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MDWT Midwest Hldg

Midwest Holding Inc. is a financial services company focused on providing technology-enabled and services-oriented solutions to distributors and reinsurers of annuity and life insurance products in the United States. Midwest provides an end-to-end solution to manage annuity and life insurance policies that includes a broad set of product development, distribution support, policy administration, and asset liability management services. Midwest sells, underwrites, and markets annuity products in 20 states and the District of Columbiathrough its subsidiary American Life & Security Corp. Midwest also provides reinsurance management and asset management services as a comprehensive solution for reinsurers.

Company profile

Ticker
MDWT
Exchange
CEO
A. Michael Salem / Michael W. Minnich
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
MIDWEST HOLDING INC
SEC CIK

MDWT stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

15 Mar 21
17 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 151.68M 151.68M 151.68M 151.68M 151.68M 151.68M
Cash burn (monthly) (positive/no burn) (positive/no burn) 4.16M 904.63K 6.37M 1.35M
Cash used (since last report) n/a n/a 14.84M 3.23M 22.72M 4.83M
Cash remaining n/a n/a 136.84M 148.45M 128.96M 146.85M
Runway (months of cash) n/a n/a 32.9 164.1 20.3 108.5

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
4 Feb 21 Oliver Mark A Stock Option Voting Common Stock Grant Aquire A No No 55.02 3,000 165.06K 3,000
4 Jan 21 Michael Minnich Voting Common Stock Buy Aquire P No No 52.41 785 41.14K 2,785
23 Dec 20 Michael W. Minnich Voting Common Stock Buy Aquire P No No 59.71 1,000 59.71K 2,000
22 Dec 20 Michael W. Minnich Voting Common Stock Buy Aquire P No No 60.4 1,000 60.4K 1,000
17 Dec 20 John T. Hompe Voting Common Stock Buy Aquire P No No 70 100 7K 100

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 0 1 EXIT
Opened positions 0 1 EXIT
Closed positions 1 0 NEW
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 0 1.25M EXIT
Total shares 0 83.34K EXIT
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Largest transactions
Shares Bought/sold Change
Knott David M 0 -83.34K EXIT

Financial report summary

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Risks
  • We have a limited operating history under our business plan.
  • Our strategy to reinsure substantially all of the annuity and insurance policies we write may not be successful.
  • We face a risk of non-availability and increased cost of reinsurance.
  • Our business plan may not be successful.
  • We may be unable to expand insurance operations to other states to any significant degree.
  • Our business success depends, in part, on effective information technology systems and on continuing to develop and implement improvements in our technology.
  • Reinsurance subjects us to the credit risk of our counterparties and our reinsurers, which may have a material adverse effect on our operating results and financial condition.
  • We operate in a highly competitive industry, and our business will suffer if we are unable to compete effectively.
  • Changes in the tax laws could adversely affect our business.
  • Some of our investments are relatively illiquid.
  • We have exposure to mortgage loans on real estate, which could cause declines in the value of our investment portfolio.
  • Changes in regulations regarding suitability of product sales and fiduciary/best interest standards may affect our operations and profitability.
  • The inability to obtain upgrades to our financial strength and other ratings from A.M. Best, or the possibility of a downgrade in our ratings, may have a material adverse effect on our competitive position, the marketability of our product offerings, and our liquidity, operating results, financial condition and prospects.
  • Our new insurance products and other products we may develop may not achieve market penetration.
  • We are highly dependent upon Michael Minnich, A. Michael Salem and Mark A. Oliver, and the loss of any of these officers could materially and adversely affect our business.
  • Midwest is a holding company whose principal operating subsidiary is American Life.
  • Our investment adviser subsidiary is subject to numerous laws and regulations with substantial compliance costs.
  • We have experienced significant operating losses and may not be able to reverse them in the foreseeable future.
  • American Life may encounter regulatory difficulties or fail as a result of being inadequately capitalized.
  • We may execute an acquisition strategy, which could cause our business and future growth prospects to suffer.
  • Ownership of shares of Midwest voting common stock involves substantial risk, and the entire value of those shares may be lost.
  • The market price and trading volume of our voting common stock may be volatile, which could result in rapid and substantial losses for our stockholders.
  • Our failure to meet the continued listing requirements of the Nasdaq Capital Market could result in a delisting of our voting common stock.
  • As a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze our results of operations and financial prospects.
  • There may be future issuances or resales of our voting common stock which may materially and adversely affect the market price of our voting common stock.
  • Our executive officers and directors own a substantial number of shares of our voting common stock. This will enable them to significantly influence the vote on all matters submitted to a vote of our stockholders.
  • The indemnification rights provided to our directors, officers and employees may result in substantial expenditures by us and may discourage lawsuits against them.
  • We do not expect to pay any cash dividends to stockholders.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue adverse or misleading opinions regarding us, our voting common stock price and trading value could decline.
  • Anti-takeover provisions and the regulations to which we may be subject may make it more difficult for a third-party to acquire control of us, even if the change in control would be beneficial to our stockholders.
  • The ongoing events resulting from the outbreak of the COVID-19 pandemic, and the uncertainty regarding future similar events, could have an adverse impact on our financial condition, results of operations, cash flows, liquidity and prospects.
  • Catastrophes may adversely impact liabilities for policyholder claims and reinsurance availability.
  • Claims loss reserves may be inadequate.
  • Adverse capital and credit market conditions may significantly affect our ability to meet liquidity needs and access the capital required to operate our business.
  • Potential changes to the manner in which the London Inter-bank Offered Rate (“LIBOR”) is determined and the potential for the replacement or discontinuation of LIBOR as a benchmark interest rate may affect our cost of capital and net investment income.
  • The insurance industry is subject to numerous laws and regulations, and compliance costs and/or changes in the regulatory environment that could adversely affect our business.
  • The insurance industry is highly regulated and our activities are restricted as a result. We spend substantial amounts of time and incur significant expenses in connection with complying with applicable regulations, and we are subject to the risk that more burdensome regulations could be imposed on us.
  • Development of annuity and life insurance products involves the use of certain assumptions, and the inaccuracy of these assumptions could adversely affect profitability.
  • If we underestimate our liability for future policy benefits, our results of operations could suffer.
  • Fluctuations in interest rates could adversely affect our business.
  • We are subject to extensive regulation.
  • The impact on potential customers and vendors of sustained or significant deterioration in economic conditions could adversely affect our business.
  • Defaults on commercial mortgage loans and volatility in performance may adversely affect our results of operations and financial condition.
  • The determination of the amount of allowances and impairments taken on our investments are judgmental and could materially impact our results of operations or financial position.
  • A breach of information security or other unauthorized data access could have an adverse impact on our business and reputation.
  • Employee error, misconduct, or excessive risks may be difficult to detect and prevent and could adversely affect us.
  • We face a risk of noncompliance with and enforcement action under the anti-money laundering statutes and regulations.
  • Litigation or regulatory actions could have a material adverse impact on us.
  • Guarantees within certain of our products may adversely affect our financial condition or results of operations.
  • Deviations from assumptions regarding future persistency, mortality, morbidity, and interest rates used in calculating reserve amounts could have a material adverse impact on our results of operations or financial condition.
  • Some of our products and services are complex and are sold through IMOs and their agents, and a failure of the IMOs and their agents to properly explain our products and services or their misrepresentation in connection therewith could have an adverse effect on our business, results of operations and financial condition.
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