Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 01, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | ||
Entity Central Index Key | 0001065201 | ||
Trading Symbol | aigt | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | ||
Entity Public Float | $ 19,066,792 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Fixed maturity investments, at fair value (amortized cost $14,806,427 and $14,574,417) | $ 14,588,080 | $ 14,510,627 |
Equity securities, at fair value (cost $12,145,120 and $10,411,747) | 13,445,226 | 15,504,697 |
TOTAL INVESTMENTS | 28,033,306 | 30,015,324 |
Cash and cash equivalents | 5,498,914 | 5,008,138 |
Restricted cash and cash equivalents | 472,132 | 710,818 |
Assumed reinsurance premiums receivable | 2,651,863 | 2,375,629 |
Accrued investment income | 88,569 | 83,345 |
Property and equipment (Note 5) | 776,382 | 316,066 |
Deferred income taxes (Note 10) | 2,730,000 | |
Deferred policy acquisition costs | 1,869,368 | 1,622,676 |
Prepaid expenses and other assets | 1,981,913 | 1,682,301 |
TOTAL ASSETS | 44,102,447 | 41,814,297 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses (Note 6) | 12,989,260 | 11,228,507 |
Unearned premiums | 5,051,847 | 4,385,354 |
Assumed reinsurance payable | 2,171,767 | 1,883,879 |
Accrued expenses and other liabilities | 5,934,408 | 5,361,443 |
TOTAL LIABILITIES | 26,147,282 | 22,859,183 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2018 and 2017: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,393,730 | 6,323,450 |
Retained earnings | 19,725,581 | 15,061,757 |
Accumulated other comprehensive income | (218,348) | 5,029,160 |
Shares held by Subsidiary (365,198 and 350,930 shares) at cost | (8,941,051) | (8,454,506) |
TOTAL SHAREHOLDERS’ EQUITY | 17,955,165 | 18,955,114 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 44,102,447 | $ 41,814,297 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fixed maturity investments, amortized cost | $ 14,806,427 | $ 14,574,417 |
Equity securities, cost | $ 12,145,120 | $ 10,411,747 |
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) | 365,198 | 350,930 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUES | ||
Net premiums earned (Note 8) | $ 10,132,515 | $ 8,800,758 |
Commission income | 5,497,779 | 4,779,796 |
Net investment income (Note 4) | 384,409 | 399,476 |
Net realized and unrealized (loss) gain on investments (Note 4) | (2,249,172) | 1,555,178 |
TOTAL REVENUES | 13,765,531 | 15,535,208 |
LOSSES AND EXPENSES | ||
Losses and loss adjustment expenses (Note 6) | 6,235,474 | 5,677,589 |
Policy acquisition costs | 3,748,958 | 3,256,202 |
Operating and management expenses (Note 9) | 6,598,204 | 5,971,764 |
TOTAL LOSSES AND EXPENSES | 16,582,636 | 14,905,555 |
(LOSS) INCOME BEFORE TAX | (2,817,105) | 629,653 |
Tax (benefit) expense (Note 10) | (2,701,396) | |
NET (LOSS) INCOME AFTER TAX | $ (115,709) | $ 629,653 |
NET (LOSS) INCOME PER SHARE | ||
Basic (in dollars per share) | $ (0.18) | $ 0.97 |
Diluted (in dollars per share) | $ (0.18) | $ 0.97 |
Weighted average number of common shares outstanding for the year | ||
Basic (in shares) | 641,918 | 647,341 |
Diluted (in shares) | 641,918 | 648,183 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (loss) Income - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
NET (LOSS) INCOME AFTER TAX | $ (115,709) | $ 629,653 |
OTHER COMPREHENSIVE (LOSS) INCOME | ||
Net unrealized holding (losses) gains arising during the period | (154,558) | 2,784,930 |
Reclassification adjustment for gains included in net income | (1,555,178) | |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (154,558) | 1,229,752 |
COMPREHENSIVE (LOSS) INCOME | $ (270,267) | $ 1,859,405 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Shares Held By Subsidiary [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 995,253 | |||||
Balance at Dec. 31, 2016 | $ 6,287,293 | $ 14,736,023 | $ 3,799,408 | $ (8,390,791) | $ 17,427,186 | |
Net (loss) income | 629,653 | 629,653 | ||||
Issuance of stock option awards | 36,157 | 36,157 | ||||
Unrealized gains on securities, net of reclassification adjustment | 1,229,752 | 1,229,752 | ||||
Purchase of shares by subsidiary, net | (63,715) | (63,715) | ||||
Dividends ($0.50 per share) | (303,919) | (303,919) | ||||
Balance (in shares) at Dec. 31, 2017 | 995,253 | |||||
Balance at Dec. 31, 2017 | 6,323,450 | 15,061,757 | 5,029,160 | (8,454,506) | 18,955,114 | |
Net (loss) income | (115,709) | (115,709) | ||||
Issuance of stock option awards | 70,280 | 70,280 | ||||
Unrealized gains on securities, net of reclassification adjustment | (154,558) | (154,558) | ||||
Purchase of shares by subsidiary, net | (486,545) | (486,545) | ||||
Dividends ($0.50 per share) | (313,417) | (313,417) | ||||
Cumulative effect of adoption of accounting guidance (ASU 2016-01) | 5,092,950 | (5,092,950) | ||||
Balance (in shares) at Dec. 31, 2018 | 995,253 | |||||
Balance at Dec. 31, 2018 | $ 6,393,730 | $ 19,725,581 | $ (218,348) | $ (8,941,051) | $ 17,955,165 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retained Earnings [Member] | ||
Dividends, per share (in dollars per share) | $ 0.50 | $ 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (115,709) | $ 629,653 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of net premiums on investments | 50,368 | 68,506 |
Issuance of stock option awards | 70,280 | 36,157 |
Depreciation and amortization on property and equipment | 106,873 | 66,549 |
Net realized and unrealized losses (gains) on investments | 2,249,172 | (1,555,178) |
Changes in assets and liabilities: | ||
Assumed reinsurance premiums receivable | (276,234) | (1,090,503) |
Accrued investment income | (5,224) | (6,370) |
Deferred income taxes | (2,730,000) | |
Deferred policy acquisition costs | (246,692) | (237,761) |
Prepaid expenses and other assets | (299,612) | (283,562) |
Liability for losses and loss adjustment expenses | 1,760,753 | 2,286,516 |
Unearned premiums | 666,493 | 642,348 |
Assumed reinsurance payable | 287,888 | 629,192 |
Accrued expenses and other liabilities | 572,965 | 682,504 |
Net cash provided by operating activities | 2,091,321 | 1,868,051 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (567,189) | (155,627) |
Purchases of available-for-sale securities | (7,694,369) | (11,927,360) |
Proceeds from sales of available-for-sale securities | 4,045,798 | 6,462,738 |
Proceeds from redemptions of hedge fund investments | 6,491 | 127,329 |
Proceeds from redemptions of fixed maturity investments | 3,116,358 | |
Proceeds from maturities of fixed maturity investments | 3,170,000 | 1,940,000 |
Net cash used in investing activities | (1,039,269) | (436,562) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (313,417) | (303,919) |
Purchase of shares by subsidiary, net | (486,545) | (63,715) |
Net cash used in financing activities | (799,962) | (367,634) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 252,090 | 1,063,855 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF YEAR | 5,718,956 | 4,655,101 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ 5,971,046 | $ 5,718,956 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. AmerInst Insurance Group, Ltd., (“AmerInst”, “Company”, “we”, “our” or “us.”) was formed under the laws of Bermuda in 1998. December 31, 2008. The reinsurance activity of AMIC Ltd. depends upon agreements entered into with outside parties. Entry into Agency Agreement On September 25, 2009, 50 four one September 25, 2018. In January 2017, $468,821. $385,000 100% December 31, 2018, $250,250 January 2019. Entry into Reinsurance Agreement We conduct our reinsurance business through AMIC Ltd., our subsidiary, which is a registered insurer in Bermuda. On September 25, 2009, 50% may not 120 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of AmerInst and its operating wholly owned subsidiaries, AmerInst Mezco, Ltd. (“Mezco”), AMIC Ltd., Protexure and AmerInst Investment Company, Ltd. (“Investco”). Intercompany accounts and transactions have been eliminated on consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s financial statements include but are not Revisions As a result of the following adjustment, amounts previously reported have been immaterially restated: In January 2010, no December 31, 2018, $2,681,108 2018, 1042, 30% January 2010 not 30% $804,332 December 31, 2018. $750,662 2018 2018. The impact of the adjustments are shown in the tables below: December 31, 2017 As Previously As CONSOLIDATED BALANCE SHEETS Reported Revisions Revised LIABILITIES Accrued expenses and other liabilities $ 4,610,781 $ 750,662 $ 5,361,443 TOTAL LIABILITIES $ 22,108,521 $ 750,662 $ 22,859,183 SHAREHOLDERS’ EQUITY Retained earnings $ 15,812,419 $ (750,662 ) $ 15,061,757 TOTAL SHAREHOLDERS’ EQUITY $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF OPERATIONS Reported Revisions Revised LOSSES AND EXPENSES Operating and management expenses $ 5,864,424 $ 107,340 $ 5,971,764 TOTAL LOSSES AND EXPENSES $ 14,798,215 $ 107,340 $ 14,905,555 (LOSS) INCOME BEFORE TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME PER SHARE Basic $ 1.14 $ (0.17 ) $ 0.97 Diluted $ 1.14 $ (0.17 ) $ 0.97 As Previously As CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Reported Revisions Revised NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 COMPREHENSIVE (LOSS) INCOME $ 1,966,745 $ (107,340 ) $ 1,859,405 As Previously As CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Reported Revisions Revised Retained Earnings BALANCE AT JANUARY 1, 2017 $ 15,379,345 $ (643,322 ) $ 14,736,023 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 15,812,419 $ (750,662 ) $ 15,061,757 Total Shareholders' Equity BALANCE AT JANUARY 1, 2017 $ 18,070,508 $ (643,322 ) $ 17,427,186 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF CASH FLOWS Reported Revisions Revised CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ 736,993 $ (107,340 ) $ 629,653 Change in Accrued expenses and other liabilities $ 575,164 $ 107,340 $ 682,504 The impact of the adjustments to the net book value of the company’s common shares as at December 31, 2017 $30.58 $29.42 Premiums Premiums assumed are earned on a pro rata basis over the terms of the underlying policies to which they relate. Premiums assumed relating to the unexpired portion of policies in force at the balance sheet date are recorded as unearned premiums. Deferred policy acquisition costs Ceding commissions related to assumed reinsurance agreements are deferred and amortized pro rata over the terms of the underlying policies to which they relate. Liability for losses and loss adjustment expenses The liability for unpaid losses and loss adjustment expenses includes case basis estimates of reported losses plus supplemental amounts for projected losses incurred but not may not not We review the independent actuaries’ reports for consistency and appropriateness of methodology and assumptions, including assumptions of industry benchmarks and discuss any concerns or changes with them. Our Underwriting Committee then considers the reasonableness of loss reserves recommended by our independent actuaries, in light of actual loss development during the year and approve the loss reserves to be recorded by AMIC Ltd. The anticipated effect of inflation is implicitly considered when estimating liabilities for unpaid losses and loss adjustment expenses. Future average severities are projected based on historical trends adjusted for anticipated trends, are monitored based on actual developments and are modified if necessary. Investments AmerInst classifies its fixed maturity investments as available-for-sale. Accordingly, AmerInst reports these fixed income securities at their estimated fair values with unrealized holding gains and losses being reported as other comprehensive income (loss). Realized gains and losses on sales of fixed maturity investments are accounted for by specifically identifying the cost and are reflected in the income statement in the period of sale. Declines in the fair value of fixed maturity investments below cost are evaluated for other than temporary impairment losses. The evaluation for other than temporary impairment losses is a quantitative and qualitative process which is subject to risks and uncertainties in the determination of whether declines in the fair value of fixed maturity investments are other than temporary. The risks and uncertainties include the Company’s intent and ability to hold the security, changes in general economic conditions, the issuer’s financial condition or near term recovery prospects, and the effects of changes in interest rates. AmerInst’s accounting policy requires that a decline in the value of a fixed maturity security below its cost basis be assessed to determine if the decline is other than temporary. If so, the fixed maturity security is deemed to be impaired and a charge is recorded in net realized losses equal to the difference between the fair value and the cost basis of the security. The fair value of the impaired investment becomes its new cost basis. AmerInst classifies its equity securities as available-for-sale. Our equity investments are carried at fair value and as a result of our adoption of ASU- 2016 01 January 1, 2018, January 1, 2018 Cash and cash equivalents Cash equivalents include money market funds and highly liquid debt instruments purchased with an original maturity of three Property and Equipment Property and equipment are depreciated using the straight-line method with estimated useful lives ranging from 3 7 Developmental costs for internal use software are capitalized in accordance with the provisions of the Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) topic 350 not 5 Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is more likely than not not Earnings per common share Basic earnings per share is determined as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the impact of the Company’s stock option plan. New Accounting Pronouncements New Accounting Standards Adopted in 201 8 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09 five 2014 09, 944, 2014 09 December 15, 2017 2014 09 not Classification of Certain Cash Receipts and Cash Payments In August 2016, 2016 15, 230 eight December 15, 2017, 2016 15, not Statement of Cash Flows—Restricted Cash In November 2016, 2016 18, December 15, 2017. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, 825 10 2016 01 1 2 3 4 2016 01 December 15, 2017, We adopted ASU 2016 01 January 1, 2018. $5.1 not Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not December 15, 2019. not Leases In February 2016, 2016 02, 842, July 2018, 2018 10, 842. 1 2 3 4 5 6 In July 2018, 2018 11, 2016 02. not 840 840 not not account for the combined component in accordance with the revenue recognition standard in ASC 606 The Company will adopt the new leasing standard and the related amendments on January 1, 2019. 1% not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02 220 H.R.1, 2018 December 22, 2017. U.S. GAAP currently requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income rather than in income from continuing operations. As the adjustment of deferred taxes due to the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects for purposes of this Update) do not The amendments in this Update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform. Consequently, the amendments eliminate the stranded tax effects resulting from U.S. Tax Reform and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of U.S. Tax Reform, the underlying guidance that requires the effect of a change in tax laws or rates be included in income from continuing operations is not Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, 2018 13, 820 December 15, 2019, may not |
Note 3 - Pledged Assets
Note 3 - Pledged Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | 3. Pursuant to its reinsurance agreements, AMIC Ltd. is required to provide its ceding companies with collateral to secure its obligations to them. At December 31, 2018 2017, 114 $18,247,384 $15,205,708, In January 2017, $468,821. $385,000 100% December 31, 2018, $250,250 January 2019. Cash and Cash Equivalents at December 31, 2018 2017 $3,926,032 $3,051,3639 |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of fixed maturity investments, by major security type, and equity securities at December 31, 2018 2017 Cost or Gross Gross Estimated December 31, 2018 Fixed maturity investments: U.S. government agency securities $ 6,739,840 $ 287 $ (66,395 ) $ 6,673,732 Obligations of U.S. states and political subdivisions 1,908,719 7,735 (13,514 ) 1,902,940 Corporate debt securities 6,157,868 — (146,460 ) 6,011,408 Total fixed maturity investments 14,806,427 8,022 (226,369 ) 14,588,080 Equity securities 12,145,120 2,596,269 (1,296,163 ) 13,445,226 Total equity securities 12,145,120 2,596,269 (1,296,163 ) 13,445,226 Total investments $ 26,951,547 $ 2,604,291 $ (1,522,532 ) $ 28,033,306 Cost or Gross Gross Estimated December 31, 2017 Fixed maturity investments: U.S. government agency securities $ 4,394,864 $ 948 $ (15,312 ) $ 4,380,500 Obligations of U.S. states and political subdivisions 3,984,633 18,065 (9,565 ) 3,993,133 Corporate debt securities 6,194,920 367 (58,293 ) 6,136,994 Total fixed maturity investments 14,574,417 19,380 (83,170 ) 14,510,627 Equity securities 10,403,952 5,098,001 (8,749 ) 15,493,204 Hedge fund 7,795 3,698 — 11,493 Total equity securities 10,411,747 5,101,699 (8,749 ) 15,504,697 Total investments $ 24,986,164 $ 5,121,079 $ (91,919 ) $ 30,015,324 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 Unrealized Estimated Unrealized Estimated Unrealized December 31, 2018 Fixed maturity investments: U.S. government agency securities $ 3,389,369 $ (55,015 ) $ 2,788,235 $ (11,380 ) $ 6,177,604 $ (66,395 ) Obligations of states and political subdivisions 766,118 (13,166 ) 139,651 (348 ) 905,769 (13,514 ) Corporate debt securities 4,498,396 (125,689 ) 1,513,012 (20,771 ) 6,011,408 (146,460 ) Total fixed maturity investments 8,653,883 (193,870 ) 4,440,898 (32,499 ) 13,094,781 (226,369 ) Equity securities 97,708 (40,981 ) 5,683,065 (1,255,182 ) 5,780,773 (1,296,163 ) Total equity securities 97,708 (40,981 ) 5,683,065 (1,255,182 ) 5,780,773 (1,296,163 ) Total investments $ 8,751,591 $ (234,851 ) $ 10,123,963 $ (1,287,681 ) $ 18,875,554 $ (1,522,532 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 3,424,024 $ (15,312 ) $ 3,424,024 $ (15,312 ) Obligations of states and political subdivisions — — 1,286,103 (9,565 ) 1,286,103 (9,565 ) Corporate debt securities 2,794,836 (51,149 ) 1,974,024 (7,144 ) 4,768,860 (58,293 ) Total fixed maturity investments 2,794,836 (51,149 ) 6,684,151 (32,021 ) 9,478,987 (83,170 ) Equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Hedge fund — — — — — — Total equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Total investments $ 2,794,836 $ (51,149 ) $ 6,891,852 $ (40,770 ) $ 9,686,688 $ (91,919 ) As of December 31, 2018, 35 2017: 23 $13,094,781 2017: $9,478,987 21 2017: 7 12 December 31, 2018, none not not not The cost or amortized cost and estimated fair value of fixed maturity investments at December 31, 2018 2017 may may Amortized Estimated December 31, 2018 Due in one year or less $ 4,434,013 $ 4,429,510 Due after one year through five years 9,851,410 9,644,270 Due after five years through ten years 521,004 514,300 Total $ 14,806,427 $ 14,588,080 Amortized Estimated December 31, 2017 Due in one year or less $ 1,970,793 $ 1,971,237 Due after one year through five years 10,852,417 10,805,684 Due after five years through ten years 1,215,724 1,200,086 Due after ten years 535,483 533,620 Total $ 14,574,417 $ 14,510,627 Information on sales and maturities of investments during the twelve December 31, 2018 2017 201 8 201 7 Total proceeds on sales of available-for-sale securities $ 4,045,798 $ 6,462,738 Total proceeds from redemptions of hedge fund investments 6,491 127,329 Total proceeds from redemptions of fixed maturity investments — 3,116,358 Total proceeds from maturities of fixed maturity investments 3,170,000 1,940,000 Gross gains on sales 1,566,109 1,919,350 Gross losses on sales (22,437 ) (58,589 ) Impairment losses — (305,583 ) Net unrealized losses on equity investments (1) (3,792,844 ) — Total $ (2,249,172 ) $ 1,555,178 ( 1 Effective January 1, 2018, No. 2016 01. Fair Value of Investments The following tables show the fair value of the Company’s investments in accordance with ASC 820, December 31, 2018 2017. Fair value measurement using: Carrying Total fair Quoted prices Significant Significant December 31, 2018 U.S. government agency securities $ 6,673,732 $ 6,673,732 $ — $ 6,673,732 $ — Obligations of U.S. state and political subdivisions 1,902,940 1,902,940 1,902,940 Corporate debt securities 6,011,408 6,011,408 6,011,408 Total fixed maturity investments 14,588,080 14,588,080 Equity securities 13,445,226 13,445,226 13,445,226 Total equity securities 13,445,226 13,445,226 Total investments $ 28,033,306 $ 28,033,306 $ 13,445,226 $ 14,588,080 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant Significant December 31, 2017 U.S. government agency securities $ 4,380,500 $ 4,380,500 $ — $ 4,380,500 $ — Obligations of U.S. state and political subdivisions 3,993,133 3,993,133 3,993,133 Corporate debt securities 6,136,994 6,136,994 6,136,994 Total fixed maturity investments 14,510,627 14,510,627 Equity securities (excluding the hedge fund) 15,493,204 15,493,204 15,493,204 Total equity securities (excluding the hedge fund) 15,493,204 15,493,204 Hedge fund measured at net asset value (a) 11,493 11,493 Total investments $ 30,015,324 $ 30,015,324 $ 15,493,204 $ 14,510,627 $ — (a) In accordance with Subtopic 820 10, not There were no 1 2 December 31, 2018 2017. In accordance with 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 FASB’s ASC 820 820” 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 December 31, 2018 • U.S. government agency securities 2 not • Obligations of U.S. state and political subdivisions 2 not • Corporate debt securities 2 not • Equity securities, at fair value 1 • Hedge fund In May 2016, 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 challenge any prices we believe may not not There have been no December 31, 2017. not Though current market conditions appear to have improved, there is still the potential for further instability which could present additional risks and uncertainties for our business and make it more difficult to value certain of our securities if trading becomes less frequent. As such, valuations may may Major categories of net interest and dividend income are summarized as follows: 201 8 201 7 Interest earned: Fixed maturity investments $ 335,047 $ 256,075 Short term investments and cash and cash equivalents 20,210 19,249 Dividends earned 175,688 272,478 Investment expenses (146,536 ) (148,326 ) Net investment income $ 384,409 $ 399,476 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5 . PROPERTY AND EQUIPMENT Property and equipment, primarily associated with Protexure, at December 31, 2018 2017 $776,382 $316,066, Cost Accumulated Total December 31, 2018 Furniture and fixtures $ 36,705 $ 21,424 $ 15,281 Office equipment 107,392 38,967 68,425 Computer equipment 20,111 9,868 10,243 Internal use software 873,457 191,024 682,433 Total $ 1,037,665 $ 261,283 $ 776,382 Cost Accumulated Total December 31, 2017 Furniture and fixtures $ 61,888 $ 41,365 $ 20,523 Office equipment 125,515 41,748 83,767 Computer equipment 22,175 8,928 13,247 Internal use software 582,907 384,378 198,529 Total $ 792,485 $ 476,419 $ 316,066 |
Note 6 - Liability for Unpaid L
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6 . LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES Details of the liability for unpaid losses and loss adjustment expenses at December 31, 2018 2017 201 8 201 7 Case basis estimates $ 4,313,320 $ 4,240,185 IBNR reserves 8,675,940 6,988,322 Totals $ 12,989,260 $ 11,228,507 Liability for losses and loss adjustment expense activity is as follows: 201 8 201 7 Liability—beginning of year $ 11,228,507 $ 8,941,991 Incurred related to: Current year 5,450,400 5,622,113 Prior years 785,074 55,476 Total incurred 6,235,474 5,677,589 Paid related to: Current year (559,594 ) (437,957 ) Prior years (3,915,127 ) (2,953,116 ) Total paid (4,474,721 ) (3,391,073 ) Liability—end of year $ 12,989,260 $ 11,228,507 As a result of the change in estimates of insured events in prior years, the provision for losses and loss adjustment expenses increased by $785,074 $55,476 2018 2017, 2018 2017, 2015 2016. 2017 2016, 2013 2015. The following tables set forth information about incurred and paid loss development information related to our professional liability business under the Reinsurance Agreement within the Reinsurance segment as at December 31, 2018. December 31, 2011 2017 2011, Methodology for Estimating Incurred But Not Claims and claim adjustment expense reserves represent management’s estimate of the ultimate liability for unpaid losses and allocated loss adjustment expenses (“ALAE”) for claims that have been reported as of the balance sheet date. Claims and claim adjustment expense reserves do not may Cumulative amounts paid and case reserves held as of the balance sheet date are subtracted from the estimate of the ultimate cost of claims and claim adjustment expenses to derive IBNR reserves. Accordingly, IBNR reserves includes development on known claims and re-opened claims but not no Detailed claim data is typically insufficient to produce a fully reliable indication of the initial estimate for ultimate claims and claim adjustment expenses for a given policy year. As a result, the initial estimate of ultimate loss for a policy year is generally based on the selected ultimate loss in prior year’s review and averages of previous policy year ultimate loss ratios trended forward to the current policy year level. For prior policy years, the (i) the paid loss development method, (ii) the case incurred development method, (iii) the Bornhuetter-Ferguson (“B-F”) method and (iv) the Cape Cod method are principally used by the Company’s actuaries to estimate the ultimate cost of claims and claim adjustment expenses. are principally used by the Company’s actuaries to estimate the ultimate cost of claims and claim adjustment expenses. These estimation and analysis methods are typically referred to as conventional actuarial methods. For this table, the Company allocates ultimate loss and ALAE by policy year and development age to accident year primarily based on the proportion of accident year case incurred losses within a given policy year. Methodology for Determining Cumulative Number of Reported Claims A claim file is created when the Company is notified of an actual demand for payment, notified of an event that may The Company has accumulated claims count information by accident year from the loss data for all claims reported as at December 31, 2018 Professional Liability (dollars in thousands) For the Years Ended December 31, IBNR Dec. 31, 8 Cumulative Number of Reported Claims 2011 2012 2013 2014 2015 2016 2017 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2011 $ 262 $ 348 $ 257 $ 293 $ 321 $ 344 $ 266 $ 263 $ 1 24 2012 702 763 393 450 429 418 365 15 74 2013 1,218 1,585 1,340 1,166 1,160 926 97 91 2014 2,589 2,640 2,562 2,641 2,743 197 169 2015 3,703 4,485 4,290 3,859 501 240 2016 4,184 4,495 3,927 974 280 2017 5,622 7,647 2,867 358 2018 5,450 3,973 420 Total $ 25,180 For the Years Ended December 31, Liability for Claims 2011 2012 2013 2014 2015 2016 201 7 2018 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Before Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance 2011 - 201 8 2011 Accident Year 2011 $ — $ 165 $ 167 $ 201 $ 260 $ 262 $ 262 $ 262 2012 64 188 280 327 329 350 350 2013 58 488 707 715 808 812 2014 67 680 1,018 1,928 1,978 2015 121 1,356 2,337 2,896 2016 737 1,693 2,508 2017 438 2,904 2018 560 Total $ 12,270 $ 12,910 N/A Net Under Reinsurance Agreement $ 12,910 Other 79 Total net liability $ 12,989 The following is unaudited supplementary information for average annual historical duration of claims: Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 7.9 % 36.7 % 17.8 % 15.6 % 8.9 % 2.5 % 0.6 % 0.2 % |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . SHAREHOLDERS’ EQUITY AmerInst currently does not not On February 25, 2011, $500,000 not |
Note 8 - Premiums Written
Note 8 - Premiums Written | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
PremiumsWritten [TextBlock] | 8 . PREMIUMS WRITTEN Premiums written were $10,799,007 $9,443,106 2018 2017, December 31, 2018 2017 |
Note 9 -Operating and Managemen
Note 9 -Operating and Management Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Operating and Management Expense Disclosure [Text Block] | 9 . OPERATING AND MANAGEMENT EXPENSES With the exception of Protexure, AmerInst and its other direct and indirect subsidiaries have no may not 90 60 $327,500 $329,500 2018 2017, Operating and management expenses include compensation paid to members of the Board of Directors and various committees of the Board totaling $504,150 2018 $576,300 2017. $70,000 December 31, 2018 2017, , |
Note 10 - Taxation
Note 10 - Taxation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 0 . TAXATION Under current Bermuda law, the Company and its subsidiaries are not 2035. However, Protexure which is a Delaware corporation domiciled in the state of Illinois is subject to taxation in the United States. On December 22, 2017, 115 97, 21 During December 2017, 118 118 118 740 may one 740. 118, ● Income tax effects of those aspects of the Tax Act for which accounting under ASC 740 ● Provisional estimate of income tax effects of the Tax Act to the extent accounting is incomplete but a reasonable estimate is determinable ● If a provisional estimate cannot be determined, ASC 740 At December 31, 2017, $1,040,000 $1 2017 no As of December 31, 2017, $2.8 not not not December 31, 2018, no Protexure’s cumulative tax losses have totaled approximately $9.6 2015. 2016, 90% 2017, $2 $6.3 In performing our assessment of the recoverability of the deferred tax asset under this framework, we consider tax laws governing the utilization of the net operating loss carryforwards in each applicable jurisdiction. As of December 31, 2018, not Estimates of future taxable income, including income generated from prudent and feasible actions and tax planning strategies could change in the near term, perhaps materially, which may The actual income tax rate differed from the amount computed by applying the effective rate of 0% 2018 2017 Earnings before income tax $ — $ 629,653 Expected tax — — Foreign taxes at local expected rates 120,800 108,200 Other 91,800 370,200 Deferred tax expense from enacted rate reductions — 1,040,000 Change in valuation allowance (2,730,000 ) (1,518,400 ) Net tax expense (benefit) $ (2,701,000 ) $ — Deferred income taxes, arising from Protexure, reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. United States tax laws enacted in 2017 2018. As of December 31, 2017, not not not December 31, 2018, 201 8 2017 Capitalized start-up expenses $ 87,000 $ 104,000 Operating loss carryforwards 1,800,000 2,453,000 Unearned commission income 91,000 20,000 Accrued interest to parent 764,000 250,000 Depreciation and amortization (12,000 ) (27,000 ) Deferred tax assets before valuation allowance 2,730,000 2,800,000 Valuation allowance — (2,800,000 ) Deferred tax assets net of valuation allowance $ 2,730,000 $ — At December 31, 2018, $6.3 12 18 |
Note 11 - Dividend Restrictions
Note 11 - Dividend Restrictions and Statutory Requirements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | 11 . DIVIDEND RESTRICTIONS AND STATUTORY REQUIREMENTS AMIC Ltd.’s ability to pay dividends to AmerInst is subject to the provisions of the Bermuda insurance and companies laws and the requirement to provide the ceding companies with collateral. Under the Companies Act, AMIC Ltd. would be prohibited from declaring or paying a dividend if such payment would reduce the realizable value of its assets to an amount less than the aggregate value of its liabilities, issued share capital, and share premium accounts. In addition, AMIC Ltd. must be able to pay its liabilities as they fall due after the payment of a dividend. Our ability to pay dividends to common shareholders and to pay our operating expenses is dependent on cash dividends from our subsidiaries. The payment of such dividends by AMIC Ltd. to us is also limited under Bermuda law by the Insurance Act and Related Regulations which require that AMIC Ltd. maintain minimum levels of solvency and liquidity. In addition, under its reinsurance agreements the Company is required to provide the ceding companies with collateral. As of December 31, 2018, $18.4 AmerInst’s ability to pay common shareholders’ dividends and its operating expenses is dependent on cash dividends from AMIC Ltd. and its other subsidiaries. The payment of such dividends by AMIC Ltd. to AmerInst is limited under Bermuda law by the Bermuda Insurance Act 1978 December 31, 2018 2017 Statutory Relevant Assets Minimum Actual Minimum Actual December 31, 2018 $ 1,948,389 $ 38,660,378 $ 29,027,748 $ 29,027,748 December 31, 2017 $ 1,716,466 $ 37,271,440 $ 28,045,967 $ 28,045,967 AMIC Ltd. has received the BMA’s approval for the utilization of its investment in Investco as a relevant asset up to an aggregate amount sufficient to meet and maintain the minimum liquidity ratio, but not $11,000,000. Statutory loss for the years ended December 31, 2018 2017 $680,725 $843,663, |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 2 . SEGMENT INFORMATION AmerInst has two 1 2 As of and for the Year Ended December 31, 201 8 Reinsurance Insurance Total Revenues $ 8,258,126 $ 5,507,405 $ 13,765,531 Total losses and expenses 11,527,532 5,055,104 16,582,636 Tax benefit — 2,701,396 2,701,396 Segment (loss) income (3,269,406 ) 3,153,697 (115,709 ) Identifiable assets — 776,382 776,382 As of and for the Year Ended December 31, 201 7 Reinsurance Insurance Total Revenues $ 10,752,287 $ 4,782,921 $ 15,535,208 Total losses and expenses 10,391,519 4,514,036 14,905,555 Segment income 360,768 268,885 629,653 Identifiable assets — 316,066 316,066 |
Note 13 - Stock Compensation
Note 13 - Stock Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 3 . STOCK COMPENSATION Phantom Shares: Protexure has employment agreements with four one 75,018 may December 31, 2018, 1,442 87,636 December 31, 2018. For three January 1, 2015. fourth January 1, 2018. 65 60 The liability relating to these phantom shares is recalculated quarterly based on the net book value of the Company’s common shares at the end of each quarter. As a result of the overall decrease in the net book value of the Company’s common shares since the grant dates, no December 31, 2018. Stock Option Plan: The Company has a nonqualified stock option plan to advance the development, growth and financial condition of the Company. This plan provides incentives through participation in the appreciation of its common stock in order to secure, retain and motivate directors and employees and align such person’s interests with those of its shareholders. A total of 100,000 During the quarter ended March 31, 2018, 7,000 $30.58, December 31, 2017. five January 1, 2019. 6th During the quarter ended December 31, 2018, 5,000 $30.14, September 30, 2018. five October 1, 2019. 6th During the quarter ended March 31, 2017, 35,000 $27.99, December 31, 2016. five March 3, 2018. 6th December 31, 2018, 7,000 A summary of the status of the stock option plan as of December 31, 2018 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2018 — — 35,000 $ 27.99 35,000 $ 27.99 Granted — — 12,000 30.40 12,000 30.40 Forfeited — — — — — — Exercised — — — — — — Vested 7,000 27.99 (7,000 ) 27.99 — — Outstanding—December 31, 2018 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 4.0 4.4 4.4 A summary of the status of the stock option plan as of December 31, 2017 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2017 — $ — — $ — — $ — Granted — — 35,000 27.99 35,000 27.99 Forfeited — — — — — — Exercised — — — — — — Outstanding—December 31, 2017 — — 35,000 $ 27.99 35,000 $ 27.99 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) — 5.0 5.0 The fair value of each option granted during 2018 2017 201 8 Option Grants 201 7 Option Grants Number of options 12,000 35,000 Weighted fair value per share $ 30.40 $ 27.99 Expected life (years) 5 5 Expected volatility 16.4 % 17.2 % Risk-free interest rate 2.61 % 1.62 % Information pertaining to options outstanding at December 31, 2018 Options Outstanding Options Exercisable Range of exercise price Number Weighted Weighted Number Weighted Weighted $ 27.99 28,000 4.0 $ 27.99 7,000 $ 27.99 4.0 $ 30.58 7,000 5.0 $ 30.58 — $ — — $ 30.14 5,000 5.8 $ 30.14 — $ — — Information pertaining to options outstanding at December 31, 2017 Options Outstanding Options Exercisable Range of exercise price Number Weighted Weighted Number Weighted Weighted $ 27.99 35,000 5.0 $ 27.99 — $ — — At December 31, 2018, 35,000 March 3, 2017 $28.50 $27.99. no 7,000 5,000 January 1, 2018 October 1, 2018, The Company accounts for these options in accordance with GAAP, which requires that the fair value of the equity awards be recognized as compensation expense over the period during which the employee is required to provide service in exchange for such an award. The Company is amortizing compensation expense over the vesting period, or five $70,280 $36,230 December 31, 2018 2017, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 4 . COMMITMENTS AND CONTINGENCIES Protexure entered into a non-cancellable operating lease for office space in Lisle, Illinois. The lease is renewable at the option of the lessee under certain conditions. Future lease payments for the years ended December 31 2019 $ 106,872 2020 109,828 $ 216,700 |
Note 15 - Unaudited Condensed Q
Note 15 - Unaudited Condensed Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 5 . UNAUDITED CONDENSED QUARTERLY FINANCIAL DATA 201 8 FIRST SECOND THIRD FOURTH Net premiums earned $ 2,135,175 $ 2,535,703 $ 2,554,044 $ 2,907,593 Commission income 1,428,980 1,328,229 1,334,352 1,406,218 Net investment income 88,469 87,224 92,215 116,501 Net realized (loss) gain (161,060 ) 489,346 567,054 (3,087,054 ) Total revenues $ 3,491,564 $ 4,440,502 $ 4,547,665 $ 1,343,258 Net (loss) income $ (315,167 ) $ 147,736 $ 439,455 $ (387,733 ) Basic (loss) income per share $ (0.49 ) $ 0.23 $ 0.68 $ (0.60 ) Diluted (loss) income per share $ (0.49 ) $ 0.23 $ 0.68 $ (0.60 ) 201 7 FIRST SECOND THIRD FOURTH Net premiums earned $ 1,792,611 $ 2,208,528 $ 2,233,906 $ 2,565,713 Commission income 1,215,044 1,172,819 1,163,669 1,228,264 Net investment income 150,667 85,493 69,842 93,474 Net realized gain 478,256 373,316 276,772 426,834 Total revenues $ 3,636,578 $ 3,840,156 $ 3,744,189 $ 4,314,285 Net income (loss) $ 431,101 $ 216,411 $ 105,060 $ (122,919 ) Basic income (loss) per share $ 0.67 $ 0.33 $ 0.16 $ (0.19 ) Diluted income (loss) per share $ 0.66 $ 0.33 $ 0.16 $ (0.18 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of AmerInst and its operating wholly owned subsidiaries, AmerInst Mezco, Ltd. (“Mezco”), AMIC Ltd., Protexure and AmerInst Investment Company, Ltd. (“Investco”). Intercompany accounts and transactions have been eliminated on consolidation. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The major estimates reflected in the Company’s financial statements include but are not |
Revisions, Policy [Policy Text Block] | Revisions As a result of the following adjustment, amounts previously reported have been immaterially restated: In January 2010, no December 31, 2018, $2,681,108 2018, 1042, 30% January 2010 not 30% $804,332 December 31, 2018. $750,662 2018 2018. The impact of the adjustments are shown in the tables below: December 31, 2017 As Previously As CONSOLIDATED BALANCE SHEETS Reported Revisions Revised LIABILITIES Accrued expenses and other liabilities $ 4,610,781 $ 750,662 $ 5,361,443 TOTAL LIABILITIES $ 22,108,521 $ 750,662 $ 22,859,183 SHAREHOLDERS’ EQUITY Retained earnings $ 15,812,419 $ (750,662 ) $ 15,061,757 TOTAL SHAREHOLDERS’ EQUITY $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF OPERATIONS Reported Revisions Revised LOSSES AND EXPENSES Operating and management expenses $ 5,864,424 $ 107,340 $ 5,971,764 TOTAL LOSSES AND EXPENSES $ 14,798,215 $ 107,340 $ 14,905,555 (LOSS) INCOME BEFORE TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME PER SHARE Basic $ 1.14 $ (0.17 ) $ 0.97 Diluted $ 1.14 $ (0.17 ) $ 0.97 As Previously As CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Reported Revisions Revised NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 COMPREHENSIVE (LOSS) INCOME $ 1,966,745 $ (107,340 ) $ 1,859,405 As Previously As CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Reported Revisions Revised Retained Earnings BALANCE AT JANUARY 1, 2017 $ 15,379,345 $ (643,322 ) $ 14,736,023 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 15,812,419 $ (750,662 ) $ 15,061,757 Total Shareholders' Equity BALANCE AT JANUARY 1, 2017 $ 18,070,508 $ (643,322 ) $ 17,427,186 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF CASH FLOWS Reported Revisions Revised CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ 736,993 $ (107,340 ) $ 629,653 Change in Accrued expenses and other liabilities $ 575,164 $ 107,340 $ 682,504 The impact of the adjustments to the net book value of the company’s common shares as at December 31, 2017 $30.58 $29.42 |
Premiums Receivable, Basis of Accounting, Policy [Policy Text Block] | Premiums Premiums assumed are earned on a pro rata basis over the terms of the underlying policies to which they relate. Premiums assumed relating to the unexpired portion of policies in force at the balance sheet date are recorded as unearned premiums. |
Deferred Charges, Policy [Policy Text Block] | Deferred policy acquisition costs Ceding commissions related to assumed reinsurance agreements are deferred and amortized pro rata over the terms of the underlying policies to which they relate. |
Liability Reserve Estimate, Policy [Policy Text Block] | Liability for losses and loss adjustment expenses The liability for unpaid losses and loss adjustment expenses includes case basis estimates of reported losses plus supplemental amounts for projected losses incurred but not may not not We review the independent actuaries’ reports for consistency and appropriateness of methodology and assumptions, including assumptions of industry benchmarks and discuss any concerns or changes with them. Our Underwriting Committee then considers the reasonableness of loss reserves recommended by our independent actuaries, in light of actual loss development during the year and approve the loss reserves to be recorded by AMIC Ltd. The anticipated effect of inflation is implicitly considered when estimating liabilities for unpaid losses and loss adjustment expenses. Future average severities are projected based on historical trends adjusted for anticipated trends, are monitored based on actual developments and are modified if necessary. |
Investment, Policy [Policy Text Block] | Investments AmerInst classifies its fixed maturity investments as available-for-sale. Accordingly, AmerInst reports these fixed income securities at their estimated fair values with unrealized holding gains and losses being reported as other comprehensive income (loss). Realized gains and losses on sales of fixed maturity investments are accounted for by specifically identifying the cost and are reflected in the income statement in the period of sale. Declines in the fair value of fixed maturity investments below cost are evaluated for other than temporary impairment losses. The evaluation for other than temporary impairment losses is a quantitative and qualitative process which is subject to risks and uncertainties in the determination of whether declines in the fair value of fixed maturity investments are other than temporary. The risks and uncertainties include the Company’s intent and ability to hold the security, changes in general economic conditions, the issuer’s financial condition or near term recovery prospects, and the effects of changes in interest rates. AmerInst’s accounting policy requires that a decline in the value of a fixed maturity security below its cost basis be assessed to determine if the decline is other than temporary. If so, the fixed maturity security is deemed to be impaired and a charge is recorded in net realized losses equal to the difference between the fair value and the cost basis of the security. The fair value of the impaired investment becomes its new cost basis. AmerInst classifies its equity securities as available-for-sale. Our equity investments are carried at fair value and as a result of our adoption of ASU- 2016 01 January 1, 2018, January 1, 2018 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include money market funds and highly liquid debt instruments purchased with an original maturity of three |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are depreciated using the straight-line method with estimated useful lives ranging from 3 7 Developmental costs for internal use software are capitalized in accordance with the provisions of the Financial Accounting Standard Board (“FASB”) Accounting Standards Codification (“ASC”) topic 350 not 5 |
Income Tax, Policy [Policy Text Block] | Income taxes Deferred tax assets and liabilities are recognized for the future tax consequences and benefits attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided if it is more likely than not not |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share Basic earnings per share is determined as net income available to common shareholders divided by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the impact of the Company’s stock option plan. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements New Accounting Standards Adopted in 201 8 Revenue from Contracts with Customers In May 2014, 2014 09, 2014 09 five 2014 09, 944, 2014 09 December 15, 2017 2014 09 not Classification of Certain Cash Receipts and Cash Payments In August 2016, 2016 15, 230 eight December 15, 2017, 2016 15, not Statement of Cash Flows—Restricted Cash In November 2016, 2016 18, December 15, 2017. Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, 2016 01, 825 10 2016 01 1 2 3 4 2016 01 December 15, 2017, We adopted ASU 2016 01 January 1, 2018. $5.1 not Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not December 15, 2019. not Leases In February 2016, 2016 02, 842, July 2018, 2018 10, 842. 1 2 3 4 5 6 In July 2018, 2018 11, 2016 02. not 840 840 not not account for the combined component in accordance with the revenue recognition standard in ASC 606 The Company will adopt the new leasing standard and the related amendments on January 1, 2019. 1% not Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, 2018 02 220 H.R.1, 2018 December 22, 2017. U.S. GAAP currently requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. This guidance is applicable even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income rather than in income from continuing operations. As the adjustment of deferred taxes due to the reduction of the historical corporate income tax rate to the newly enacted corporate income tax rate is required to be included in income from continuing operations, the tax effects of items within accumulated other comprehensive income (referred to as stranded tax effects for purposes of this Update) do not The amendments in this Update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from U.S. Tax Reform. Consequently, the amendments eliminate the stranded tax effects resulting from U.S. Tax Reform and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of U.S. Tax Reform, the underlying guidance that requires the effect of a change in tax laws or rates be included in income from continuing operations is not Changes to the Disclosure Requirements for Fair Value Measurements In August 2018, 2018 13, 820 December 15, 2019, may not |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | December 31, 2017 As Previously As CONSOLIDATED BALANCE SHEETS Reported Revisions Revised LIABILITIES Accrued expenses and other liabilities $ 4,610,781 $ 750,662 $ 5,361,443 TOTAL LIABILITIES $ 22,108,521 $ 750,662 $ 22,859,183 SHAREHOLDERS’ EQUITY Retained earnings $ 15,812,419 $ (750,662 ) $ 15,061,757 TOTAL SHAREHOLDERS’ EQUITY $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF OPERATIONS Reported Revisions Revised LOSSES AND EXPENSES Operating and management expenses $ 5,864,424 $ 107,340 $ 5,971,764 TOTAL LOSSES AND EXPENSES $ 14,798,215 $ 107,340 $ 14,905,555 (LOSS) INCOME BEFORE TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 NET (LOSS) INCOME PER SHARE Basic $ 1.14 $ (0.17 ) $ 0.97 Diluted $ 1.14 $ (0.17 ) $ 0.97 As Previously As CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Reported Revisions Revised NET (LOSS) INCOME AFTER TAX $ 736,993 $ (107,340 ) $ 629,653 COMPREHENSIVE (LOSS) INCOME $ 1,966,745 $ (107,340 ) $ 1,859,405 As Previously As CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY Reported Revisions Revised Retained Earnings BALANCE AT JANUARY 1, 2017 $ 15,379,345 $ (643,322 ) $ 14,736,023 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 15,812,419 $ (750,662 ) $ 15,061,757 Total Shareholders' Equity BALANCE AT JANUARY 1, 2017 $ 18,070,508 $ (643,322 ) $ 17,427,186 Net income $ 736,993 $ (107,340 ) $ 629,653 BALANCE AT DECEMBER 31, 2017 $ 19,705,776 $ (750,662 ) $ 18,955,114 As Previously As CONSOLIDATED STATEMENTS OF CASH FLOWS Reported Revisions Revised CASH FLOWS FROM OPERATING ACTIVITIES Net (loss) income $ 736,993 $ (107,340 ) $ 629,653 Change in Accrued expenses and other liabilities $ 575,164 $ 107,340 $ 682,504 |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Gross Gross Estimated December 31, 2018 Fixed maturity investments: U.S. government agency securities $ 6,739,840 $ 287 $ (66,395 ) $ 6,673,732 Obligations of U.S. states and political subdivisions 1,908,719 7,735 (13,514 ) 1,902,940 Corporate debt securities 6,157,868 — (146,460 ) 6,011,408 Total fixed maturity investments 14,806,427 8,022 (226,369 ) 14,588,080 Equity securities 12,145,120 2,596,269 (1,296,163 ) 13,445,226 Total equity securities 12,145,120 2,596,269 (1,296,163 ) 13,445,226 Total investments $ 26,951,547 $ 2,604,291 $ (1,522,532 ) $ 28,033,306 Cost or Gross Gross Estimated December 31, 2017 Fixed maturity investments: U.S. government agency securities $ 4,394,864 $ 948 $ (15,312 ) $ 4,380,500 Obligations of U.S. states and political subdivisions 3,984,633 18,065 (9,565 ) 3,993,133 Corporate debt securities 6,194,920 367 (58,293 ) 6,136,994 Total fixed maturity investments 14,574,417 19,380 (83,170 ) 14,510,627 Equity securities 10,403,952 5,098,001 (8,749 ) 15,493,204 Hedge fund 7,795 3,698 — 11,493 Total equity securities 10,411,747 5,101,699 (8,749 ) 15,504,697 Total investments $ 24,986,164 $ 5,121,079 $ (91,919 ) $ 30,015,324 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2018 Fixed maturity investments: U.S. government agency securities $ 3,389,369 $ (55,015 ) $ 2,788,235 $ (11,380 ) $ 6,177,604 $ (66,395 ) Obligations of states and political subdivisions 766,118 (13,166 ) 139,651 (348 ) 905,769 (13,514 ) Corporate debt securities 4,498,396 (125,689 ) 1,513,012 (20,771 ) 6,011,408 (146,460 ) Total fixed maturity investments 8,653,883 (193,870 ) 4,440,898 (32,499 ) 13,094,781 (226,369 ) Equity securities 97,708 (40,981 ) 5,683,065 (1,255,182 ) 5,780,773 (1,296,163 ) Total equity securities 97,708 (40,981 ) 5,683,065 (1,255,182 ) 5,780,773 (1,296,163 ) Total investments $ 8,751,591 $ (234,851 ) $ 10,123,963 $ (1,287,681 ) $ 18,875,554 $ (1,522,532 ) 12 months or greater Less than 12 months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized December 31, 2017 Fixed maturity investments: U.S. government agency securities $ — $ — $ 3,424,024 $ (15,312 ) $ 3,424,024 $ (15,312 ) Obligations of states and political subdivisions — — 1,286,103 (9,565 ) 1,286,103 (9,565 ) Corporate debt securities 2,794,836 (51,149 ) 1,974,024 (7,144 ) 4,768,860 (58,293 ) Total fixed maturity investments 2,794,836 (51,149 ) 6,684,151 (32,021 ) 9,478,987 (83,170 ) Equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Hedge fund — — — — — — Total equity securities — — 207,701 (8,749 ) 207,701 (8,749 ) Total investments $ 2,794,836 $ (51,149 ) $ 6,891,852 $ (40,770 ) $ 9,686,688 $ (91,919 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Estimated December 31, 2018 Due in one year or less $ 4,434,013 $ 4,429,510 Due after one year through five years 9,851,410 9,644,270 Due after five years through ten years 521,004 514,300 Total $ 14,806,427 $ 14,588,080 Amortized Estimated December 31, 2017 Due in one year or less $ 1,970,793 $ 1,971,237 Due after one year through five years 10,852,417 10,805,684 Due after five years through ten years 1,215,724 1,200,086 Due after ten years 535,483 533,620 Total $ 14,574,417 $ 14,510,627 |
Realized Gain (Loss) on Investments [Table Text Block] | 201 8 201 7 Total proceeds on sales of available-for-sale securities $ 4,045,798 $ 6,462,738 Total proceeds from redemptions of hedge fund investments 6,491 127,329 Total proceeds from redemptions of fixed maturity investments — 3,116,358 Total proceeds from maturities of fixed maturity investments 3,170,000 1,940,000 Gross gains on sales 1,566,109 1,919,350 Gross losses on sales (22,437 ) (58,589 ) Impairment losses — (305,583 ) Net unrealized losses on equity investments (1) (3,792,844 ) — Total $ (2,249,172 ) $ 1,555,178 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurement using: Carrying Total fair Quoted prices Significant Significant December 31, 2018 U.S. government agency securities $ 6,673,732 $ 6,673,732 $ — $ 6,673,732 $ — Obligations of U.S. state and political subdivisions 1,902,940 1,902,940 1,902,940 Corporate debt securities 6,011,408 6,011,408 6,011,408 Total fixed maturity investments 14,588,080 14,588,080 Equity securities 13,445,226 13,445,226 13,445,226 Total equity securities 13,445,226 13,445,226 Total investments $ 28,033,306 $ 28,033,306 $ 13,445,226 $ 14,588,080 $ — Fair value measurement using: Carrying Total fair Quoted prices Significant Significant December 31, 2017 U.S. government agency securities $ 4,380,500 $ 4,380,500 $ — $ 4,380,500 $ — Obligations of U.S. state and political subdivisions 3,993,133 3,993,133 3,993,133 Corporate debt securities 6,136,994 6,136,994 6,136,994 Total fixed maturity investments 14,510,627 14,510,627 Equity securities (excluding the hedge fund) 15,493,204 15,493,204 15,493,204 Total equity securities (excluding the hedge fund) 15,493,204 15,493,204 Hedge fund measured at net asset value (a) 11,493 11,493 Total investments $ 30,015,324 $ 30,015,324 $ 15,493,204 $ 14,510,627 $ — |
Condensed Cash Flow Statement [Table Text Block] | 201 8 201 7 Interest earned: Fixed maturity investments $ 335,047 $ 256,075 Short term investments and cash and cash equivalents 20,210 19,249 Dividends earned 175,688 272,478 Investment expenses (146,536 ) (148,326 ) Net investment income $ 384,409 $ 399,476 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Total December 31, 2018 Furniture and fixtures $ 36,705 $ 21,424 $ 15,281 Office equipment 107,392 38,967 68,425 Computer equipment 20,111 9,868 10,243 Internal use software 873,457 191,024 682,433 Total $ 1,037,665 $ 261,283 $ 776,382 Cost Accumulated Total December 31, 2017 Furniture and fixtures $ 61,888 $ 41,365 $ 20,523 Office equipment 125,515 41,748 83,767 Computer equipment 22,175 8,928 13,247 Internal use software 582,907 384,378 198,529 Total $ 792,485 $ 476,419 $ 316,066 |
Note 6 - Liability for Unpaid_2
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 201 8 201 7 Case basis estimates $ 4,313,320 $ 4,240,185 IBNR reserves 8,675,940 6,988,322 Totals $ 12,989,260 $ 11,228,507 |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 201 8 201 7 Liability—beginning of year $ 11,228,507 $ 8,941,991 Incurred related to: Current year 5,450,400 5,622,113 Prior years 785,074 55,476 Total incurred 6,235,474 5,677,589 Paid related to: Current year (559,594 ) (437,957 ) Prior years (3,915,127 ) (2,953,116 ) Total paid (4,474,721 ) (3,391,073 ) Liability—end of year $ 12,989,260 $ 11,228,507 |
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense [Table Text Block] | For the Years Ended December 31, IBNR Dec. 31, 8 Cumulative Number of Reported Claims 2011 2012 2013 2014 2015 2016 2017 2018 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2011 $ 262 $ 348 $ 257 $ 293 $ 321 $ 344 $ 266 $ 263 $ 1 24 2012 702 763 393 450 429 418 365 15 74 2013 1,218 1,585 1,340 1,166 1,160 926 97 91 2014 2,589 2,640 2,562 2,641 2,743 197 169 2015 3,703 4,485 4,290 3,859 501 240 2016 4,184 4,495 3,927 974 280 2017 5,622 7,647 2,867 358 2018 5,450 3,973 420 Total $ 25,180 |
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense [Table Text Block] | For the Years Ended December 31, Liability for Claims 2011 2012 2013 2014 2015 2016 201 7 2018 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Before Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance 2011 - 201 8 2011 Accident Year 2011 $ — $ 165 $ 167 $ 201 $ 260 $ 262 $ 262 $ 262 2012 64 188 280 327 329 350 350 2013 58 488 707 715 808 812 2014 67 680 1,018 1,928 1,978 2015 121 1,356 2,337 2,896 2016 737 1,693 2,508 2017 438 2,904 2018 560 Total $ 12,270 $ 12,910 N/A Net Under Reinsurance Agreement $ 12,910 Other 79 Total net liability $ 12,989 |
Short-duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block] | Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance Unaudited Years 1 2 3 4 5 6 7 8 7.9 % 36.7 % 17.8 % 15.6 % 8.9 % 2.5 % 0.6 % 0.2 % |
Note 10 - Taxation (Tables)
Note 10 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 Earnings before income tax $ — $ 629,653 Expected tax — — Foreign taxes at local expected rates 120,800 108,200 Other 91,800 370,200 Deferred tax expense from enacted rate reductions — 1,040,000 Change in valuation allowance (2,730,000 ) (1,518,400 ) Net tax expense (benefit) $ (2,701,000 ) $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 8 2017 Capitalized start-up expenses $ 87,000 $ 104,000 Operating loss carryforwards 1,800,000 2,453,000 Unearned commission income 91,000 20,000 Accrued interest to parent 764,000 250,000 Depreciation and amortization (12,000 ) (27,000 ) Deferred tax assets before valuation allowance 2,730,000 2,800,000 Valuation allowance — (2,800,000 ) Deferred tax assets net of valuation allowance $ 2,730,000 $ — |
Note 11 - Dividend Restrictio_2
Note 11 - Dividend Restrictions and Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Statutory Relevant Assets Minimum Actual Minimum Actual December 31, 2018 $ 1,948,389 $ 38,660,378 $ 29,027,748 $ 29,027,748 December 31, 2017 $ 1,716,466 $ 37,271,440 $ 28,045,967 $ 28,045,967 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Year Ended December 31, 201 8 Reinsurance Insurance Total Revenues $ 8,258,126 $ 5,507,405 $ 13,765,531 Total losses and expenses 11,527,532 5,055,104 16,582,636 Tax benefit — 2,701,396 2,701,396 Segment (loss) income (3,269,406 ) 3,153,697 (115,709 ) Identifiable assets — 776,382 776,382 As of and for the Year Ended December 31, 201 7 Reinsurance Insurance Total Revenues $ 10,752,287 $ 4,782,921 $ 15,535,208 Total losses and expenses 10,391,519 4,514,036 14,905,555 Segment income 360,768 268,885 629,653 Identifiable assets — 316,066 316,066 |
Note 13 - Stock Compensation (T
Note 13 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2018 — — 35,000 $ 27.99 35,000 $ 27.99 Granted — — 12,000 30.40 12,000 30.40 Forfeited — — — — — — Exercised — — — — — — Vested 7,000 27.99 (7,000 ) 27.99 — — Outstanding—December 31, 2018 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 4.0 4.4 4.4 Vested Weighted Non-vested Weighted Total Weighted Outstanding—January 1, 2017 — $ — — $ — — $ — Granted — — 35,000 27.99 35,000 27.99 Forfeited — — — — — — Exercised — — — — — — Outstanding—December 31, 2017 — — 35,000 $ 27.99 35,000 $ 27.99 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) — 5.0 5.0 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 8 Option Grants 201 7 Option Grants Number of options 12,000 35,000 Weighted fair value per share $ 30.40 $ 27.99 Expected life (years) 5 5 Expected volatility 16.4 % 17.2 % Risk-free interest rate 2.61 % 1.62 % |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of exercise price Number Weighted Weighted Number Weighted Weighted $ 27.99 28,000 4.0 $ 27.99 7,000 $ 27.99 4.0 $ 30.58 7,000 5.0 $ 30.58 — $ — — $ 30.14 5,000 5.8 $ 30.14 — $ — — Options Outstanding Options Exercisable Range of exercise price Number Weighted Weighted Number Weighted Weighted $ 27.99 35,000 5.0 $ 27.99 — $ — — |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2019 $ 106,872 2020 109,828 $ 216,700 |
Note 15 - Unaudited Condensed_2
Note 15 - Unaudited Condensed Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 201 8 FIRST SECOND THIRD FOURTH Net premiums earned $ 2,135,175 $ 2,535,703 $ 2,554,044 $ 2,907,593 Commission income 1,428,980 1,328,229 1,334,352 1,406,218 Net investment income 88,469 87,224 92,215 116,501 Net realized (loss) gain (161,060 ) 489,346 567,054 (3,087,054 ) Total revenues $ 3,491,564 $ 4,440,502 $ 4,547,665 $ 1,343,258 Net (loss) income $ (315,167 ) $ 147,736 $ 439,455 $ (387,733 ) Basic (loss) income per share $ (0.49 ) $ 0.23 $ 0.68 $ (0.60 ) Diluted (loss) income per share $ (0.49 ) $ 0.23 $ 0.68 $ (0.60 ) 201 7 FIRST SECOND THIRD FOURTH Net premiums earned $ 1,792,611 $ 2,208,528 $ 2,233,906 $ 2,565,713 Commission income 1,215,044 1,172,819 1,163,669 1,228,264 Net investment income 150,667 85,493 69,842 93,474 Net realized gain 478,256 373,316 276,772 426,834 Total revenues $ 3,636,578 $ 3,840,156 $ 3,744,189 $ 4,314,285 Net income (loss) $ 431,101 $ 216,411 $ 105,060 $ (122,919 ) Basic income (loss) per share $ 0.67 $ 0.33 $ 0.16 $ (0.19 ) Diluted income (loss) per share $ 0.66 $ 0.33 $ 0.16 $ (0.18 ) |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | |
Payments to Acquire Book of Lawyers' Renewal Rights | $ 468,821 | ||
Secured Debt, Total | $ 385,000 | $ 250,250 | |
APSL [Member] | |||
Payments to Acquire Book of Lawyers' Renewal Rights | $ 468,821 | ||
Debt Instrument, Fee Amount | 385,000 | ||
Secured Debt, Total | $ 250,250 |
Note 2 - Significant Accounti_3
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | Jan. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Withholding Tax Liabilities | $ 804,332 | ||
Common Stock, Book Value, Price Per Share | $ 29.42 | ||
Accounting Standards Update 2016-01 [Member] | |||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 5,100,000 | ||
Capitalized Internal Use Software Costs [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Previously Reported [Member] | |||
Withholding Tax Liabilities | $ 750,662 | ||
Common Stock, Book Value, Price Per Share | $ 30.58 | ||
Investco [Member] | |||
Interest Receivable | $ 2,681,108 | ||
Protexure [Member] | |||
US Withholding Tax Rate | 30.00% | ||
Interest Payable | $ 2,681,108 |
Note 2 - Significant Accounti_4
Note 2 - Significant Accounting Policies - Revision (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accrued expenses and other liabilities | $ 5,361,443 | |||||||||||
TOTAL LIABILITIES | $ 26,147,282 | 22,859,183 | ||||||||||
Retained earnings | $ 19,725,581 | $ 15,061,757 | $ 15,061,757 | $ 14,736,023 | $ 19,725,581 | $ 15,061,757 | 19,725,581 | 15,061,757 | ||||
TOTAL SHAREHOLDERS’ EQUITY | 17,955,165 | 18,955,114 | 18,955,114 | 17,427,186 | 17,955,165 | 18,955,114 | $ 17,955,165 | 18,955,114 | ||||
Operating and management expenses (Note 9) | 6,598,204 | 5,971,764 | ||||||||||
TOTAL LOSSES AND EXPENSES | 16,582,636 | 14,905,555 | ||||||||||
(LOSS) INCOME BEFORE TAX | (2,817,105) | 629,653 | ||||||||||
Net (loss) income | $ (387,733) | $ 439,455 | $ 147,736 | $ (315,167) | $ (122,919) | $ 105,060 | $ 216,411 | $ 431,101 | $ (115,709) | $ 629,653 | ||
Basic (in dollars per share) | $ (0.60) | $ 0.68 | $ 0.23 | $ (0.49) | $ (0.19) | $ 0.16 | $ 0.33 | $ 0.67 | $ (0.18) | $ 0.97 | ||
Diluted (in dollars per share) | $ (0.60) | $ 0.68 | $ 0.23 | $ (0.49) | $ (0.18) | $ 0.16 | $ 0.33 | $ 0.66 | $ (0.18) | $ 0.97 | ||
COMPREHENSIVE (LOSS) INCOME | $ (270,267) | $ 1,859,405 | ||||||||||
Retained Earnings, Balance | $ 15,061,757 | $ 14,736,023 | 15,061,757 | 14,736,023 | ||||||||
NET (LOSS) INCOME AFTER TAX | $ (387,733) | $ 439,455 | $ 147,736 | (315,167) | $ (122,919) | $ 105,060 | $ 216,411 | 431,101 | (115,709) | 629,653 | ||
Retained Earnings, Balance | 19,725,581 | 15,061,757 | 19,725,581 | 15,061,757 | ||||||||
Balance | 18,955,114 | 17,427,186 | 18,955,114 | 17,427,186 | ||||||||
Balance | $ 17,955,165 | 18,955,114 | 17,955,165 | 18,955,114 | ||||||||
Change in Accrued expenses and other liabilities | 572,965 | 682,504 | ||||||||||
Previously Reported [Member] | ||||||||||||
Accrued expenses and other liabilities | 4,610,781 | |||||||||||
TOTAL LIABILITIES | 22,108,521 | |||||||||||
Retained earnings | 15,812,419 | 15,812,419 | 15,379,345 | 15,812,419 | 15,812,419 | 15,812,419 | ||||||
TOTAL SHAREHOLDERS’ EQUITY | 19,705,776 | 19,705,776 | 18,070,508 | 19,705,776 | 19,705,776 | 19,705,776 | ||||||
Operating and management expenses (Note 9) | 5,864,424 | |||||||||||
TOTAL LOSSES AND EXPENSES | 14,798,215 | |||||||||||
(LOSS) INCOME BEFORE TAX | 736,993 | |||||||||||
Net (loss) income | $ 736,993 | |||||||||||
Basic (in dollars per share) | $ 1.14 | |||||||||||
Diluted (in dollars per share) | $ 1.14 | |||||||||||
COMPREHENSIVE (LOSS) INCOME | $ 1,966,745 | |||||||||||
Retained Earnings, Balance | 15,812,419 | 15,379,345 | 15,812,419 | 15,379,345 | ||||||||
NET (LOSS) INCOME AFTER TAX | 736,993 | |||||||||||
Retained Earnings, Balance | 15,812,419 | 15,812,419 | ||||||||||
Balance | 19,705,776 | 18,070,508 | 19,705,776 | 18,070,508 | ||||||||
Balance | 19,705,776 | 19,705,776 | ||||||||||
Change in Accrued expenses and other liabilities | 575,164 | |||||||||||
Restatement Adjustment [Member] | ||||||||||||
Accrued expenses and other liabilities | 750,662 | |||||||||||
TOTAL LIABILITIES | 750,662 | |||||||||||
Retained earnings | (750,662) | (750,662) | (643,322) | (750,662) | (750,662) | (750,662) | ||||||
TOTAL SHAREHOLDERS’ EQUITY | (750,662) | (750,662) | (643,322) | (750,662) | (750,662) | $ (750,662) | ||||||
Operating and management expenses (Note 9) | 107,340 | |||||||||||
TOTAL LOSSES AND EXPENSES | 107,340 | |||||||||||
(LOSS) INCOME BEFORE TAX | (107,340) | |||||||||||
Net (loss) income | $ (107,340) | |||||||||||
Basic (in dollars per share) | $ (0.17) | |||||||||||
Diluted (in dollars per share) | $ (0.17) | |||||||||||
COMPREHENSIVE (LOSS) INCOME | $ (107,340) | |||||||||||
Retained Earnings, Balance | (750,662) | (643,322) | (750,662) | (643,322) | ||||||||
NET (LOSS) INCOME AFTER TAX | (107,340) | |||||||||||
Retained Earnings, Balance | (750,662) | (750,662) | ||||||||||
Balance | $ (750,662) | $ (643,322) | $ (750,662) | (643,322) | ||||||||
Balance | $ (750,662) | (750,662) | ||||||||||
Change in Accrued expenses and other liabilities | $ 107,340 |
Note 3 - Pledged Assets (Detail
Note 3 - Pledged Assets (Details Textual) - USD ($) | 1 Months Ended | ||
Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Funds Held under Reinsurance Agreements, Liability | $ 18,247,384 | $ 15,205,708 | |
Payments to Acquire Book of Lawyers' Renewal Rights | $ 468,821 | ||
Secured Debt, Total | $ 385,000 | 250,250 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 5,498,914 | 5,008,138 | |
Cash and Cash Equivalents Held by AmerInst Professional Services, Limited in a Fiduciary Capacity [Member] | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 3,926,032 | $ 3,051,369 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 35 | 23 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 18,875,554 | $ 9,686,688 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 21 | 7 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 | |
Fixed Maturities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 13,094,781 | $ 9,478,987 |
Note 4 - Investments - Cost or
Note 4 - Investments - Cost or Amortized Cost, Gross Unrealized Holding Gains and Losses, and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cost or Amortized Cost | $ 26,951,547 | $ 24,986,164 |
Gross Unrealized Gains | 2,604,291 | 5,121,079 |
Gross Unrealized Losses | (1,522,532) | (91,919) |
Estimated Fair Value | 28,033,306 | 30,015,324 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 14,806,427 | 14,574,417 |
Gross Unrealized Gains | 8,022 | 19,380 |
Gross Unrealized Losses | (226,369) | (83,170) |
Estimated Fair Value | 14,588,080 | 14,510,627 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 6,739,840 | 4,394,864 |
Gross Unrealized Gains | 287 | 948 |
Gross Unrealized Losses | (66,395) | (15,312) |
Estimated Fair Value | 6,673,732 | 4,380,500 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 1,908,719 | 3,984,633 |
Gross Unrealized Gains | 7,735 | 18,065 |
Gross Unrealized Losses | (13,514) | (9,565) |
Estimated Fair Value | 1,902,940 | 3,993,133 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 6,157,868 | 6,194,920 |
Gross Unrealized Gains | 367 | |
Gross Unrealized Losses | (146,460) | (58,293) |
Estimated Fair Value | 6,011,408 | 6,136,994 |
Equity Securities [Member] | ||
Cost or Amortized Cost | 12,145,120 | 10,403,952 |
Gross Unrealized Gains | 2,596,269 | 5,098,001 |
Gross Unrealized Losses | (1,296,163) | (8,749) |
Estimated Fair Value | 13,445,226 | 15,493,204 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 12,145,120 | 10,411,747 |
Gross Unrealized Gains | 2,596,269 | 5,101,699 |
Gross Unrealized Losses | (1,296,163) | (8,749) |
Estimated Fair Value | $ 13,445,226 | 15,504,697 |
Hedge Funds [Member] | ||
Cost or Amortized Cost | 7,795 | |
Gross Unrealized Gains | 3,698 | |
Gross Unrealized Losses | ||
Estimated Fair Value | $ 11,493 |
Note 4 - Investments - Fixed Ma
Note 4 - Investments - Fixed Maturity and Securities in an Unrealized Loss Position and Aggregate Fair Value and Gross Unrealized Loss (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
12 months or greater, estimated fair value | $ 8,751,591 | $ 2,794,836 |
12 months or greater, unrealized losses | (234,851) | (51,149) |
Less than 12 months, estimated fair value | 10,123,963 | 6,891,852 |
Less than 12 months, unrealized losses | (1,287,681) | (40,770) |
Total estimated fair value | 18,875,554 | 9,686,688 |
Total unrealized losses | (1,522,532) | (91,919) |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 8,653,883 | 2,794,836 |
12 months or greater, unrealized losses | (193,870) | (51,149) |
Less than 12 months, estimated fair value | 4,440,898 | 6,684,151 |
Less than 12 months, unrealized losses | (32,499) | (32,021) |
Total estimated fair value | 13,094,781 | 9,478,987 |
Total unrealized losses | (226,369) | (83,170) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 97,708 | |
12 months or greater, unrealized losses | (40,981) | |
Less than 12 months, estimated fair value | 5,683,065 | 207,701 |
Less than 12 months, unrealized losses | (1,255,182) | (8,749) |
Total estimated fair value | 5,780,773 | 207,701 |
Total unrealized losses | (1,296,163) | (8,749) |
Hedge Funds [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | ||
Less than 12 months, unrealized losses | ||
Total estimated fair value | ||
Total unrealized losses | ||
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | 207,701 | |
Less than 12 months, unrealized losses | (8,749) | |
Total estimated fair value | 207,701 | |
Total unrealized losses | (8,749) | |
US Government Agencies Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 3,389,369 | |
12 months or greater, unrealized losses | (55,015) | |
Less than 12 months, estimated fair value | 2,788,235 | 3,424,024 |
Less than 12 months, unrealized losses | (11,380) | (15,312) |
Total estimated fair value | 6,177,604 | 3,424,024 |
Total unrealized losses | (66,395) | (15,312) |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 766,118 | |
12 months or greater, unrealized losses | (13,166) | |
Less than 12 months, estimated fair value | 139,651 | 1,286,103 |
Less than 12 months, unrealized losses | (348) | (9,565) |
Total estimated fair value | 905,769 | 1,286,103 |
Total unrealized losses | (13,514) | (9,565) |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 4,498,396 | 2,794,836 |
12 months or greater, unrealized losses | (125,689) | (51,149) |
Less than 12 months, estimated fair value | 1,513,012 | 1,974,024 |
Less than 12 months, unrealized losses | (20,771) | (7,144) |
Total estimated fair value | 6,011,408 | 4,768,860 |
Total unrealized losses | (146,460) | $ (58,293) |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 97,708 | |
12 months or greater, unrealized losses | (40,981) | |
Less than 12 months, estimated fair value | 5,683,065 | |
Less than 12 months, unrealized losses | (1,255,182) | |
Total estimated fair value | 5,780,773 | |
Total unrealized losses | $ (1,296,163) |
Note 4 - Investments - Cost o_2
Note 4 - Investments - Cost or Amortized Cost and Estimated Fair Value of Fixed Maturity Investments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Due in one year or less, amortized cost | $ 4,434,013 | $ 1,970,793 |
Due in one year or less, fair value | 4,429,510 | 1,971,237 |
Due after one year through five years, amortized cost | 9,851,410 | 10,852,417 |
Due after one year through five years, fair value | 9,644,270 | 10,805,684 |
Due after five years through ten years, amortized cost | 521,004 | 1,215,724 |
Due after five years through ten years, fair value | 514,300 | 1,200,086 |
Total, amortized cost | 14,806,427 | 14,574,417 |
Total, fair value | $ 14,588,080 | 14,510,627 |
Due after ten years, amortized cost | 535,483 | |
Due after ten years, fair value | $ 533,620 |
Note 4 - Investments - Sales an
Note 4 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Total proceeds on sales of available-for-sale securities | $ 4,045,798 | $ 6,462,738 | |
Proceeds from redemptions of hedge fund investments | 6,491 | 127,329 | |
Proceeds from redemptions of fixed maturity investments | 3,116,358 | ||
Proceeds from maturities of fixed maturity investments | 3,170,000 | 1,940,000 | |
Gross gains on sales | 1,566,109 | 1,919,350 | |
Gross losses on sales | (22,437) | (58,589) | |
Impairment losses | (305,583) | ||
Net unrealized losses on equity investments (1) | [1] | (3,792,844) | |
Total | $ (2,249,172) | $ 1,555,178 | |
[1] | Effective January 1, 2018, the Company adopted ASU No. 2016-01. The change in fair value of equity securities is now recognized in net realized and unrealized gain (loss) on investment. |
Note 4 - Investments - Fair Val
Note 4 - Investments - Fair Value of Investments (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Investments | $ 28,033,306 | $ 30,015,324 | |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Total Investments | 1,902,940 | 3,993,133 | |
Reported Value Measurement [Member] | |||
Total Investments | 28,033,306 | 30,015,324 | |
Reported Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 13,445,226 | 15,493,204 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 14,588,080 | 14,510,627 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 6,673,732 | 4,380,500 | |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,011,408 | 6,136,994 | |
Reported Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 13,445,226 | 15,493,204 | |
Reported Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | 11,493 | |
Estimate of Fair Value Measurement [Member] | |||
Total Investments | 28,033,306 | 30,015,324 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 14,588,080 | 14,510,627 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | 13,445,226 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Equity Securities and Hedge Funds [Member] | |||
Total Investments | 13,445,226 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | |||
Total Investments | 14,588,080 | 14,510,627 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |||
Total Investments | 6,673,732 | 4,380,500 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,673,732 | 4,380,500 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |||
Total Investments | 6,011,408 | 6,136,994 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total Investments | 6,011,408 | 6,136,994 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | |||
Total Investments | 13,445,226 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total Investments | $ 13,445,226 | 15,493,204 | |
Estimate of Fair Value Measurement [Member] | Hedge Funds [Member] | |||
Total Investments | [1] | $ 11,493 | |
[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 4 - Investments - Major Ca
Note 4 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fixed maturity investments | $ 335,047 | $ 256,075 | ||||||||
Short term investments and cash and cash equivalents | 20,210 | 19,249 | ||||||||
Dividends earned | 175,688 | 272,478 | ||||||||
Investment expenses | (146,536) | (148,326) | ||||||||
Net investment income | $ 116,501 | $ 92,215 | $ 87,224 | $ 88,469 | $ 93,474 | $ 69,842 | $ 85,493 | $ 150,667 | $ 384,409 | $ 399,476 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment, Net, Ending Balance | $ 776,382 | $ 316,066 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Cost | $ 1,037,665 | $ 792,485 |
Amortization | 261,283 | 476,419 |
Property and equipment (Note 5) | 776,382 | 316,066 |
Furniture and Fixtures [Member] | ||
Cost | 36,705 | 61,888 |
Amortization | 21,424 | 41,365 |
Property and equipment (Note 5) | 15,281 | 20,523 |
Office Equipment [Member] | ||
Cost | 107,392 | 125,515 |
Amortization | 38,967 | 41,748 |
Property and equipment (Note 5) | 68,425 | 83,767 |
Computer Equipment [Member] | ||
Cost | 20,111 | 22,175 |
Amortization | 9,868 | 8,928 |
Property and equipment (Note 5) | 10,243 | 13,247 |
Software Development [Member] | ||
Cost | 873,457 | 582,907 |
Amortization | 191,024 | 384,378 |
Property and equipment (Note 5) | $ 682,433 | $ 198,529 |
Note 6 - Liability for Unpaid_3
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Prior Year Claims and Claims Adjustment Expense | $ 785,074 | $ 55,476 |
Note 6 - Liability for Unpaid_4
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Case basis estimates | $ 4,313,320 | $ 4,240,185 |
IBNR reserves | 8,675,940 | 6,988,322 |
Totals | $ 12,989,260 | $ 11,228,507 |
Note 6 - Liability for Unpaid_5
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Liability—beginning of year | $ 11,228,507 | $ 8,941,991 |
Incurred related to: | ||
Current year | 5,450,400 | 5,622,113 |
Prior years | 785,074 | 55,476 |
Total incurred | 6,235,474 | 5,677,589 |
Paid related to: | ||
Current year | (559,594) | (437,957) |
Prior years | (3,915,127) | (2,953,116) |
Total paid | (4,474,721) | (3,391,073) |
Liability—end of year | $ 12,989,260 | $ 11,228,507 |
Note 6 - Liability for Unpaid_6
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (Unaudited) (Details) $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($) |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 25,180 | |||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 25,180 | |||||||
Short-duration Insurance Contracts, Accident Year 2011 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 263 | $ 266 | $ 344 | $ 321 | $ 293 | $ 257 | $ 348 | $ 262 |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 263 | 266 | 344 | 321 | 293 | 257 | 348 | $ 262 |
IBNR Reserves | $ 1 | |||||||
Cumulative Number of Reported Claims | 24 | |||||||
IBNR Reserves | $ 1 | |||||||
Cumulative Number of Reported Claims | 24 | |||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 365 | 418 | 429 | 450 | 393 | 763 | 702 | |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 365 | 418 | 429 | 450 | 393 | 763 | $ 702 | |
IBNR Reserves | $ 15 | |||||||
Cumulative Number of Reported Claims | 74 | |||||||
IBNR Reserves | $ 15 | |||||||
Cumulative Number of Reported Claims | 74 | |||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 926 | 1,160 | 1,166 | 1,340 | 1,585 | 1,218 | ||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 926 | 1,160 | 1,166 | 1,340 | 1,585 | $ 1,218 | ||
IBNR Reserves | $ 97 | |||||||
Cumulative Number of Reported Claims | 91 | |||||||
IBNR Reserves | $ 97 | |||||||
Cumulative Number of Reported Claims | 91 | |||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 2,743 | 2,641 | 2,562 | 2,640 | 2,589 | |||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,743 | 2,641 | 2,562 | 2,640 | $ 2,589 | |||
IBNR Reserves | $ 197 | |||||||
Cumulative Number of Reported Claims | 169 | |||||||
IBNR Reserves | $ 197 | |||||||
Cumulative Number of Reported Claims | 169 | |||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 3,859 | 4,290 | 4,485 | 3,703 | ||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,859 | 4,290 | 4,485 | $ 3,703 | ||||
IBNR Reserves | $ 501 | |||||||
Cumulative Number of Reported Claims | 240 | |||||||
IBNR Reserves | $ 501 | |||||||
Cumulative Number of Reported Claims | 240 | |||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 3,927 | 4,495 | 4,184 | |||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,927 | 4,495 | $ 4,184 | |||||
IBNR Reserves | $ 974 | |||||||
Cumulative Number of Reported Claims | 280 | |||||||
IBNR Reserves | $ 974 | |||||||
Cumulative Number of Reported Claims | 280 | |||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 7,647 | 5,622 | ||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,647 | $ 5,622 | ||||||
IBNR Reserves | $ 2,867 | |||||||
Cumulative Number of Reported Claims | 358 | |||||||
IBNR Reserves | $ 2,867 | |||||||
Cumulative Number of Reported Claims | 358 | |||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 5,450 | |||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 5,450 | |||||||
IBNR Reserves | $ 3,973 | |||||||
Cumulative Number of Reported Claims | 420 | |||||||
IBNR Reserves | $ 3,973 | |||||||
Cumulative Number of Reported Claims | 420 |
Note 6 - Liability for Unpaid_7
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (Unaudited) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 12,270 | |||||||
Net liability under Reinsurance Agreement | 12,989 | |||||||
Reinsurance Agreement [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 12,910 | |||||||
Net liability under Reinsurance Agreement | 12,910 | |||||||
Other Short-duration Insurance Product Line [Member] | ||||||||
Net liability under Reinsurance Agreement | 79 | |||||||
Short-duration Insurance Contracts, Accident Year 2011 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 262 | $ 262 | $ 262 | $ 260 | $ 201 | $ 167 | $ 165 | |
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 350 | 350 | 329 | 327 | 280 | 188 | $ 64 | |
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 812 | 808 | 715 | 707 | 488 | $ 58 | ||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 1,978 | 1,928 | 1,018 | 680 | $ 67 | |||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,896 | 2,337 | 1,356 | $ 121 | ||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,508 | 1,693 | $ 737 | |||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,904 | $ 438 | ||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 560 |
Note 6 - Liability for Unpaid_8
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses - Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) (Details) | Dec. 31, 2018 |
Average Annual Percentage Payout | 7.90% |
Average Annual Percentage Payout | 36.70% |
Average Annual Percentage Payout | 17.80% |
Average Annual Percentage Payout | 15.60% |
Average Annual Percentage Payout | 8.90% |
Average Annual Percentage Payout | 2.50% |
Average Annual Percentage Payout | 0.60% |
Average Annual Percentage Payout | 0.20% |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) | Feb. 25, 2011USD ($) |
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Note 8 - Premiums Written (Deta
Note 8 - Premiums Written (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Assumed Premiums Written | $ 10,799,007 | $ 9,443,106 |
Note 9 -Operating and Managem_2
Note 9 -Operating and Management Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other General and Administrative Expense | $ 327,500 | $ 329,500 |
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | 504,150 | 576,300 |
Director [Member] | ||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 70,000 | $ 70,000 |
Maximum [Member] | ||
Termination Notice for Management Agreement | 90 days | |
Minimum [Member] | ||
Termination Notice for Management Agreement | 60 days |
Note 10 - Taxation (Details Tex
Note 10 - Taxation (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,040,000 | ||||
Deferred Tax Assets, Valuation Allowance, Total | 2,800,000 | ||||
Income Tax Expense (Benefit), Total | (2,701,396) | ||||
Operating Loss Carryforwards, Total | $ 6,300,000 | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% | ||||
Minimum [Member] | |||||
Operating Loss Carryforwards, Expiration Term | 12 years | ||||
Maximum [Member] | |||||
Operating Loss Carryforwards, Expiration Term | 18 years | ||||
Protexure [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 2,800,000 | ||||
Income Tax Expense (Benefit), Total | $ 9,600,000 | ||||
Policy Renewal Rate | 90.00% | ||||
Protexure [Member] | Scenario, Forecast [Member] | |||||
Income (Loss) Attributable to Parent, before Tax, Total | $ 2,000,000 |
Note 10 - Taxation - Effective
Note 10 - Taxation - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings before income tax | $ 629,653 | |
Expected tax | 0 | 0 |
Foreign taxes at local expected rates | 120,800 | 108,200 |
Other | 91,800 | 370,200 |
Deferred tax expense from enacted rate reductions | 1,040,000 | |
Change in valuation allowance | (2,730,000) | (1,518,400) |
Net tax expense (benefit) | $ (2,701,396) |
Note 10 - Taxation - Deferred T
Note 10 - Taxation - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Capitalized start-up expenses | $ 87,000 | $ 104,000 |
Operating loss carryforwards | 1,800,000 | 2,453,000 |
Unearned commission income | 91,000 | 20,000 |
Accrued interest to parent | 764,000 | 250,000 |
Depreciation and amortization | (12,000) | (27,000) |
Deferred tax assets before valuation allowance | 2,730,000 | 2,800,000 |
Valuation allowance | (2,800,000) | |
Deferred tax assets net of valuation allowance | $ 2,730,000 |
Note 11 - Dividend Restrictio_3
Note 11 - Dividend Restrictions and Statutory Requirements (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 18,400,000 | |
Statutory Loss | 680,725 | $ 843,663 |
Investco [Member] | ||
Investment Utilized to Meet and Maintain Minimum Liquidity, Maximum | $ 11,000,000 |
Note 11 - Dividend Restrictio_4
Note 11 - Dividend Restrictions and Statutory Requirements - Summary of Levels of Solvency and Liquidity (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statutory Capital & Surplus, Minimum | $ 1,948,389 | $ 1,716,466 |
Statutory Capital & Surplus, Actual | 38,660,378 | 37,271,440 |
Relevant Assets, Minimum | 29,027,748 | 28,045,967 |
Relevant Assets, Actual | $ 29,027,748 | $ 28,045,967 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Number of Reportable Segments | 2 |
Note 12 - Segment Information -
Note 12 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 1,343,258 | $ 4,547,665 | $ 4,440,502 | $ 3,491,564 | $ 4,314,285 | $ 3,744,189 | $ 3,840,156 | $ 3,636,578 | $ 13,765,531 | $ 15,535,208 |
Total losses and expenses | 16,582,636 | 14,905,555 | ||||||||
Tax benefit | 2,701,396 | |||||||||
Segment (loss) income | (387,733) | $ 439,455 | $ 147,736 | $ (315,167) | (122,919) | $ 105,060 | $ 216,411 | $ 431,101 | (115,709) | 629,653 |
Property, Plant and Equipment, Net, Ending Balance | 776,382 | 316,066 | 776,382 | 316,066 | ||||||
Reinsurance Segment [Member] | ||||||||||
Revenues | 8,258,126 | 10,752,287 | ||||||||
Total losses and expenses | 11,527,532 | 10,391,519 | ||||||||
Tax benefit | ||||||||||
Segment (loss) income | (3,269,406) | 360,768 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | ||||||||||
Insurance Segment [Member] | ||||||||||
Revenues | 5,507,405 | 4,782,921 | ||||||||
Total losses and expenses | 5,055,104 | 4,514,036 | ||||||||
Tax benefit | 2,701,396 | |||||||||
Segment (loss) income | 3,153,697 | 268,885 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 776,382 | $ 316,066 | $ 776,382 | $ 316,066 |
Note 13 - Stock Compensation (D
Note 13 - Stock Compensation (Details Textual) | Mar. 03, 2018shares | Dec. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2018$ / sharesshares | Mar. 31, 2017$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2012shares | Dec. 31, 2016shares |
Number of Employees in Plan | 4 | 4 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 12,000 | 35,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 30.40 | $ 27.99 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 7,000 | 7,000 | ||||||
Share Price | $ / shares | $ 28.50 | $ 28.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ / shares | $ 27.99 | $ 27.99 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Protexure Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | 7,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 30.14 | $ 30.58 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ / shares | $ 0 | $ 0 | ||||||
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 | |||||||
Number of Annual Installments | 5 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 7,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value | $ / shares | $ 35,000 | |||||||
Phantom Share Units (PSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,442 | 75,018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 87,636 | 87,636 | ||||||
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 | ||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 100,000 | 100,000 | ||||||
Allocated Share-based Compensation Expense, Total | $ | $ 70,280 | $ 36,230 | ||||||
Employee Stock Option [Member] | Protexure Employees [Member] | ||||||||
Number of Annual Installments | 5 | 5 |
Note 13 - Stock Compensation -
Note 13 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance, vested (in shares) | ||||
Balance, non-vested shares (in shares) | 35,000 | |||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 27.99 | |||
Balance (in shares) | 35,000 | |||
Balance, weighted average exercise price (in dollars per share) | $ 27.99 | |||
Granted, non-vested shares (in shares) | 12,000 | 35,000 | ||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.40 | $ 27.99 | ||
Granted, weighted average exercise price (in dollars per share) | $ 30.40 | $ 27.99 | ||
Forfeited (in shares) | ||||
Exercised (in shares) | ||||
Vested, vested (in shares) | 7,000 | |||
Vested, weighted average exercise price per share (in dollars per share) | $ 27.99 | |||
Vested, non-vested shares (in shares) | (7,000) | |||
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 27.99 | |||
Balance, vested (in shares) | 7,000 | |||
Balance, weighted average exercise price per share (in dollars per share) | $ 27.99 | |||
Balance, non-vested shares (in shares) | 40,000 | 35,000 | ||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.71 | $ 27.99 | ||
Balance (in shares) | 47,000 | 35,000 | ||
Balance, weighted average exercise price (in dollars per share) | $ 28.60 | $ 27.99 | ||
Remaining contractual life (years), vested (Year) | 4 years | |||
Remaining contractual life (years), non-vested shares (Year) | 4 years 146 days | 5 years | ||
Remaining contractual life (years), outstanding shares (Year) | 4 years 146 days | 5 years | ||
Balance, vested (in shares) | 7,000 | |||
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | ||||
Forfeited, weighted average exercise price per share (in dollars per share) | ||||
Exercised, weighted average exercise price per share (in dollars per share) |
Note 13 - Stock Compensation _2
Note 13 - Stock Compensation - Weighted Average Assumptions Used to Estimate Fair Value of Options Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Granted, non-vested shares (in shares) | 12,000 | 35,000 |
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.40 | $ 27.99 |
Employee Stock Option [Member] | ||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.40 | $ 27.99 |
Expected life (years) (Year) | 5 years | 5 years |
Expected volatility | 16.40% | 17.20% |
Risk-free interest rate | 2.61% | 1.62% |
Note 13 - Stock Compensation _3
Note 13 - Stock Compensation - Summary of Options Outstanding by Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Exercise Price Range 1 [Member] | ||
Outstanding number (in shares) | 28,000 | 35,000 |
Outstanding weighted average remaining life (Year) | 4 years | 5 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable number (in shares) | 7,000 | |
Exercisable weighted average exercise price (in dollars per share) | $ 27.99 | |
Exercisable, weighted average remaining contractual life (Year) | 4 years | |
Exercise Price Range 2 [Member] | ||
Outstanding number (in shares) | 7,000 | |
Outstanding weighted average remaining life (Year) | 5 years | |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.58 | |
Exercisable number (in shares) | ||
Exercisable weighted average exercise price (in dollars per share) | ||
Exercisable, weighted average remaining contractual life (Year) | ||
Exercise Price Range 3 [Member] | ||
Outstanding number (in shares) | 5,000 | |
Outstanding weighted average remaining life (Year) | 5 years 292 days | |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.14 | |
Exercisable number (in shares) | ||
Exercisable weighted average exercise price (in dollars per share) | ||
Exercisable, weighted average remaining contractual life (Year) |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies - Future Lease Payments (Details) | Dec. 31, 2018USD ($) |
2019 | $ 106,872 |
2020 | 109,828 |
$ 216,700 |
Note 15 - Unaudited Condensed_3
Note 15 - Unaudited Condensed Quarterly Financial Data - Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net premiums earned (Note 8) | $ 2,907,593 | $ 2,554,044 | $ 2,535,703 | $ 2,135,175 | $ 2,565,713 | $ 2,233,906 | $ 2,208,528 | $ 1,792,611 | $ 10,132,515 | $ 8,800,758 |
Commission income | 5,497,779 | 4,779,796 | ||||||||
Net investment income (Note 4) | 116,501 | 92,215 | 87,224 | 88,469 | 93,474 | 69,842 | 85,493 | 150,667 | 384,409 | 399,476 |
Net realized (loss) gain | (3,087,054) | 567,054 | 489,346 | (161,060) | 426,834 | 276,772 | 373,316 | 478,256 | ||
Total revenues | 1,343,258 | 4,547,665 | 4,440,502 | 3,491,564 | 4,314,285 | 3,744,189 | 3,840,156 | 3,636,578 | 13,765,531 | 15,535,208 |
Net (loss) income | $ (387,733) | $ 439,455 | $ 147,736 | $ (315,167) | $ (122,919) | $ 105,060 | $ 216,411 | $ 431,101 | $ (115,709) | $ 629,653 |
Basic (loss) income per share (in dollars per share) | $ (0.60) | $ 0.68 | $ 0.23 | $ (0.49) | $ (0.19) | $ 0.16 | $ 0.33 | $ 0.67 | $ (0.18) | $ 0.97 |
Diluted (loss) income per share (in dollars per share) | $ (0.60) | $ 0.68 | $ 0.23 | $ (0.49) | $ (0.18) | $ 0.16 | $ 0.33 | $ 0.66 | $ (0.18) | $ 0.97 |
Financial Service [Member] | ||||||||||
Commission income | $ 1,406,218 | $ 1,334,352 | $ 1,328,229 | $ 1,428,980 | $ 1,228,264 | $ 1,163,669 | $ 1,172,819 | $ 1,215,044 |