Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | OXBR | |
Entity Registrant Name | OXBRIDGE RE HOLDINGS Ltd | |
Entity Central Index Key | 1,584,831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,060,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $6,192 and $3,080, respectively) | $ 6,219 | $ 3,096 |
Equity securities, available for sale, at fair value (cost: $8,032 and $7,742, respectively) | 6,820 | 6,252 |
Total investments | 13,039 | 9,348 |
Cash and cash equivalents | 8,614 | 8,584 |
Restricted cash and cash equivalents | 28,889 | 30,368 |
Accrued interest and dividend receivable | 31 | 25 |
Premiums receivable | 1,655 | 4,117 |
Deferred policy acquisition costs | 55 | 90 |
Prepayment and other receivables | 93 | 91 |
Property and equipment, net | 59 | 64 |
Total assets | 52,435 | 52,687 |
Liabilities: | ||
Reserve for losses and loss adjustment expenses | 63 | 0 |
Loss experience refund payable | 12,001 | 9,913 |
Unearned premiums reserve | 2,606 | 5,571 |
Accounts payable and other liabilities | 104 | 176 |
Total liabilities | 14,774 | 15,660 |
Shareholders' equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 6,060,000 and 6,060,000 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 33,687 | 33,657 |
Retained earnings | 5,154 | 4,838 |
Accumulated other comprehensive loss | (1,186) | (1,474) |
Total shareholders' equity | 37,661 | 37,027 |
Total liabilities and shareholders' equity | $ 52,435 | $ 52,687 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Fixed-maturity securities, available for sale, at fair value amortized cost | $ 6,192 | $ 3,080 |
Equity securities, available for sale, at fair value cost | $ 8,032 | $ 7,742 |
Ordinary share, par value | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 50,000,000 | 50,000,000 |
Ordinary shares, issued | 6,060,000 | 6,060,000 |
Ordinary shares, outstanding | 6,060,000 | 6,060,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | ||
Assumed premiums | $ 503 | $ 600 |
Change in loss experience refund payable | (2,088) | (2,052) |
Change in unearned premiums reserve | 2,966 | 2,999 |
Net premiums earned | 1,381 | 1,547 |
Net realized investment gains | 56 | 644 |
Net investment income | 94 | 76 |
Total revenue | 1,531 | 2,267 |
Expenses | ||
Losses and loss adjustment expenses | 63 | 0 |
Policy acquisition costs and underwriting expenses | 61 | 87 |
General and administrative expenses | 364 | 350 |
Total expenses | 488 | 437 |
Net income | $ 1,043 | $ 1,830 |
Earnings per share | ||
Basic and Diluted | $ .17 | $ 0.30 |
Weighted-average shares outstanding | ||
Basic and Diluted | 6,060,000 | 6,044,667 |
Dividends paid per share | $ .12 | $ .12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,043 | $ 1,830 |
Change in unrealized gain on investments: | ||
Unrealized gain arising during the period | 344 | 285 |
Reclassification adjustment for net realized (gains) included in net income | (56) | (644) |
Net change in unrealized gain (loss) | 288 | (359) |
Total other comprehensive income (loss) | 288 | (359) |
Comprehensive income | $ 1,331 | $ 1,471 |
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 [Member] | Total |
Beginning Balance at Dec. 31, 2014 | $ 6 | $ 33,540 | $ 3,145 | $ 17 | $ 36,708 |
Beginning Balance, Shares at Dec. 31, 2014 | 6,000,000 | ||||
Cash dividends paid | (727) | (727) | |||
Net income | 1,830 | 1,830 | |||
Issuance of restricted stock | $ 0 | 0 | |||
Issuance of restricted stock, Shares | 60,000 | ||||
Stock-based compensation | 29 | 29 | |||
Total other comprehensive loss | (359) | (359) | |||
Ending Balance at Mar. 31, 2015 | $ 6 | 33,569 | 4,248 | (342) | 37,481 |
Ending Balance, Shares at Mar. 31, 2015 | 6,060,000 | ||||
Beginning Balance at Dec. 31, 2015 | $ 6 | 33,657 | 4,838 | (1,474) | $ 37,027 |
Beginning Balance, Shares at Dec. 31, 2015 | 6,060,000 | 6,060,000 | |||
Cash dividends paid | (727) | $ (727) | |||
Net income | 1,043 | 1,043 | |||
Stock-based compensation | 30 | 30 | |||
Total other comprehensive loss | 288 | 288 | |||
Ending Balance at Mar. 31, 2016 | $ 6 | $ 33,687 | $ 5,154 | $ (1,186) | $ 37,661 |
Ending Balance, Shares at Mar. 31, 2016 | 6,060,000 | 6,060,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net income | $ 1,043 | $ 1,830 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 30 | 29 |
Depreciation and amortization | 5 | 4 |
Net realized investment gains | (56) | (644) |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | (6) | (3) |
Premiums receivable | 2,462 | 2,082 |
Deferred policy acquisition costs | 35 | 57 |
Prepayment and other receivables | (2) | (11) |
Losses and loss adjustment expenses | 63 | 0 |
Loss experience refund payable | 2,088 | 2,052 |
Unearned premiums reserve | (2,966) | (2,999) |
Accounts payable and other liabilities | (72) | (38) |
Net cash provided by operating activities | 2,625 | 2,359 |
Investing activities | ||
Change in restricted cash and cash equivalents | 1,479 | (1,824) |
Purchase of fixed-maturity securities | (3,111) | (1,101) |
Purchase of equity securities | (1,683) | (7,125) |
Proceeds from sale of fixed-maturity and equity securities | 1,447 | 6,912 |
Purchase of property and equipment | 0 | (5) |
Net cash used in investing activities | (1,868) | (3,143) |
Financing activities | ||
Dividends paid | (727) | (727) |
Net cash used in financing activities | (727) | (727) |
Net change in cash and cash equivalents | 30 | (1,511) |
Cash and cash equivalents at beginning of Period | 8,584 | 5,317 |
Cash and cash equivalents at end of period | 8,614 | 3,806 |
Supplemental disclosure of cash flow information | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing activities | ||
Net change in unrealized gain (loss) on securities available for sale | $ 288 | $ (359) |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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 unaudited, consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, and the Securities and Exchange Commission (SEC) rules for interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations for any subsequent interim period or for thereto should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 included in the Companys Form 10-K, which was filed with the SEC on March 17, 2016 In preparing the interim unaudited consolidated financial statements, management was required to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the financial reporting date and throughout the periods being reported upon. Certain of the estimates result from judgments that can be subjective and complex and consequently actual results may differ from these estimates, which would be reflected in future periods. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the reserve for losses and loss adjustment expenses, valuation of investments and assessment of other-than-temporary impairment (OTTI) and loss experience refund payable. All significant intercompany balances and transactions have been eliminated. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Cash and cash equivalents: Restricted cash and cash equivalents: Investments : Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the consolidated 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 of 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 income (loss) . 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 the Companys investment custodians. 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. Deferred policy acquisition costs (DAC): Property and equipment: Allowance for uncollectible receivables: Reserves for losses and loss adjustment expenses: Loss experience refund payable: Premiums 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: 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. Stock-Based Compensation The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. Recent accounting pronouncements Accounting Standards Update No. 2016-09. Accounting Standards Update No. 2016-02. Accounting Standards Update No. 2016-01. Reclassifications: |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 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. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, 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 March 31, 2016 Fixed-maturity securities U.S. Treasury and agency securities $ 6,081 $ 27 $ (9 ) $ 6,099 Exchange-traded debt securities 111 9 120 Total fixed-maturity securities 6,192 36 (9 ) 6,219 Preferred stocks 1,888 36 (139 ) 1,785 Common stocks 6,145 160 (1,270 ) 5,035 Total equity securities 8,033 196 (1,409 ) 6,820 Total available for sale securities $ 14,225 $ 232 $ (1,418 ) $ 13,039 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 At March 31, 2016 and December 31, 2015, available-for-sale securities with fair value of $3,655,493 and $3,637,628, respectively, are held in trust accounts as collateral under reinsurance contacts with the Companys ceding insurers. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at March 31, 2016 and December 31, 2015 are as follows: Amortized Estimated Cost FairValue ($ in thousands) As of March 31, 2016 Available for sale Due after one year through five years $ 6,081 $ 6,099 Due after five years through ten years 111 120 $ 6,192 $ 6,219 As of December 31, 2015 Available for sale Due after one year through five years $ 2,969 $ 2,981 Due after ten years 111 115 $ 3,080 $ 3,096 Proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the three months ended March 31, 2016 and 2015 were as follows: Gross Gross Gross proceeds Realized Realized from sales Gains Losses ($ in thousands) Three Months Ended March 31, 2016 Fixed-maturity securities $ $ $ Equity securities $ 1,447 $ 188 $ (132 ) Three Months Ended March 31, 2015 Fixed-maturity securities $ 775 $ 75 $ Equity securities $ 6,137 $ 573 $ 4 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 March 31, 2016 and December 31, 2015, 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 Months Greater Total As of March 31, 2016 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 U.S. Treasury and agency securities 9 3,103 9 3,103 Total fixed-maturity securities 9 3,103 9 3,103 Equity securities Preferred stocks 100 1,127 39 161 139 1,288 All other common stocks 805 2,031 465 951 1,270 2,982 Total equity securities 905 3,158 504 1,112 1,409 4,270 Total available for sale securities $ 914 $ 6,261 $ 503 $ 1,112 $ 1,418 $ 7,373 At March 31, 2016, there were 25 securities in an unrealized loss position of which 5 of these positions had been in an unrealized loss position for 12 months or greater. Less Than Twelve Twelve Months or Months Greater Total 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. 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 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, along with factors including 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. Based on managements evaluation, the Company does not consider any of its equity securities to be other-than-temporarily impaired at March 31, 2016 and December 31, 2015 . 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 March 31, 2016 and December 31, 2015: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of March 31, 2016 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,614 $ $ $ 8,614 Restricted cash and cash equivalents $ 28,889 $ $ $ 28,889 Fixed-maturity securities: U.S. Treasury and agency securities 6,099 6,099 Exchange-traded debt securities 120 120 Total fixed-maturity securities 6,219 6,219 Preferred stocks 1,785 1,785 All other common stocks 5,035 5,035 Total equity securities 6,820 6,820 Total available for sale securities 13,039 13,039 Total $ 50,542 $ $ $ 50,542 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 |
Taxation
Taxation | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Losses and Loss Adjustment Expe
Losses and Loss Adjustment Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Insurance [Abstract] | |
Losses and Loss Adjustment Expenses | The following table summarizes the Companys loss and loss adjustment expenses (LAE) and the reserve for loss and LAE reserve movements for the three-month periods ending March 31, 2016 and 2015: At March 31, At March 31, 2016 2015 (in thousands) Balance, beginning of period $ $ Incurred related to: Current period 63 Prior period Total incurred 63 Paid related to: Current period Prior period Total paid Balance, end of period $ 63 $ The reserves for loss and loss adjustment expenses are comprised of case reserves (which are based on claims that have been reported) and incurred but not reported ("IBNR") reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and may include a provision for expected future development on existing case reserves). The uncertainties inherent in the reserving process and potential delays by cedants and brokers in the reporting of loss information, together with the potential for unforeseen adverse developments, may result in the reserve for losses and LAE ultimately being significantly greater or less than the reserve provided at the end of any given reporting period. The degree of uncertainty is further increased when a significant loss event takes place near the end of a reporting period. Reserve for losses and LAE estimates are regularly reviewed and updated as new information becomes known. Any resulting adjustments are reflected in income in the period in which they become known. The Companys reserving process is highly dependent on the timing of loss information received from its cedants and related brokers. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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): Three Months Ended March 31, 2016 2015 Numerator: Net earnings $ 1,106 1,830 Denominator: Weighted average shares - basic 6,060,000 6,044,667 Effect of dilutive securities - Stock options Shares issuable upon conversion of warrants Weighted average shares - diluted 6,060,000 6,044,667 Earnings per shares - basic $ 0.18 0.30 Earnings per shares - diluted $ 0.18 0.30 For the three-month periods ended March 31, 2016 and 2015, 215,000 options to purchase 215,000 ordinary shares and 180,000 options to purchase 180,000 ordinary shares, respectively, 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 periods presented. For the three-month periods ended March 31, 2016 and 2015, 8,230,700 warrants to purchase an aggregate of 8,230,700 ordinary shares were not dilutive because the exercise price of $7.50 exceeded the average market price of the 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. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [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. The fair value of the warrants issued in the initial public offering and initial private placement offering of $1.04 per warrant was determined by the Black-Scholes pricing model using the following assumptions: volatility of 48%, an expected life of 5 years, expected dividend yield of 8% and a risk-free interest rate of 1.69%. There were 8,230,700 warrants outstanding at March 31, 2016 and 2015. No warrants were exercised during the three-month periods ended March 31, 2016 and 2015. 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. On May 12, 2016, our Board of Directors declared a quarterly cash dividend of $0.12 per share payable on June 30, 2016 to shareholders of record on June 17, 2016. As of March 31, 2016, 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 the Cayman Islands Monetary Authority (CIMA). Under Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement. See also Note 10. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
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). At March 31, 2016, there were 725,000 shares available for grant under the Plan. Stock options The Company accounts for share-based compensation under the fair value recognition provisions of ASC Topic 718 Compensation Stock Compensation. 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 three-month periods ended March 31, 2016 and 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, 2016 180,000 Granted 35,000 Outstanding at March 31, 2016 215,000 $ 6 8.9 years $ Exercisable at March 31, 2016 58,438 $ 6 8.9 years $ Outstanding at January 1, 2015 Granted 180,000 $ 6 Outstanding at March 31, 2015 180,000 $ 6 9.75 years $ Exercisable at March 31, 2015 11,250 $ 6 9.75 years $ Compensation expense recognized for the three-month periods ended March 31, 2016 and 2015 totaled $8,000 and $7,000, respectively, and is included in general and administrative expenses. At March 31, 2016, there was approximately $91,000 unrecognized compensation expense related to non-vested stock options granted under the Plan, which During the three-month periods ended March 31, 2016 and 2015, 180,000 options and 35,000 options, respectively, were granted with fair value estimated on the date of grant using the following assumptions and the Black-Scholes option pricing model: 2016 2015 Expected dividend yield 9.6 % 8 % Expected volatility 35 % 35 % Risk-free interest rate 2.03 % 1.81 %% Expected life (in years) 10 10 Per share grant date fair value of options issued $ 0.34 $ 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. Information with respect to the activity of unvested restricted stock awards during the three-month periods ended March 31, 2016 and 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, 2016 45,000 $ 5.86 Vested (3,750 ) Nonvested at March 31, 2016 41,250 $ 5.86 Nonvested at January 1, 2015 Granted 60,000 $ 5.86 Vested (3,750 ) Nonvested at March 31, 2015 56,250 $ 5.86 Compensation expense recognized for the three-month periods ended March 31, 2016 and 2015 totaled $22,000 and $22,000, respectively, and is included in general and administrative expenses. At March 31, 2016, there was approximately $242,000 unrecognized compensation expense related to non-vested restricted stock granted under the Plan, which |
Net Worth for Regulatory Purpos
Net Worth for Regulatory Purposes | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, the Subsidiarys net worth of $24.6 million exceeded the minimum and prescribed capital requirement. For the three-month periods ended March 31, 2016 and 2015, the Subsidiarys net income was approximately $873 thousand $1.1 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 March 31, 2016 or for the periods then ended. |
Fair Value and Certain Risks an
Fair Value and Certain Risks and Uncertainties | 3 Months Ended |
Mar. 31, 2016 | |
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 with 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. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company has an operating lease for office space located at Strathvale House, 2 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 three month periods ended March 31, 2016 and 2015 was $12,900 and $12,600, respectively, and lease commitments at March 31, 2016 were $81,700. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, included within premiums receivable, loss experience refund payable and unearned premiums reserve on the consolidated balance sheets are the following related-party amounts: At March 31, 2016 At December 31, 2015 (in thousands) Premiums receivable $ $ Loss experience refund payable $ 7,140 $ 6,510 Unearned premiums reserve $ 557 $ 1,392 During the three-month periods ended March 31, 2016 and 2015, included within assumed premiums, change in loss experience refund payable and change in unearned premiums reserve on the consolidated statements of income are the following related-party amounts: Three Months Ended March 31, 2016 2015 (in thousands) Revenue Assumed premiums $ $ Change in loss experience refund payable $ (630 ) $ (674 ) Change in unearned premiums reserve $ 835 $ 1,268 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
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 8 of these consolidated financial statements, there were no other events subsequent to March 31, 2016 for which disclosure was required. |
Significant Accounting Polici22
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents are comprised of cash and short term investments with original maturities of three months or less. |
Restricted cash and cash equivalents | Restricted cash and cash equivalents represent funds held in accordance with the 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 | The Companys investments consist of fixed-maturity securities and equity securities, and are classified as available-for-sale. The Companys investments are carried at fair value with changes in fair value included as a separate component of accumulated other comprehensive (loss) in shareholders equity. 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 of 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 income (loss). 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 the Companys investment custodians. 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. |
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 three-month period ended March 31, 2016, there were no impairments in property and equipment. |
Allowance for uncollectible receivables | |
Reserves for losses and loss adjustment expenses | The Company determines its reserves for losses and loss adjustment expenses on the basis of the claims reported by the Companys ceding insurers. Incurred but not reported (IBNR) reserves are estimated by management using various actuarial methods in addition to the ceding insurers estimated IBNR, historical industry loss experience and managements professional judgment. The reserves for losses and loss adjustment expenses represent managements best estimate of the ultimate settlement costs of all losses and loss adjustment expenses. Management believes that the amounts are adequate; however, the inherent impossibility of predicting future events with precision, results in uncertainty as to the amount which will ultimately be required for the settlement of losses and loss expenses, and the differences could be material. Adjustments are reflected in the consolidated statements of income in the period in which they are determined. |
Loss experience refund payable | |
Premiums 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 | The authoritative GAAP guidance on accounting for, and disclosure of, uncertainty in income tax positions requires the Company to determine whether an income tax position of the Company is more likely than not to be sustained upon examination by the relevant tax authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The application of this authoritative guidance has had no effect on the Companys consolidated financial statements because the Company had no uncertain tax positions at March 31, 2016. |
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. |
Stock-Based Compensation | The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. |
Recent accounting pronouncements | Accounting Standards Update No. 2016-09. Accounting Standards Update No. 2016-02. Accounting Standards Update No. 2016-01. |
Reclassifications |
Cash and Cash Equivalents and23
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | At March 31, At December 31, 2016 2015 (in thousands) Cash on deposit $ 6,868 $ 3,567 Cash held with custodians 1,746 5,017 Restricted cash held in trust 28,889 30,368 Total 37,503 38,952 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. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Fixed-maturity securities U.S. Treasury and agency securities $ 6,081 $ 27 $ (9 ) $ 6,099 Exchange-traded debt securities 111 9 120 Total fixed-maturity securities 6,192 36 (9 ) 6,219 Preferred stocks 1,888 36 (139 ) 1,785 Common stocks 6,145 160 (1,270 ) 5,035 Total equity securities 8,033 196 (1,409 ) 6,820 Total available for sale securities $ 14,225 $ 232 $ (1,418 ) $ 13,039 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 |
Schedule of Contractual Maturities of Fixed-maturity Securities | Amortized Estimated Cost FairValue ($ in thousands) As of March 31, 2016 Available for sale Due after one year through five years $ 6,081 $ 6,099 Due after five years through ten years 111 120 $ 6,192 $ 6,219 As of December 31, 2015 Available for sale Due after one year through five years $ 2,969 $ 2,981 Due after ten years 111 115 $ 3,080 $ 3,096 |
Summary of Proceeds Received, and Gross Realized Gains and Losses from Sales of Available-for-sale Securities | Gross Gross Gross proceeds Realized Realized from sales Gains Losses ($ in thousands) Three Months Ended March 31, 2016 Fixed-maturity securities $ $ $ Equity securities $ 1,447 $ 188 $ (132 ) Three Months Ended March 31, 2015 Fixed-maturity securities $ 775 $ 75 $ Equity securities $ 6,137 $ 573 $ 4 |
Summary of Securities with Gross Unrealized Loss Positions | Less Than Twelve Twelve Months or Months Greater Total As of March 31, 2016 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 U.S. Treasury and agency securities 9 3,103 9 3,103 Total fixed-maturity securities 9 3,103 9 3,103 Equity securities Preferred stocks 100 1,127 39 161 139 1,288 All other common stocks 805 2,031 465 951 1,270 2,982 Total equity securities 905 3,158 504 1,112 1,409 4,270 Total available for sale securities $ 914 $ 6,261 $ 503 $ 1,112 $ 1,418 $ 7,373 Less Than Twelve Twelve Months or Months Greater Total 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 |
Fair Value of Assets Measured on Recurring Basis | Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of March 31, 2016 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,614 $ $ $ 8,614 Restricted cash and cash equivalents $ 28,889 $ $ $ 28,889 Fixed-maturity securities: U.S. Treasury and agency securities 6,099 6,099 Exchange-traded debt securities 120 120 Total fixed-maturity securities 6,219 6,219 Preferred stocks 1,785 1,785 All other common stocks 5,035 5,035 Total equity securities 6,820 6,820 Total available for sale securities 13,039 13,039 Total $ 50,542 $ $ $ 50,542 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 |
Losses and Loss Adjustment Ex25
Losses and Loss Adjustment Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Insurance [Abstract] | |
Summary of loss and loss adjustment expenses | At March 31, At March 31, 2016 2015 (in thousands) Balance, beginning of period $ $ Incurred related to: Current period 63 Prior period Total incurred 63 Paid related to: Current period Prior period Total paid Balance, end of period $ 63 $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings per share | |
Computation of Basic and Diluted Earnings Per Share | Three Months Ended March 31, 2016 2015 Numerator: Net earnings $ 1,106 1,830 Denominator: Weighted average shares - basic 6,060,000 6,044,667 Effect of dilutive securities - Stock options Shares issuable upon conversion of warrants Weighted average shares - diluted 6,060,000 6,044,667 Earnings per shares - basic $ 0.18 0.30 Earnings per shares - diluted $ 0.18 0.30 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
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, 2016 180,000 Granted 35,000 Outstanding at March 31, 2016 215,000 $ 6 8.9 years $ Exercisable at March 31, 2016 58,438 $ 6 8.9 years $ Outstanding at January 1, 2015 Granted 180,000 $ 6 Outstanding at March 31, 2015 180,000 $ 6 9.75 years $ Exercisable at March 31, 2015 11,250 $ 6 9.75 years $ |
Estimated Fair Value of Options Granted using Black-Scholes Option-Pricing Model with Weighted-Average Assumptions | 2016 2015 Expected dividend yield 9.6 % 8 % Expected volatility 35 % 35 % Risk-free interest rate 2.03 % 1.81 %% Expected life (in years) 10 10 Per share grant date fair value of options issued $ 0.34 $ 0.64 |
Summary of Unvested Restricted Stock Awards | Weighted- Number of Weighted- Restricted Average Stock Grant Date Awards Fair Value Nonvested at January 1, 2016 45,000 $ 5.86 Vested (3,750 ) Nonvested at March 31, 2016 41,250 $ 5.86 Nonvested at January 1, 2015 Granted 60,000 $ 5.86 Vested (3,750 ) Nonvested at March 31, 2015 56,250 $ 5.86 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Premium Receivable, Loss Experience Refund Repayable and Unearned Premiums | At March 31, 2016 At December 31, 2015 (in thousands) Premiums receivable $ $ Loss experience refund payable $ 7,140 $ 6,510 Unearned premiums reserve $ 557 $ 1,392 |
Summary of Related Party Transactions | Three Months Ended March 31, 2016 2015 (in thousands) Revenue Assumed premiums $ $ Change in loss experience refund payable $ (630 ) $ (674 ) Change in unearned premiums reserve $ 835 $ 1,268 |
Organization and Basis of Pre29
Organization and Basis of Presentation (Details Narrative) | 3 Months Ended |
Mar. 31, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Number of business operating segments | 1 |
Significant Accounting Polici30
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||
Impairments in fixed assets | $ 0 | |
Receivables | 0 | |
Allowance for uncollectible receivables | 0 | |
Loss and loss adjustment expenses | 0 | $ 0 |
Uncertain tax positions | $ 0 | |
Likelihood percentage | For income tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements, if any, is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. | |
Options forfeitures in period | 0 | 0 |
Furniture and Fixtures [Member] | ||
Significant Accounting Policies [Line Items] | ||
Fixed asset, Estimated useful life | 5 years | |
Computer Equipment [Member] | ||
Significant Accounting Policies [Line Items] | ||
Fixed asset, Estimated useful life | 5 years | |
Motor Vehicles [Member] | ||
Significant Accounting Policies [Line Items] | ||
Fixed asset, Estimated useful life | 4 years | |
Employee Stock Option [Member] | ||
Significant Accounting Policies [Line Items] | ||
Estimated term of options | 10 years | 10 years |
Options forfeitures in period | 0 |
Cash and Cash Equivalents and31
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Cash on deposit | $ 6,868 | $ 3,567 |
Cash held with custodians | 1,746 | 5,017 |
Restricted cash held in trust | 28,889 | 30,368 |
Total | $ 37,503 | $ 38,952 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 14,225 | $ 10,822 |
Gross Unrealized Gain, Total available-for-sale securities | 232 | 189 |
Gross Unrealized Loss, Total available-for-sale securities | (1,418) | (1,663) |
Estimated Fair Value, Total available-for-sale securities | 13,039 | 9,348 |
Cost or Amortized cost, Equity securities | 8,032 | 7,742 |
Gross Unrealized Gain, Equity securities | 196 | 173 |
Gross Unrealized Loss, Equity securities | (1,409) | (1,663) |
Estimated Fair Value, Equity securities | 6,820 | 6,252 |
Cost or Amortized Cost, Debt securities | 6,192 | 3,080 |
Gross Unrealized Gain, Debt securities | 27 | 16 |
Gross Unrealized Loss, Debt securities | 0 | 0 |
Estimated Fair Value, Debt securities | 6,219 | 3,096 |
Common Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 6,145 | 1,674 |
Gross Unrealized Gain, Equity securities | 160 | 15 |
Gross Unrealized Loss, Equity securities | (1,270) | (174) |
Estimated Fair Value, Equity securities | 5,035 | 1,515 |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 1,888 | 6,068 |
Gross Unrealized Gain, Equity securities | 36 | 158 |
Gross Unrealized Loss, Equity securities | (139) | (1,489) |
Estimated Fair Value, Equity securities | 1,785 | 4,737 |
US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 6,081 | 2,969 |
Gross Unrealized Gain, Debt securities | 27 | 12 |
Gross Unrealized Loss, Debt securities | (9) | 0 |
Estimated Fair Value, Debt securities | 6,099 | 2,981 |
Exchange Traded Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Debt securities | 111 | 111 |
Gross Unrealized Gain, Debt securities | 9 | 4 |
Gross Unrealized Loss, Debt securities | 0 | 0 |
Estimated Fair Value, Debt securities | 120 | 115 |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | 6,192 | 3,080 |
Cost or Amortized Cost, Debt securities | 6,192 | 3,080 |
Gross Unrealized Gain, Debt securities | 36 | 16 |
Gross Unrealized Loss, Debt securities | (9) | 0 |
Estimated Fair Value, Debt securities | 6,219 | 3,096 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized cost, Equity securities | 8,033 | 7,742 |
Gross Unrealized Gain, Equity securities | 196 | 173 |
Gross Unrealized Loss, Equity securities | (1,409) | (1,663) |
Estimated Fair Value, Equity securities | $ 6,820 | $ 6,252 |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 14,225 | $ 10,822 |
Total estimated fair value available for sale | 6,219 | 3,096 |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Due after one year through five years | 6,081 | 2,969 |
Due after five years through ten years | 111 | |
Due after ten years | 111 | |
Cost or Amortized Cost, Total available-for-sale securities | 6,192 | 3,080 |
Due after one year through five years | 6,099 | 2,981 |
Due after five years through ten years | 120 | |
Due after ten years | 115 | |
Total estimated fair value available for sale | $ 6,219 | $ 3,096 |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fixed Maturities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | $ 0 | $ 775 |
Gross Realized Gains | 0 | 75 |
Gross Realized Losses | 0 | 0 |
Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Proceeds | 1,447 | 6,137 |
Gross Realized Gains | 188 | 573 |
Gross Realized Losses | $ (132) | $ 4 |
Investments (Details 3)
Investments (Details 3) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | $ 914 | $ 1,579 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 6,261 | 4,328 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 504 | 84 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 1,112 | 316 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,418 | 1,663 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 7,373 | 4,664 |
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 | 9 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 3,103 | |
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 | 9 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 3,103 | |
Fixed Maturities [Member] | US Treasury and Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 9 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 3,103 | |
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 | 9 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 3,103 | |
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 | 905 | 1,579 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 3,158 | 4,328 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 504 | 84 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 1,112 | 316 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,409 | 1,663 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,270 | 4,664 |
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 | 100 | 174 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,127 | 1,054 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 39 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 161 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 139 | 174 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,288 | 1,054 |
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 | 805 | 1,405 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 2,031 | 3,274 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 465 | 84 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 951 | 316 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 1,270 | 1,489 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 2,982 | $ 3,590 |
Investments (Details 4)
Investments (Details 4) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted cash and cash equivalents | $ 28,889 | $ 30,368 |
Total available-for-sale securities | 13,039 | 9,348 |
Total | 50,542 | 48,300 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,614 | 8,584 |
Restricted cash and cash equivalents | 28,889 | 30,368 |
Total available-for-sale securities | 13,039 | 10,822 |
Total | 50,542 | 49,774 |
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 | 6,219 | 3,096 |
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 | 6,099 | 2,981 |
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 | 120 | 115 |
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 | 6,820 | 6,252 |
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 | 1,785 | 1,515 |
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 | 5,035 | 4,737 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 50,542 | 48,300 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 8,614 | 8,584 |
Restricted cash and cash equivalents | 28,889 | 30,368 |
Total available-for-sale securities | 13,039 | 10,822 |
Total | 50,542 | 49,774 |
Fair Value, Inputs, Level 1 [Member] | 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 | 6,219 | 3,096 |
Fair Value, Inputs, Level 1 [Member] | 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 | 6,099 | 2,981 |
Fair Value, Inputs, Level 1 [Member] | 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 | 120 | 115 |
Fair Value, Inputs, Level 1 [Member] | 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 | 6,820 | 6,252 |
Fair Value, Inputs, Level 1 [Member] | 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 | 1,785 | 1,515 |
Fair Value, Inputs, Level 1 [Member] | 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 | $ 5,035 | $ 4,737 |
Investments (Details Narrative)
Investments (Details Narrative) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Fair value of securities held in trust accounts | $ 3,655,493 | $ 3,637,628 |
Number of securities in unrealized loss position | 25 | 24 |
Number of positions held for greater than twelve months | 5 | 5 |
Losses and Loss Adjustment Ex38
Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Balance, beginning of period | $ 0 | $ 0 |
Incurred related to: Current period | 63 | 0 |
Incurred related to: Prior period | 0 | 0 |
Total incurred | 63 | 0 |
Paid related to: Current period | 0 | 0 |
Paid related to: Prior period | 0 | 0 |
Total paid | 0 | 0 |
Balance, end of period | $ 63 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net earnings | $ 1,043 | $ 1,830 |
Denominator: | ||
Weighted average shares-basic | 6,060,000 | 6,044,667 |
Effect of dilutive securities-Stock options | 0 | 0 |
Shares issuable upon conversion of warrants | 0 | 0 |
Weighted average shares-diluted | 6,060,000 | 6,044,667 |
Earnings per shares-basic | $ .18 | $ .30 |
Earnings per shares-diluted | $ .18 | $ .30 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - $ / shares | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings per share | ||||
Number of Options, Granted | 215,000 | 180,000 | 180,000 | 0 |
Anti-dilutive shares | 215,000 | 180,000 | ||
Warrant outstanding | 8,230,700 | 8,230,700 | ||
Number of ordinary shares which can be purchased by the exercise of warrants | 8,230,700 | 8,230,700 | ||
Warrants exercise price | $ 7.50 | $ 7.50 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Options Outstanding, Beginning Balance | 180,000 | 0 |
Number of Options, Granted | 35,000 | 180,000 |
Number of Options, Forfeited | 0 | 0 |
Number of Options Outstanding, Ending Balance | 215,000 | 180,000 |
Number of Options Exercisable, Ending Balance | 58,438 | 11,250 |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 6 | $ 0 |
Weighted-Average Exercise Price, Granted | 0 | 6 |
Weighted-Average Exercise Price Outstanding, Ending Balance | 6 | 6 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ 6 | $ 6 |
Weighted-Average Remaining Contractual Term, Outstanding Ending Balance | 8 years 10 months 24 days | 9 years 9 months |
Weighted-Average Remaining Contractual Term, Exercisable Ending Balance | 8 years 10 months 24 days | 9 years 9 months |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ 0 | $ 0 |
Share-Based Compensation (Det42
Share-Based Compensation (Details 1) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 9.60% | 8.00% |
Expected volatility | 35.00% | 35.00% |
Risk-free interest rate | 2.03% | 1.81% |
Expected life (in years) | 10 years | 10 years |
Per share grant date fair value of options issued | $ .34 | $ .64 |
Share-Based Compensation (Det43
Share-Based Compensation (Details 2) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Weighted Number of Restricted Stock Awards, Nonvested Beginning Balance | 45,000 | 0 |
Weighted Number of Restricted Stock Awards, Granted | 60,000 | |
Weighted Number of Restricted Stock Awards, Vested | (3,750) | (3,750) |
Weighted Number of Restricted Stock Awards, Nonvested Ending Balance | 41,250 | 56,250 |
Weighted Average Grant Date Fair Value, Nonvested Beginning Balance | $ 5.86 | $ 0 |
Weighted Average Grant Date Fair Value, Granted | 5.86 | |
Weighted Average Grant Date Fair Value, Nonvested Ending Balance | $ 5.86 | $ 5.86 |
Share-Based Compensation (Det44
Share-Based Compensation (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of ordinary shares under Incentive plan | 35,000 | 180,000 | |
Share based compensation arrangement, exercisable contractual term | 8 years 10 months 24 days | 9 years 9 months | |
Unrecognized compensation expense, non-vested stock options | $ 91,000 | ||
Unrecognized compensation cost, Weighted average recognition period | 35 months | ||
Incentive Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issuance of ordinary shares under Incentive plan | 1,000,000 | ||
Shares available for grant | 725,000 | ||
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense recognized | $ 8,000 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense recognized | $ 7,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense, non-vested stock options | $ 242,000 | ||
Unrecognized compensation cost, Weighted average recognition period | 33 months | ||
Restricted Stock [Member] | General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense recognized | $ 22,000 | $ 22,000 |
Net Worth for Regulatory Purp45
Net Worth for Regulatory Purposes (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Regulated Operations [Abstract] | ||
Minimum prescribed capital requirement | $ 500 | |
Subsidiary net worth | 24,600,000 | |
Subsidiary's net income | $ 873,000 | $ 1,100,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Lease One [Member] | ||
Other Commitments [Line Items] | ||
Lease term | 38 months | |
Rent expense | $ 13,300 | |
Lease commitments | $ 131,700 | |
Lease Commencement date | Apr. 17, 2015 | |
Operating Lease Two [Member] | ||
Other Commitments [Line Items] | ||
Rent expense | $ 12,900 | $ 12,600 |
Lease commitments | $ 81,700 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Premiums receivable | $ 1,655 | $ 4,117 |
Loss experience refund payable | 12,001 | 9,913 |
Unearned premiums reserve | 2,606 | 5,571 |
Claddaugh And Hcpci [Member] | ||
Related Party Transaction [Line Items] | ||
Premiums receivable | 0 | 0 |
Loss experience refund payable | 7,140 | 6,510 |
Unearned premiums reserve | $ 557 | $ 1,392 |
Related Party Transactions (D48
Related Party Transactions (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | ||
Assumed premiums | $ 503 | $ 600 |
Change in loss experience refund payable | 2,088 | 2,052 |
Change in unearned premiums reserve | 2,966 | 2,999 |
Expenses | ||
Policy acquisition costs and underwriting expenses | 61 | 87 |
Claddaugh And Hcpci [Member] | ||
Revenue | ||
Assumed premiums | 0 | 0 |
Change in loss experience refund payable | (630) | (674) |
Change in unearned premiums reserve | $ 835 | $ 1,268 |