Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | OXBRIDGE RE HOLDINGS Ltd | ||
Entity Central Index Key | 1,584,831 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 26,776,053 | ||
Entity Common Stock, Shares Outstanding | 6,060,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $3,080 and $3,681, respectively) | $ 3,096 | $ 3,659 |
Equity securities, available for sale, at fair value (cost: $7,742 and $8,140, respectively) | 6,252 | 8,179 |
Total investments | 9,348 | 11,838 |
Cash and cash equivalents | 8,584 | 5,317 |
Restricted cash and cash equivalents | 30,368 | 28,178 |
Accrued interest and dividend receivable | 25 | 22 |
Premiums receivable | 4,117 | 4,081 |
Deferred policy acquisition costs | 90 | 132 |
Prepayment and other receivables | 91 | 80 |
Property and equipment, net | 64 | 46 |
Total assets | 52,687 | 49,694 |
Liabilities: | ||
Loss experience refund payable | 9,913 | 7,133 |
Unearned premiums reserve | 5,571 | 5,744 |
Accounts payable and other liabilities | 176 | 109 |
Total liabilities | 15,660 | 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 | 33,657 | 33,540 |
Retained earnings | 4,838 | 3,145 |
Accumulated other comprehensive (loss)/income | (1,474) | 17 |
Total shareholders' equity | 37,027 | 36,708 |
Total liabilities and shareholders' equity | $ 52,687 | $ 49,694 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Fixed-maturity securities, available for sale, at fair value amortized cost | $ 3,080 | $ 3,681 |
Equity securities, available for sale, at fair value cost | $ 7,742 | $ 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 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | ||
Assumed premiums | $ 14,888 | $ 14,293 |
Change in loss experience refund payable | (8,294) | (5,766) |
Change in unearned premiums reserve | 173 | (3,708) |
Net premiums earned | 6,767 | 4,819 |
Net realized investment (losses) gains | (325) | 641 |
Net investment income | 337 | 99 |
Other-than-temporary impairment losses | (399) | 0 |
Total revenue | 6,380 | 5,559 |
Expenses | ||
Policy acquisition costs and underwriting expenses | 344 | 431 |
General and administrative expenses | 1,435 | 1,128 |
Total expenses | 1,779 | 1,559 |
Net income | $ 4,601 | $ 4,000 |
Earnings per share | ||
Basic and Diluted | $ 0.76 | $ 0.82 |
Dividends paid per share | $ 0.48 | $ 0.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 4,601 | $ 4,000 |
Change in unrealized gain on investments: | ||
Unrealized (loss) gain arising during the period | (2,215) | 658 |
Other-than-temporary impairment losses | 399 | 0 |
Reclassification adjustment for net realized losses (gains) included in net income | 325 | (641) |
Net change in unrealized (loss) gain | (1,491) | 17 |
Total other comprehensive income | (1,491) | 17 |
Comprehensive income | $ 3,110 | $ 4,017 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | ||
Net income | $ 4,601 | $ 4,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 117 | 0 |
Depreciation | 18 | 13 |
Net realized investment (losses) gains | 325 | (641) |
Other-than-temporary impairment losses | 399 | 0 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | (3) | (22) |
Premiums receivable | (36) | (4,081) |
Deferred policy acquisition costs | 42 | (63) |
Prepayment and other receivables | (11) | (16) |
Prepaid offering costs | 0 | 417 |
Loss experience refund payable | 2,780 | 5,766 |
Unearned premiums reserve | (173) | 3,708 |
Accounts payable and other liabilities | 67 | (402) |
Net cash provided by operating activities | 8,126 | 8,679 |
Investing activities | ||
Change in restricted cash and cash equivalents | (2,190) | (18,060) |
Purchase of fixed-maturity securities | (1,101) | (3,682) |
Purchase of equity securities | (12,029) | (15,511) |
Proceeds from sale of equity securities | 12,272 | 8,013 |
Proceeds from sale of fixed-maturity securities | 1,133 | 0 |
Purchase of property and equipment | (36) | (59) |
Net cash used in investing activities | (1,951) | (29,299) |
Financing activities | ||
Proceeds on issuance of share capital | 0 | 5 |
Additional paid-in capital proceeds, net of offering costs, resulting from; | ||
Share capital | 0 | 21,865 |
Share warrants | 0 | 5,080 |
Dividends paid | (2,908) | (1,708) |
Net cash (used in) / provided by financing activities | (2,908) | 25,242 |
Net change in cash and cash equivalents | 3,267 | 4,622 |
Cash and cash equivalents at beginning of period | 5,317 | 695 |
Cash and cash equivalents at end of period | 8,584 | 5,317 |
Supplemental disclosure of cash flow information | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing activities | ||
Net change in unrealized (loss) gain on securities available for sale | $ (1,491) | $ 17 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2013 | $ 1 | $ 6,595 | $ 853 | $ 0 | $ 7,449 |
Beginning Balance, Shares at Dec. 31, 2013 | 1,115,350 | ||||
Net proceeds from the sale of ordinary shares | $ 5 | 21,865 | 21,870 | ||
Net proceeds from the sale of ordinary shares, Shares | 4,884,650 | ||||
Ordinary share warrants | 5,080 | 5,080 | |||
Cash dividends paid | (1,708) | (1,708) | |||
Net income | 4,000 | 4,000 | |||
Total other comprehensive loss | 17 | 17 | |||
Ending Balance at Dec. 31, 2014 | $ 6 | 33,540 | 3,145 | 17 | 36,708 |
Ending Balance, Shares at Dec. 31, 2014 | 6,000,000 | ||||
Cash dividends paid | (2,908) | (2,908) | |||
Net income | 4,601 | 4,601 | |||
Issuance of restricted stock | 60,000 | ||||
Stock-based compensation | 117 | 117 | |||
Total other comprehensive loss | (1,491) | (1,491) | |||
Ending Balance at Dec. 31, 2015 | $ 6 | $ 33,657 | $ 4,838 | $ (1,474) | $ 37,027 |
Ending Balance, Shares at Dec. 31, 2015 | 6,060,000 |
Consolidated Statements of Cha8
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid per share | $ 0.48 | $ 0.48 |
1. Organization and Basis of Pr
1. Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
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 Insurers 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 Companys 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 consolidated financial statements for the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). All significant intercompany transactions and balances have been eliminated upon consolidation. |
2. Significant Accounting Polic
2. Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Use of Estimates 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. Cash and cash equivalents Restricted cash and cash equivalents Restricted cash and cash equivalents represent funds held in accordance with the Companys trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium. 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 instruments 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 Companys 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) Policy acquisition costs consist Property and equipment Property and equipment are recorded at cost when acquired. Property and equipment are comprised of motor vehicles, furniture and fixtures, computer equipment 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 computer equipment 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 years ended December 31, 2015 and 2014, there were no impairments in 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 years ended December 31, 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 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 measures compensation for restricted stock based on the price of the Companys ordinary shares at the grant date. Determining the fair value of share purchase options at the grant date requires significant estimation and judgment. The Company uses an option-pricing model (Black-Scholes option pricing model) to assist in the calculation of fair value for share purchase options. The Company's shares have not been publicly traded for a sufficient length of time to solely use the Company's performance to reasonably estimate the expected volatility. Therefore, when estimating the expected volatility, the Company takes into consideration the historical volatility of similar entities. The Company considers factors such as an entity's industry, stage of life cycle, size and financial leverage when selecting similar entities. The Company uses a sample peer group of companies in the reinsurance industry as well as the Companys own historical volatility in determining the expected volatility. Additionally, the Company uses the full life of the options, ten years, as the estimated term of the options, and has assumed no forfeitures during the life of the options. 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. 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 Recent accounting pronouncements Other than as mentioned above, there have been no other recent accounting pronouncements that are expected to have a material impact on the presentation of the Companys consolidated statements of income, comprehensive income or financial position. Segment Information Reclassifications |
3. Cash and Cash Equivalents an
3. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | December 31, 2015 (in thousands) December 31, 2014 (in thousands) Cash on deposit $ 3,567 $ 1,451 Cash held with custodians 5,017 3,866 Restricted cash held in trust 30,368 28,178 Total 38,952 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 Companys 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 |
4. Investments
4. Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company holds investments in fixed-maturity securities and equity securities that are classified as available for sale. At December 31, 2015 and 2014, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Companys available-for-sale securities by security type were as follows: Cost or Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value ($000) ($ in thousands) As of December 31, 2015 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 12 $ - $ 2,981 Exchange-traded debt securities 111 4 - 115 Total fixed-maturity securities 3,080 16 - 3,096 Preferred stocks 1,674 15 (174) 1,515 Common stocks 6,068 158 (1,489) 4,737 Total equity securities 7,742 173 (1,663) 6,252 Total available for sale securities $ 10,822 $ 189 $ (1,663) $ 9,348 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 December 31, 2015 and 2014, securities with a fair value of $3,637,628 and $3,463,051, respectively, are held in trust accounts as collateral under reinsurance contracts with the Companys ceding insurers. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at December 31, 2015 and 2014 are as follows: Amortized Estimated Cost Fair Value ($ in thousands) As of December 31, 2015 Available for sale Due after one year through five years $ 2,969 $ 2,981 Due after five years through ten years 111 115 $ 3,080 $ 3,096 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 Gross proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the years ended December 31, 2015 and 2014 are as follows: Gross proceeds from sales Gross Gross Realized Realized Gains Losses ($ in thousands) Year ended December 31, 2015 Fixed-maturity securities $ 1,133 $ 81 $ (251) Equity securities $ 12,272 $ 968 $ (1,123) Year ended December 31, 2014 Fixed-maturity securities $ - $ - $ - Equity securities $ 8,013 $ 642 $ (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 Companys 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 December 31, 2015 and 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 Months Greater As of December 31, 2015 Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value ($ in thousands) ($ in thousands) ($ in thousands) Equity securities Preferred stocks 174 1,054 - - 174 1,054 All other common stocks 1,405 3,274 84 316 1,489 3,590 Total equity securities 1,579 4,328 84 316 1,663 4,644 Total available for sale securities $ 1,579 $ 4,328 $ 84 $ 316 $ 1,663 $ 4,644 At December 31, 2015, there were 24 securities in an unrealized loss position of which 2 of these positions had been in an unrealized loss position for 12 months or greater. Less Than Twelve Twelve Months or Total Months Greater As of December 31, 2014 Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value ($ 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 December 31 2015 and 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. For the year ended December 31, 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 $399,000 for year ended December 31, 2015. There were no impairment losses recorded for the year ended December 31, 2014. Assets Measured at Estimated Fair Value on a Recurring Basis The following table presents information about the Companys financial assets measured at estimated fair value on a recurring basis that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2015 and 2014: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2015 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,584 $ - $ - $ 8,584 Restricted cash and cash equivalents $ 30,368 $ - $ - $ 30,368 Fixed-maturity securities: U.S. Treasury and agency securities 2,981 - - 2,981 Exchange-traded debt securities 115 - - 115 Total fixed-maturity securities 3,096 - - 3,096 Preferred stocks 1,515 - - 1,515 All other common stocks 4,737 - - 4,737 Total equity securities 6,252 - - 6,252 Total available for sale securities 9,348 - - 9,348 Total $ 48,300 $ - $ - $ 48,300 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2014 ($ in thousands) 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 |
5. Taxation
5. Taxation | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
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. |
6. Earnings Per Share
6. Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share | |
Earnings Per Share | A summary of the numerator and denominator of the basic and diluted earnings per share is presented below (dollars in thousands except per share amounts): Year Ended Year Ended December 31, December 31, 2015 2014 Numerator: Net earnings $ 4,601 4,000 Denominator: Weighted average shares - basic 6,056,219 4,862,479 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 6,056,219 4,862,479 Earnings per shares - basic $ 0.76 0.82 Earnings per shares - diluted $ 0.76 0.82 For the year ended December 31, 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 Companys ordinary share during the year. For the years ended December 31, 2015 and 2014, 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 Companys 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 Companys 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. |
7. Shareholders' Equity
7. Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity | On February 28, 2014, the Companys Registration Statement on Form S-1, as amended, relating to the initial public offering of the Companys 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. In June 2013, the Company completed the sale of 1,115,350 units, each consisting of one of the Companys 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 $3,480,000 related to the fair value proceeds on the warrants issued. In September 2014, all of the warrants issued in the private placement were exchanged, on a one-to-one basis, into warrants of the same class that were issued in the Companys initial public offering. 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 December 31, 2015 and 2014. No warrants were exercised during the years ended December 31, 2015 and 2014. The Company declared and paid quarterly cash dividends of $0.12 per ordinary share during each of the four quarters of the year ended December 31, 2015. The total amount of such dividends declared and paid during 2015 and 2014 were $2.9 million and $1.7 million), respectively. On January 20, 2016, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on March 30, 2016 to shareholders of record on March 1, 2016 As of December 31, 2015 and 2014, none of the Companys retained earnings were restricted from payment of dividends to the Companys shareholders. However, since most of the Companys 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 Companys 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 9. |
8. Share-Based Compensation
8. Share-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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 Companys ordinary shares. At December 31, 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 year ended December 31, 2015 is as follows (option amounts not in thousands): Weighted- Weighted- Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Options Price Term Value ($000) Outstanding at January 1, 2015 - Granted 180,000 $ 6 Exercised - Forfeited - Outstanding at December 31, 2015 180,000 $ 6 9 years $ - Exercisable at December 31, 2015 45,000 $ 6 9 years $ - Compensation expense recognized for the year ended December 31, 2015 totaled $29,000, and is included in general and administrative expenses. At December 31, 2015, there was approximately $87,000 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 six (36) months. During the year ended December 31, 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 Companys 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 Companys stock on the grant date. Restricted stock awards granted and outstanding under the Plan vests quarterly over four years. Information with respect to the activity of unvested restricted stock awards during the year ended December 31, 2015 is as follows (share amounts not in thousands): Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2015 - Granted 60,000 $ 5.86 Vested (15,000) Forfeited - Nonvested at December 31, 2015 45,000 $ 5.86 Compensation expense recognized for the year ended December 31, 2015 totaled $88,000, and is included in general and administrative expenses. At December 31, 2015, there was approximately $264,000 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 six (36) months. |
9. Net Worth for Regulatory Pur
9. Net Worth for Regulatory Purposes | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
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 Subsidiarys approved business plan filed with CIMA. At December 31, 2015, the Subsidiarys net worth of $24.4 million exceeded the minimum and prescribed capital requirement. For the years ended December 31, 2015 and 2014, the Subsidiarys net income was approximately $4.4 million and $3 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 Subsidiarys GAAP capital, surplus and net income, and its statutory capital, surplus and net income as of December 31, 2015 and 2014 or for the years then ended. |
10. Fair Value and Certain Risk
10. Fair Value and Certain Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
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 Companys 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 Companys 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 Companys 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. |
11. Commitments and Contingenci
11. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
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 that runs through October 31, 2017. Rent expense under this lease for the years ended December 31, 2015 and 2014 was $50,600 and $50,400, respectively, and lease commitments at December 31, 2015 were $94,600. |
12. Related Party Transactions
12. Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company has entered into reinsurance agreements with Claddaugh and HCPCI, both of which are related entities through common directorships. At December 31, 2015 and 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 December 31, 2015 At December 31, 2014 (in thousands) Premiums receivable $ - $ 501 Loss experience refund payable $ 6,510 $ 3,917 Unearned premiums reserve $ 1,392 $ 2,113 During the years ended December 31, 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: Year Ended Year Ended December 31, December 31, 2015 2014 (in thousands) Revenue Assumed premiums $ 3,340 $ 5,070 Change in loss experience refund payable $ (2,594) $ (2,550) Change in unearned premiums reserve $ 721 $ (77) Expenses Policy acquisition costs & underwriting expenses $ - $ 49 During the years ended December 31, 2015 and 2014, respectively, 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: At December 31, 2015 At December 31, 2014 (in thousands) Premiums receivable $ - $ 501 Loss experience refund payable $ 6,510 $ 3,917 Unearned premiums reserve $ 1,392 $ 2,113 |
13. Property and Equipment, Net
13. Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): At December 31, 2015 2014 Leasehold improvements $ 21 4 Furniture and Fixtures 38 26 Motor vehicle 21 21 Computer equipment 15 8 Total, at cost 95 59 less accumulated depreciation and amortization (31) (13) Property and equipment, net $ 64 46 |
14. Subsequent Events
14. Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. Except as disclosed in Note 7 of these consolidated financial statements, there were no other events subsequent to December 31, 2015 for which disclosure was required |
Schedule I - Summary of Investm
Schedule I - Summary of Investments - Other Than Investments in Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARY SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2015 (expressed in thousands of U.S. dollars) Type of investment Cost or Amortized Fair Balance Sheet Cost Value Value Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 2,981 $ 2,981 Exchange-traded debt securities 111 115 115 Total fixed-maturity securities 3,080 3,096 3,096 Preferred stocks 1,674 1,515 1,515 Common stocks 6,068 4,737 4,737 Total equity securities 7,742 6,252 6,252 Total investments $ 10,822 $ 9,348 9,348 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED BALANCE SHEET - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) At December 31, 2015 2014 Assets Cash and cash equivalents 5,543 4,141 Investments, available for sale, at fair value 5,710 8,375 Investment in subsidiary 24,431 23,052 Accrued interest and dividend receivable 18 15 Due from subsidiary 1,354 1,115 Prepayment and other receivables 82 72 Property and equipment, net 64 47 Total assets $ 37,202 36,817 Liabilities and Shareholders Equity Liabilities: Accounts payable and other liabilities 176 109 Shareholders equity: Total shareholders equity 37,026 7,449 Total liabilities and shareholders equity $ 37,202 7,558 OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENTS OF INCOME - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) Year Ended Year Ended December 31, December 31, 2015 2014 Revenue Net investment income $ 300 91 Net realized investment (losses) gains (69) 641 Other-than-temporary impairment losses (399) - Other income 1,788 1,393 Operating expenses (1,425) (1,119) Income before equity in earnings of subsidiary 195 1,006 Equity in earnings of subsidiary 4,406 2,994 Net income $ 4,601 4,000 OXBRIDGE RE HOLDINGS LIMITED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CONDENSED STATEMENT OF CASH - PARENT COMPANY ONLY (expressed in thousands of U.S. Dollars) Year Ended Year Ended December 31, December 31, 2015 2014 Operating activities Net income $ 4,601 4,000 Adjustments to reconcile net income to net cash provided by operating activities: Equity in earnings of subsidiary (4,406) (2,994) Stock-based compensation 117 - Depreciation 18 13 Net realized investment (losses) gains 69 (641) Other-than-temporary impairment losses 399 - Change in operating assets and liabilities: Accrued interest and dividend receivable (3) (15.00) Due from subsidiary (239) (1,115) Prepayment and other receivables (10) (43) Prepaid offering costs - 417 Accounts payable and other liabilities 67 (353) Net cash provided by / (used in) operating activities $ 613 (731) Investing activities Investment in subsidiary - (15,000) Dividends from subsidiary 2,880 1,708 Purchase of available for sale securities (10,671) (15,724) Proceeds from sale of available for sale securities 11,524 8,013 Purchase of property and equipment (36) (59) Net cash provided by / (used in) investing activities $ 3,697 (21,062) 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 (2,908) (1,708) Net cash (used in) / provided by financing activities $ (2,908) 25,242 Net change in cash and cash equivalents 1,402 3,449 Cash and cash equivalents at beginning of period 4,141 692 Cash and cash equivalents at end of period $ 5,543 4,141 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARY SUPPLEMENTARY INSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 (expressed in thousands of U.S. dollars) Reserves for losses and loss Net losses, Amortization Deferred adjustment Unearned Net and loss of deferred Gross acquisition expenses premiums premiums Investment adjustment acquisition Operating premiums Year Segment costs, net gross gross earned income (loss) expenses costs expenses written 2015 Property & Casualty $ 90 $ - $ 5,571 $ 6,767 $ (387) $ - $ 344 $ 1,435 $ 14,888 2014 Property & Casualty $ 132 $ - $ 5,744 $ 4,819 $ 740 $ - $ 431 $ 1,128 $ 14,293 |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Schedule of Reinsurance Premiums for Insurance Companies [Abstract] | |
Schedule IV - Reinsurance Information | OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARY REINSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014 (expressed in thousands of U.S. dollars) Year Segment Premiums Premiums Percentage Direct ceded to assumed of amount Gross other from other assumed to Premiums companies companies Net amount net 2015 Property & Casualty $ - $ - $ 14,288 $ 14,288 100% 2014 Property & Casualty $ - $ - $ 14,293 $ 14,293 100% |
2. Significant Accounting Pol27
2. Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates 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. |
Cash and cash equivalents | Cash and cash equivalents |
Restricted cash and cash equivalents | Restricted cash and cash equivalents : Restricted cash and cash equivalents represent funds held in accordance with the Companys trust agreements with ceding insurers and trustees, which requires the Company to maintain collateral with a market value greater than or equal to the limit of liability, less unpaid premium. |
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 instruments 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 Companys 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) : 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 December 31, 2015 and 2014, the DAC was considered fully recoverable and no premium deficiency loss was recorded. |
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 years ended December 31, 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 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. |
Earnings per share | 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 |
Recent accounting pronouncements | Recent accounting pronouncements Other than as mentioned above, there have been no other recent accounting pronouncements that are expected to have a material impact on the presentation of the Companys consolidated statements of income, comprehensive income or financial position. |
Segment Information | Segment Information |
Reclassifications | Reclassifications |
3. Cash and Cash Equivalents 28
3. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | December 31, 2015 (in thousands) December 31, 2014 (in thousands) Cash on deposit $ 3,567 $ 1,451 Cash held with custodians 5,017 3,866 Restricted cash held in trust 30,368 28,178 Total 38,952 33,495 |
4. Investments (Tables)
4. Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Securities | Cost or Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value ($000) ($ in thousands) As of December 31, 2015 Fixed-maturity securities U.S. Treasury and agency securities $ 2,969 $ 12 $ - $ 2,981 Exchange-traded debt securities 111 4 - 115 Total fixed-maturity securities 3,080 16 - 3,096 Preferred stocks 1,674 15 (174) 1,515 Common stocks 6,068 158 (1,489) 4,737 Total equity securities 7,742 173 (1,663) 6,252 Total available for sale securities $ 10,822 $ 189 $ (1,663) $ 9,348 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 | Amortized Estimated Cost Fair Value ($ in thousands) As of December 31, 2015 Available for sale Due after one year through five years $ 2,969 $ 2,981 Due after five years through ten years 111 115 $ 3,080 $ 3,096 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 | Gross proceeds from sales Gross Gross Realized Realized Gains Losses ($ in thousands) Year ended December 31, 2015 Fixed-maturity securities $ 1,133 $ 81 $ (251) Equity securities $ 12,272 $ 968 $ (1,123) Year ended December 31, 2014 Fixed-maturity securities $ - $ - $ - Equity securities $ 8,013 $ 642 $ (1) |
Summary of Securities with Gross Unrealized Loss Positions | Less Than Twelve Twelve Months or Total Months Greater As of December 31, 2015 Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value ($ in thousands) ($ in thousands) ($ in thousands) Equity securities Preferred stocks 174 1,054 - - 174 1,054 All other common stocks 1,405 3,274 84 316 1,489 3,590 Total equity securities 1,579 4,328 84 316 1,663 4,644 Total available for sale securities $ 1,579 $ 4,328 $ 84 $ 316 $ 1,663 $ 4,644 Less Than Twelve Twelve Months or Total Months Greater As of December 31, 2014 Gross Estimated Gross Estimated Gross Estimated Unrealized Fair Unrealized Fair Unrealized Fair Loss Value Loss Value Loss Value ($ 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 | Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2015 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,584 $ - $ - $ 8,584 Restricted cash and cash equivalents $ 30,368 $ - $ - $ 30,368 Fixed-maturity securities: U.S. Treasury and agency securities 2,981 - - 2,981 Exchange-traded debt securities 115 - - 115 Total fixed-maturity securities 3,096 - - 3,096 Preferred stocks 1,515 - - 1,515 All other common stocks 4,737 - - 4,737 Total equity securities 6,252 - - 6,252 Total available for sale securities 9,348 - - 9,348 Total $ 48,300 $ - $ - $ 48,300 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2014 ($ in thousands) 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 |
6. Earnings Per Share (Tables)
6. Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings per share | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended Year Ended December 31, December 31, 2015 2014 Numerator: Net earnings $ 4,601 4,000 Denominator: Weighted average shares - basic 6,056,219 4,862,479 Effect of dilutive securities - Stock options - - Shares issuable upon conversion of warrants - - Weighted average shares - diluted 6,056,219 4,862,479 Earnings per shares - basic $ 0.76 0.82 Earnings per shares - diluted $ 0.76 0.82 |
8. Share-Based Compensation (Ta
8. Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Tables | |
Summary of stock option activity | Weighted- Weighted- Average Number Average Remaining Aggregate of Exercise Contractual Intrinsic Options Price Term Value ($000) Outstanding at January 1, 2015 - Granted 180,000 $ 6 Exercised - Forfeited - Outstanding at December 31, 2015 180,000 $ 6 9 years $ - Exercisable at December 31, 2015 45,000 $ 6 9 years $ - |
Schedule of Stock Options, Valuation Assumptions | 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 |
Unvested restricted stock awards | Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2015 - Granted 60,000 $ 5.86 Vested (15,000) Forfeited - Nonvested at December 31, 2015 45,000 $ 5.86 |
12. Related Party Transactions
12. Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Premium Receivable, Loss Experience Refund Repayable and Unearned Premiums | At December 31, 2015 At December 31, 2014 (in thousands) Premiums receivable $ - $ 501 Loss experience refund payable $ 6,510 $ 3,917 Unearned premiums reserve $ 1,392 $ 2,113 |
Summary of Related Party Transactions | Year Ended Year Ended December 31, December 31, 2015 2014 (in thousands) Revenue Assumed premiums $ 3,340 $ 5,070 Change in loss experience refund payable $ (2,594) $ (2,550) Change in unearned premiums reserve $ 721 $ (77) Expenses Policy acquisition costs & underwriting expenses $ - $ 49 |
13. Property and Equipment, N33
13. Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment Net | At December 31, 2015 2014 Leasehold improvements $ 21 4 Furniture and Fixtures 38 26 Motor vehicle 21 21 Computer equipment 15 8 Total, at cost 95 59 less accumulated depreciation and amortization (31) (13) Property and equipment, net $ 64 46 |
1. Organization and Basis of 34
1. Organization and Basis of Presentation (Details Narrative) | 12 Months Ended |
Dec. 31, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Number of business operating segments | 1 |
2. Significant Accounting Pol35
2. Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2015 | |
Furniture and Fixtures [Member] | |
Fixed asset, Estimated useful life | 5 years |
Computer Equiment [Member] | |
Fixed asset, Estimated useful life | 5 years |
Motor Vehicles [Member] | |
Fixed asset, Estimated useful life | 4 years |
3. Cash and Cash Equivalents 36
3. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||
Cash on deposit | $ 3,567 | $ 1,451 |
Cash held with custodians | 5,017 | 3,866 |
Restricted cash held in trust | 30,368 | 28,178 |
Total | $ 38,952 | $ 33,495 |
4. Investments - Summary of Ava
4. Investments - Summary of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 10,822 | $ 11,821 |
Gross Unrealized Gain, Total available-for-sale securities | 189 | 360 |
Gross Unrealized Loss, Total available-for-sale securities | (1,663) | (343) |
Estimated Fair Value, Total available-for-sale securities | 9,348 | 11,838 |
Cost or Amortized cost, Equity securities | 7,742 | 8,140 |
Gross Unrealized Gain, Equity securities | 173 | 340 |
Gross Unrealized Loss, Equity securities | (1,663) | (301) |
Estimated Fair Value, Equity securities | 6,252 | 8,179 |
Cost or Amortized Cost, Debt securities | 3,080 | 3,681 |
Gross Unrealized Gain, Debt securities | 16 | 20 |
Gross Unrealized Loss, Debt securities | 0 | (42) |
Estimated Fair Value, Debt securities | 3,096 | 3,659 |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | 3,080 | 3,681 |
Cost or Amortized Cost, Debt securities | 3,080 | 3,681 |
Gross Unrealized Gain, Debt securities | 16 | 20 |
Gross Unrealized Loss, Debt securities | 0 | (42) |
Estimated Fair Value, Debt securities | 3,096 | 3,659 |
Fixed Maturities [Member] | US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 2,969 | 2,969 |
Gross Unrealized Gain, Debt securities | 12 | 2 |
Gross Unrealized Loss, Debt securities | 0 | 0 |
Estimated Fair Value, Debt securities | 2,981 | 2,971 |
Fixed Maturities [Member] | Exchange Traded Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 111 | 513 |
Gross Unrealized Gain, Debt securities | 4 | 18 |
Gross Unrealized Loss, Debt securities | 0 | 0 |
Estimated Fair Value, Debt securities | 115 | 531 |
Fixed Maturities [Member] | Convertible Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 199 | |
Gross Unrealized Gain, Debt securities | 0 | |
Gross Unrealized Loss, Debt securities | (42) | |
Estimated Fair Value, Debt securities | 157 | |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 7,742 | 8,140 |
Gross Unrealized Gain, Equity securities | 173 | 340 |
Gross Unrealized Loss, Equity securities | (1,663) | (301) |
Estimated Fair Value, Equity securities | 6,252 | 8,179 |
Equity Securities [Member] | Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 1,674 | 1,997 |
Gross Unrealized Gain, Equity securities | 15 | 32 |
Gross Unrealized Loss, Equity securities | (174) | (5) |
Estimated Fair Value, Equity securities | 1,515 | 2,024 |
Equity Securities [Member] | Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 6,068 | 5,743 |
Gross Unrealized Gain, Equity securities | 158 | 308 |
Gross Unrealized Loss, Equity securities | (1,489) | (276) |
Estimated Fair Value, Equity securities | $ 4,737 | 5,775 |
Equity Securities [Member] | Real Estate Investment [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 400 | |
Gross Unrealized Gain, Equity securities | 0 | |
Gross Unrealized Loss, Equity securities | (20) | |
Estimated Fair Value, Equity securities | $ 380 |
4. Investments - Schedule of Co
4. Investments - Schedule of Contractual Maturities of Fixed-maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 10,822 | $ 11,821 |
Total estimated fair value available for sale | 3,096 | 3,659 |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due after one year through five years | 2,969 | 3,168 |
Due after ten years | 111 | 513 |
Cost or Amortized Cost, Total available-for-sale securities | 3,080 | 3,681 |
Due after one year through five years | 2,981 | 3,128 |
Due after ten years | 115 | 531 |
Total estimated fair value available for sale | $ 3,096 | $ 3,659 |
4. Investments - Summary of Pro
4. Investments - Summary of Proceeds Received, Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | $ 1,133 | $ 0 |
Gross Realized Gains | 81 | 0 |
Gross Realized Losses | (251) | 0 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | 12,272 | 8,013 |
Gross Realized Gains | 968 | 642 |
Gross Realized Losses | $ (1,123) | $ 1 |
4. Investments - Summary of Sec
4. Investments - Summary of Securities with Gross Unrealized Loss Positions (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 1,579 | $ 343 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 4,328 | 5,068 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 84 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 316 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,663 | 343 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,644 | 5,068 |
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 | 1,579 | 301 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 4,328 | 4,911 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 84 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 316 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,663 | 301 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,644 | 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 | 174 | 5 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,054 | 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 | 174 | 5 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,054 | 598 |
Equity Securities [Member] | Common 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 | 1,405 | 276 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 3,274 | 3,933 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 84 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 316 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,489 | 276 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 3,590 | 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 | |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 42 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 157 | |
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 | 42 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 157 | |
Fixed Maturities [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 | 42 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 157 | |
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 | 42 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 157 |
4. Investments - Fair Value of
4. Investments - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 30,368 | $ 28,178 |
Total available-for-sale securities | 9,348 | 11,838 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,584 | 5,317 |
Restricted cash and cash equivalents | 30,368 | 28,178 |
Total available-for-sale securities | 9,348 | 11,838 |
Total | 48,300 | 45,333 |
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,096 | 3,659 |
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,981 | 2,971 |
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Exchange Traded Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 115 | 531 |
Fair Value, Measurements, Recurring [Member] | Fixed Maturities [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 157 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,252 | 8,179 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [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, Measurements, Recurring [Member] | Equity Securities [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,515 | 2,024 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 4,737 | 5,775 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,584 | 5,317 |
Restricted cash and cash equivalents | 30,368 | 28,178 |
Total available-for-sale securities | 9,348 | 11,838 |
Total | 48,300 | 45,333 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Maturities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 3,096 | 3,659 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Maturities [Member] | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 2,981 | 2,971 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Maturities [Member] | Exchange Traded Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 115 | 531 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Maturities [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 157 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 6,252 | 8,179 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [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, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 1,515 | 2,024 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | Common Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | $ 4,737 | $ 5,775 |
4. Investments (Details Narrati
4. Investments (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Fair value of securities held in trust accounts | $ 3,638 | $ 3,463 |
Number of securities in unrealized loss position | 24 | 17 |
Other-than-temporary impairment losses | $ 399 | $ 0 |
6. Earnings Per Share (Details)
6. Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | ||
Net earnings | $ 4,601 | $ 4,000 |
Denominator: | ||
Weighted average shares - basic | 6,056,219 | 4,862,479 |
Effect of dilutive securities - Stock options | 0 | 0 |
Shares issuable upon conversion of warrants | 0 | 0 |
Weighted average shares - diluted | 6,056,219 | 4,862,479 |
Earnings per shares - basic | $ 0.76 | $ 0.82 |
Earnings per shares - diluted | $ 0.76 | $ 0.82 |
6. Earnings Per Share (Details
6. Earnings Per Share (Details Narrative) | 12 Months Ended |
Dec. 31, 2015shares | |
Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 180,000 |
Warrants | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 8,230,700 |
7. Shareholders' Equity (Detail
7. Shareholders' Equity (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shareholders Equity Details Narrative | ||
Warrant outstanding | 8,230,700 | 8,230,700 |
Volatility | 48.00% | |
Expected life | 5 years | |
Expected dividend yield | 8.00% | |
Risk free interest rate | 1.69% | |
Amount of dividend paid | $ 2,900 | $ 1,700 |
8. Share-Based Compensation - S
8. Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options Outstanding, Beginning Balance | shares | 0 |
Number of Options, Granted | shares | 180,000 |
Number of Options, Exercised | shares | 0 |
Number of Options, Forfeited | shares | 0 |
Number of Options Outstanding, Ending Balance | shares | 180,000 |
Number of Options Exercisable, Ending Balance | shares | 45,000 |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 0 |
Weighted-Average Exercise Price, Granted | $ / shares | 6 |
Weighted-Average Exercise Price, Exercised | $ / shares | 0 |
Weighted-Average Exercise Price, Forfeited | $ / shares | 0 |
Weighted-Average Exercise Price Outstanding, Ending Balance | $ / shares | 6 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 6 |
Weighted-Average Remaining Contractual Term, Outstanding Ending Balance | 9 years |
Weighted-Average Remaining Contractual Term, Exercisable Ending Balance | 9 years |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ | $ 0 |
8. Share-Based Compensation (De
8. Share-Based Compensation (Details 1) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Share-based Compensation Details 1 | |
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 |
8. Share-Based Compensation -48
8. Share-Based Compensation - Summary of Unvested Restricted Stock Awards (Details) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation - Summary Of Unvested Restricted Stock Awards Details | |
Weighted Number of Restricted Stock Awards, Nonvested Beginning Balance | shares | 0 |
Weighted Number of Restricted Stock Awards, Granted | shares | 60,000 |
Weighted Number of Restricted Stock Awards, Vested | shares | (15,000) |
Weighted Number of Restricted Stock Awards, Forfeited | shares | 0 |
Weighted Number of Restricted Stock Awards, Nonvested Ending Balance | shares | 45,000 |
Weighted Average Grant Date Fair Value, Nonvested Beginning Balance | $ / shares | $ 0 |
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 |
8. Share Based Compensation (De
8. Share Based Compensation (Details Narrative) $ in Thousands | Dec. 31, 2015USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized compensation expense related to non-vested stock options | $ 87 |
Unrecognized compensation expense related to non-vested restricted stock | $ 264 |
9. Net Worth for Regulatory P50
9. Net Worth for Regulatory Purposes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Regulated Operations [Abstract] | ||
Subsidiary net worth | $ 24,400 | |
Subsidiary's net income | $ 4,400 | $ 3,000 |
11. Commitments and Contingen51
11. Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Lease One [Member] | ||
Other Commitments [Line Items] | ||
Rent expense | $ 31 | |
Lease commitments | 145 | |
Operating Lease Two [Member] | ||
Other Commitments [Line Items] | ||
Rent expense | 51 | $ 50 |
Lease commitments | $ 95 |
12. Related Party Transaction52
12. Related Party Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Related Party Transactions [Line Items] | ||
Premiums receivable | $ 4,117 | $ 4,081 |
Loss experience refund payable | 9,913 | 7,133 |
Unearned premiums reserve | 5,571 | 5,744 |
Claddaugh And Hcpci [Member] | ||
Schedule of Other Related Party Transactions [Line Items] | ||
Premiums receivable | 0 | 501 |
Loss experience refund payable | 6,510 | 3,917 |
Unearned premiums reserve | $ 1,392 | $ 2,113 |
12. Related Party Transaction53
12. Related Party Transactions (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | ||
Assumed premiums | $ 14,888 | $ 14,293 |
Change in loss experience refund payable | 8,294 | 5,766 |
Change in unearned premiums reserve | 173 | (3,708) |
Expenses | ||
Policy acquisition costs and underwriting expenses | 344 | 431 |
Claddaugh And Hcpci [Member] | ||
Revenue | ||
Assumed premiums | 3,340 | 5,070 |
Change in loss experience refund payable | (2,594) | (2,550) |
Change in unearned premiums reserve | 721 | (77) |
Expenses | ||
Policy acquisition costs and underwriting expenses | $ 0 | $ 49 |
13. Property and Equipment, N54
13. Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 95 | $ 59 |
less accumulated depreciation and amortization | (31) | (13) |
Property and equipment, net | 64 | 46 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 21 | 4 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 38 | 26 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | 21 | 21 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment gross | $ 15 | $ 8 |
Schedule I - Summary Of Inves55
Schedule I - Summary Of Investments - Other Than Investments in Related Parties (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | $ 10,822 |
Fair Value | 9,348 |
Balance Sheet Value | 9,348 |
U.S. Treasury and agency securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 2,969 |
Fair Value | 2,981 |
Balance Sheet Value | 2,981 |
Exchange Traded Debt Securities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 111 |
Fair Value | 115 |
Balance Sheet Value | 115 |
Fixed Maturities [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 3,080 |
Fair Value | 3,096 |
Balance Sheet Value | 3,096 |
Preferred Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 1,674 |
Fair Value | 1,515 |
Balance Sheet Value | 1,515 |
Common Stock [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 6,068 |
Fair Value | 4,737 |
Balance Sheet Value | 4,737 |
Equity Securities, Investment Summary [Member] | |
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | |
Cost or amortized Cost | 7,742 |
Fair Value | 6,252 |
Balance Sheet Value | $ 6,252 |
Schedule II - Condensed Balance
Schedule II - Condensed Balance Sheet - Parent Company Only (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | $ 8,584 | $ 5,317 | $ 695 |
Investments, available for sale, at fair value | 9,348 | 11,838 | |
Accrued interest and dividend receivable | 25 | 22 | |
Prepayment and other receivables | 91 | 80 | |
Property and equipment, net | 64 | 46 | |
Total assets | 52,687 | 49,694 | |
Liabilities: | |||
Accounts payable and other liabilities | 176 | 109 | |
Shareholders' equity: | |||
Total shareholders' equity | 37,027 | 36,708 | 7,449 |
Total liabilities and shareholders' equity | 52,687 | 49,694 | |
Parent Company [Member] | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||
Cash and cash equivalents | 5,543 | 4,141 | $ 692 |
Investments, available for sale, at fair value | 5,710 | 8,375 | |
Investment in subsidiary | 24,431 | 23,052 | |
Accrued interest and dividend receivable | 18 | 15 | |
Due from subsidiary | 1,354 | 1,115 | |
Prepayment and other receivables | 82 | 72 | |
Property and equipment, net | 64 | 47 | |
Total assets | 37,202 | 36,817 | |
Liabilities: | |||
Accounts payable and other liabilities | 175 | 109 | |
Shareholders' equity: | |||
Total shareholders' equity | 37,027 | 36,708 | |
Total liabilities and shareholders' equity | $ 37,202 | $ 36,817 |
Schedule II - Condensed Stateme
Schedule II - Condensed Statements of Income - Parent Company Only (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | ||
Net investment income | $ 337 | $ 99 |
Net realized investment (losses) gains | (325) | 641 |
Other-than-temporary impairment losses | (399) | 0 |
Operating expenses | (1,779) | (1,559) |
Net income | 4,601 | 4,000 |
Parent Company [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Net investment income | 300 | 91 |
Net realized investment (losses) gains | (69) | 641 |
Other-than-temporary impairment losses | (399) | 0 |
Other income | 1,788 | 1,393 |
Operating expenses | (1,425) | (1,119) |
Income before equity in earnings of subsidiary | 195 | 1,006 |
Equity in earnings of subsidiary | 4,406 | 2,994 |
Net income | $ 4,601 | $ 4,000 |
Schedule II - Condensed State58
Schedule II - Condensed Statement of Cash - Parent Company Only (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | ||
Net income | $ 4,601 | $ 4,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 117 | 0 |
Depreciation | 18 | 13 |
Net realized investment (losses) gains | 325 | (641) |
Other-than-temporary impairment losses | 399 | 0 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | (3) | (22) |
Prepayment and other receivables | (11) | (16) |
Prepaid offering costs | 0 | 417 |
Accounts payable and other liabilities | 67 | (402) |
Net cash provided by operating activities | 8,126 | 8,679 |
Investing activities | ||
Purchase of property and equipment | (36) | (59) |
Net cash used in investing activities | (1,951) | (29,299) |
Financing activities | ||
Proceeds on issuance of share capital | 0 | 5 |
Additional paid-in capital proceeds, net of offering costs, resulting from; | ||
Share capital | 0 | 21,865 |
Share warrants | 0 | 5,080 |
Dividends paid | (2,908) | (1,708) |
Net cash (used in) / provided by financing activities | (2,908) | 25,242 |
Net change in cash and cash equivalents | 3,267 | 4,622 |
Cash and cash equivalents at beginning of period | 5,317 | 695 |
Cash and cash equivalents at end of period | 8,584 | 5,317 |
Parent Company [Member] | ||
Operating activities | ||
Net income | 4,601 | 4,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Equity in earnings of subsidiary | (4,406) | (2,994) |
Stock-based compensation | 117 | 0 |
Depreciation | 18 | 13 |
Net realized investment (losses) gains | 69 | (641) |
Other-than-temporary impairment losses | 399 | 0 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | (3) | (15) |
Due from subsidiary | (239) | (1,115) |
Prepayment and other receivables | (10) | (43) |
Prepaid offering costs | 0 | 417 |
Accounts payable and other liabilities | 66 | (353) |
Net cash provided by operating activities | 612 | (731) |
Investing activities | ||
Investment in subsidiary | 0 | (15,000) |
Dividends from subsidiary | 2,880 | 1,708 |
Purchase of available for sale securities | (10,670) | (15,724) |
Proceeds from sale of available for sale securities | 11,524 | 8,013 |
Purchase of property and equipment | (36) | (59) |
Net cash used in investing activities | 3,698 | (21,062) |
Financing activities | ||
Proceeds on issuance of share capital | 0 | 5 |
Additional paid-in capital proceeds, net of offering costs, resulting from; | ||
Share capital | 0 | 21,865 |
Share warrants | 0 | 5,080 |
Dividends paid | (2,908) | (1,708) |
Net cash (used in) / provided by financing activities | (2,908) | 25,242 |
Net change in cash and cash equivalents | 1,402 | 3,449 |
Cash and cash equivalents at beginning of period | 4,141 | 692 |
Cash and cash equivalents at end of period | $ 5,543 | $ 4,141 |
Schedule III - Supplementary 59
Schedule III - Supplementary Insurance Information (Detail) - Property, Liability and Casualty Insurance Product Line [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Supplementary Insurance Information [Line Items] | ||
Deferred acquisition costs, net | $ 90 | $ 132 |
Reserves for losses and loss adjustment expenses - gross | 0 | 0 |
Unearned premiums - gross | 5,571 | 5,744 |
Net premiums earned | 6,767 | 4,819 |
Investment income (loss) | (387) | 740 |
Net losses, and loss adjustment expenses | 0 | 0 |
Amortization of deferred acquisition costs | 344 | 431 |
Operating expenses | 1,435 | 1,128 |
Gross premiums written | $ 14,888 | $ 14,293 |
Schedule IV - Reinsurance Inf60
Schedule IV - Reinsurance Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Premiums assumed from other companies | $ 14,888 | $ 14,293 |
Net amount | 6,767 | 4,819 |
Property, Liability and Casualty Insurance Product Line [Member] | ||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ||
Direct Gross Premiums | 0 | 0 |
Premiums ceded to other companies | 0 | 0 |
Premiums assumed from other companies | 14,888 | 14,293 |
Net amount | $ 14,888 | $ 14,293 |
Percentage of amount assumed to net | 100.00% | 100.00% |