760,000 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Options, Granted | 180,000 | 180,000 |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited | 0 | |
Number of Options Outstanding, Ending Balance | 180,000 | 180,000 |
Number of Options Exercisable, Ending Balance | 33,750 | 33,750 |
Weighted-Average Exercise Price, Granted | $ 6 | |
Weighted-Average Exercise Price, Exercised | 0 | |
Weighted-Average Exercise Price, Forfeited | 0 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | $ 6 | 6 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ 6 | $ 6 |
Weighted-Average Remaining Contractual Term, Outstanding Ending Balance | 9 years 3 months | |
Weighted-Average Remaining Contractual Term, Exercisable Ending Balance | 9 years 3 months | |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ 0 | $ 0 |
Share-Based Compensation - Esti
Share-Based Compensation - Estimated Fair Value of Options Granted Using Black-Scholes Option-Pricing Model with Weighted-Average Assumptions (Detail) - Stock Options [Member] | 9 Months Ended |
Sep. 30, 2015$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected dividend yield | 8.00% |
Expected volatility | 35.00% |
Risk-free interest rate | 1.81% |
Expected life (in years) | 10 years |
Per share grant date fair value of options issued | $ 0.64 |
Share-Based Compensation - Su42
Share-Based Compensation - Summary of Unvested Restricted Stock Awards (Detail) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Weighted Number of Restricted Stock Awards, Granted | 60,000 |
Weighted Number of Restricted Stock Awards, Vested | (11,250) |
Weighted Number of Restricted Stock Awards, Forfeited | 0 |
Weighted Number of Restricted Stock Awards, Nonvested Ending Balance | 48,750 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | $ 5.86 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted Average Grant Date Fair Value, Nonvested Ending Balance | $ / shares | $ 5.86 |
Net Worth for Regulatory Purp43
Net Worth for Regulatory Purposes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015USD ($) | Sep. 30, 2015USD ($) | |
Regulated Operations [Abstract] | ||
Minimum prescribed capital requirement | $ 500 | $ 500 |
Subsidiary net worth | 24,000,000 | 24,000,000 |
Subsidiary's net income | $ 1,300,000 | $ 3,600,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Strathvale House, 2nd Floor, 90 North Church Street [Member] | ||
Other Commitments [Line Items] | ||
Lease term | 38 months | |
Rent expense | $ 13,359 | $ 17,812 |
Lease commitments | $ 158,542 | |
Lease Commencement date | Apr. 17, 2015 | |
Britannia Villas #616, Grand Cayman [Member] | ||
Other Commitments [Line Items] | ||
Lease term | 13 months | |
Rent expense | $ 12,600 | $ 37,800 |
Lease commitments | $ 4,200 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Premium Receivable, Loss Experience Refund Repayable and Unearned Premiums (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Premiums receivable | $ 6,729 | $ 4,081 |
Loss experience refund payable | 7,824 | 7,133 |
Unearned premiums reserve | 9,452 | 5,744 |
Claddaugh and HCPCI [Member] | ||
Related Party Transaction [Line Items] | ||
Premiums receivable | 501 | |
Loss experience refund payable | 5,880 | 3,917 |
Unearned premiums reserve | $ 2,227 | $ 2,113 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | ||||
Assumed premiums | $ 468 | $ 14,888 | $ 14,293 | |
Change in loss experience refund payable | $ 2,089 | 2,052 | 6,204 | 3,713 |
Change in unearned premiums reserve | 3,881 | 3,220 | (3,708) | (7,397) |
Expenses | ||||
Policy acquisition costs and underwriting expenses | 85 | 129 | 259 | 302 |
Claddaugh and HCPCI [Member] | ||||
Revenue | ||||
Assumed premiums | 3,340 | 5,070 | ||
Change in loss experience refund payable | (630) | (674) | (1,964) | (1,875) |
Change in unearned premiums reserve | $ 835 | $ 1,268 | $ (114) | (1,344) |
Expenses | ||||
Policy acquisition costs and underwriting expenses | $ 49 |