Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
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 Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 995,253 | ||
Entity Public Float | $ 17,760,285 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Shares, Par Value $1.00 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Fixed maturity investments, at fair value (amortized cost $19,761,231 and $15,564,687) | $ 20,344,127 | $ 15,668,317 |
Equity securities, at fair value (cost $0 and $10,889,683) | 15,365,299 | |
TOTAL INVESTMENTS | 20,344,127 | 31,033,616 |
Cash and cash equivalents | 5,732,110 | 6,589,810 |
Restricted cash and cash equivalents | 4,964,126 | 1,169,805 |
Assumed reinsurance premiums receivable | 2,221,664 | 5,695,847 |
Accrued investment income | 147,975 | 104,935 |
Property and equipment (Note 5) | 1,098,420 | 1,105,513 |
Deferred income taxes (Note 10) | 1,614,000 | 2,564,000 |
Deferred policy acquisition costs | 724,509 | 1,964,052 |
Prepaid expenses and other assets | 1,476,187 | 2,019,622 |
TOTAL ASSETS | 38,323,118 | 52,247,200 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses (Note 6) | 20,936,677 | 13,966,044 |
Unearned premiums | 4,622,666 | 5,308,398 |
Assumed reinsurance payable | 3,175,098 | 6,756,177 |
Accrued expenses and other liabilities | 3,689,620 | 5,873,130 |
TOTAL LIABILITIES | 32,424,061 | 31,903,749 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2020 and 2019: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,287,293 | 6,465,776 |
Retained earnings | 7,250,194 | 21,842,409 |
Accumulated other comprehensive income (loss) | 582,896 | 103,630 |
Shares held by Subsidiary (374,141 and 369,576 shares) at cost | (9,216,579) | (9,063,617) |
TOTAL SHAREHOLDERS’ EQUITY | 5,899,057 | 20,343,451 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 38,323,118 | $ 52,247,200 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed maturity investments, amortized cost | $ 19,761,231 | $ 15,564,687 |
Equity securities, cost | $ 0 | $ 10,889,683 |
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) | 374,141 | 369,576 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUES | ||
Net premiums earned (Note 8) | $ 11,848,463 | $ 11,348,596 |
Commission income | 5,698,299 | 5,800,987 |
Net investment income (Note 4) | 383,810 | 478,111 |
Net realized and unrealized (loss) gain on investments (Note 4) | (1,764,276) | 4,074,997 |
TOTAL REVENUES | 16,166,296 | 21,702,691 |
LOSSES AND EXPENSES | ||
Losses and loss adjustment expenses (Note 6) | 18,856,370 | 8,028,735 |
Policy acquisition costs | 5,369,752 | 4,199,239 |
Operating and management expenses (Note 9) | 5,543,889 | 6,847,921 |
TOTAL LOSSES AND EXPENSES | 29,770,011 | 19,075,895 |
(LOSS) INCOME BEFORE TAX | (13,603,715) | 2,626,796 |
Tax expense (Note 10) | 988,500 | 214,277 |
NET (LOSS) INCOME AFTER TAX | $ (14,592,215) | $ 2,412,519 |
NET (LOSS) INCOME PER SHARE | ||
Basic (in dollars per share) | $ (23.36) | $ 3.83 |
Diluted (in dollars per share) | $ (23.36) | $ 3.81 |
Weighted average number of common shares outstanding for the year | ||
Basic (in shares) | 624,536 | 630,210 |
Diluted (in shares) | 624,536 | 633,395 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NET (LOSS) INCOME AFTER TAX | $ (14,592,215) | $ 2,412,519 |
OTHER COMPREHENSIVE INCOME | ||
Net unrealized holding gains arising during the period | 561,727 | 321,978 |
Reclassification adjustment for gains included in net income | (82,461) | |
TOTAL OTHER COMPREHENSIVE INCOME | 479,266 | 321,978 |
COMPREHENSIVE (LOSS) INCOME | $ (14,112,949) | $ 2,734,497 |
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, 2018 | 995,253 | |||||
Balance at Dec. 31, 2018 | $ 6,393,730 | $ 19,725,581 | $ (218,348) | $ (8,941,051) | $ 17,955,165 | |
Net (loss) income | 2,412,519 | 2,412,519 | ||||
Stock option awards expense | 72,046 | 72,046 | ||||
Other comprehensive gain Unrealized gain on securities, net of reclassification adjustment | 321,978 | 321,978 | ||||
Purchase of shares by subsidiary, net | (122,566) | (122,566) | ||||
Dividends ($0.50 per share) | (295,691) | (295,691) | ||||
Balance (in shares) at Dec. 31, 2019 | 995,253 | |||||
Balance at Dec. 31, 2019 | 6,465,776 | 21,842,409 | 103,630 | (9,063,617) | 20,343,451 | |
Net (loss) income | (14,592,215) | (14,592,215) | ||||
Other comprehensive gain Unrealized gain on securities, net of reclassification adjustment | 479,266 | 479,266 | ||||
Purchase of shares by subsidiary, net | (152,962) | (152,962) | ||||
Stock option awards expense | (178,483) | (178,483) | ||||
Balance (in shares) at Dec. 31, 2020 | 995,253 | |||||
Balance at Dec. 31, 2020 | $ 6,287,293 | $ 7,250,194 | $ 582,896 | $ (9,216,579) | $ 5,899,057 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Dividends, per share (in dollars per share) | $ 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) income | $ (14,592,215) | $ 2,412,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of net premiums on investments | 72,161 | 50,812 |
Stock option awards expense | (178,483) | 72,046 |
Depreciation and amortization on property and equipment | 306,913 | 212,778 |
Net realized and unrealized losses (gains) on investments | 1,764,276 | (4,074,997) |
Changes in assets and liabilities: | ||
Assumed reinsurance premiums receivable | 3,474,183 | (3,043,984) |
Accrued investment income | (43,040) | (16,366) |
Deferred income taxes | 950,000 | 166,000 |
Deferred policy acquisition costs | 1,239,543 | (94,684) |
Prepaid expenses and other assets | 543,435 | (37,709) |
Liability for losses and loss adjustment expenses | 6,970,633 | 976,784 |
Unearned premiums | (685,732) | 256,551 |
Assumed reinsurance payable | (3,581,079) | 4,584,410 |
Accrued expenses and other liabilities | (2,183,510) | (61,278) |
Net cash (used in) provided by operating activities | (5,942,915) | 1,402,882 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (299,820) | (541,909) |
Purchases of available-for-sale securities | (11,505,934) | (7,781,665) |
Proceeds from sales of available-for-sale securities | 14,941,172 | 4,412,518 |
Proceeds from redemptions of fixed maturity investments | 3,362,080 | 540,000 |
Proceeds from maturities of fixed maturity investments | 2,535,000 | 4,175,000 |
Net cash provided by investing activities | 9,032,498 | 803,944 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividends paid | (295,691) | |
Purchase of shares by subsidiary, net | (152,962) | (122,566) |
Net cash used in financing activities | (152,962) | (418,257) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,936,621 | 1,788,569 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 7,759,615 | 5,971,046 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ 10,696,236 | $ 7,759,615 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2020 | |
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. December 30, 2020, 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, 2020. In October 2020, eight 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% not 50% may 120 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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., and Protexure. 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 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 had classified its equity securities as available-for-sale. Our equity investments were carried at fair value, with changes in fair value recognized within net realized and unrealized gains (losses) on the consolidated statement of operations. 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 2020 No 2020. Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not 2016 13. January 1, 2023. not |
Note 3 - Pledged Assets
Note 3 - Pledged Assets | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019, $31,705,419 $21,509,585, 2020, 2020 19 At December 31, 2020 2019, 114 $25,437,267 $20,940,689, December 31, 2020, $6,268,152 not Cash and Cash Equivalents at December 31, 2020 2019 $2,163,741 $2,965,676 |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2020 Fixed maturity investments: U.S. government agency securities $ 2,551,741 $ 39,421 $ — $ 2,591,162 Obligations of U.S. states and political subdivisions 10,157,542 337,695 — 10,495,237 Corporate debt securities 7,051,948 207,833 (2,053 ) 7,257,728 Total fixed maturity investments 19,761,231 584,949 (2,053 ) 20,344,127 Total equity securities — — — — Total investments $ 19,761,231 $ 584,949 $ (2,053 ) $ 20,344,127 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2019 Fixed maturity investments: U.S. government agency securities $ 4,731,181 $ 38,524 $ (1,086 ) $ 4,768,619 Obligations of U.S. states and political subdivisions 3,188,217 29,521 (5,936 ) 3,211,802 Corporate debt securities 7,645,289 45,080 (2,473 ) 7,687,896 Total fixed maturity investments 15,564,687 113,125 (9,495 ) 15,668,317 Equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total investments $ 26,454,370 $ 4,967,304 $ (388,058 ) $ 31,033,616 The following tables summarize the Company's fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2020 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Corporate debt securities — — 789,106 (2,053 ) 789,106 (2,053 ) Total fixed maturity investments — — 789,106 (2,053 ) 789,106 (2,053 ) Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ 789,106 $ (2,053 ) $ 789,106 $ (2,053 ) 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2019 Fixed maturity investments: U.S. government agency securities $ — $ — $ 1,528,838 $ (1,086 ) $ 1,528,838 $ (1,086 ) Obligations of states and political subdivisions — — 601,053 (5,936 ) 601,053 (5,936 ) Corporate debt securities 743,360 (2,473 ) — — 743,360 (2,473 ) Total fixed maturity investments 743,360 (2,473 ) 2,129,891 (7,022 ) 2,873,251 (9,495 ) Equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total investments $ 1,079,681 $ (121,786 ) $ 3,626,043 $ (266,272 ) $ 4,705,724 $ (388,058 ) As of December 31, 2020 2019, 3 8 $789,106 $2,873,251, December 31, 2020 2019, none 2 12 December 31, 2020, none not not not The cost or amortized cost and estimated fair value of fixed maturity investments at December 31, 2020 2019 may may Amortized Cost Estimated Fair Value December 31, 2020 Due in one year or less $ 2,623,260 $ 2,637,533 Due after one year through five years 12,982,049 13,388,495 Due after five years through ten years 3,700,157 3,843,880 Due after ten years 455,765 474,219 Total $ 19,761,231 $ 20,344,127 Amortized Cost Estimated Fair Value December 31, 2019 Due in one year or less $ 2,539,709 $ 2,542,229 Due after one year through five years 12,518,738 12,619,593 Due after five years through ten years 506,240 506,495 Total $ 15,564,687 $ 15,668,317 Information on sales and maturities of investments during the twelve December 31, 2020 2019 2020 2019 Total proceeds on sales of available-for-sale securities $ 14,941,172 $ 4,412,518 Total proceeds from redemptions of fixed maturity investments 3,362,080 540,000 Total proceeds from maturities of fixed maturity investments 2,535,000 4,175,000 Gross gains on sales 4,346,482 1,497,860 Gross losses on sales (1,635,142 ) (598,373 ) Net unrealized (losses) gains on equity investments (4,475,616 ) 3,175,510 Total $ (1,764,276 ) $ 4,074,997 Fair Value of Investments The following tables show the fair value of the Company's investments in accordance with ASC 820, December 31, 2020 2019. Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2020 U.S. government agency securities $ 2,591,162 $ 2,591,162 $ — $ 2,591,162 $ — Obligations of U.S. state and political subdivisions 10,495,237 10,495,237 10,495,237 Corporate debt securities 7,257,728 7,257,728 7,257,728 Total fixed maturity investments 20,344,127 20,344,127 Equity securities — — Total equity securities — — Total investments $ 20,344,127 $ 20,344,127 $ — $ 20,344,127 $ — Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2019 U.S. government agency securities $ 4,768,619 $ 4,768,619 $ — $ 4,768,619 $ — Obligations of U.S. state and political subdivisions 3,211,802 3,211,802 3,211,802 Corporate debt securities 7,687,896 7,687,896 7,687,896 Total fixed maturity investments 15,668,317 15,668,317 Equity securities 15,365,299 15,365,299 15,365,299 Total equity securities 15,365,299 15,365,299 Total investments $ 31,033,616 $ 31,033,616 $ 15,365,299 $ 15,668,317 $ — There were no 1 2 December 31, 2020 2019. 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 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, 2020 • 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 In September 2020, 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, 2019. not Major categories of net interest and dividend income are summarized as follows: 2020 2019 Interest earned: Fixed maturity investments $ 347,488 $ 348,551 Short term investments and cash and cash equivalents 11,600 69,218 Dividends earned 134,457 209,307 Investment expenses (109,735 ) (148,965 ) Net investment income $ 383,810 $ 478,111 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment, all associated with Protexure, at December 31, 2020 2019 $1,098,420 $1,105,513, Cost Accumulated Depreciation and Amortization Total December 31, 2020 Furniture and fixtures $ 36,705 $ 31,626 $ 5,079 Office equipment 107,392 69,651 37,741 Computer equipment 23,161 17,468 5,693 Internal use software 1,712,136 662,229 1,049,907 Total $ 1,879,394 $ 780,974 $ 1,098,420 Cost Accumulated Depreciation and Amortization Total December 31, 2019 Furniture and fixtures $ 36,705 $ 26,668 $ 10,037 Office equipment 107,392 54,309 53,083 Computer equipment 23,161 14,014 9,147 Internal use software 1,412,316 379,070 1,033,246 Total $ 1,579,574 $ 474,061 $ 1,105,513 |
Note 6 - Liability for Unpaid L
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 6. Details of the liability for unpaid losses and loss adjustment expenses at December 31, 2020 2019 2019 2019 Case basis estimates $ 8,002,720 $ 5,334,543 IBNR reserves 12,933,957 8,631,501 Totals $ 20,936,677 $ 13,966,044 Liability for losses and loss adjustment expense activity is as follows: 2020 2019 Liability—beginning of year $ 13,966,044 $ 12,989,260 Incurred related to: Current year 10,512,394 6,575,056 Prior years 8,343,976 1,453,679 Total incurred 18,856,370 8,028,735 Paid related to: Current year (1,864,593 ) (807,072 ) Prior years (10,021,144 ) (6,244,879 ) Total paid (11,885,737 ) (7,051,951 ) Liability—end of year $ 20,936,677 $ 13,966,044 As a result of the change in estimates of insured events in prior years, the provision for losses and loss adjustment expenses increased by $8,343,976 $1,453,679 2020 2019, 2020 2017, 2018 2019. 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, 2020. December 31, 2011 2019 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. 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, 2020 Professional Liability (dollars in thousands) IBNR Cumulative Reserves Number of For the Years Ended December 31, Dec. 31, Reports 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Claims (Unaudited) (Unaudited) (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 $ 263 $ 263 $ 1 N/A 2012 702 763 393 450 429 418 365 361 360 10 24 2013 1,218 1,585 1,340 1,166 1,160 926 842 825 8 74 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,035 22 85 2015 3,703 4,485 4,290 3,859 4,768 4,788 82 169 2016 4,184 4,495 3,927 3,963 3,833 208 239 2017 5,622 7,647 7,846 9,018 970 282 2018 5,450 6,523 8,847 1,469 364 2019 6,575 11,616 3,317 441 2020 10,512 6,830 526 Total $ 52,097 Liability for Claims And Allocated Claim For the Years Ended December 31, Adjustment Expenses 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Before Paid Claims and Allocated Adjustment Expense, Net of Reinsurance 2011 - 2020 2011 Accident Year 2011 $ 262 $ 348 $ 257 $ 293 $ 321 $ 344 $ 266 $ 263 $ 263 $ 262 2012 702 763 393 450 429 418 365 361 350 2013 1,218 1,585 1,340 1,166 1,160 926 842 818 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,012 2015 3,703 4,485 4,290 3,859 4,768 4,232 2016 4,184 4,495 3,927 3,963 3,413 2017 5,622 7,647 7,846 7,305 2018 5,450 6,523 5,981 2019 6,575 4,964 2020 1,864 Total $ 31,201 $ 20,896 N/A Net Under Reinsurance Agreement $ 20,896 Other 41 Total net Liability $ 20,937 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 9 10 8.6% 35.5% 21.9% 17.9% 8.1% 4.8% 0.7% 0.0% 0.0% 0.0% |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. EQUITY AmerInst currently does not not On February 25, 2011, $500,000 October 2020, 2021, |
Note 8 - Premiums Written
Note 8 - Premiums Written | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Premiums Written [Text Block] | 8. Premiums written were $11,162,731 $11,605,148 2020 2019, December 31, 2020 2019 |
Note 9 - Operating and Manageme
Note 9 - Operating and Management Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Operating and Management Expense Disclosure [Text Block] | 9. With the exception of Protexure, AmerInst and its other direct and indirect subsidiaries have no may not 90 60 $362,000 $353,000 2020 2019, Operating and management expenses include compensation paid to members of the Board of Directors and various committees of the Board totaling $381,650 2020 $493,250 2019. $70,000 December 31, 2020 2019, , |
Note 10 - Taxation
Note 10 - Taxation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. 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. 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% 2020 2019 Earnings before income tax $ (13,603,715 ) $ 2,626,796 Expected tax — — Foreign taxes at local expected rates 38,500 48,277 Change in deferred tax asset of US subsidiary 950,000 166,000 Deferred tax expense from enacted rate reductions — — Change in valuation allowance — — Net tax expense (benefit) $ 988,500 $ 214,277 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 amounts used for income tax purposes. The components of net deferred income tax assets and liabilities are comprised of the following: 2020 2019 Capitalized start-up expenses $ 58,000 $ 73,000 Operating loss carryforwards 1,483,000 1,769,000 Unearned commission income 61,000 74,000 Accrued interest to parent — 650,000 Depreciation and amortization 12,000 (2,000 ) Deferred tax assets $ 1,614,000 $ 2,564,000 At December 31, 2020, $5.2 11 15 |
Note 11 - Dividend Restrictions
Note 11 - Dividend Restrictions and Statutory Requirements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | 11. Our ability to pay dividends to common shareholders and to pay our operating expenses is dependent on cash dividends from our subsidiaries. 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 become due in the ordinary course of business, and fund its collateral obligations to ceded companies, after the payment of a dividend. 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. For the years ended December 31, 2020 2019 Statutory Capital & Surplus Relevant Assets Minimum Actual Minimum Actual December 31, 2020 $ 3,140,502 $ 24,746,999 $ 21,550,831 $ 28,678,753 December 31, 2019 $ 2,094,907 $ 41,029,273 $ 34,466,903 $ 40,204,160 At December 31, 2020, $1 twelve December 31, 2020, no Statutory loss for the years ended December 31, 2020 2019 $16,483,222 $1,237,746, |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. AmerInst has two 1 2 As of and for the Year Ended December 31, 2020 Reinsurance Segment Insurance Segment Total Revenues $ 10,463,588 $ 5,702,708 $ 16,166,296 Total losses and expenses 27,498,921 3,259,590 30,758,511 Segment (loss) income (17,035,333 ) 2,443,118 (14,592,215 ) Identifiable assets — 1,098,420 1,098,420 As of and for the Year Ended December 31, 2019 Reinsurance Segment Insurance Segment Total Revenues $ 15,853,490 $ 5,849,201 $ 21,702,691 Total losses and expenses 13,838,051 5,452,121 19,290,172 Segment income 2,015,439 397,080 2,412,519 Identifiable assets — 1,105,513 1,105,513 |
Note 13 - Stock Compensation
Note 13 - Stock Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 13. Phantom Shares: Protexure has employment agreements with three one 63,765 may December 31, 2020, no no 76,403 December 31, 2020. For these three January 1, 2015. 65 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, 2020. Stock Option Plan: A summary of the status of the stock option plan as of December 31, 2020 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2020 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2020 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 2.2 2.3 2.3 A summary of the status of the stock option plan as of December 31, 2019 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2019 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Granted — — — — — — Forfeited — — (2,000 ) 30.14 (2,000 ) 30.14 Exercised — — — — — — Vested 9,400 28.60 (9,400 ) 28.60 — — Outstanding December 31, 2019 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 3.2 3.3 3.3 The fair value of each option granted during 2020, 2019 2018 No 2020 2019. 2018 Option Grants Number of options 12,000 Weighted fair value per share $ 30.40 Expected life (years) 5 Expected volatility 16.4 % Risk-free interest rate 2.61 % Information pertaining to options outstanding at December 31, 2020 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 27.99 14,000 2.0 $ 27.99 21,000 $ 27.99 2.0 $ 30.58 4,200 3.0 $ 30.58 2,800 $ 30.58 3.0 $ 30.14 1,500 3.8 $ 30.14 1,500 $ 30.14 3.8 Information pertaining to options outstanding at December 31, 2019 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 27.99 21,000 3.0 $ 27.99 14,000 $ 27.99 3.0 $ 30.58 5,600 4.0 $ 30.58 1,400 $ 30.58 4.0 $ 30.14 2,000 4.8 $ 30.14 1,000 $ 30.14 4.8 At December 31, 2020, no 35,000 March 3, 2017, 7,000 January 1, 2018 5,000 October 1, 2018 $9.50 $27.99, $30.58 $30.14, 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 178,483 $72,046 December 31, 2020 2019, |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Protexure leased office space in Lisle, Illinois under a non-cancellable lease agreement that commenced on December 14, 2009 December 31, 2020. December 2020, December 31, 2021. December 31, 2020 $112,290 2021. For operating leases that have a lease term of more than 12 not 6%, The Company is evaluating its lease needs at the current time. |
Note 15 - Unaudited Condensed Q
Note 15 - Unaudited Condensed Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 15. 2020 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,579,616 $ 2,930,898 $ 3,437,196 $ 2,900,753 Commission income 1,637,601 1,467,696 1,437,181 1,155,821 Net investment income 111,811 97,024 99,444 75,531 Net realized and unrealized gain (4,377,990 ) 1,625,128 988,562 24 Total revenues $ (48,962 ) $ 6,120,746 $ 5,962,383 $ 4,132,129 Net (loss) income $ (4,477,597 ) $ 1,465,255 $ (8,277,992 ) $ (3,301,881 ) Basic (loss) income per share $ (7.16 ) $ 2.34 $ (13.23 ) $ (5.31 ) Diluted (loss) income per share $ (7.16 ) $ 2.34 $ (13.23 ) $ (5.31 ) 2019 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,463,583 $ 2,862,026 $ 2,815,917 $ 3,207,070 Commission income 1,555,804 1,389,684 1,450,367 1,405,132 Net investment income 123,042 106,610 125,491 122,968 Net realized and unrealized (loss) gain 1,747,325 775,972 72,492 1,479,208 Total revenues $ 5,889,754 $ 5,134,292 $ 4,464,267 $ 6,214,378 Net (loss) income $ 1,669,711 $ 511,444 $ (22,537 ) $ 253,901 Basic (loss) income per share $ 2.65 $ 0.81 $ (0.04 ) $ 0.41 Diluted (loss) income per share $ 2.64 $ 0.80 $ (0.04 ) $ 0.41 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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., and Protexure. 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 |
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 had classified its equity securities as available-for-sale. Our equity investments were carried at fair value, with changes in fair value recognized within net realized and unrealized gains (losses) on the consolidated statement of operations. |
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 2020 No 2020. Accounting Standards Not Financial Instruments Credit Losses-Measurement of Credit Losses on Financial Instruments In June 2016, 2016 13, not 2016 13. January 1, 2023. not |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2020 Fixed maturity investments: U.S. government agency securities $ 2,551,741 $ 39,421 $ — $ 2,591,162 Obligations of U.S. states and political subdivisions 10,157,542 337,695 — 10,495,237 Corporate debt securities 7,051,948 207,833 (2,053 ) 7,257,728 Total fixed maturity investments 19,761,231 584,949 (2,053 ) 20,344,127 Total equity securities — — — — Total investments $ 19,761,231 $ 584,949 $ (2,053 ) $ 20,344,127 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2019 Fixed maturity investments: U.S. government agency securities $ 4,731,181 $ 38,524 $ (1,086 ) $ 4,768,619 Obligations of U.S. states and political subdivisions 3,188,217 29,521 (5,936 ) 3,211,802 Corporate debt securities 7,645,289 45,080 (2,473 ) 7,687,896 Total fixed maturity investments 15,564,687 113,125 (9,495 ) 15,668,317 Equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total equity securities 10,889,683 4,854,179 (378,563 ) 15,365,299 Total investments $ 26,454,370 $ 4,967,304 $ (388,058 ) $ 31,033,616 |
Schedule of Unrealized Loss on Investments [Table Text Block] | 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2020 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Corporate debt securities — — 789,106 (2,053 ) 789,106 (2,053 ) Total fixed maturity investments — — 789,106 (2,053 ) 789,106 (2,053 ) Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ 789,106 $ (2,053 ) $ 789,106 $ (2,053 ) 12 months or greater Less than 12 months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses December 31, 2019 Fixed maturity investments: U.S. government agency securities $ — $ — $ 1,528,838 $ (1,086 ) $ 1,528,838 $ (1,086 ) Obligations of states and political subdivisions — — 601,053 (5,936 ) 601,053 (5,936 ) Corporate debt securities 743,360 (2,473 ) — — 743,360 (2,473 ) Total fixed maturity investments 743,360 (2,473 ) 2,129,891 (7,022 ) 2,873,251 (9,495 ) Equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total equity securities 336,321 (119,313 ) 1,496,152 (259,250 ) 1,832,473 (378,563 ) Total investments $ 1,079,681 $ (121,786 ) $ 3,626,043 $ (266,272 ) $ 4,705,724 $ (388,058 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Estimated Fair Value December 31, 2020 Due in one year or less $ 2,623,260 $ 2,637,533 Due after one year through five years 12,982,049 13,388,495 Due after five years through ten years 3,700,157 3,843,880 Due after ten years 455,765 474,219 Total $ 19,761,231 $ 20,344,127 Amortized Cost Estimated Fair Value December 31, 2019 Due in one year or less $ 2,539,709 $ 2,542,229 Due after one year through five years 12,518,738 12,619,593 Due after five years through ten years 506,240 506,495 Total $ 15,564,687 $ 15,668,317 |
Realized Gain (Loss) on Investments [Table Text Block] | 2020 2019 Total proceeds on sales of available-for-sale securities $ 14,941,172 $ 4,412,518 Total proceeds from redemptions of fixed maturity investments 3,362,080 540,000 Total proceeds from maturities of fixed maturity investments 2,535,000 4,175,000 Gross gains on sales 4,346,482 1,497,860 Gross losses on sales (1,635,142 ) (598,373 ) Net unrealized (losses) gains on equity investments (4,475,616 ) 3,175,510 Total $ (1,764,276 ) $ 4,074,997 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2020 U.S. government agency securities $ 2,591,162 $ 2,591,162 $ — $ 2,591,162 $ — Obligations of U.S. state and political subdivisions 10,495,237 10,495,237 10,495,237 Corporate debt securities 7,257,728 7,257,728 7,257,728 Total fixed maturity investments 20,344,127 20,344,127 Equity securities — — Total equity securities — — Total investments $ 20,344,127 $ 20,344,127 $ — $ 20,344,127 $ — Fair value measurement using: Carrying amount Total fair value Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) December 31, 2019 U.S. government agency securities $ 4,768,619 $ 4,768,619 $ — $ 4,768,619 $ — Obligations of U.S. state and political subdivisions 3,211,802 3,211,802 3,211,802 Corporate debt securities 7,687,896 7,687,896 7,687,896 Total fixed maturity investments 15,668,317 15,668,317 Equity securities 15,365,299 15,365,299 15,365,299 Total equity securities 15,365,299 15,365,299 Total investments $ 31,033,616 $ 31,033,616 $ 15,365,299 $ 15,668,317 $ — |
Condensed Cash Flow Statement [Table Text Block] | 2020 2019 Interest earned: Fixed maturity investments $ 347,488 $ 348,551 Short term investments and cash and cash equivalents 11,600 69,218 Dividends earned 134,457 209,307 Investment expenses (109,735 ) (148,965 ) Net investment income $ 383,810 $ 478,111 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation and Amortization Total December 31, 2020 Furniture and fixtures $ 36,705 $ 31,626 $ 5,079 Office equipment 107,392 69,651 37,741 Computer equipment 23,161 17,468 5,693 Internal use software 1,712,136 662,229 1,049,907 Total $ 1,879,394 $ 780,974 $ 1,098,420 Cost Accumulated Depreciation and Amortization Total December 31, 2019 Furniture and fixtures $ 36,705 $ 26,668 $ 10,037 Office equipment 107,392 54,309 53,083 Computer equipment 23,161 14,014 9,147 Internal use software 1,412,316 379,070 1,033,246 Total $ 1,579,574 $ 474,061 $ 1,105,513 |
Note 6 - Liability for Unpaid_2
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2019 2019 Case basis estimates $ 8,002,720 $ 5,334,543 IBNR reserves 12,933,957 8,631,501 Totals $ 20,936,677 $ 13,966,044 |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 2020 2019 Liability—beginning of year $ 13,966,044 $ 12,989,260 Incurred related to: Current year 10,512,394 6,575,056 Prior years 8,343,976 1,453,679 Total incurred 18,856,370 8,028,735 Paid related to: Current year (1,864,593 ) (807,072 ) Prior years (10,021,144 ) (6,244,879 ) Total paid (11,885,737 ) (7,051,951 ) Liability—end of year $ 20,936,677 $ 13,966,044 |
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense [Table Text Block] | IBNR Cumulative Reserves Number of For the Years Ended December 31, Dec. 31, Reports 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2020 Claims (Unaudited) (Unaudited) (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 $ 263 $ 263 $ 1 N/A 2012 702 763 393 450 429 418 365 361 360 10 24 2013 1,218 1,585 1,340 1,166 1,160 926 842 825 8 74 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,035 22 85 2015 3,703 4,485 4,290 3,859 4,768 4,788 82 169 2016 4,184 4,495 3,927 3,963 3,833 208 239 2017 5,622 7,647 7,846 9,018 970 282 2018 5,450 6,523 8,847 1,469 364 2019 6,575 11,616 3,317 441 2020 10,512 6,830 526 Total $ 52,097 |
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense [Table Text Block] | Liability for Claims And Allocated Claim For the Years Ended December 31, Adjustment Expenses 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Before Paid Claims and Allocated Adjustment Expense, Net of Reinsurance 2011 - 2020 2011 Accident Year 2011 $ 262 $ 348 $ 257 $ 293 $ 321 $ 344 $ 266 $ 263 $ 263 $ 262 2012 702 763 393 450 429 418 365 361 350 2013 1,218 1,585 1,340 1,166 1,160 926 842 818 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,012 2015 3,703 4,485 4,290 3,859 4,768 4,232 2016 4,184 4,495 3,927 3,963 3,413 2017 5,622 7,647 7,846 7,305 2018 5,450 6,523 5,981 2019 6,575 4,964 2020 1,864 Total $ 31,201 $ 20,896 N/A Net Under Reinsurance Agreement $ 20,896 Other 41 Total net Liability $ 20,937 |
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 9 10 8.6% 35.5% 21.9% 17.9% 8.1% 4.8% 0.7% 0.0% 0.0% 0.0% |
Note 10 - Taxation (Tables)
Note 10 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Earnings before income tax $ (13,603,715 ) $ 2,626,796 Expected tax — — Foreign taxes at local expected rates 38,500 48,277 Change in deferred tax asset of US subsidiary 950,000 166,000 Deferred tax expense from enacted rate reductions — — Change in valuation allowance — — Net tax expense (benefit) $ 988,500 $ 214,277 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Capitalized start-up expenses $ 58,000 $ 73,000 Operating loss carryforwards 1,483,000 1,769,000 Unearned commission income 61,000 74,000 Accrued interest to parent — 650,000 Depreciation and amortization 12,000 (2,000 ) Deferred tax assets $ 1,614,000 $ 2,564,000 |
Note 11 - Dividend Restrictio_2
Note 11 - Dividend Restrictions and Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Statutory Capital & Surplus Relevant Assets Minimum Actual Minimum Actual December 31, 2020 $ 3,140,502 $ 24,746,999 $ 21,550,831 $ 28,678,753 December 31, 2019 $ 2,094,907 $ 41,029,273 $ 34,466,903 $ 40,204,160 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Year Ended December 31, 2020 Reinsurance Segment Insurance Segment Total Revenues $ 10,463,588 $ 5,702,708 $ 16,166,296 Total losses and expenses 27,498,921 3,259,590 30,758,511 Segment (loss) income (17,035,333 ) 2,443,118 (14,592,215 ) Identifiable assets — 1,098,420 1,098,420 As of and for the Year Ended December 31, 2019 Reinsurance Segment Insurance Segment Total Revenues $ 15,853,490 $ 5,849,201 $ 21,702,691 Total losses and expenses 13,838,051 5,452,121 19,290,172 Segment income 2,015,439 397,080 2,412,519 Identifiable assets — 1,105,513 1,105,513 |
Note 13 - Stock Compensation (T
Note 13 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2020 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2020 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 2.2 2.3 2.3 Vested Shares Weighted Average Exercise Price Per Share Non-vested Shares Weighted Average Exercise Price Per Share Total Shares Weighted Average Exercise Price Per Share Outstanding January 1, 2019 7,000 $ 27.99 40,000 $ 28.71 47,000 $ 28.60 Granted — — — — — — Forfeited — — (2,000 ) 30.14 (2,000 ) 30.14 Exercised — — — — — — Vested 9,400 28.60 (9,400 ) 28.60 — — Outstanding December 31, 2019 16,400 $ 28.34 28,600 $ 28.65 45,000 $ 28.54 Options exercisable at year end — — — — — — Weighted average fair value of options per share granted during the year — — $ — — $ — — Remaining contractual life (years) 3.2 3.3 3.3 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2018 Option Grants Number of options 12,000 Weighted fair value per share $ 30.40 Expected life (years) 5 Expected volatility 16.4 % Risk-free interest rate 2.61 % |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 27.99 14,000 2.0 $ 27.99 21,000 $ 27.99 2.0 $ 30.58 4,200 3.0 $ 30.58 2,800 $ 30.58 3.0 $ 30.14 1,500 3.8 $ 30.14 1,500 $ 30.14 3.8 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) $ 27.99 21,000 3.0 $ 27.99 14,000 $ 27.99 3.0 $ 30.58 5,600 4.0 $ 30.58 1,400 $ 30.58 4.0 $ 30.14 2,000 4.8 $ 30.14 1,000 $ 30.14 4.8 |
Note 15 - Unaudited Condensed_2
Note 15 - Unaudited Condensed Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,579,616 $ 2,930,898 $ 3,437,196 $ 2,900,753 Commission income 1,637,601 1,467,696 1,437,181 1,155,821 Net investment income 111,811 97,024 99,444 75,531 Net realized and unrealized gain (4,377,990 ) 1,625,128 988,562 24 Total revenues $ (48,962 ) $ 6,120,746 $ 5,962,383 $ 4,132,129 Net (loss) income $ (4,477,597 ) $ 1,465,255 $ (8,277,992 ) $ (3,301,881 ) Basic (loss) income per share $ (7.16 ) $ 2.34 $ (13.23 ) $ (5.31 ) Diluted (loss) income per share $ (7.16 ) $ 2.34 $ (13.23 ) $ (5.31 ) 2019 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,463,583 $ 2,862,026 $ 2,815,917 $ 3,207,070 Commission income 1,555,804 1,389,684 1,450,367 1,405,132 Net investment income 123,042 106,610 125,491 122,968 Net realized and unrealized (loss) gain 1,747,325 775,972 72,492 1,479,208 Total revenues $ 5,889,754 $ 5,134,292 $ 4,464,267 $ 6,214,378 Net (loss) income $ 1,669,711 $ 511,444 $ (22,537 ) $ 253,901 Basic (loss) income per share $ 2.65 $ 0.81 $ (0.04 ) $ 0.41 Diluted (loss) income per share $ 2.64 $ 0.80 $ (0.04 ) $ 0.41 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Capitalized Internal Use Software Costs [Member] | |
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Minimum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 3 years |
Maximum [Member] | |
Property, Plant and Equipment, Useful Life (Year) | 7 years |
Note 3 - Pledged Assets (Detail
Note 3 - Pledged Assets (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Secured Debt, Total | $ 31,705,419 | $ 21,509,585 |
Funds Held under Reinsurance Agreements, Liability | 25,437,267 | 20,940,689 |
Collateral Obligations, Amount, Failure to Meet | 6,268,152 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 5,732,110 | 6,589,810 |
Cash and Cash Equivalents Held by AmerInst Professional Services, Limited in a Fiduciary Capacity [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 2,163,741 | $ 2,965,676 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 789,106 | $ 4,705,724 |
Fixed Maturities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 3 | 8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 789,106 | $ 2,873,251 |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 0 | 2 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities, Total | $ 0 |
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, 2020 | Dec. 31, 2019 |
Cost or Amortized Cost | $ 19,761,231 | $ 26,454,370 |
Gross Unrealized Gains | 584,949 | 4,967,304 |
Gross Unrealized Losses | (2,053) | (388,058) |
Estimated Fair Value | 20,344,127 | 31,033,616 |
Fixed Maturities [Member] | ||
Cost or Amortized Cost | 19,761,231 | 15,564,687 |
Gross Unrealized Gains | 584,949 | 113,125 |
Gross Unrealized Losses | (2,053) | (9,495) |
Estimated Fair Value | 20,344,127 | 15,668,317 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Cost or Amortized Cost | 2,551,741 | 4,731,181 |
Gross Unrealized Gains | 39,421 | 38,524 |
Gross Unrealized Losses | (1,086) | |
Estimated Fair Value | 2,591,162 | 4,768,619 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost or Amortized Cost | 10,157,542 | 3,188,217 |
Gross Unrealized Gains | 337,695 | 29,521 |
Gross Unrealized Losses | (5,936) | |
Estimated Fair Value | 10,495,237 | 3,211,802 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Cost or Amortized Cost | 7,051,948 | 7,645,289 |
Gross Unrealized Gains | 207,833 | 45,080 |
Gross Unrealized Losses | (2,053) | (2,473) |
Estimated Fair Value | 7,257,728 | 7,687,896 |
Equity Securities and Hedge Funds [Member] | ||
Cost or Amortized Cost | 10,889,683 | |
Gross Unrealized Gains | 4,854,179 | |
Gross Unrealized Losses | (378,563) | |
Estimated Fair Value | 15,365,299 | |
Equity Securities [Member] | ||
Cost or Amortized Cost | 10,889,683 | |
Gross Unrealized Gains | 4,854,179 | |
Gross Unrealized Losses | (378,563) | |
Estimated Fair Value | $ 15,365,299 |
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, 2020 | Dec. 31, 2019 |
12 months or greater, estimated fair value | $ 1,079,681 | |
12 months or greater, unrealized losses | (121,786) | |
Less than 12 months, estimated fair value | 789,106 | 3,626,043 |
Less than 12 months, unrealized losses | (2,053) | (266,272) |
Total estimated fair value | 789,106 | 4,705,724 |
Total unrealized losses | (2,053) | (388,058) |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 743,360 | |
12 months or greater, unrealized losses | (2,473) | |
Less than 12 months, estimated fair value | 789,106 | 2,129,891 |
Less than 12 months, unrealized losses | (2,053) | (7,022) |
Total estimated fair value | 789,106 | 2,873,251 |
Total unrealized losses | (2,053) | (9,495) |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 336,321 | |
12 months or greater, unrealized losses | (119,313) | |
Less than 12 months, estimated fair value | 1,496,152 | |
Less than 12 months, unrealized losses | (259,250) | |
Total estimated fair value | 1,832,473 | |
Total unrealized losses | (378,563) | |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 336,321 | |
12 months or greater, unrealized losses | (119,313) | |
Less than 12 months, estimated fair value | 1,496,152 | |
Less than 12 months, unrealized losses | (259,250) | |
Total estimated fair value | 1,832,473 | |
Total unrealized losses | (378,563) | |
US Government Agencies Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | 1,528,838 | |
Less than 12 months, unrealized losses | (1,086) | |
Total estimated fair value | 1,528,838 | |
Total unrealized losses | (1,086) | |
US States and Political Subdivisions Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | ||
12 months or greater, unrealized losses | ||
Less than 12 months, estimated fair value | 601,053 | |
Less than 12 months, unrealized losses | (5,936) | |
Total estimated fair value | 601,053 | |
Total unrealized losses | (5,936) | |
Corporate Debt Securities [Member] | Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 743,360 | |
12 months or greater, unrealized losses | (2,473) | |
Less than 12 months, estimated fair value | 789,106 | |
Less than 12 months, unrealized losses | (2,053) | |
Total estimated fair value | 789,106 | 743,360 |
Total unrealized losses | (2,053) | $ (2,473) |
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 | ||
Less than 12 months, unrealized losses | ||
Total estimated fair value | ||
Total unrealized losses |
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, 2020 | Dec. 31, 2019 |
Due in one year or less, amortized cost | $ 2,623,260 | $ 2,539,709 |
Due in one year or less, fair value | 2,637,533 | 2,542,229 |
Due after one year through five years, amortized cost | 12,982,049 | 12,518,738 |
Due after one year through five years, fair value | 13,388,495 | 12,619,593 |
Due after five years through ten years, amortized cost | 3,700,157 | 506,240 |
Due after five years through ten years, fair value | 3,843,880 | 506,495 |
Due after ten years, amortized cost | 455,765 | |
Due after ten years, fair value | 474,219 | |
Total, amortized cost | 19,761,231 | 15,564,687 |
Total, fair value | $ 20,344,127 | $ 15,668,317 |
Note 4 - Investments - Sales an
Note 4 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total proceeds on sales of available-for-sale securities | $ 14,941,172 | $ 4,412,518 |
Proceeds from redemptions of fixed maturity investments | 3,362,080 | 540,000 |
Proceeds from maturities of fixed maturity investments | 2,535,000 | 4,175,000 |
Gross gains on sales | 4,346,482 | 1,497,860 |
Gross losses on sales | (1,635,142) | (598,373) |
Net unrealized (losses) gains on equity investments | (4,475,616) | 3,175,510 |
Total | $ (1,764,276) | $ 4,074,997 |
Note 4 - Investments - Fair Val
Note 4 - Investments - Fair Value of Investments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total Investments | $ 20,344,127 | $ 31,033,616 |
Equity Securities [Member] | ||
Total Investments | 15,365,299 | |
Reported Value Measurement [Member] | ||
Total Investments | 20,344,127 | 31,033,616 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | ||
Total Investments | 20,344,127 | 15,668,317 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total Investments | 2,591,162 | 4,768,619 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total Investments | 10,495,237 | 3,211,802 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total Investments | 7,257,728 | 7,687,896 |
Reported Value Measurement [Member] | Equity Securities [Member] | ||
Total Investments | 15,365,299 | |
Estimate of Fair Value Measurement [Member] | ||
Total Investments | 20,344,127 | 31,033,616 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 20,344,127 | 15,668,317 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | 15,365,299 | |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | ||
Total Investments | 20,344,127 | 15,668,317 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Total Investments | 2,591,162 | 4,768,619 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 2,591,162 | 4,768,619 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total Investments | 10,495,237 | 3,211,802 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 10,495,237 | 3,211,802 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Total Investments | 7,257,728 | 7,687,896 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Investments | 7,257,728 | 7,687,896 |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | ||
Total Investments | 15,365,299 | |
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Investments | $ 15,365,299 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fixed maturity investments | $ 347,488 | $ 348,551 | ||||||||
Short term investments and cash and cash equivalents | 11,600 | 69,218 | ||||||||
Dividends earned | 134,457 | 209,307 | ||||||||
Investment expenses | (109,735) | (148,965) | ||||||||
Net investment income | $ 75,531 | $ 99,444 | $ 97,024 | $ 111,811 | $ 122,968 | $ 125,491 | $ 106,610 | $ 123,042 | $ 383,810 | $ 478,111 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment, Net, Ending Balance | $ 1,098,420 | $ 1,105,513 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Cost | $ 1,879,394 | $ 1,579,574 |
Amortization | 780,974 | 474,061 |
Property and equipment (Note 5) | 1,098,420 | 1,105,513 |
Furniture and Fixtures [Member] | ||
Cost | 36,705 | 36,705 |
Amortization | 31,626 | 26,668 |
Property and equipment (Note 5) | 5,079 | 10,037 |
Office Equipment [Member] | ||
Cost | 107,392 | 107,392 |
Amortization | 69,651 | 54,309 |
Property and equipment (Note 5) | 37,741 | 53,083 |
Computer Equipment [Member] | ||
Cost | 23,161 | 23,161 |
Amortization | 17,468 | 14,014 |
Property and equipment (Note 5) | 5,693 | 9,147 |
Software Development [Member] | ||
Cost | 1,712,136 | 1,412,316 |
Amortization | 662,229 | 379,070 |
Property and equipment (Note 5) | $ 1,049,907 | $ 1,033,246 |
Note 6 - Liability for Unpaid_3
Note 6 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Prior Year Claims and Claims Adjustment Expense | $ 8,343,976 | $ 1,453,679 |
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, 2020 | Dec. 31, 2019 |
Case basis estimates | $ 8,002,720 | $ 5,334,543 |
IBNR reserves | 12,933,957 | 8,631,501 |
Totals | $ 20,936,677 | $ 13,966,044 |
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, 2020 | Dec. 31, 2019 | |
Liability—beginning of year | $ 13,966,044 | $ 12,989,260 |
Incurred related to: | ||
Current year | 10,512,394 | 6,575,056 |
Prior years | 8,343,976 | 1,453,679 |
Total incurred | 18,856,370 | 8,028,735 |
Paid related to: | ||
Current year | (1,864,593) | (807,072) |
Prior years | (10,021,144) | (6,244,879) |
Total paid | (11,885,737) | (7,051,951) |
Liability—end of year | $ 20,936,677 | $ 13,966,044 |
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, 2020USD ($) | Dec. 31, 2019USD ($) | 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 | $ 52,097 | |||||||||
IBNR Reserves | $ 6,830 | |||||||||
Cumulative Number of Reported Claims | 526 | |||||||||
Short-duration Insurance Contracts, Accident Year 2011 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 263 | $ 263 | 263 | $ 266 | $ 344 | $ 321 | $ 293 | $ 257 | $ 348 | $ 262 |
IBNR Reserves | 1 | |||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 360 | 361 | 365 | 418 | 429 | 450 | 393 | 763 | 702 | |
IBNR Reserves | $ 10 | |||||||||
Cumulative Number of Reported Claims | 24 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 825 | 842 | 926 | 1,160 | 1,166 | 1,340 | 1,585 | 1,218 | ||
IBNR Reserves | $ 8 | |||||||||
Cumulative Number of Reported Claims | 74 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 2,035 | 2,082 | 2,743 | 2,641 | 2,562 | 2,640 | 2,589 | |||
IBNR Reserves | $ 22 | |||||||||
Cumulative Number of Reported Claims | 85 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 4,788 | 4,768 | 3,859 | 4,290 | 4,485 | 3,703 | ||||
IBNR Reserves | $ 82 | |||||||||
Cumulative Number of Reported Claims | 169 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 3,833 | 3,963 | 3,927 | 4,495 | 4,184 | |||||
IBNR Reserves | $ 208 | |||||||||
Cumulative Number of Reported Claims | 239 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 9,018 | 7,846 | 7,647 | 5,622 | ||||||
IBNR Reserves | $ 970 | |||||||||
Cumulative Number of Reported Claims | 282 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 8,847 | 6,523 | 5,450 | |||||||
IBNR Reserves | $ 1,469 | |||||||||
Cumulative Number of Reported Claims | 364 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 11,616 | 6,575 | ||||||||
IBNR Reserves | $ 3,317 | |||||||||
Cumulative Number of Reported Claims | 441 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 10,512 |
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, 2020 | Dec. 31, 2019 | 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 | $ 31,201 | |||||||||
Net liability | 20,937 | |||||||||
Reinsurance Agreement [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 20,896 | |||||||||
Net liability | 20,896 | |||||||||
Short-Duration Insurance, Other [Member] | ||||||||||
Net liability | 41 | |||||||||
Short-duration Insurance Contracts, Accident Year 2011 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 262 | $ 263 | $ 263 | $ 266 | $ 344 | $ 321 | $ 293 | $ 257 | $ 348 | $ 262 |
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 350 | 361 | 365 | 418 | 429 | 450 | 393 | 763 | 702 | |
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 818 | 842 | 926 | 1,160 | 1,166 | 1,340 | 1,585 | 1,218 | ||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,012 | 2,082 | 2,743 | 2,641 | 2,562 | 2,640 | 2,589 | |||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 4,232 | 4,768 | 3,859 | 4,290 | 4,485 | 3,703 | ||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,413 | 3,963 | 3,927 | 4,495 | 4,184 | |||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,305 | 7,846 | 7,647 | 5,622 | ||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 5,981 | 6,523 | 5,450 | |||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 4,964 | 6,575 | ||||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 1,864 |
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, 2020 |
Average Annual Percentage Payout Year 1 | 35.50% |
Average Annual Percentage Payout Year 2 | 21.90% |
Average Annual Percentage Payout Year 3 | 17.90% |
Average Annual Percentage Payout Year 4 | 8.10% |
Average Annual Percentage Payout Year 5 | 4.80% |
Average Annual Percentage Payout Year 6 | 0.70% |
Average Annual Percentage Payout Year 7 | 0.00% |
Average Annual Percentage Payout Year 8 | 0.00% |
Average Annual Percentage Payout Year 9 | 0.00% |
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, 2020 | Dec. 31, 2019 | |
Assumed Premiums Written | $ 11,162,731 | $ 11,605,148 |
Note 9 - Operating and Manage_2
Note 9 - Operating and Management Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Other General and Administrative Expense | $ 362,000 | $ 353,000 |
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | 381,650 | 493,250 |
Director [Member] | ||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 70,000 | $ 70,000 |
Maximum [Member] | ||
Termination Notice for Management Agreement (Day) | 90 days | |
Minimum [Member] | ||
Termination Notice for Management Agreement (Day) | 60 days |
Note 10 - Taxation (Details Tex
Note 10 - Taxation (Details Textual) xbrli-pure in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% |
Operating Loss Carryforwards, Total | $ 5.2 |
Minimum [Member] | |
Operating Loss Carryforwards, Expiration Term (Year) | 11 years |
Maximum [Member] | |
Operating Loss Carryforwards, Expiration Term (Year) | 15 years |
Note 10 - Taxation - Effective
Note 10 - Taxation - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings before income tax | $ (13,603,715) | $ 2,626,796 |
Expected tax | 0 | 0 |
Foreign taxes at local expected rates | 38,500 | 48,277 |
Change in deferred tax asset of US subsidiary | 950,000 | 166,000 |
Deferred tax expense from enacted rate reductions | ||
Change in valuation allowance | ||
Net tax expense (benefit) | $ 988,500 | $ 214,277 |
Note 10 - Taxation - Deferred T
Note 10 - Taxation - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Capitalized start-up expenses | $ 58,000 | $ 73,000 |
Operating loss carryforwards | 1,483,000 | 1,769,000 |
Unearned commission income | 61,000 | 74,000 |
Accrued interest to parent | 650,000 | |
Depreciation and amortization | 12,000 | |
Depreciation and amortization | (2,000) | |
Deferred tax assets | $ 1,614,000 | $ 2,564,000 |
Note 11 - Dividend Restrictio_3
Note 11 - Dividend Restrictions and Statutory Requirements (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 0 | |
Statutory Loss | 16,483,222 | $ 1,237,746 |
AmerInst Insurance Company, Ltd. (AMIC Ltd.) [Member] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 1,000,000 |
Note 11 - Dividend Restrictio_4
Note 11 - Dividend Restrictions and Statutory Requirements - Summary of Levels of Solvency and Liquidity (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Statutory Capital & Surplus, Minimum | $ 3,140,502 | $ 2,094,907 |
Statutory Capital & Surplus, Actual | 24,746,999 | 41,029,273 |
Relevant Assets, Minimum | 21,550,831 | 34,466,903 |
Relevant Assets, Actual | $ 28,678,753 | $ 40,204,160 |
Note 12 - Segment Information_2
Note 12 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 4,132,129 | $ 5,962,383 | $ 6,120,746 | $ (48,962) | $ 6,214,378 | $ 4,464,267 | $ 5,134,292 | $ 5,889,754 | $ 16,166,296 | $ 21,702,691 |
Total losses and expenses | 29,770,011 | 19,075,895 | ||||||||
Segment (loss) income | (3,301,881) | $ (8,277,992) | $ 1,465,255 | $ (4,477,597) | 253,901 | $ (22,537) | $ 511,444 | $ 1,669,711 | (14,592,215) | 2,412,519 |
Property, Plant and Equipment, Net, Ending Balance | 1,098,420 | 1,105,513 | 1,098,420 | 1,105,513 | ||||||
Reinsurance Segment [Member] | ||||||||||
Revenues | 10,463,588 | 15,853,490 | ||||||||
Total losses and expenses | 27,498,921 | 13,838,051 | ||||||||
Segment (loss) income | (17,035,333) | 2,015,439 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | ||||||||||
Insurance Segment [Member] | ||||||||||
Revenues | 5,702,708 | 5,849,201 | ||||||||
Total losses and expenses | 3,259,590 | 5,452,121 | ||||||||
Segment (loss) income | 2,443,118 | 397,080 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 1,098,420 | $ 1,105,513 | $ 1,098,420 | $ 1,105,513 |
Note 13 - Stock Compensation (D
Note 13 - Stock Compensation (Details Textual) - USD ($) | Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Dividends, Common Stock, Stock | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 5,000 | 7,000 | 35,000 | 12,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||
Share Price (in dollars per share) | $ 9.50 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 30.14 | $ 30.58 | $ 27.99 | |||
Phantom Share Units (PSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 63,765 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares) | 76,403 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Value, Payable Requisite Employee Age (Year) | 65 years | |||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | ||||
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||
Reversal of Allocated Share-based Comepensation | $ (178,483) | |||||
Share-based Payment Arrangement, Expense | $ 72,046 |
Note 13 - Stock Compensation -
Note 13 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Balance, vested (in shares) | 16,400 | 7,000 | ||||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.34 | $ 27.99 | ||||
Balance, non-vested shares (in shares) | 28,600 | 40,000 | ||||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.65 | $ 28.71 | ||||
Balance (in shares) | 45,000 | 47,000 | ||||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.60 | ||||
Granted, non-vested shares (in shares) | 5,000 | 7,000 | 35,000 | 12,000 | ||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | ||||||
Granted, weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.58 | $ 27.99 | |||
Forfeited, non-vested shares (in shares) | (2,000) | |||||
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ (30.14) | |||||
Forfeited (in shares) | (2,000) | |||||
Forfeited, weighted average exercise price (in dollars per share) | $ 30.14 | |||||
Exercised (in shares) | ||||||
Exercised, weighted average exercise price (in dollars per share) | ||||||
Vested, vested (in shares) | 8,900 | 9,400 | ||||
Vested, weighted average exercise price per share (in dollars per share) | $ 28.52 | $ 28.60 | ||||
Vested, non-vested shares (in shares) | (8,900) | (9,400) | ||||
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.52 | $ 28.60 | ||||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 | $ 28.60 | |||
Options exercisable at year end, vested (in shares) | ||||||
Options exercisable at year end (in shares) | ||||||
Options exercisable at year end, weighted average exercise price (in dollars per share) | ||||||
Remaining contractual life (years), vested (Year) | 2 years 73 days | 3 years 73 days | ||||
Remaining contractual life (years), non-vested shares (Year) | 2 years 109 days | 3 years 109 days | ||||
Remaining contractual life (years), outstanding shares (Year) | 2 years 109 days | 3 years 109 days | ||||
Balance, vested (in shares) | 25,300 | 16,400 | 7,000 | |||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.40 | $ 28.34 | $ 27.99 | |||
Balance, non-vested shares (in shares) | 19,700 | 28,600 | 40,000 | |||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.71 | $ 28.65 | $ 28.71 | |||
Balance (in shares) | 45,000 | 45,000 | 47,000 | |||
Options exercisable at year end, weighted average exercise price per share, vested (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 | Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Granted, non-vested shares (in shares) | 5,000 | 7,000 | 35,000 | 12,000 | ||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | ||||||
Share-based Payment Arrangement, Option [Member] | ||||||
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 30.40 | |||||
Expected life (years) (Year) | 5 years | |||||
Expected volatility | 16.40% | |||||
Risk-free interest rate | 2.61% |
Note 13 - Stock Compensation _3
Note 13 - Stock Compensation - Summary of Options Outstanding by Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Exercise Price Range 1 [Member] | ||
Outstanding number (in shares) | 14,000 | 21,000 |
Outstanding weighted average remaining life (Year) | 2 years | 3 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable number (in shares) | 21,000 | 14,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable, weighted average remaining contractual life (Year) | 2 years | 3 years |
Exercise Price Range 2 [Member] | ||
Outstanding number (in shares) | 4,200 | 5,600 |
Outstanding weighted average remaining life (Year) | 3 years | 4 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable number (in shares) | 2,800 | 1,400 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable, weighted average remaining contractual life (Year) | 3 years | 4 years |
Exercise Price Range 3 [Member] | ||
Outstanding number (in shares) | 1,500 | 2,000 |
Outstanding weighted average remaining life (Year) | 3 years 292 days | 4 years 292 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable number (in shares) | 1,500 | 1,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable, weighted average remaining contractual life (Year) | 3 years 292 days | 4 years 292 days |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) | Dec. 31, 2020USD ($) |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 112,290 |
Lessee, Operating Lease, Discount Rate | 6.00% |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net premiums earned (Note 8) | $ 2,900,753 | $ 3,437,196 | $ 2,930,898 | $ 2,579,616 | $ 3,207,070 | $ 2,815,917 | $ 2,862,026 | $ 2,463,583 | $ 11,848,463 | $ 11,348,596 |
Commission income | 5,698,299 | 5,800,987 | ||||||||
Net investment income (Note 4) | 75,531 | 99,444 | 97,024 | 111,811 | 122,968 | 125,491 | 106,610 | 123,042 | 383,810 | 478,111 |
Net realized and unrealized (loss) gain | 24 | 988,562 | 1,625,128 | (4,377,990) | 1,479,208 | 72,492 | 775,972 | 1,747,325 | ||
Total revenues | 4,132,129 | 5,962,383 | 6,120,746 | (48,962) | 6,214,378 | 4,464,267 | 5,134,292 | 5,889,754 | 16,166,296 | 21,702,691 |
Net (loss) income | $ (3,301,881) | $ (8,277,992) | $ 1,465,255 | $ (4,477,597) | $ 253,901 | $ (22,537) | $ 511,444 | $ 1,669,711 | $ (14,592,215) | $ 2,412,519 |
Basic (loss) income per share (in dollars per share) | $ (5.31) | $ (13.23) | $ 2.34 | $ (7.16) | $ 0.41 | $ (0.04) | $ 0.81 | $ 2.65 | $ (23.36) | $ 3.83 |
Diluted (loss) income per share (in dollars per share) | $ (5.31) | $ (13.23) | $ 2.34 | $ (7.16) | $ 0.41 | $ (0.04) | $ 0.80 | $ 2.64 | $ (23.36) | $ 3.81 |
Financial Service [Member] | ||||||||||
Commission income | $ 1,155,821 | $ 1,437,181 | $ 1,467,696 | $ 1,637,601 | $ 1,405,132 | $ 1,450,367 | $ 1,389,684 | $ 1,555,804 |