Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | |
Entity Central Index Key | 1,065,201 | |
Trading Symbol | aigt | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Fixed maturity investments, available for sale, at fair value (amortized cost $11,390,760 and $11,406,979) | $ 11,429,332 | $ 11,362,421 |
Equity securities, available for sale, at fair value (cost $12,239,697 and $11,321,578) | 16,443,998 | 15,165,544 |
TOTAL INVESTMENTS | 27,873,330 | 26,527,965 |
Cash and cash equivalents | 5,251,270 | 4,631,709 |
Restricted cash and cash equivalents | 17,729 | 23,392 |
Other invested assets | 490,000 | 490,000 |
Assumed reinsurance balances receivable | 1,506,216 | 1,285,126 |
Accrued investment income | 67,525 | 76,975 |
Property and equipment | 228,452 | 226,988 |
Deferred policy acquisition costs | 1,726,807 | 1,384,915 |
Prepaid expenses and other assets | 1,709,710 | 1,398,739 |
TOTAL ASSETS | 38,871,039 | 36,045,809 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses | 11,080,766 | 8,941,991 |
Unearned premium | 4,665,930 | 3,743,006 |
Assumed reinsurance balances payable | 1,537 | 1,254,687 |
Accrued expenses and other liabilities | 4,195,240 | 4,035,617 |
TOTAL LIABILITIES | 19,943,473 | 17,975,301 |
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2017 and 2016: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in capital | 6,287,293 | 6,287,293 |
Retained earnings | 15,722,938 | 15,379,345 |
Accumulated other comprehensive income | 4,242,873 | 3,799,408 |
Shares held by Subsidiary (346,057 and 348,605 shares) at cost | (8,320,791) | (8,390,791) |
TOTAL SHAREHOLDERS’ EQUITY | 18,927,566 | 18,070,508 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 38,871,039 | $ 36,045,809 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fixed maturity investments, amortized cost | $ 11,390,760 | $ 11,406,979 |
Equity securities, cost | $ 12,239,697 | $ 11,321,578 |
Common shares, par value (in dollars per share) | $ 1 | $ 1 |
Common shares, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Common shares, issued (in shares) | 995,253 | 995,253 |
Common shares, outstanding (in shares) | 995,253 | 995,253 |
Shares held by Subsidiary (in shares) | 346,057 | 348,605 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations, Comprehensive Income (Loss) and Retained Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
REVENUE | ||||
Net premiums earned | $ 2,208,528 | $ 1,500,827 | $ 4,001,139 | $ 3,116,435 |
Commission income | 1,172,819 | 947,273 | 2,387,863 | 1,980,758 |
Net investment income | 85,493 | 81,438 | 236,160 | 146,117 |
Net realized gain on investments | 373,316 | 516,861 | 851,572 | 760,114 |
TOTAL REVENUE | 3,840,156 | 3,046,399 | 7,476,734 | 6,003,424 |
LOSSES AND EXPENSES | ||||
Losses and loss adjustment expenses | 1,424,500 | 983,043 | 2,580,735 | 2,041,266 |
Policy acquisition costs | 817,157 | 555,307 | 1,480,015 | 1,153,085 |
Operating and management expenses | 1,382,088 | 1,279,718 | 2,768,472 | 2,528,253 |
TOTAL LOSSES AND EXPENSES | 3,623,745 | 2,818,068 | 6,829,222 | 5,722,604 |
NET INCOME BEFORE TAX | 216,411 | 228,331 | 647,512 | 280,820 |
Income tax expense | 0 | 0 | ||
NET INCOME AFTER TAX | 216,411 | 228,331 | 647,512 | 280,820 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Net unrealized holding gains arising during the period | 661,765 | 227,745 | 1,295,037 | 175,720 |
Reclassification adjustment for gains included in net income | (373,316) | (516,861) | (851,572) | (760,114) |
OTHER COMPREHENSIVE INCOME (LOSS) | 288,449 | (289,116) | 443,465 | (584,394) |
COMPREHENSIVE INCOME (LOSS) | 504,860 | (60,785) | 1,090,977 | (303,574) |
RETAINED EARNINGS, BEGINNING OF PERIOD | 15,810,446 | 14,123,576 | 15,379,345 | 14,213,781 |
Net income | 216,411 | 228,331 | 647,512 | 280,820 |
Dividends | (303,919) | (303,919) | (142,694) | |
RETAINED EARNINGS, END OF PERIOD | $ 15,722,938 | $ 14,351,907 | $ 15,722,938 | $ 14,351,907 |
Net Income per share | ||||
Basic (in dollars per share) | $ 0.33 | $ 0.35 | $ 1 | $ 0.43 |
Diluted (in dollars per share) | 0.33 | 0.35 | 1 | 0.43 |
Dividends (in dollars per share) | $ 0.50 | $ 0 | $ 0.50 | $ 0.25 |
Weighted average number of shares outstanding for the entire period | ||||
Basic (in shares) | 646,422 | 650,952 | 646,497 | 650,516 |
Diluted (in shares) | 647,826 | 650,952 | 650,421 | 650,516 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net Cash provided by Operating Activities | $ 1,036,140 | $ 1,327,928 |
INVESTING ACTIVITIES | ||
Movement in restricted cash and cash equivalents | 5,663 | 571,148 |
Purchases of property and equipment | (33,499) | (27,485) |
Purchases of available-for-sale securities | (4,675,291) | (4,449,623) |
Proceeds from sales of available-for-sale securities | 3,028,927 | 2,543,936 |
Proceeds from redemptions of fixed maturity investments | 611,540 | |
Proceeds from maturities of fixed maturity investments | 950,000 | 705,000 |
Net Cash used in Investing Activities | (112,660) | (657,024) |
FINANCING ACTIVITIES | ||
Dividends paid | (303,919) | (142,694) |
Net Cash used in Financing Activities | (303,919) | (142,694) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 619,561 | 528,210 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,631,709 | 3,073,747 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 5,251,270 | $ 3,601,957 |
Note 1 - Basis of Preparation a
Note 1 - Basis of Preparation and Consolidation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. (“AmerInst”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). These financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not December 31, 2016 10 New Accounting Pronouncements New Accounting Standards Adopted in 2017 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09” 2014 09 five 2014 09, 944, Financial Services—Insurance 2014 09 January 1, 2017 2014 09 not |
Note 2 - Investments
Note 2 - Investments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company’s fixed maturity investments, by major security type, and equity securities as of June 30, 2017 December 31, 2016 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of June 30, 2017 Fixed maturity investments: U.S. government agency securities $ 1,903,283 $ 4,143 $ (329 ) $ 1,907,097 Obligations of states and political subdivisions 3,274,313 35,273 (555 ) 3,309,031 Corporate debt securities 6,213,164 25,384 (25,344 ) 6,213,204 Total fixed maturity investments 11,390,760 64,800 (26,228 ) 11,429,332 Equity securities 12,206,389 4,233,917 (52,336 ) 16,387,970 Hedge fund 33,308 22,720 — 56,028 Total equity securities 12,239,697 4,256,637 (52,336 ) 16,443,998 Total investments $ 23,630,457 $ 4,321,437 $ (78,564 ) $ 27,873,330 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ 1,462,040 $ 6,408 $ (1,642 ) $ 1,466,806 Obligations of states and political subdivisions 4,098,069 37,309 (634 ) 4,134,744 Corporate debt securities 5,846,870 1,662 (87,661 ) 5,760,871 Total fixed maturity investments 11,406,979 45,379 (89,937 ) 11,362,421 Equity securities 11,235,802 3,917,670 (128,395 ) 15,025,077 Hedge fund 85,776 54,691 — 140,467 Total equity securities 11,321,578 3,972,361 (128,395 ) 15,165,544 Total investments $ 22,728,557 $ 4,017,740 $ (218,332 ) $ 26,527,965 The following tables summarize the Company’s fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses As of June 30, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 504,095 $ (329 ) $ 504,095 $ (329 ) Obligations of states and political subdivisions — — 499,445 (555 ) 499,445 (555 ) Corporate debt securities 464,922 (11,905 ) 2,365,052 (13,439 ) 2,829,974 (25,344 ) Total fixed maturity investments 464,922 (11,905 ) 3,368,592 (14,323 ) 3,833,514 (26,228 ) Equity securities 114,724 (5,297 ) 1,363,761 (47,039 ) 1,478,485 (52,336 ) Hedge fund — — — — — — Total equity securities 114,724 (5,297 ) 1,363,761 (47,039 ) 1,478,485 (52,336 ) Total investments $ 579,646 $ (17,202 ) $ 4,732,353 $ (61,362 ) $ 5,311,999 $ (78,564 ) 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ — $ — $ 507,735 $ (1,642 ) $ 507,735 $ (1,642 ) Obligations of states and political subdivisions 542,968 (402 ) 420,050 (232 ) 963,018 (634 ) Corporate debt securities — — 4,549,756 (87,661 ) 4,549,756 (87,661 ) Total fixed maturity investments 542,968 (402 ) 5,477,541 (89,535 ) 6,020,509 (89,937 ) Equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Hedge fund — — — — — — Total equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Total investments $ 662,379 $ (7,145 ) $ 7,149,400 $ (211,187 ) $ 7,811,779 $ (218,332 ) As of June 30, 2017 December 31, 2016, 20 27 $5,311,999 $7,811,779, June 30, 2017 December 31, 2016, four six 12 June 30, 2017 December 31, 2016, none not not not At June 30, 2017 December 31, 2016, $490,000 $250,000 one Other-Than-Temporary Impairment Process The Company assesses whether declines in the fair value of its fixed maturity investments classified as available-for-sale represent impairments that are other-than-temporary by reviewing each fixed maturity investment that is impaired and ( 1 not 2 The Company had no June 30, 2017. not six June 30, 2017, not In evaluating credit losses, the Company considers a variety of factors in the assessment of a fixed maturity investment including: ( 1 2 3 4 5 6 Equity securities are reviewed on a regular basis to determine if they have sustained an impairment of value that is considered to be other than temporary. Several factors are considered in the assessment of an investment, which include (i) the extent of the decline below cost, and (ii) the potential for the security to recover in value. If we conclude a security is other-than-temporarily impaired, we write down the amortized cost of the security to fair value, with a charge to net realized investment gains (losses) in the Consolidated Statement of Operations. Gross unrealized losses on the investment portfolio as of June 30, 2017 December 31, 2016, nine 16 $26,228 $89,937, 11 22 $52,336 $128,395, not six three June 30, 2017, $25,272 one six three June 30, 2016, $121,116 $15,196 two one Fair Value of Investments Under existing U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of Financial Accounting Standards Board’s Accounting Standards Codification (“ASC”) 820, 820 three 1 3 three • Level 1 • Level 2 2 not • Level 3 At each measurement date, we estimate the fair value of the security using various valuation techniques. We utilize, to the extent available, quoted market prices in active markets or observable market inputs in estimating the fair value of our investments. When quoted market prices or observable market inputs are not June 30, 2017 December 31, 2016 • U.S. government agency securities 2 not • Obligations of state and political subdivisions 2 not • Corporate debt securities 2 not • Equity securities, at fair value 1 • Hedge fund In May 2016, 15 While we obtain pricing from independent pricing services, management is ultimately responsible for determining the fair value measurements for all securities. To ensure fair value measurement is applied consistently and in accordance with U.S. GAAP, we periodically update our understanding of the pricing methodologies used by the independent pricing services. We also undertake further analysis with respect to prices we believe may not not There have been no December 31, 2016. 820 June 30, 2017 December 31, 2016: Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2017 U.S. government agency securities $ 1,907,097 $ 1,907,097 $ — $ 1,907,097 $ — Obligations of U.S. state and political subdivisions 3,309,031 3,309,031 3,309,031 Corporate debt securities 6,213,204 6,213,204 6,213,204 Total fixed maturity investments 11,429,332 11,429,332 Equity securities (excluding the hedge fund) 16,387,970 16,387,970 16,387,970 Total equity securities (excluding the hedge fund) 16,387,970 16,387,970 Hedge fund measured at net asset value (a) 56,028 56,028 Total investments $ 27,873,330 $ 27,873,330 $ 16,387,970 $ 11,429,332 $ — Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of December 31, 2016 U.S. government agency securities $ 1,466,806 $ 1,466,806 $ — $ 1,466,806 $ — Obligations of U.S. state and political subdivisions 4,134,744 4,134,744 4,134,744 Corporate debt securities 5,760,871 5,760,871 5,760,871 Total fixed maturity investments 11,362,421 11,362,421 Equity securities (excluding the hedge fund) 15,025,077 15,025,077 15,025,077 Total equity securities (excluding the hedge fund) 15,025,077 15,025,077 Hedge fund measured at net asset value (a) 140,467 140,467 Total investments $ 26,527,965 $ 26,527,965 $ 15,025,077 $ 11,362,421 $ — (a) In accordance with Subtopic 820 10, not There were no 1 2 six June 30, 2017 December 31, 2016. The cost or amortized cost and estimated fair value of fixed maturity investments as of June 30, 2017 December 31, 2016 may may Amortized Cost Estimated Fair Value As of June 30, 2017 Due in one year or less $ 2,472,420 $ 2,477,301 Due after one year through five years 8,469,077 8,502,768 Due after five years through ten years 449,263 449,263 Total $ 11,390,760 $ 11,429,332 Amortized Cost Estimated Fair Value As of December 31, 2016 Due in one year or less $ 1,455,729 $ 1,457,201 Due after one year through five years 8,081,777 8,089,289 Due after five years through ten years 1,701,987 1,648,731 Due after ten years 167,486 167,200 Total $ 11,406,979 $ 11,362,421 Information on sales and maturities of investments during the six June 30, 2017 2016 June 30, June 30, Total proceeds on sales of available-for-sale securities $ 3,028,927 $ 2,543,936 Proceeds from redemptions of fixed maturity investments 611,540 — Total proceeds from maturities of fixed maturity investments 950,000 705,000 Gross gains on sales 879,193 882,442 Gross losses on sales (2,349 ) (1,212 ) Impairment losses (25,272 ) (121,116 ) Information on sales and maturities of investments during the three June 30, 2017 2016 June 30, June 30, Total proceeds on sales of available-for-sale securities $ 1,794,306 $ 1,941,245 Proceeds from the redemption of fixed maturity investments 165,000 — Total proceeds from maturities of fixed maturity investments 275,000 325,000 Gross gains on sales 398,588 532,057 Gross losses on sales — — Impairment losses (25,272 ) (15,196 ) Major categories of net investment income during the six June 30, 2017 2016 June 30, June 30, Interest earned: Fixed maturity investments $ 123,101 $ 92,029 Short term investments and cash and cash equivalents 11,349 1,904 Dividends earned 173,861 118,782 Investment expenses (72,151 ) (66,598 ) Net investment income $ 236,160 $ 146,117 Major categories of net investment income during the three June 30, 2017 2016 June 30, June 30, Interest earned: Fixed maturity investments $ 61,791 $ 46,409 Short term investments and cash and cash equivalents 9,440 1,026 Dividends earned 50,632 66,758 Investment expenses (36,370 ) (32,755 ) Net investment income $ 85,493 $ 81,438 |
Note 3 - Liability for Unpaid L
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 3. The following table presents a reconciliation of the beginning and ending balances for the liability for unpaid losses and loss adjustment expenses for the six June 30, 2017 2016: 2017 2016 Liability—beginning of period $ 8,941,991 $ 6,583,474 Incurred related to: Current year 2,580,735 2,041,266 Prior years — — Total incurred 2,580,735 2,041,266 Paid related to: Current year (1,321 ) (3,237 ) Prior years (440,639 ) (348,172 ) Total paid (441,960 ) (351,409 ) Liability—end of period $ 11,080,766 $ 8,273,331 As incurred losses for the six June 30, 2017 64.5% |
Note 4 - Segment Information
Note 4 - Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. AmerInst has two 1 2 The tables below summarize the results of our reportable segments as of and for the six June 30, 2017 2016. As of and for the Six Months Ended June 30, 2017 Reinsurance Insurance Total Revenues $ 5,087,326 $ 2,389,408 $ 7,476,734 Total losses and expenses 4,706,949 2,122,273 6,829,222 Segment income 380,377 267,135 647,512 Identifiable assets — 228,452 228,452 As of and for the Six Months Ended June 30, 2016 Reinsurance Insurance Total Revenues $ 4,021,477 $ 1,981,947 $ 6,003,424 Total losses and expenses 3,763,236 1,959,368 5,722,604 Segment income 258,241 22,579 280,820 Identifiable assets — 126,911 126,911 The tables below summarize the results of our reportable segments as of and for the three June 30, 2017 2016. As of and for the Three Months Ended June 30, 2017 Reinsurance Insurance Total Revenues $ 2,666,576 $ 1,173,580 $ 3,840,156 Total losses and expenses 2,602,896 1,020,849 3,623,745 Segment income 63,680 152,731 216,411 Identifiable assets — 228,452 228,452 As of and for the Three Months Ended June 30, 2016 Reinsurance Insurance Total Revenues $ 2,098,538 $ 947,861 $ 3,046,399 Total losses and expenses 1,848,200 969,868 2,818,068 Segment income (loss) 250,338 (22,007 ) 228,331 Identifiable assets — 126,911 126,911 |
Note 5 - Stock Compensation
Note 5 - Stock Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. AmerInst Professional Services, Limited (“APSL”), a subsidiary of AmerInst, has employment agreements with four one 75,018 may six three June 30, 2017, 1,467 86,161 June 30, 2017. For three January 1, 2015. fourth January 1, 2018. 65 60 January 1, 2018 fourth The liability relating to these phantom shares is recalculated quarterly based on the net book value of our common shares at the end of each quarter. As a result of the overall decrease in the net book value of our common shares since the grant dates, we have not June 30, 2017. During the quarter ended March 31, 2017, 35,000 $27.99. five March 3, 2018. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. (“AmerInst”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”). These financial statements reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not December 31, 2016 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 2017 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09” 2014 09 five 2014 09, 944, Financial Services—Insurance 2014 09 January 1, 2017 2014 09 not |
Note 2 - Investments (Tables)
Note 2 - Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of June 30, 2017 Fixed maturity investments: U.S. government agency securities $ 1,903,283 $ 4,143 $ (329 ) $ 1,907,097 Obligations of states and political subdivisions 3,274,313 35,273 (555 ) 3,309,031 Corporate debt securities 6,213,164 25,384 (25,344 ) 6,213,204 Total fixed maturity investments 11,390,760 64,800 (26,228 ) 11,429,332 Equity securities 12,206,389 4,233,917 (52,336 ) 16,387,970 Hedge fund 33,308 22,720 — 56,028 Total equity securities 12,239,697 4,256,637 (52,336 ) 16,443,998 Total investments $ 23,630,457 $ 4,321,437 $ (78,564 ) $ 27,873,330 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ 1,462,040 $ 6,408 $ (1,642 ) $ 1,466,806 Obligations of states and political subdivisions 4,098,069 37,309 (634 ) 4,134,744 Corporate debt securities 5,846,870 1,662 (87,661 ) 5,760,871 Total fixed maturity investments 11,406,979 45,379 (89,937 ) 11,362,421 Equity securities 11,235,802 3,917,670 (128,395 ) 15,025,077 Hedge fund 85,776 54,691 — 140,467 Total equity securities 11,321,578 3,972,361 (128,395 ) 15,165,544 Total investments $ 22,728,557 $ 4,017,740 $ (218,332 ) $ 26,527,965 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses As of June 30, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 504,095 $ (329 ) $ 504,095 $ (329 ) Obligations of states and political subdivisions — — 499,445 (555 ) 499,445 (555 ) Corporate debt securities 464,922 (11,905 ) 2,365,052 (13,439 ) 2,829,974 (25,344 ) Total fixed maturity investments 464,922 (11,905 ) 3,368,592 (14,323 ) 3,833,514 (26,228 ) Equity securities 114,724 (5,297 ) 1,363,761 (47,039 ) 1,478,485 (52,336 ) Hedge fund — — — — — — Total equity securities 114,724 (5,297 ) 1,363,761 (47,039 ) 1,478,485 (52,336 ) Total investments $ 579,646 $ (17,202 ) $ 4,732,353 $ (61,362 ) $ 5,311,999 $ (78,564 ) 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses As of December 31, 2016 Fixed maturity investments: U.S. government agency securities $ — $ — $ 507,735 $ (1,642 ) $ 507,735 $ (1,642 ) Obligations of states and political subdivisions 542,968 (402 ) 420,050 (232 ) 963,018 (634 ) Corporate debt securities — — 4,549,756 (87,661 ) 4,549,756 (87,661 ) Total fixed maturity investments 542,968 (402 ) 5,477,541 (89,535 ) 6,020,509 (89,937 ) Equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Hedge fund — — — — — — Total equity securities 119,411 (6,743 ) 1,671,859 (121,652 ) 1,791,270 (128,395 ) Total investments $ 662,379 $ (7,145 ) $ 7,149,400 $ (211,187 ) $ 7,811,779 $ (218,332 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of June 30, 2017 U.S. government agency securities $ 1,907,097 $ 1,907,097 $ — $ 1,907,097 $ — Obligations of U.S. state and political subdivisions 3,309,031 3,309,031 3,309,031 Corporate debt securities 6,213,204 6,213,204 6,213,204 Total fixed maturity investments 11,429,332 11,429,332 Equity securities (excluding the hedge fund) 16,387,970 16,387,970 16,387,970 Total equity securities (excluding the hedge fund) 16,387,970 16,387,970 Hedge fund measured at net asset value (a) 56,028 56,028 Total investments $ 27,873,330 $ 27,873,330 $ 16,387,970 $ 11,429,332 $ — Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) As of December 31, 2016 U.S. government agency securities $ 1,466,806 $ 1,466,806 $ — $ 1,466,806 $ — Obligations of U.S. state and political subdivisions 4,134,744 4,134,744 4,134,744 Corporate debt securities 5,760,871 5,760,871 5,760,871 Total fixed maturity investments 11,362,421 11,362,421 Equity securities (excluding the hedge fund) 15,025,077 15,025,077 15,025,077 Total equity securities (excluding the hedge fund) 15,025,077 15,025,077 Hedge fund measured at net asset value (a) 140,467 140,467 Total investments $ 26,527,965 $ 26,527,965 $ 15,025,077 $ 11,362,421 $ — |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Estimated Fair Value As of June 30, 2017 Due in one year or less $ 2,472,420 $ 2,477,301 Due after one year through five years 8,469,077 8,502,768 Due after five years through ten years 449,263 449,263 Total $ 11,390,760 $ 11,429,332 Amortized Cost Estimated Fair Value As of December 31, 2016 Due in one year or less $ 1,455,729 $ 1,457,201 Due after one year through five years 8,081,777 8,089,289 Due after five years through ten years 1,701,987 1,648,731 Due after ten years 167,486 167,200 Total $ 11,406,979 $ 11,362,421 |
Realized Gain (Loss) on Investments [Table Text Block] | June 30, June 30, Total proceeds on sales of available-for-sale securities $ 3,028,927 $ 2,543,936 Proceeds from redemptions of fixed maturity investments 611,540 — Total proceeds from maturities of fixed maturity investments 950,000 705,000 Gross gains on sales 879,193 882,442 Gross losses on sales (2,349 ) (1,212 ) Impairment losses (25,272 ) (121,116 ) June 30, June 30, Total proceeds on sales of available-for-sale securities $ 1,794,306 $ 1,941,245 Proceeds from the redemption of fixed maturity investments 165,000 — Total proceeds from maturities of fixed maturity investments 275,000 325,000 Gross gains on sales 398,588 532,057 Gross losses on sales — — Impairment losses (25,272 ) (15,196 ) |
Condensed Cash Flow Statement [Table Text Block] | June 30, June 30, Interest earned: Fixed maturity investments $ 123,101 $ 92,029 Short term investments and cash and cash equivalents 11,349 1,904 Dividends earned 173,861 118,782 Investment expenses (72,151 ) (66,598 ) Net investment income $ 236,160 $ 146,117 June 30, June 30, Interest earned: Fixed maturity investments $ 61,791 $ 46,409 Short term investments and cash and cash equivalents 9,440 1,026 Dividends earned 50,632 66,758 Investment expenses (36,370 ) (32,755 ) Net investment income $ 85,493 $ 81,438 |
Note 3 - Liability for Unpaid13
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 2017 2016 Liability—beginning of period $ 8,941,991 $ 6,583,474 Incurred related to: Current year 2,580,735 2,041,266 Prior years — — Total incurred 2,580,735 2,041,266 Paid related to: Current year (1,321 ) (3,237 ) Prior years (440,639 ) (348,172 ) Total paid (441,960 ) (351,409 ) Liability—end of period $ 11,080,766 $ 8,273,331 |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Six Months Ended June 30, 2017 Reinsurance Insurance Total Revenues $ 5,087,326 $ 2,389,408 $ 7,476,734 Total losses and expenses 4,706,949 2,122,273 6,829,222 Segment income 380,377 267,135 647,512 Identifiable assets — 228,452 228,452 As of and for the Six Months Ended June 30, 2016 Reinsurance Insurance Total Revenues $ 4,021,477 $ 1,981,947 $ 6,003,424 Total losses and expenses 3,763,236 1,959,368 5,722,604 Segment income 258,241 22,579 280,820 Identifiable assets — 126,911 126,911 As of and for the Three Months Ended June 30, 2017 Reinsurance Insurance Total Revenues $ 2,666,576 $ 1,173,580 $ 3,840,156 Total losses and expenses 2,602,896 1,020,849 3,623,745 Segment income 63,680 152,731 216,411 Identifiable assets — 228,452 228,452 As of and for the Three Months Ended June 30, 2016 Reinsurance Insurance Total Revenues $ 2,098,538 $ 947,861 $ 3,046,399 Total losses and expenses 1,848,200 969,868 2,818,068 Segment income (loss) 250,338 (22,007 ) 228,331 Identifiable assets — 126,911 126,911 |
Note 2 - Investments (Details T
Note 2 - Investments (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 20 | 20 | 27 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 5,311,999 | $ 5,311,999 | $ 7,811,779 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 78,564 | $ 78,564 | $ 218,332 | ||
Maturity of Time Deposits | 1 year | ||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | $ 0 | ||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 4 | 4 | 6 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | |||
Certificates of Deposit, at Carrying Value | $ 490,000 | 490,000 | 490,000 | ||
Cash, FDIC Insured Amount | 250,000 | 250,000 | |||
Fixed Maturity Investments [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 26,228 | $ 26,228 | $ 89,937 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 9 | 9 | 16 | ||
Equity Securities [Member] | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 52,336 | $ 52,336 | $ 128,395 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 11 | 11 | 22 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 25,272 | $ 15,196 | $ 25,272 | $ 121,116 |
Note 2 - Investments - Cost or
Note 2 - Investments - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Cost or Amortized Cost | $ 23,630,457 | $ 22,728,557 |
Gross Unrealized Gains | 4,321,437 | 4,017,740 |
Gross Unrealized Losses | (78,564) | (218,332) |
Estimated Fair Value | 27,873,330 | 26,527,965 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 12,239,697 | 11,321,578 |
Gross Unrealized Gains | 4,256,637 | 3,972,361 |
Gross Unrealized Losses | (52,336) | (128,395) |
Estimated Fair Value | 16,443,998 | 15,165,544 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 11,390,760 | 11,406,979 |
Gross Unrealized Gains | 64,800 | 45,379 |
Gross Unrealized Losses | (26,228) | (89,937) |
Estimated Fair Value | 11,429,332 | 11,362,421 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 1,903,283 | 1,462,040 |
Gross Unrealized Gains | 4,143 | 6,408 |
Gross Unrealized Losses | (329) | (1,642) |
Estimated Fair Value | 1,907,097 | 1,466,806 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 3,274,313 | 4,098,069 |
Gross Unrealized Gains | 35,273 | 37,309 |
Gross Unrealized Losses | (555) | (634) |
Estimated Fair Value | 3,309,031 | 4,134,744 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 6,213,164 | 5,846,870 |
Gross Unrealized Gains | 25,384 | 1,662 |
Gross Unrealized Losses | (25,344) | (87,661) |
Estimated Fair Value | 6,213,204 | 5,760,871 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 12,206,389 | 11,235,802 |
Gross Unrealized Gains | 4,233,917 | 3,917,670 |
Gross Unrealized Losses | (52,336) | (128,395) |
Estimated Fair Value | 16,387,970 | 15,025,077 |
Hedge Funds [Member] | ||
Cost or Amortized Cost | 33,308 | 85,776 |
Gross Unrealized Gains | 22,720 | 54,691 |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 56,028 | $ 140,467 |
Note 2 - Investments - Fixed Ma
Note 2 - Investments - Fixed Maturity and Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Less than 12 months, estimated fair value | $ 4,732,353 | $ 7,149,400 |
Less than 12 months, unrealized losses | (61,362) | (211,187) |
Total estimated fair value | 5,311,999 | 7,811,779 |
Total unrealized losses | (78,564) | (218,332) |
12 months or greater, estimated fair value | 579,646 | 662,379 |
12 months or greater, unrealized losses | (17,202) | (7,145) |
Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 3,368,592 | 5,477,541 |
Less than 12 months, unrealized losses | (14,323) | (89,535) |
Total estimated fair value | 3,833,514 | 6,020,509 |
Total unrealized losses | (26,228) | (89,937) |
12 months or greater, estimated fair value | 464,922 | 542,968 |
12 months or greater, unrealized losses | (11,905) | (402) |
Equity Securities [Member] | ||
Less than 12 months, estimated fair value | 1,363,761 | 1,671,859 |
Less than 12 months, unrealized losses | (47,039) | (121,652) |
Total estimated fair value | 1,478,485 | 1,791,270 |
Total unrealized losses | (52,336) | (128,395) |
12 months or greater, estimated fair value | 114,724 | 119,411 |
12 months or greater, unrealized losses | (5,297) | (6,743) |
Hedge Funds [Member] | ||
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Total estimated fair value | ||
Total unrealized losses | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
US Government Agencies Debt Securities [Member] | Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 504,095 | 507,735 |
Less than 12 months, unrealized losses | (329) | (1,642) |
Total estimated fair value | 504,095 | 507,735 |
Total unrealized losses | (329) | (1,642) |
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 499,445 | 420,050 |
Less than 12 months, unrealized losses | (555) | (232) |
Total estimated fair value | 499,445 | 963,018 |
Total unrealized losses | (555) | (634) |
12 months or greater, estimated fair value | 542,968 | |
12 months or greater, unrealized losses | (402) | |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
Less than 12 months, estimated fair value | 2,365,052 | 4,549,756 |
Less than 12 months, unrealized losses | (13,439) | (87,661) |
Total estimated fair value | 2,829,974 | 4,549,756 |
Total unrealized losses | (25,344) | (87,661) |
12 months or greater, estimated fair value | 464,922 | |
12 months or greater, unrealized losses | (11,905) | |
Equity Securities and Hedge Funds [Member] | ||
Less than 12 months, estimated fair value | 1,363,761 | 1,671,859 |
Less than 12 months, unrealized losses | (47,039) | (121,652) |
Total estimated fair value | 1,478,485 | 1,791,270 |
Total unrealized losses | (52,336) | (128,395) |
12 months or greater, estimated fair value | 114,724 | 119,411 |
12 months or greater, unrealized losses | $ (5,297) | $ (6,743) |
Note 2 - Investments - Fair Val
Note 2 - Investments - Fair Value of Investments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | |
Total Investments | $ 27,873,330 | $ 26,527,965 | |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Total Investments | 3,309,031 | 4,134,744 | |
Reported Value Measurement [Member] | |||
Total Investments | 27,873,330 | 26,527,965 | |
Reported Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 11,429,332 | 11,362,421 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 1,907,097 | 1,466,806 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,213,204 | 5,760,871 | |
Reported Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Reported Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | 56,028 | 140,467 |
Estimate of Fair Value Measurement [Member] | |||
Total Investments | 27,873,330 | 26,527,965 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 11,429,332 | 11,362,421 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 11,429,332 | 11,362,421 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 1,907,097 | 1,466,806 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 1,907,097 | 1,466,806 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,213,204 | 5,760,871 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,213,204 | 5,760,871 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 16,387,970 | 15,025,077 | |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | $ 56,028 | $ 140,467 |
[1] | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position. |
Note 2 - Investments - Cost o19
Note 2 - Investments - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due after five years through ten years, amortized cost | $ 449,263 | $ 1,701,987 |
Due after five years through ten years, fair value | 449,263 | 1,648,731 |
Due after ten years, amortized cost | 167,486 | |
Due after ten years, fair value | 167,200 | |
Total, amortized cost | 11,390,760 | 11,406,979 |
Total, fair value | 11,429,332 | 11,362,421 |
Due in one year or less, amortized cost | 2,472,420 | 1,455,729 |
Due in one year or less, fair value | 2,477,301 | 1,457,201 |
Due after one year through five years, amortized cost | 8,469,077 | 8,081,777 |
Due after one year through five years, fair value | $ 8,502,768 | $ 8,089,289 |
Note 2 - Investments - Sales an
Note 2 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total proceeds on sales of available-for-sale securities | $ 1,794,306 | $ 1,941,245 | $ 3,028,927 | $ 2,543,936 |
Gross gains on sales | 398,588 | 532,057 | 879,193 | 882,442 |
Gross losses on sales | (2,349) | (1,212) | ||
Impairment losses | (25,272) | (15,196) | (25,272) | (121,116) |
Proceeds from sales of available-for-sale securities | 1,794,306 | 1,941,245 | 3,028,927 | 2,543,936 |
Proceeds from redemptions of fixed maturity investments | 165,000 | 611,540 | ||
Proceeds from maturities of fixed maturity investments | $ 275,000 | $ 325,000 | $ 950,000 | $ 705,000 |
Note 2 - Investments - Major Ca
Note 2 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net investment income | $ 85,493 | $ 81,438 | $ 236,160 | $ 146,117 |
Fixed maturity investments | 61,791 | 46,409 | 123,101 | 92,029 |
Short term investments and cash and cash equivalents | 9,440 | 1,026 | 11,349 | 1,904 |
Dividends earned | 50,632 | 66,758 | 173,861 | 118,782 |
Investment expenses | $ (36,370) | $ (32,755) | $ (72,151) | $ (66,598) |
Note 3 - Liability for Unpaid22
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Estimated Loss Ratio | 64.50% |
Note 3 - Liability for Unpaid23
Note 3 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Liability—beginning of period | $ 8,941,991 | $ 6,583,474 |
Incurred related to: | ||
Current year | 2,580,735 | 2,041,266 |
Prior years | ||
Total incurred | 2,580,735 | 2,041,266 |
Paid related to: | ||
Current year | (1,321) | (3,237) |
Prior years | (440,639) | (348,172) |
Total paid | (441,960) | (351,409) |
Liability—end of period | $ 11,080,766 | $ 8,273,331 |
Note 4 - Segment Information (D
Note 4 - Segment Information (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 2 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment income | $ 216,411 | $ 228,331 | $ 647,512 | $ 280,820 | |
Identifiable assets | 228,452 | 126,911 | 228,452 | 126,911 | $ 226,988 |
Revenues | 3,840,156 | 3,046,399 | 7,476,734 | 6,003,424 | |
Total losses and expenses | 3,623,745 | 2,818,068 | 6,829,222 | 5,722,604 | |
Reinsurance Segment [Member] | |||||
Segment income | 63,680 | 250,338 | 380,377 | 258,241 | |
Identifiable assets | |||||
Revenues | 2,666,576 | 2,098,538 | 5,087,326 | 4,021,477 | |
Total losses and expenses | 2,602,896 | 1,848,200 | 4,706,949 | 3,763,236 | |
Insurance Segment [Member] | |||||
Segment income | 152,731 | (22,007) | 267,135 | 22,579 | |
Identifiable assets | 228,452 | 126,911 | 228,452 | 126,911 | |
Revenues | 1,173,580 | 947,861 | 2,389,408 | 1,981,947 | |
Total losses and expenses | $ 1,020,849 | $ 969,868 | $ 2,122,273 | $ 1,959,368 |
Note 5 - Stock Compensation (De
Note 5 - Stock Compensation (Details Textual) $ / shares in Units, $ in Thousands | Mar. 03, 2018 | Jun. 30, 2017USD ($)shares | Mar. 31, 2017$ / sharesshares | Jun. 30, 2017USD ($)shares | Dec. 31, 2012shares |
Number of Employees in Plan | 4 | 4 | |||
Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 35,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 27.99 | ||||
Director [Member] | Scenario, Forecast [Member] | |||||
Number of Annual Installments | 5 | ||||
Phantom Share Units (PSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,467 | 1,467 | 75,018 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 86,161 | 86,161 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age | 65 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Period before Death or Permanent Disability | 60 days | ||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ | $ 0 | $ 0 |