Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 19, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | OXBRIDGE RE HOLDINGS Ltd | ||
Entity Central Index Key | 0001584831 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
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 | Non-accelerated Filer | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8,317,416 | ||
Entity Common Stock, Shares Outstanding | 5,733,587 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Fixed-maturity securities, available for sale, at fair value (amortized cost: $991 and $4,450, respectively) | $ 993 | $ 4,433 |
Equity securities, available for sale, at fair value (cost of $2,058 in 2017) | 0 | 2,036 |
Equity securities, at fair value (cost of $210 in 2018) | 162 | 0 |
Total investments | 1,155 | 6,469 |
Cash and cash equivalents | 8,074 | 7,763 |
Restricted cash and cash equivalents | 3,225 | 3,124 |
Accrued interest and dividend receivable | 15 | 39 |
Premiums receivable | 0 | 3,798 |
Deferred policy acquisition costs | 0 | 48 |
Prepayment and other receivables | 74 | 116 |
Property and equipment, net | 18 | 36 |
Total assets | 12,561 | 21,393 |
Liabilities: | ||
Reserve for losses and loss adjustment expenses | 4,108 | 4,836 |
Loss experience refund payable | 0 | 135 |
Losses payable | 0 | 386 |
Unearned premiums reserve | 0 | 2,012 |
Accounts payable and other liabilities | 139 | 106 |
Total liabilities | 4,247 | 7,475 |
Shareholders' equity: | ||
Ordinary share capital, (par value $0.001, 50,000,000 shares authorized; 5,733,587 and 5,916,149 shares issued and outstanding) | 6 | 6 |
Additional paid-in capital | 32,226 | 32,100 |
(Accumulated Deficit) Retained earnings | (23,920) | (18,149) |
Accumulated other comprehensive income (loss) | 2 | (39) |
Total shareholders' equity | 8,314 | 13,918 |
Total liabilities and shareholders' equity | $ 12,561 | $ 21,393 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Fixed-maturity securities, available for sale, at fair value amortized cost | $ 991 | $ 4,450 |
Equity securities, available for sale, at fair value cost | $ 2,058 | |
Equity securities, at fair value cost | $ 210 | |
Ordinary share, par value | $ 0.001 | $ 0.001 |
Ordinary shares, authorized | 50,000,000 | 50,000,000 |
Ordinary shares, outstanding | 5,733,587 | 5,916,149 |
Ordinary shares, issued | 5,733,587 | 5,916,149 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | ||
Assumed premiums | $ 2,361 | $ 18,263 |
Premiums ceded | 0 | (880) |
Change in loss experience refund payable | (225) | 1,335 |
Change in unearned premiums reserve | 592 | 4,849 |
Net premiums earned | 2,728 | 23,567 |
Net income from derivatives | 997 | 0 |
Net investment income | 366 | 412 |
Net realized investment losses | (255) | (138) |
Change in fair value of equity securities | (26) | 0 |
Total revenue | 3,810 | 23,841 |
Expenses | ||
Losses and loss adjustment expenses | 10,006 | 42,427 |
Net loss on commutation | 8 | 0 |
Policy acquisition costs and underwriting expenses | 263 | 681 |
General and administrative expenses | 1,282 | 1,325 |
Total expenses | 11,559 | 44,433 |
Loss before loss attributable to Series 2018-1 | (7,749) | (20,592) |
Loss attributable to Series 2018-1 noteholders | 2,000 | 0 |
Net loss | $ (5,749) | $ (20,592) |
Basic loss per share | $ (1) | $ (3.55) |
Diluted loss per share | $ (1) | $ (3.55) |
Weighted-average shares outstanding basic and diluted | 5,733,587 | 5,808,354 |
Dividends paid per share | $ 0 | $ 0.36 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (5,749) | $ (20,592) |
Change in unrealized loss on investments: | ||
Unrealized gain arising during the year | 4 | 234 |
Reclassification adjustment for net realized losses (gains) included in net (loss) income | 15 | 138 |
Net change in unrealized loss | 19 | 372 |
Total other comprehensive income | 19 | 372 |
Comprehensive loss | $ (5,730) | $ (20,220) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net loss | $ (5,749) | $ (20,592) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 126 | 127 |
Net amortization of premiums on investments in fixed-maturity securities | 7 | 84 |
Depreciation and amortization | 18 | 24 |
Net realized investment losses | 255 | 138 |
Change in fair value of equity securities | 26 | 0 |
Loss attributable to Series 2018-1 noteholders | (2,000) | 0 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | 24 | 9 |
Premiums receivable | 3,798 | 240 |
Deferred policy acquisition costs | 48 | 40 |
Prepayment and other receivables | 42 | (18) |
Reserve for losses and loss adjustment expenses | (728) | (3,866) |
Loss experience refund payable | (135) | (1,335) |
Losses payable | (386) | 386 |
Unearned premiums reserve | (2,012) | (1,449) |
Accounts payable and other liabilities | 33 | (98) |
Net cash used in operating activities | (6,633) | (26,310) |
Investing activities | ||
Purchase of fixed-maturity securities | (4,903) | (3,988) |
Purchase of equity securities | (6,009) | (18,659) |
Proceeds from sale of fixed-maturity securities | 8,340 | 5,538 |
Proceeds from sale of equity securities | 7,617 | 21,782 |
Purchase of property and equipment | 0 | (6) |
Net cash provided by investing activities | 5,045 | 4,667 |
Financing activities | ||
Proceeds on issuance of notes payable to Series 2018-1 noteholders | 2,000 | 0 |
Repurchases of common stock under share repurchase plan | 0 | (1,061) |
Dividends paid | 0 | (2,091) |
Net cash provided by (used in) financing activities | 2,000 | (3,152) |
Net change during the year | 412 | (24,795) |
Cash and cash equivalents, and restricted cash and cash equivalents at beginning of year | 10,887 | 35,682 |
Cash and cash equivalents, and restricted cash and cash equivalents at end of year | 11,299 | 10,887 |
Supplemental disclosure of cash flow information | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing activities | ||
Net change in unrealized loss on securities available for sale | $ 19 | $ 372 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Ordinary Share Capital [Member] | Additional Paid-in Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2016 | $ 6 | $ 33,034 | $ 4,534 | $ (411) | $ 37,163 |
Beginning Balance, Shares at Dec. 31, 2016 | 5,916,149 | ||||
Cash dividends paid | (2,091) | (2,091) | |||
Repurchase and retirement of common stock under share repurchase plan | (1,061) | (1,061) | |||
Repurchase and retirement of common stock under share repurchase plan, Shares | (182,562) | ||||
Net loss | (20,592) | (20,592) | |||
Stock-based compensation | 127 | 127 | |||
Total other comprehensive income | 372 | 372 | |||
Ending Balance at Dec. 31, 2017 | $ 6 | 32,100 | (18,149) | (39) | 13,918 |
Ending Balance, Shares at Dec. 31, 2017 | 5,733,587 | ||||
Cumulative effect of change in accounting for equity securities as of January 1, 2018 | (22) | 22 | 0 | ||
Repurchase and retirement of common stock under share repurchase plan | 0 | ||||
Net loss | (5,749) | (5,749) | |||
Stock-based compensation | 126 | 126 | |||
Total other comprehensive income | 19 | 19 | |||
Ending Balance at Dec. 31, 2018 | $ 6 | $ 32,226 | $ (23,920) | $ 2 | $ 8,314 |
Ending Balance, Shares at Dec. 31, 2018 | 5,733,587 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | (a) Organization Oxbridge Re Holdings Limited (the “Company”) 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, an exempted entity incorporated on April 23, 2013 under the laws of the Cayman Islands and for which a Class “C” Insurer’s license was granted on April 29, 2013 under the provisions of the Cayman Islands Insurance Law. Oxbridge Re Holdings Limited also owns 100% of the equity interest in Oxbridge Re NS, an entity incorporated as an exempted company on December 22, 2017 under the laws of the Cayman Islands to function as a reinsurance sidecar facility and to increase the underwriting capacity of Oxbridge Reinsurance Limited. The Company, through its subsidiaries (collectively “Oxbridge Re”) provides collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities. The Company operates as a single business segment through its wholly-owned subsidiaries. The Company’s headquarters and principal executive offices are located at Strathvale House, 90 North Church Street, Georgetown, Grand Cayman, Cayman Islands, and have their registered offices at P.O. Box 309, Ugland House, Grand Cayman, Cayman Islands. The Company’s ordinary shares and warrants are listed on The NASDAQ Capital Market under the symbols “OXBR” and “OXBRW,” respectively. (b) Basis of Presentation and Consolidation 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. The Company consolidates in these Consolidated Financial Statements the results of operations and financial position of all voting interest entities (“VOE”) in which the Company has a controlling financial interest and all variable interest entities (“VIE”) in which the Company is considered to be the primary beneficiary. The consolidation assessment, including the determination as to whether an entity qualifies as a VIE or VOE, depends on the facts and circumstances surrounding each entity. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies specific to valuation of investments, assessment of other-than-temporary impairment (“OTTI”) and loss experience refund payable involve significant judgments and estimates material to the Company’s consolidated financial statements. These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. 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 operations. 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 fixed-maturity 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 operations in the period in which the Company makes such determination. For a fixed-maturity 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 operations, while impairment related to all other factors is recognized in other comprehensive 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 fixed maturity 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 stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company’s 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. Derivative Financial Instruments: 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: 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. Unearned Premiums Ceded: Ceded premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. Uncertain income tax positions: Loss per share: Basic loss per share has been computed on the basis of the weighted-average number of ordinary shares outstanding during the years presented. Diluted loss 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 adopted accounting pronouncements Accounting Standards Update No. 2016-01. Accounting Standards Update No. 2016-18. Accounting Standards Update No. 2017-09. Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. Pending Accounting Updates: Accounting Standards Update No. 2016-02. Accounting Standards Update No. 2016-13. . Accounting Standards Update No. 2018-07. Segment Information Reclassifications: |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents | December 31, 2018 2017 (in thousands) Cash on deposit $ 3,965 $ 4,052 Cash held with custodians 4,109 3,711 Restricted cash held in trust 3,225 3,124 Total 11,299 10,887 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 SunTrust Bank and is held in accordance with the Company’s trust agreements with the ceding insurers and trustees, which require that the Company provide collateral having a market value greater than or equal to the limit of liability, less unpaid premium. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | The Company holds investments in fixed-maturity securities and equity securities, with its fixed-maturity securities classified as available-for-sale. At December 31, 2018 and 2017, the cost or amortized cost, gross unrealized gains and losses, and estimated fair value of the Company’s available-for-sale securities by security type were as follows: Cost or Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value ($000) ($ in thousands) As of December 31, 2018 Fixed-maturity securities U.S. Treasury and agency securities $ 991 $ 2 $ - $ 993 Total fixed-maturity securities 991 2 - 993 Total available for sale securities $ 991 $ 2 $ - $ 993 As of December 31, 2017 Fixed-maturity securities U.S. Treasury and agency securities $ 4,450 $ - $ (17 ) $ 4,433 Total fixed-maturity securities 4,450 - (17 ) 4,433 Mutual funds 400 29 - 429 Preferred stocks 200 - (1 ) 199 Common stocks 1,458 12 (62 ) 1,408 Total equity securities1 2,058 41 (63 ) 2,036 Total available for sale securities $ 6,508 $ 41 $ (80 ) $ 6,469 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 2, Accounting Policies, for additional information. At December 31, 2018 and 2017, securities with a fair value of $993,000 and 1,430,000, respectively, are held in trust accounts as collateral under reinsurance contracts with the Company’s ceding insurers. Expected maturities will differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. The scheduled contractual maturities of fixed-maturity securities at December 31, 2018 and 2017 are as follows: Amortized Fair Value Estimated ($ in thousands) As of December 31, 2018 Available for sale Due within one year $ - - Due after one year through five years 991 993 $ 991 $ 993 As of December 31, 2017 Available for sale Due within one year $ 3,007 3,003 Due after one year through five years 1,443 1,430 $ 4,450 $ 4,433 Gross proceeds received, and the gross realized gains and losses from sales of available-for-sale securities, for the years ended December 31, 2018 and 2017 are as follows: Gross proceeds from sales Gross Realized Gains Gross Realized Losses ($ in thousands) Year ended December 31, 2018 Fixed-maturity securities $ 8,340 $ 7 $ (22 ) Equity securities $ 7,617 $ 475 $ (715 ) Year ended December 31, 2017 Fixed-maturity securities $ 5,538 $ 30 $ (7 ) Equity securities $ 21,782 $ 1,422 $ (1,583 ) The Company regularly reviews its individual investment securities for OTTI. The Company considers various factors in determining whether each individual debt security is other-than-temporarily impaired, including: ● the financial condition and near-term prospects of the issuer, including any specific events that may affect its operations or income; ● the length of time and the extent to which the market value of the security has been below its cost or amortized cost; ● general market conditions and industry or sector specific factors; ● nonpayment by the issuer of its contractually obligated interest and principal payments; and ● the Company’s intent and ability to hold the investment for a period of time sufficient to allow for the recovery of costs. There were no available-for-sale securities with gross unrealized loss positions at December 31, 2018. Available-for-sale securities with gross unrealized loss positions at December 31, 2017, aggregated by investment category and length of time the individual securities have been in a continuous loss position, are as follows: Less Than Twelve Months Twelve Months or Greater Total As of December 31, 2017 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value ($ in thousands) ($ in thousands) ($ in thousands) Fixed maturity securities U.S. Treasury and agency securities 13 1,428 4 3,003 17 4,431 Total fixed-maturity securities 13 1,428 4 3,003 17 4,431 Equity securities Mutual funds - - - - - - Preferred stocks 1 199 - - 1 199 All other common stocks 36 769 26 174 62 943 Total equity securities 37 968 26 174 63 1,142 Total available for sale securities $ 50 $ 2,396 $ 30 $ 3,177 $ 80 $ 5,573 At December 31, 2017, there were 8 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 Assets Measured at Estimated Fair Value on a Recurring Basis The following table presents information about the Company’s financial assets measured at estimated fair value on a recurring basis that is reflected in the consolidated balance sheets at carrying value. The table indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value as of December 31, 2018 and 2017: Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2018 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,074 $ - $ - $ 8,074 Restricted cash and cash equivalents $ 3,225 $ - $ - $ 3,225 Fixed-maturity securities: U.S. Treasury and agency securities - 993 - 993 Total fixed-maturity securities - 993 - 993 Total equity securities 162 993 - 162 Total securities 162 993 - 1,155 Total $ 11,461 $ 993 $ - $ 12,454 As disclosed in Note 5, the Company is a counterparty to an investment in an industry loss warranty swap. The swap was valued on the basis of models developed by the counterparty, which represent unobservable (Level 3). There were no transfers between Levels 1, 2 and 3 during the years ended December 31, 2018 and 2017. Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2017 ($ in thousands) Financial Assets: Cash and cash equivalents $ 7,763 $ - $ - $ 7,763 Restricted cash and cash equivalents $ 3,124 $ - $ - $ 3,124 Fixed-maturity securities: U.S. Treasury and agency securities - 4,433 - 4,433 Total fixed-maturity securities - 4,433 - 4,433 Mutual funds 429 - - 429 Preferred stocks 199 - - 199 All other common stocks 1,408 - - 1,408 Total equity securities 2,036 - - 2,036 Total available for sale securities 2,036 4,433 - 6,469 Total $ 12,923 $ 4,433 $ - $ 17,356 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments | |
Derivative Instruments | Inward Industry Loss Warranty ("ILW") Swap In January 2018, the Company entered into an inward ILW swap (the "2018 Inward ILW Swap") with a third-party under which qualifying loss payments are triggered by reference to the level of losses incurred by the insurance industry as a whole, rather than by losses incurred by the insured. In return for a fixed payment received of approximately $1 million, the Company is required to make a floating payment in the event of certain losses incurred from specified natural catastrophes in North America, Caribbean, Europe, Japan, Australia, New Zealand and Latin America from January 2018 to December 2018. The Company’s maximum payment obligation under the 2018 Inward ILW Swap is $4 million. During the quarter ending December 31, 2018, the Company was made aware of industry loss events occurring that would trigger a payment obligation under the 2018 Inward ILW Swap and as a result, have set up the appropriate reserves at December 31, 2018. On January 17, 2019, the Company paid the floating payment obligation of $4 million to the swap counterparty. During the year ended December 31, 2018, the Company recognized a net capital loss of $3 million from the derivative instrument pursuant to the 2018 Inward ILW Swap. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Taxation | Under current Cayman Islands law, no corporate entity, including the Company and the subsidiaries, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company and its subsidiaries 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 its subsidiaries or their operations, or to the ordinary shares or related obligations, until April 23, 2033 and May 17, 2033, respectively. The Company and its subsidiaries intend to conduct substantially all of their operations in the Cayman Islands in a manner such that they will not be engaged in a trade or business in the U.S. However, because there is no definitive authority regarding activities that constitute being engaged in a trade or business in the U.S. for federal income tax purposes, the Company cannot assure that the U.S. Internal Revenue Service will not contend, perhaps successfully, that the Company or its subsidiary is engaged in a trade or business in the U.S. A foreign corporation deemed to be so engaged would be subject to U.S. federal income tax, as well as branch profits tax, on its income that is treated as effectively connected with the conduct of that trade or business unless the corporation is entitled to relief under an applicable tax treaty. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entities | Oxbridge Re NS. The Company has determined that Oxbridge Re NS meets the definition of a VIE as it does not have sufficient equity capital to finance its activities. The Company concluded that it is the primary beneficiary and has consolidated the subsidiary upon its formation, as it owns 100% of the voting shares, 100% of the issued share capital and has a significant financial interest and the power to control the activities of Oxbridge Re NS that most significantly impacts its economic performance. The Company has no other obligation to provide financial support to Oxbridge Re NS. Neither the creditors nor beneficial interest holders of Oxbridge Re NS have recourse to the Company’s general credit. Upon issuance of a series of participating notes by Oxbridge Re NS, all of the proceeds from the issuance are deposited into collateral accounts, to fund any potential obligation under the reinsurance agreements entered into with Oxbridge Reinsurance Limited underlying such series of notes. The outstanding principal amount of each series of notes generally is expected to be returned to holders of such notes upon the expiration of the risk period underlying such notes, unless an event occurs which causes a loss under the applicable series of notes, in which case the amount returned is expected to be reduced by such noteholder's pro rata share of such loss, as specified in the applicable governing documents of such notes. In addition, holders of such notes are generally entitled to interest payments, payable annually, as determined by the applicable governing documents of each series of notes. Oxbridge Re Holdings Limited receives an origination and structuring fee in connection with the formation, operation and management of Oxbridge Re NS. Notes Payable to Series 2018-1 noteholders Oxbridge Re NS issued $2 million of participating notes on June 1, 2018, all of which were issued to third parties and which provides quota share support for Oxbridge Re’s global property catastrophe excess of loss reinsurance business. The operations of Oxbridge Re NS commenced on June 1, 2018. The participating notes are due to mature on June 1, 2021. None of the participating notes were redeemed during the year ended December 31, 2018. The loss from Oxbridge Re NS operations that are attributable to the participating notes noteholders for the year ended December 31, 2018 were $2 million. Hurricane Michael made landfall on October 10, 2018. The effect of Hurricane Michael caused loss of principal of approximately $1.1 million to the Series 2018-1 noteholders, and due to other global catastrophes during the year ended December 31, 2018, and in particular, the deadly California wildfires in November 2018, all of which are covered by an aggregate industry loss warranty contract (See Note 5), the Series 2018-1 noteholders suffered an additional loss of principal of approximately $900 thousand. |
Reserve for Losses and Loss Adj
Reserve for Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Reserve for Losses and Loss Adjustment Expenses | The following table summarizes the Company’s loss and loss adjustment expenses (“LAE”) and the reserve for loss and LAE reserve movements for the years ended December 31, 2018 and 2017: Year ended December 31, 2018 2017 ($ in thousands) Gross balance, beginning of year $ 4,836 8,702 Incurred, net of reinsurance, related to: Current period 10,000 38,401 Prior period 1 (1,006 ) 4,026 Total incurred, net of reinsurance 8,994 42,427 Paid, net of reinsurance, related to: Current period (6,000 ) (36,293 ) Prior period (3,722 ) (10,000 ) Total paid, net of reinsurance (9,722 ) (46,293 ) Net balance, end of year $ 4,108 4,836 Add: reinsurance recoverable - - Gross balance, end of period $ 4,108 4,836 1 The reserve for losses and LAE are comprised of case reserves (which are based on claims that have been reported) and IBNR reserves (which are based on losses that are believed to have occurred but for which claims have not yet been reported and include a provision for expected future development on existing case reserves). The Company uses the assistance of an independent actuary in the determination of IBNR and expected future development of existing case reserves. This is performed on a quarterly basis. During the year ended December 31, 2018, the Company experienced significant limit losses on all its policies due to the individual and aggregate impact of Hurricane Michael, Florence, California wildfires and other global catastrophes. 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 reviewed periodically on a contract by contract basis and updated as new information becomes known. Any resulting adjustments are reflected in income in the period in which they become known. The Company’s reserving process is highly dependent on the timing of loss information received from its cedants and related brokers. Reserving methodologies and assumptions Loss reserves are generally established based on loss payments and case reserves reported by clients when, and if, received. Estimates for IBNR losses are added to the case reserves. To establish IBNR loss estimates, the Company uses quarterly actuarial estimates from its independent actuary, who utilizes loss data reported by the Company along with industry loss data and information, knowledge of the business written and actuary’s own professional judgment. The independent actuary employs ● Reported Loss Development Method. ● Expected Loss Ratio Method. ● Bornhuetter-Ferguson Reported Loss Method. ● Frequency / Severity Method. The approach is valuable because sometimes there is more inherent stability in the frequency and severity data when viewed separately rather than in the total losses In addition, the Company may supplement its analysis with other reserving methodologies that are deemed to be relevant to specific contracts. For each contract, the Company’s independent actuary utilizes reserving methodologies that are deemed appropriate to calculate a best estimate, or point estimate, of reserves. The decision of whether to use a single methodology or a combination of multiple methodologies depends upon the judgment of the independent actuary. The Company’s reserving methodology does not require a fixed weighting of the various methods used. Certain methods are considered more appropriate depending on the type and structure of the contract, the age and maturity of the contract, and the duration of the expected paid losses on the contract. The Company’s gross aggregate reserves are the sum of the point estimate reserves of all portfolio exposures. Generally, IBNR loss reserves are calculated by estimating the ultimate incurred losses at any point in time and subtracting cumulative paid claims and case reserves, which incorporate specific exposures, loss payment and reporting patterns and other relevant factors. There were no significant changes in the actuarial methodology or assumptions relating to the Company’s reserve for loss and loss adjustment expenses for the year ended December 31, 2018 or 2017. Claims Development Tables, IBNR Reserves and Claims Frequency The following table discloses information about the Company’s incurred and paid claims development as of December 31, 2018, as well as cumulative claim frequency and the total of incurred-but-not-reporting and expected development on reported claims included within the net incurred claims amounts. A claim is defined as a reported loss from a cedant on an excess-of-loss reinsurance contract arising from a loss event for which the Company records a paid loss or case reserve. Property Catastrophe Reinsurance (in thousands) As of December 31, 2018 Incurred Losses and Loss Adjustment Expenses Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Cumulative Number of Accident Year 2016 2017 2018 (dollars in thousands) Reported Claims 2016 $ 14,775 $ 18,801 $ 17,795 $ 5 5 2017 $ 38,401 $ 38,401 $ 69 8 2018 $ 10,000 $ - 2 Total $ 66,196 $ 74 Cumulative Paid Losses and Loss Adjustment Expenses For the Years Ended December 31, (in thousands) Accident Year 2016 2017 2018 2016 $ 6,073 $ 16,073 $ 17,687 2017 $ 36,293 $ 38,401 2018 $ 6,000 Total $ $ 62,088 Reserve for loss and loss adjustment expenses at December 31, 2018, net of reinsurance $ 4,108 During the year ended December 31, 2018, the Company did not enter into any retrocession arrangements. However, the Company had issued its $2 million Series 2018-1 participating notes, all of which were drawn down to settle losses incurred by the Company as per the provisions of the Series 2018-1 participating notes. As such, the Company’s gross and net reserve for losses and loss adjustment expenses at December 31, 2018 are both $4,108,000 as recorded on the balance sheets. During the year ended December 31, 2017, the Company entered into a retrocession arrangement with one rated reinsurer. However, during the year ended December 31, 2017, the Company received full payment from its reinsurer with respect to losses hedged by the Company, and as such, there are no reinsurance recoverables on unpaid claims at December 31, 2017. Therefore, the Company’s gross and net reserve for losses and loss adjustment expenses at December 31, 2017 are both $4,836,000 as recorded on the balance sheets. The following table shows the historical average annual percentage payout of claims as at December 31, 2018. Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 Property Catastrophe Reinsurance 62.9 % 30.8 % 9.1 % |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Loss Per Share | A summary of the numerator and denominator of the basic and diluted loss per share is presented below (dollars in thousands except per share amounts): Years ended December 31 2018 2017 Numerator: Net loss $ (5,749 ) (20,592 ) Denominator: Weighted average shares - basic 5,733,587 5,808,354 Effect of dilutive securities - Stock options — — Shares issuable upon conversion of warrants — — Weighted average shares - diluted 5,733,587 5,808,354 Loss per share - basic $ (1.00 ) (3.55 ) Loss per share - diluted $ (1.00 ) (3.55 ) For the years ended December 31, 2018 and 2017, 250,000 options to purchase 250,000 ordinary shares were anti-dilutive as the sum of the proceeds, including unrecognized compensation expense, exceeded the average market price of the Company’s ordinary share during the periods presented. For the years ended December 31, 2018 and 2017, 8,230,700 warrants to purchase an aggregate of 8,230,700 ordinary shares were not dilutive because the exercise price of $7.50 exceeded the average market price of the Company’s ordinary share during the periods presented. GAAP requires the Company to use the two-class method in computing basic loss per share since holders of the Company’s restricted stock have the right to share in dividends, if declared, equally with common stockholders. These participating securities effect the computation of both basic and diluted earnings per share during periods of net (loss) income. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shareholders' Equity | On February 28, 2014, the Company’s Registration Statement on Form S-1, as amended, relating to the initial public offering of the Company’s units was declared effective by the SEC. The Registration Statement covered the offer and sale by the Company of 4,884,650 units, each consisting of one ordinary share and one warrant (“Unit”), which were sold to the public on March 26, 2014 at a price of $6.00 per Unit. The ordinary shares and warrants comprising the Units began separate trading on May 9, 2014. The ordinary shares and warrants are traded on the Nasdaq Capital Market under the symbols “OXBR” and “OXBRW,” respectively. One warrant may be exercised to acquire one ordinary share at an exercise price equal to $7.50 per share on or before March 26, 2024. 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. There were 8,230,700 warrants outstanding at December 31, 2018 and 2017. No warrants were exercised during the years ended December 31, 2018 and 2017. As of December 31, 2018, none of the Company’s retained earnings were restricted from payment of dividends to the company’s shareholders. However, since most of the Company’s capital and retained earnings may be invested in its subsidiaries, a dividend from the subsidiaries would likely be required in order to fund a dividend to the Company’s shareholders and would require notification to the Cayman Islands Monetary Authority (“CIMA”). Under Cayman Islands law, the use of additional paid-in capital is restricted, and the Company will not be allowed to pay dividends out of additional paid-in capital if such payments result in breaches of the prescribed and minimum capital requirement. See also Note 12. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | The Company currently has outstanding share-based awards granted under the 2014 Omnibus Incentive Plan (the “Plan”). Under the Plan, the Company has discretion to grant equity and cash incentive awards to eligible individuals, including the issuance of up to 1,000,000 of the Company’s ordinary shares. At December 31, 2018, there were 690,000 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 years ended December 31, 2018 and 2017 is as follows (option amounts not in thousands): Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 215,000 Granted 35,000 $ 6.06 Outstanding at December 31, 2017 250,000 $ 6.00 7.4 years $ - Outstanding at December 31, 2018 250,000 $ 6.01 6.4 years $ - Exercisable at December 31, 2018 223,750 $ 6.01 6.4 years $ - Compensation expense recognized for the years ended December 31, 2018 and 2017 totaled $38,000 and $39,000 respectively, and is included in general and administrative expenses. At December 31, 2018 and 2017, there was approximately $16,000 and $54,000, respectively, of total unrecognized compensation expense related to non-vested stock options granted under the Plan. The Company expects to recognize the remaining compensation expense over a weighted-average period of eighteen (18) months. No options were granted during the year ended December 31, 2018. During the year ended December 31, 2017, 35,000 options were granted with fair value estimated on the date of grant using the following assumptions and the Black-Scholes option pricing model: 2017 Expected dividend yield 8 % Expected volatility 35 % Risk-free interest rate 2.48 % Expected life (in years) 10 Per share grant date fair value of options issued $ 0.73 At the time of the grant, the dividend yield was based on the Company’s history and expectation of dividend payouts at the time of the grant; expected volatility was based on volatility of similar companies’ common stock; the risk-free rate was based on the U.S. Treasury yield curve in effect and the expected life was based on the contractual life of the options. Restricted Stock Awards The Company has granted and may grant restricted stock awards to eligible individuals in connection with their service to the Company. The terms of the Company’s outstanding restricted stock grants may include service, performance and market-based conditions. The fair value of the awards with market-based conditions is determined using a Monte Carlo simulation method, which calculates many potential outcomes for an award and then establishes fair value based on the most likely outcome. The determination of fair value with respect to the awards with only performance or service-based conditions is based on the value of the Company’s stock on the grant date. 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 years ended December 31, 2018 and 2017 is as follows (share amounts not in thousands): Restricted Stock Awards Average Grant Date Fair Value Nonvested at January 1, 2017 30,000 $ 5.86 Vested (15,000 ) Nonvested at December 31, 2017 15,000 $ 5.86 Nonvested at January 1, 2018 15,000 $ 5.86 Vested (15,000 ) 5.86 Nonvested at December 31, 2018 - $ - Compensation expense recognized for each of the years ended December 31, 2018 and 2017 totaled $88,000 and is included in general and administrative expenses. At December 31, 2018 and 2017, there was approximately $Nil and $88,000, respectively, of total unrecognized compensation expense related to non-vested restricted stock granted under the Plan . |
Net Worth for Regulatory Purpos
Net Worth for Regulatory Purposes | 12 Months Ended |
Dec. 31, 2018 | |
Net Worth For Regulatory Purposes | |
Net Worth for Regulatory Purposes | The subsidiaries are subject to a minimum and prescribed capital requirement as established by CIMA. Under the terms of their respective licenses, Oxbridge Reinsurance Limited and Oxbridge Re NS are required to maintain a minimum and prescribed capital requirement of $500 in accordance with the relevant subsidiary’s approved business plan filed with CIMA. At December 31, 2018, the Oxbridge Reinsurance Limited’s net worth of $2.2 million exceeded the minimum and prescribed capital requirement. For the years ended December 31, 2018 and 2017, Oxbridge Reinsurance Ltd.’s net loss was approximately $6 million and $21 million, respectively. At December 31, 2018, the Oxbridge Re NS’ net worth of $18 thousand exceeded the minimum and prescribed capital requirement. For the year ended December 31, 2018, Oxbridge Re NS’ net income was approximately $18 thousand. The Subsidiaries are not required to prepare separate statutory financial statements for filing with CIMA, and there were no material differences between the Subsidiaries' GAAP capital, surplus and net income, and its statutory capital, surplus and net income as of December 31, 2018 or for the year then ended. |
Fair Value and Certain Risks an
Fair Value and Certain Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2018 | |
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 and derivative instruments as disclosed in Note 4 and 5 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 assets and accounts payable and other liabilities, approximate their fair values due to their short-term nature. Concentration of underwriting risk A substantial portion of the Company’s current reinsurance business ultimately relates to the risks of two entities; accordingly, the Company’s underwriting risks are not significantly diversified. Concentrations of Credit and Counterparty Risk The Company’s derivative instruments are subject to counterparty risk. The Company routinely monitor this risk. The Company markets retrocessional and reinsurance policies worldwide through its brokers. Credit risk exists to the extent that any of these brokers may be unable to fulfill their contractual obligations to the Company. For example, the Company is required to pay amounts owed on claims under policies to brokers, and these brokers, in the Company. In some jurisdictions, if a broker fails to make such a payment, the Company might remain liable to the ceding company for the deficiency. In addition, in certain jurisdictions, when the ceding company pays premiums for these policies to brokers, these premiums are considered to have been paid and the ceding insurer is no longer liable to the Company for those amounts, whether or not the premiums have actually been received. The Company remains liable for losses it incurs to the extent that any third-party reinsurer is unable or unwilling to make timely payments under reinsurance agreements. The Company would also be liable in the event that its ceding companies were unable to collect amounts due from underlying third-party reinsurers. 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. The Company mitigates its concentrations of credit and counterparty risk by using reputable and several counterparties which decreases the likelihood of any significant concentration of credit risk with any one counterparty. Additionally, the Company invests in fixed-maturity securities that are investment grade or higher. Market risk Market risk exists to the extent that the values of the Company’s monetary assets fluctuate as a result of changes in market prices. Changes in market prices can arise from factors specific to individual securities or their respective issuers, or factors affecting all securities traded in a particular market. Relevant factors for the Company are both volatility and liquidity of specific securities and markets in which the Company holds investments. The Company has established investment guidelines that seek to mitigate significant exposure to market risk. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | The Company has an operating lease for office space located at Strathvale House, 2nd Floor, 90 North Church Street, Grand Cayman, Cayman Islands. The term of the lease is thirty-eight months and commenced on April 17, 2015. The lease currently runs on a month-to-month basis. Rent expense under this lease for the years ended December 31, 2018 and 2017 were $67,000 and $62,000, respectively. There are currently no lease commitments as at December 31, 2018. The Company also has an operating lease for residential space at Britannia Villas #616, Grand Cayman, Cayman Islands that currently runs on a month-to-month basis. Rent expense under this lease for each of the years ended December 31, 2018 and 2017 were $51,600. There are currently no lease commitments under this lease as at December 31, 2018. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | The Company had entered into reinsurance agreements with Claddaugh, which is a related entity through common directorships. At December 31, 2018 and 2017, included within loss experience refund payable and unearned premiums reserve on the consolidated balance sheets are the following related-party amounts: December 31, 2018 2017 (in thousands) Loss experience refund payable $ - $ 135 Unearned premiums reserve $ - $ 2,012 During the years ended December 31, 2018 and 2017, included within assumed premiums, change in loss experience refund payable and change in unearned premiums reserve on the consolidated statements of operations are the following related-party amounts: December 31, 2018 2017 (in thousands) Revenue Assumed premiums $ - $ 3,400 Change in loss experience refund payable $ 225 $ 1,335 Change in unearned premiums reserve $ 592 $ 2,805 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): At December 31, 2018 2017 Leasehold improvements $ 21 21 Furniture and Fixtures 38 38 Motor vehicle 21 21 Computer equipment and software 32 32 Total, at cost 112 112 less accumulated depreciation and amortization (94 ) (76 ) Property and equipment, net $ 18 36 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | We evaluate all subsequent events and transactions for potential recognition or disclosure in our financial statements. Other than as disclosed in Notes 5 and 7 of these Consolidated Financial Statements, there were no other events subsequent to December 31, 2018 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, 2018 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments - Other Than Investments in Related Parties | SCHEDULE I OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES AS OF DECEMBER 31, 2018 (expressed in thousands of U.S. dollars) Type of investment Cost or Amortized Cost Fair Value Balance Sheet Value Fixed-maturity securities U.S. Treasury and agency securities $ 991 $ 993 $ 993 Total fixed-maturity securities 991 993 993 Mutual Funds - - - Preferred stocks - - - Common stocks 210 162 162 Total equity securities 210 162 162 Total investments $ 1,201 $ 1,155 1,155 |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Registrant | SCHEDULE II 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, 2018 2017 Assets Cash and cash equivalents 3,874 4,251 Investments, available for sale, at fair value 162 5,039 Investment in subsidiaries 2,272 2,698 Accrued interest and dividend receivable - 35 Due from subsidiaries 2,054 1,857 Prepayment and other receivables 66 108 Property and equipment, net 18 36 Total assets $ 8,446 14,024 Liabilities and Shareholders’ Equity Liabilities: Accounts payable and other liabilities 132 106 Shareholders’ equity: Total shareholders’ equity 8,314 13,918 Total liabilities and shareholders’ equity $ 8,446 14,024 Years Ended December 31, 2018 2017 Revenue Net investment income $ 168 298 Net realized investment losses (237 ) (175 ) Other income 1,586 1,644 Operating expenses (1,264 ) (1,316 ) Income before equity in (loss) earnings of subsidiaries 253 451 Equity in (loss) earnings of subsidiaries (6,002 ) (21,043 ) Net loss $ (5,749 ) (20,592 ) Years Ended December 31, 2018 2017 Operating activities Net loss $ (5,749 ) (20,592 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity in loss of subsidiaries 6,002 21,043 Stock-based compensation 126 127 Net amortization of premiums on investments in fixed-maturity securities 7 84 Depreciation 18 24 Net realized investment losses 237 175 Change in operating assets and liabilities: Accrued interest and dividend receivable 35 6 Due from subsidiary (197 ) (1,418 ) Prepayment and other receivables 42 (19 ) Accounts payable and other liabilities 26 (98 ) Net cash used in operating activities $ 547 (668 ) Investing activities Investment in subsidiary (5,535 ) (3,000 ) Dividends from subsidiary - 2,108 Purchase of available for sale securities (7,939 ) (18,659 ) Proceeds from sale of available for sale securities 12,550 21,268 Purchase of property and equipment - (6 ) Net cash provided by investing activities $ (924 ) 1,711 Financing activities Repurchases of common stock under share repurchase plan - (1,061 ) Cash dividends paid - (2,091 ) Net cash used in financing activities $ - (3,152 ) Net change in cash and cash equivalents (377 ) (2,109 ) Cash and cash equivalents at beginning of year 4,251 6,360 Cash and cash equivalents at end of year $ 3,874 4,251 |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | SCHEDULE III OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES SUPPLEMENTARY INSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (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 2018 Property & Casualty $ - $ 4,108 $ - $ 2,728 $ (255 ) $ 10,006 $ 263 $ 1,282 $ 2,361 2017 Property & Casualty $ 48 $ 4,836 $ 2,012 $ 23,567 $ 274 $ 42,427 $ 681 $ 1,325 $ 18,263 |
Schedule IV - Reinsurance Infor
Schedule IV - Reinsurance Information | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance Information | SCHEDULE IV OXBRIDGE RE HOLDINGS LIMITED AND SUBSIDIARIES REINSURANCE INFORMATION FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 (expressed in thousands of U.S. dollars) Year Segment Direct Gross Premiums Premiums ceded to other companies Premiums assumed from other companies Net amount Percentage of amount assumed to net 2018 Property & Casualty $ - $ - $ 2,361 $ 2,361 100 % 2017 Property & Casualty $ - $ 880 $ 18,263 $ 17,383 105 % |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, which include amounts estimated for claims incurred but not yet reported. The Company uses various assumptions and actuarial data it believes to be reasonable under the circumstances to make these estimates. In addition, accounting policies specific to valuation of investments, assessment of other-than-temporary impairment (“OTTI”) and loss experience refund payable involve significant judgments and estimates material to the Company’s consolidated financial statements. These estimates are continually reviewed and adjusted if necessary. Such adjustments are reflected in current operations. |
Cash and cash equivalents | Cash and cash equivalents: |
Restricted cash and cash equivalents | Restricted cash and cash equivalents: |
Investments | Investments : Unrealized gains or losses are determined by comparing the fair market value of the securities with their cost or amortized cost. Realized gains and losses on investments are recorded on the trade date and are included in the consolidated statements of operations. 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 fixed-maturity 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 operations in the period in which the Company makes such determination. For a fixed-maturity 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 operations, while impairment related to all other factors is recognized in other comprehensive 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 fixed maturity 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 stocks and exchange-traded funds is based on the last traded price. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment by the Company’s 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. |
Derivative financial instruments | Derivative Financial Instruments: |
Deferred policy acquisition costs ("DAC") | Deferred policy acquisition costs (“DAC”): |
Property and equipment | Property and equipment: |
Allowance for uncollectible receivables | Allowance for uncollectible receivables: |
Reserves for losses and loss adjustment expenses | Reserves for losses and loss adjustment expenses: |
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. |
Unearned premiums ceded | Unearned Premiums Ceded: Ceded premiums are written during the period in which the risk incept and are expensed over the contract period in proportion to the period of protection. Unearned premiums ceded consist of the unexpired portion of the reinsurance obtained. |
Uncertain income tax positions | Uncertain income tax positions: |
Loss per share | Loss per share: Basic loss per share has been computed on the basis of the weighted-average number of ordinary shares outstanding during the years presented. Diluted loss 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 | Stock-Based Compensation The Company uses the straight-line attribution method for all grants that include only a service condition. Compensation expense related to all awards is included in general and administrative expenses. |
Recent accounting pronouncements | Recent adopted accounting pronouncements Accounting Standards Update No. 2016-01. Accounting Standards Update No. 2016-18. Accounting Standards Update No. 2017-09. Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. Pending Accounting Updates: Accounting Standards Update No. 2016-02. Accounting Standards Update No. 2016-13. . Accounting Standards Update No. 2018-07. |
Segment information | Segment Information |
Reclassifications | Reclassifications: |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Summary of cash and cash equivalents and restricted cash and cash equivalents | December 31, 2018 2017 (in thousands) Cash on deposit $ 3,965 $ 4,052 Cash held with custodians 4,109 3,711 Restricted cash held in trust 3,225 3,124 Total 11,299 10,887 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of available-for-sale securities | Cost or Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value ($000) ($ in thousands) As of December 31, 2018 Fixed-maturity securities U.S. Treasury and agency securities $ 991 $ 2 $ - $ 993 Total fixed-maturity securities 991 2 - 993 Total available for sale securities $ 991 $ 2 $ - $ 993 As of December 31, 2017 Fixed-maturity securities U.S. Treasury and agency securities $ 4,450 $ - $ (17 ) $ 4,433 Total fixed-maturity securities 4,450 - (17 ) 4,433 Mutual funds 400 29 - 429 Preferred stocks 200 - (1 ) 199 Common stocks 1,458 12 (62 ) 1,408 Total equity securities1 2,058 41 (63 ) 2,036 Total available for sale securities $ 6,508 $ 41 $ (80 ) $ 6,469 (1) Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 2, Accounting Policies, for additional information. |
Schedule of contractual maturities of fixed-maturity securities | Amortized Fair Value Estimated ($ in thousands) As of December 31, 2018 Available for sale Due within one year $ - - Due after one year through five years 991 993 $ 991 $ 993 As of December 31, 2017 Available for sale Due within one year $ 3,007 3,003 Due after one year through five years 1,443 1,430 $ 4,450 $ 4,433 |
Summary of proceeds received, and gross realized gains and losses from sales of available-for-sale securities | Gross proceeds from sales Gross Realized Gains Gross Realized Losses ($ in thousands) Year ended December 31, 2018 Fixed-maturity securities $ 8,340 $ 7 $ (22 ) Equity securities $ 7,617 $ 475 $ (715 ) Year ended December 31, 2017 Fixed-maturity securities $ 5,538 $ 30 $ (7 ) Equity securities $ 21,782 $ 1,422 $ (1,583 ) |
Summary of securities with gross unrealized loss positions | Less Than Twelve Months Twelve Months or Greater Total As of December 31, 2017 Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value Gross Unrealized Loss Estimated Fair Value ($ in thousands) ($ in thousands) ($ in thousands) Fixed maturity securities U.S. Treasury and agency securities 13 1,428 4 3,003 17 4,431 Total fixed-maturity securities 13 1,428 4 3,003 17 4,431 Equity securities Mutual funds - - - - - - Preferred stocks 1 199 - - 1 199 All other common stocks 36 769 26 174 62 943 Total equity securities 37 968 26 174 63 1,142 Total available for sale securities $ 50 $ 2,396 $ 30 $ 3,177 $ 80 $ 5,573 |
Fair value of assets measured on recurring basis | Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2018 ($ in thousands) Financial Assets: Cash and cash equivalents $ 8,074 $ - $ - $ 8,074 Restricted cash and cash equivalents $ 3,225 $ - $ - $ 3,225 Fixed-maturity securities: U.S. Treasury and agency securities - 993 - 993 Total fixed-maturity securities - 993 - 993 Total equity securities 162 993 - 162 Total securities 162 993 - 1,155 Total $ 11,461 $ 993 $ - $ 12,454 Fair Value Measurements Using (Level 1) (Level 2) (Level 3) Total As of December 31, 2017 ($ in thousands) Financial Assets: Cash and cash equivalents $ 7,763 $ - $ - $ 7,763 Restricted cash and cash equivalents $ 3,124 $ - $ - $ 3,124 Fixed-maturity securities: U.S. Treasury and agency securities - 4,433 - 4,433 Total fixed-maturity securities - 4,433 - 4,433 Mutual funds 429 - - 429 Preferred stocks 199 - - 199 All other common stocks 1,408 - - 1,408 Total equity securities 2,036 - - 2,036 Total available for sale securities 2,036 4,433 - 6,469 Total $ 12,923 $ 4,433 $ - $ 17,356 |
Reserve for Losses and Loss A_2
Reserve for Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Insurance [Abstract] | |
Schedule of loss adjustment expense | Year ended December 31, 2018 2017 ($ in thousands) Gross balance, beginning of year $ 4,836 8,702 Incurred, net of reinsurance, related to: Current period 10,000 38,401 Prior period 1 (1,006 ) 4,026 Total incurred, net of reinsurance 8,994 42,427 Paid, net of reinsurance, related to: Current period (6,000 ) (36,293 ) Prior period (3,722 ) (10,000 ) Total paid, net of reinsurance (9,722 ) (46,293 ) Net balance, end of year $ 4,108 4,836 Add: reinsurance recoverable - - Gross balance, end of period $ 4,108 4,836 1 |
Incurred and paid claims development, net of reinsurance | Property Catastrophe Reinsurance (in thousands) As of December 31, 2018 Incurred Losses and Loss Adjustment Expenses Total of Incurred-but-Not-Reported Liabilities Plus Expected Development on Reported Claims Cumulative Number of Accident Year 2016 2017 2018 (dollars in thousands) Reported Claims 2016 $ 14,775 $ 18,801 $ 17,795 $ 5 5 2017 $ 38,401 $ 38,401 $ 69 8 2018 $ 10,000 $ - 2 Total $ 66,196 $ 74 Cumulative Paid Losses and Loss Adjustment Expenses For the Years Ended December 31, (in thousands) Accident Year 2016 2017 2018 2016 $ 6,073 $ 16,073 $ 17,687 2017 $ 36,293 $ 38,401 2018 $ 6,000 Total $ $ 62,088 Reserve for loss and loss adjustment expenses at December 31, 2018, net of reinsurance $ 4,108 |
Historical average annual percentage payout | Average Annual Percentage Payout of Incurred Claims by Age Years 1 2 3 Property Catastrophe Reinsurance 62.9 % 30.8 % 9.1 % |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | Years ended December 31 2018 2017 Numerator: Net loss $ (5,749 ) (20,592 ) Denominator: Weighted average shares - basic 5,733,587 5,808,354 Effect of dilutive securities - Stock options — — Shares issuable upon conversion of warrants — — Weighted average shares - diluted 5,733,587 5,808,354 Loss per share - basic $ (1.00 ) (3.55 ) Loss per share - diluted $ (1.00 ) (3.55 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity | Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000) Outstanding at January 1, 2017 215,000 Granted 35,000 $ 6.06 Outstanding at December 31, 2017 250,000 $ 6.00 7.4 years $ - Outstanding at December 31, 2018 250,000 $ 6.01 6.4 years $ - Exercisable at December 31, 2018 223,750 $ 6.01 6.4 years $ - |
Schedule of stock options, valuation assumptions | 2017 Expected dividend yield 8 % Expected volatility 35 % Risk-free interest rate 2.48 % Expected life (in years) 10 Per share grant date fair value of options issued $ 0.73 |
Unvested restricted stock awards | Restricted Stock Awards Average Grant Date Fair Value Nonvested at January 1, 2017 30,000 $ 5.86 Vested (15,000 ) Nonvested at December 31, 2017 15,000 $ 5.86 Nonvested at January 1, 2018 15,000 $ 5.86 Vested (15,000 ) 5.86 Nonvested at December 31, 2018 - $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of premium receivable, loss experience refund repayable and unearned premiums | December 31, 2018 2017 (in thousands) Loss experience refund payable $ - $ 135 Unearned premiums reserve $ - $ 2,012 |
Summary of related party transactions | December 31, 2018 2017 (in thousands) Revenue Assumed premiums $ - $ 3,400 Change in loss experience refund payable $ 225 $ 1,335 Change in unearned premiums reserve $ 592 $ 2,805 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | At December 31, 2018 2017 Leasehold improvements $ 21 21 Furniture and Fixtures 38 38 Motor vehicle 21 21 Computer equipment and software 32 32 Total, at cost 112 112 less accumulated depreciation and amortization (94 ) (76 ) Property and equipment, net $ 18 36 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) | 12 Months Ended |
Dec. 31, 2018Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity method investment, ownership percentage | 100.00% |
Number of business operating segments | 1 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Impairments in fixed assets | $ 0 | $ 0 |
Allowance for uncollectible receivables | $ 0 | $ 0 |
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 |
Cash and Cash Equivalents and_3
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||
Cash on deposit | $ 3,965 | $ 4,052 |
Cash held with custodians | 4,109 | 3,711 |
Restricted cash held in trust | 3,225 | 3,124 |
Total | $ 11,299 | $ 10,887 |
Investments (Details)
Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | $ 991 | $ 6,508 | |
Gross Unrealized Gain, Total available-for-sale securities | 2 | 41 | |
Gross Unrealized Loss, Total available-for-sale securities | 0 | (80) | |
Estimated Fair Value, Total available-for-sale securities | 993 | 6,469 | |
Mutual Funds [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | 400 | ||
Gross Unrealized Gain, Total available-for-sale securities | 29 | ||
Gross Unrealized Loss, Total available-for-sale securities | 0 | ||
Estimated Fair Value, Total available-for-sale securities | 429 | ||
Preferred Stock [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | 200 | ||
Gross Unrealized Gain, Total available-for-sale securities | 0 | ||
Gross Unrealized Loss, Total available-for-sale securities | (1) | ||
Estimated Fair Value, Total available-for-sale securities | 199 | ||
Ordinary Share Capital [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | 1,458 | ||
Gross Unrealized Gain, Total available-for-sale securities | 12 | ||
Gross Unrealized Loss, Total available-for-sale securities | (62) | ||
Estimated Fair Value, Total available-for-sale securities | 1,408 | ||
US Treasury and Government [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | 991 | 4,450 | |
Gross Unrealized Gain, Total available-for-sale securities | 2 | 0 | |
Gross Unrealized Loss, Total available-for-sale securities | 0 | (17) | |
Estimated Fair Value, Total available-for-sale securities | 993 | 4,433 | |
Fixed Maturities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | 991 | 4,450 | |
Gross Unrealized Gain, Total available-for-sale securities | 2 | 0 | |
Gross Unrealized Loss, Total available-for-sale securities | 0 | (17) | |
Estimated Fair Value, Total available-for-sale securities | $ 993 | 4,433 | |
Equity Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Cost or Amortized Cost, Total available-for-sale securities | [1] | 2,058 | |
Gross Unrealized Gain, Total available-for-sale securities | [1] | 41 | |
Gross Unrealized Loss, Total available-for-sale securities | [1] | (63) | |
Estimated Fair Value, Total available-for-sale securities | [1] | $ 2,036 | |
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 2, Accounting Policies, for additional information. |
Investments (Details 1)
Investments (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost or Amortized Cost, Total available-for-sale securities | $ 991 | $ 6,508 |
Total estimated fair value available for sale | 993 | 4,433 |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Due within one year | 3,007 | |
Due after one year through five years | 991 | 1,443 |
Cost or Amortized Cost, Total available-for-sale securities | 991 | 4,450 |
Due within one year | 3,003 | |
Due after one year through five years | 993 | 1,430 |
Total estimated fair value available for sale | $ 993 | $ 4,433 |
Investments (Details 2)
Investments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds | $ 8,340 | $ 5,538 |
Gross Realized Gains | 7 | 30 |
Gross Realized Losses | (22) | (7) |
Equity Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Proceeds | 7,617 | 21,782 |
Gross Realized Gains | 475 | 1,422 |
Gross Realized Losses | $ (715) | $ (1,583) |
Investments (Details 3)
Investments (Details 3) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | $ 50 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 2,396 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 30 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 3,177 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 80 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 5,573 |
Fixed Maturities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 13 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,428 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 4 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 3,003 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 17 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,431 |
Fixed Maturities [Member] | US Treasury and Government [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 13 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,428 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 4 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 3,003 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 17 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 4,431 |
Equity Securities [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 37 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 968 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 26 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 174 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 63 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,142 |
Equity Securities [Member] | Mutual Funds [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 0 |
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 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 0 |
Equity Securities [Member] | Preferred Stock [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 1 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 199 |
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 | 1 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 199 |
Equity Securities [Member] | Ordinary Share Capital [Member] | |
Debt Securities, Available-for-sale [Line Items] | |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Loss | 36 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 769 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Loss | 26 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 174 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Loss, Total | 62 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 943 |
Investments (Details 4)
Investments (Details 4) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Restricted cash and cash equivalents | $ 3,225 | $ 3,124 | |
Total fixed-maturity securities | 993 | 4,433 | |
Total equity securities | 0 | 2,036 | |
Total available-for-sale securities | 993 | 6,469 | |
Total securities | 1,155 | ||
Total | 12,454 | 17,356 | |
Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 429 | ||
Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 199 | ||
Ordinary Share Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 1,408 | ||
Fixed Maturities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fixed-maturity securities | 993 | 4,433 | |
Total available-for-sale securities | 993 | 4,433 | |
Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | [1] | 2,036 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 8,074 | 7,763 | |
Restricted cash and cash equivalents | 3,225 | 3,124 | |
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 | 993 | 4,433 | |
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 | 993 | 4,433 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 162 | 2,036 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 429 | ||
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 equity securities | 199 | ||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Ordinary Share Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 1,408 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 2,036 | ||
Total securities | 162 | ||
Total | 12,454 | 12,923 | |
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 | 8,074 | 7,763 | |
Restricted cash and cash equivalents | 3,225 | 3,124 | |
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 | 0 | 0 | |
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 | 0 | 0 | |
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 equity securities | 162 | 2,036 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 429 | ||
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 equity securities | 199 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Ordinary Share Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 1,408 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 4,433 | ||
Total securities | 993 | ||
Total | 0 | 4,433 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash and cash equivalents | 0 | 0 | |
Fair Value, Inputs, Level 2 [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 | 993 | 4,433 | |
Fair Value, Inputs, Level 2 [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 | 993 | 4,433 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 0 | ||
Fair Value, Inputs, Level 2 [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 equity securities | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Ordinary Share Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total available-for-sale securities | 0 | ||
Total securities | 0 | ||
Total | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and cash equivalents | 0 | 0 | |
Restricted cash and cash equivalents | 0 | 0 | |
Fair Value, Inputs, Level 3 [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 | 0 | 0 | |
Fair Value, Inputs, Level 3 [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 | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | $ 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Mutual Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | 0 | ||
Fair Value, Inputs, Level 3 [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 equity securities | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | Ordinary Share Capital [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total equity securities | $ 0 | ||
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01 and equity securities are no longer classified as available-for-sale. Prior periods have not been restated to conform to the current presentation. See Note 2, Accounting Policies, for additional information. |
Investments (Details Narrative)
Investments (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Segment | |
Amortized Cost and Fair Value Debt Securities [Abstract] | ||
Fair value of securities held in trust accounts | $ 993 | $ 1,430 |
Number of securities in unrealized loss position | Segment | 8 | |
Other-than-temporary impairment losses | $ 0 | $ 0 |
Reserve for Losses and Loss A_3
Reserve for Losses and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | |||
Balance, beginning of period | $ 4,836 | $ 8,702 | |
Incurred, net of reinsurance, related to: Current period | 10,000 | 38,401 | |
Incurred, net of reinsurance, related to: Prior period | (1,006) | [1] | 4,026 |
Total incurred, net of reinsurance | 8,994 | 42,427 | |
Paid, net of reinsurance, related to: Current period | (6,000) | (36,293) | |
Paid, net of reinsurance, related to: Prior period | (3,722) | (10,000) | |
Total paid, net of reinsurance | (9,722) | (46,293) | |
Balance, end of period | 4,108 | 4,836 | |
Add: reinsurance recoverable | 0 | 0 | |
Gross balance, end of period | $ 4,108 | $ 4,836 | |
[1] | During the year ended December 31, 2018, the Company entered into final commutation agreements with two (2) cedants under which the Company's liabilities were commuted at an agreed-upon fixed price. The Company recognized a net loss on commutation of $8,000 which is presented as a separate line item in the Consolidated Statement of Operations. Included in the net loss on commutation is favorable loss development of $1,012 thousand on one of the commuted contracts. |
Reserve for Losses and Loss A_4
Reserve for Losses and Loss Adjustment Expenses (Details 1) $ in Thousands | Dec. 31, 2018USD ($)Claims | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance | $ 66,196 | ||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | 74 | ||
Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance | 62,088 | ||
Reserve for loss and loss adjustment expenses, net of reinsurance | 4,108 | ||
Accident Year 2018 | |||
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance | 10,000 | ||
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | $ 0 | ||
Cumulative Number of Reported Claims | Claims | 2 | ||
Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance | $ 6,000 | ||
Accident Year 2017 | |||
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance | 38,401 | $ 38,401 | |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | $ 69 | ||
Cumulative Number of Reported Claims | Claims | 8 | ||
Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance | $ 38,401 | 36,293 | |
Accident Year 2016 | |||
Incurred Losses and Loss Adjustment Expenses, Net of Reinsurance | 17,795 | 18,801 | $ 14,775 |
Total of Incurred but Not Reported Liabilities Plus Expected Development on Reported Claims | $ 5 | ||
Cumulative Number of Reported Claims | Claims | 5 | ||
Cumulative Paid Losses and Loss Adjustment Expenses, Net of Reinsurance | $ 17,687 | $ 16,073 | $ 6,073 |
Reserve for Losses and Loss A_5
Reserve for Losses and Loss Adjustment Expenses (Details 2) - Property Catastrophe Reinsurance | Dec. 31, 2018 |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 1 | 62.90% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 2 | 30.80% |
Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance, Year 3 | 9.10% |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | ||
Net loss | $ (5,749) | $ (20,592) |
Denominator: | ||
Weighted average shares - basic | 5,733,587 | 5,808,354 |
Effect of dilutive securities - Stock options | 0 | 0 |
Shares issuable upon conversion of warrants | 0 | 0 |
Weighted average shares - diluted | 5,733,587 | 5,808,354 |
Loss per share - basic | $ (1) | $ (3.55) |
Loss per share - diluted | $ (1) | $ (3.55) |
Loss Per Share (Details Narrati
Loss Per Share (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 250,000 | 250,000 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share | 8,230,700 | 8,230,700 |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Warrant outstanding | 8,230,700 | 8,230,700 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of Options Outstanding, Beginning Balance | 250,000 | 215,000 |
Number of Options, Granted | 35,000 | |
Number of Options Outstanding, Ending Balance | 250,000 | 250,000 |
Number of Options Exercisable, Ending Balance | 223,750 | |
Weighted-Average Exercise Price Outstanding, Beginning Balance | $ 6 | $ 6 |
Weighted-Average Exercise Price, Granted | 6.06 | |
Weighted-Average Exercise Price Outstanding, Ending Balance | 6.01 | $ 6 |
Weighted-Average Exercise Price Exercisable, Ending Balance | $ 6.01 | |
Weighted-Average Remaining Contractual Term, Outstanding Ending Balance | 6 years 4 months 24 days | 7 years 4 months 24 days |
Weighted-Average Remaining Contractual Term, Exercisable Ending Balance | 6 years 4 months 24 days | |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 0 | $ 0 |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ 0 |
Stock-Based Compensation (Det_2
Stock-Based Compensation (Details 1) - Stock Option [Member] | 12 Months Ended |
Dec. 31, 2017$ / shares | |
Expected dividend yield | 8.00% |
Expected volatility | 35.00% |
Risk-free interest rate | 2.48% |
Expected life (in years) | 10 years |
Per share grant date fair value of options issued | $ 0.73 |
Stock-Based Compensation (Det_3
Stock-Based Compensation (Details 2) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Weighted Number of Restricted Stock Awards, Nonvested Beginning Balance | 15,000 | 30,000 |
Weighted Number of Restricted Stock Awards, Vested | (15,000) | (15,000) |
Weighted Number of Restricted Stock Awards, Nonvested Ending Balance | 0 | 15,000 |
Weighted Average Grant Date Fair Value, Nonvested Beginning Balance | $ 5.86 | $ 5.86 |
Weighted Average Grant Date Fair Value, Vested | 0 | 0 |
Weighted Average Grant Date Fair Value, Nonvested Ending Balance | $ 5.86 | $ 5.86 |
Stock-Based Compensation (Det_4
Stock-Based Compensation (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Unrecognized compensation expense related to non-vested stock options | $ 16 | $ 54 |
Unrecognized compensation expense related to non-vested restricted stock | $ 0 | $ 88 |
Net Worth for Regulatory Purp_2
Net Worth for Regulatory Purposes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Worth For Regulatory Purposes | ||
Minimum prescribed capital requirement | 500 | 500 |
Subsidiary net worth | $ 2,200 | |
Subsidiary's net income | $ (6,000) | $ (21,000) |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Lease One [Member] | ||
Lease term | 38 months | |
Rent expense | $ 67 | $ 62 |
Lease commitments | 0 | |
Operating Lease Two [Member] | ||
Rent expense | 52 | $ 52 |
Lease commitments | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Loss experience refund payable | $ 0 | $ 135 |
Unearned premiums reserve | 0 | 2,012 |
Claddaugh And Hcpci [Member] | ||
Loss experience refund payable | 0 | 135 |
Unearned premiums reserve | $ 0 | $ 2,012 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | ||
Assumed premiums | $ 2,361 | $ 18,263 |
Change in unearned premiums reserve | 2,012 | 1,449 |
Claddaugh And Hcpci [Member] | ||
Revenue | ||
Assumed premiums | 0 | 3,400 |
Change in loss experience refund payable | 225 | 1,335 |
Change in unearned premiums reserve | $ 592 | $ 2,805 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property plant and equipment gross | $ 112 | $ 112 |
Less accumulated depreciation and amortization | (94) | (76) |
Property and equipment, net | 18 | 36 |
Leasehold Improvements [Member] | ||
Property plant and equipment gross | 21 | 21 |
Furniture and Fixtures [Member] | ||
Property plant and equipment gross | 38 | 38 |
Motor Vehicles [Member] | ||
Property plant and equipment gross | 21 | 21 |
Computer Equipment [Member] | ||
Property plant and equipment gross | $ 32 | $ 31 |
Schedule I - Summary Of Inves_2
Schedule I - Summary Of Investments - Other Than Investments in Related Parties (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Cost or amortized cost | $ 1,201 |
Fair value | 1,155 |
Balance sheet value | 1,155 |
U.S. Treasury and agency securities [Member] | |
Cost or amortized cost | 991 |
Fair value | 993 |
Balance sheet value | 993 |
Fixed Maturities [Member] | |
Cost or amortized cost | 991 |
Fair value | 993 |
Balance sheet value | 993 |
Mutual Fund [Member] | |
Cost or amortized cost | 0 |
Fair value | 0 |
Balance sheet value | 0 |
Preferred Stock [Member] | |
Cost or amortized cost | 0 |
Fair value | 0 |
Balance sheet value | 0 |
Ordinary Share Capital [Member] | |
Cost or amortized cost | 210 |
Fair value | 162 |
Balance sheet value | 162 |
Equity Securities, Investment Summary [Member] | |
Cost or amortized cost | 210 |
Fair value | 162 |
Balance sheet value | $ 162 |
Schedule II - Condensed Balance
Schedule II - Condensed Balance Sheet - Parent Company Only (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 8,074 | $ 7,763 | |
Investments, available for sale, at fair value | 993 | 6,469 | |
Prepayment and other receivables | 74 | 116 | |
Property and equipment, net | 18 | 36 | |
Total assets | 12,561 | 21,393 | |
Liabilities: | |||
Accounts payable and other liabilities | 139 | 106 | |
Shareholders' equity: | |||
Total shareholders' equity | 8,314 | 13,918 | $ 37,163 |
Total liabilities and shareholders' equity | 12,561 | 21,393 | |
Parent Company [Member] | |||
Cash and cash equivalents | 3,874 | 4,251 | $ 6,360 |
Investments, available for sale, at fair value | 162 | 5,039 | |
Investment in subsidiaries | 2,272 | 2,698 | |
Accrued interest and dividend receivable | 0 | 35 | |
Due from subsidiaries | 2,054 | 1,857 | |
Prepayment and other receivables | 66 | 108 | |
Property and equipment, net | 18 | 36 | |
Total assets | 8,446 | 14,024 | |
Liabilities: | |||
Accounts payable and other liabilities | 132 | 106 | |
Shareholders' equity: | |||
Total shareholders' equity | 8,314 | 13,918 | |
Total liabilities and shareholders' equity | $ 8,446 | $ 14,024 |
Schedule II - Condensed Stateme
Schedule II - Condensed Statements of Income - Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net realized investment losses | $ (255) | $ (138) |
Operating expenses | (11,559) | (44,433) |
Net loss | (5,749) | (20,592) |
Parent Company [Member] | ||
Net investment income | 168 | 298 |
Net realized investment losses | (237) | (175) |
Other income | 1,586 | 1,644 |
Operating expenses | (1,264) | (1,316) |
Income before equity in (loss) earnings of subsidiaries | 253 | 451 |
Equity in (loss) earnings of subsidiary | (6,002) | (21,043) |
Net loss | $ (5,749) | $ (20,592) |
Schedule II - Condensed State_2
Schedule II - Condensed Statement of Cash - Parent Company Only (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net loss | $ (5,749) | $ (20,592) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 126 | 127 |
Net amortization of premiums on investments in fixed-maturity securities | (7) | (84) |
Depreciation | 18 | 24 |
Net realized investment losses | 255 | 138 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | 24 | 9 |
Prepayment and other receivables | 42 | (18) |
Accounts payable and other liabilities | 33 | (98) |
Net cash used in operating activities | (6,633) | (26,310) |
Investing activities | ||
Purchase of property and equipment | 0 | (6) |
Net cash provided by investing activities | 5,045 | 4,667 |
Financing activities | ||
Repurchases of common stock under share repurchase plan | 0 | 1,061 |
Cash dividends paid | 0 | (2,091) |
Net cash used in financing activities | 2,000 | (3,152) |
Net change in cash and cash equivalents | 412 | (24,795) |
Cash and cash equivalents at beginning of period | 7,763 | |
Cash and cash equivalents at end of period | 8,074 | 7,763 |
Parent Company [Member] | ||
Operating activities | ||
Net loss | (5,749) | (20,592) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Equity in loss of subsidiaries | 6,002 | 21,043 |
Stock-based compensation | 126 | 127 |
Net amortization of premiums on investments in fixed-maturity securities | 7 | 84 |
Depreciation | 18 | 24 |
Net realized investment losses | 237 | 175 |
Change in operating assets and liabilities: | ||
Accrued interest and dividend receivable | 35 | 6 |
Due from subsidiary | (197) | (1,418) |
Prepayment and other receivables | 42 | (19) |
Accounts payable and other liabilities | 26 | (98) |
Net cash used in operating activities | 547 | (668) |
Investing activities | ||
Investment in subsidiary | (5,535) | (3,000) |
Dividends from subsidiary | 0 | 2,108 |
Purchase of available for sale securities | (7,939) | (18,659) |
Proceeds from sale of available for sale securities | 12,550 | 21,268 |
Purchase of property and equipment | 0 | (6) |
Net cash provided by investing activities | (924) | 1,711 |
Financing activities | ||
Repurchases of common stock under share repurchase plan | 0 | (1,061) |
Cash dividends paid | 0 | (2,091) |
Net cash used in financing activities | 0 | (3,152) |
Net change in cash and cash equivalents | (377) | (2,109) |
Cash and cash equivalents at beginning of period | 4,251 | 6,360 |
Cash and cash equivalents at end of period | $ 3,874 | $ 4,251 |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - Property, Liability and Casualty Insurance Product Line [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred acquisition costs, net | $ 0 | $ 48 |
Reserves for losses and loss adjustment expenses - gross | 4,108 | 4,836 |
Unearned premiums - gross | 0 | 2,012 |
Net premiums earned | 2,728 | 23,567 |
Investment income (loss) | (255) | 274 |
Net losses, and loss adjustment expenses | 10,006 | 42,427 |
Amortization of deferred acquisition costs | 263 | 681 |
Operating expenses | 1,282 | 1,325 |
Gross premiums written | $ 2,361 | $ 18,263 |
Schedule IV - Reinsurance Inf_2
Schedule IV - Reinsurance Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Premiums assumed from other companies | $ 2,361 | $ 18,263 |
Net amount | 2,728 | 23,567 |
Property, Liability and Casualty Insurance Product Line [Member] | ||
Direct Gross Premiums | 0 | 0 |
Premiums ceded to other companies | 0 | 880 |
Premiums assumed from other companies | 2,361 | 18,263 |
Net amount | $ 2,361 | $ 17,383 |
Percentage of amount assumed to net | 100.00% | 105.00% |