Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 01, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001065201 | ||
Entity Registrant Name | AMERINST INSURANCE GROUP LTD | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-28249 | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0207447 | ||
Entity Address, Address Line One | 25 Church Street, Continental Building | ||
Entity Address, City or Town | Hamilton | ||
Entity Address, Country | BM | ||
Entity Address, Postal Zip Code | HM GX | ||
City Area Code | 441 | ||
Local Phone Number | 295-2185 | ||
Title of 12(b) Security | COMMON SHARES, PAR VALUE $1.00 PER SHARE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 995,253 | ||
Entity Public Float | $ 5,893,827 | ||
Auditor Name | Deloitte Ltd. | ||
Auditor Location | Hamilton Bermuda | ||
Auditor Firm ID | 5230 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | $ 0 | $ 20,344,127 |
TOTAL INVESTMENTS | 20,344,127 | |
Cash and cash equivalents | 3,477,714 | 5,732,110 |
Restricted cash and cash equivalents | 0 | 4,964,126 |
Assumed reinsurance premiums receivable | 0 | 2,221,664 |
Accrued investment income | 0 | 147,975 |
Property and equipment (Note 5) | 898,560 | 1,098,420 |
Deferred income taxes (Note 6) | 1,059,000 | 1,614,000 |
Deferred policy acquisition costs | 0 | 724,509 |
Prepaid expenses and other assets (Note 7) | 1,091,815 | 1,476,187 |
TOTAL ASSETS | 6,527,089 | 38,323,118 |
LIABILITIES | ||
Unpaid losses and loss adjustment expenses (Note 8) | 0 | 20,936,677 |
Unearned premiums | 0 | 4,622,666 |
Assumed reinsurance payable | 0 | 3,175,098 |
Accrued expenses and other liabilities (Note 9) | 2,860,876 | 3,689,620 |
TOTAL LIABILITIES | 2,860,876 | 32,424,061 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY | ||
Common shares, $1 par value, 2021 and 2020: 2,000,000 shares authorized, 995,253 issued and outstanding | 995,253 | 995,253 |
Additional paid-in-capital | 6,287,293 | 6,287,293 |
Retained earnings | 5,656,163 | 7,250,194 |
Accumulated other comprehensive income (loss) | 0 | 582,896 |
Shares held by Subsidiary (375,861 and 374,141 shares) at cost | (9,272,496) | (9,216,579) |
TOTAL SHAREHOLDERS’ EQUITY | 3,666,213 | 5,899,057 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 6,527,089 | $ 38,323,118 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fixed maturity investments, amortized cost | $ 0 | $ 19,761,231 |
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) | 375,861 | 374,141 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | ||
Net premiums earned (Note 11) | $ 2,581,408 | $ 11,848,463 |
Commission income | 3,404,698 | 5,698,299 |
Net investment income (Note 4) | 205,851 | 383,810 |
Net realized and unrealized gain (loss) on investments (Note 4) | 426,933 | (1,764,276) |
TOTAL REVENUES | 6,618,890 | 16,166,296 |
LOSSES AND EXPENSES | ||
Losses and loss adjustment expenses (Note 8) | 1,478,366 | 18,856,370 |
Policy acquisition costs | 1,405,774 | 5,369,752 |
Operating and management expenses (Note 12) | 4,766,924 | 5,543,889 |
TOTAL LOSSES AND EXPENSES | 7,651,064 | 29,770,011 |
LOSS BEFORE TAX | (1,032,174) | (13,603,715) |
Tax expense (Note 6) | 561,857 | 988,500 |
NET LOSS AFTER TAX | $ (1,594,031) | $ (14,592,215) |
NET LOSS PER SHARE | ||
Basic (in dollars per share) | $ (2.57) | $ (23.36) |
Diluted (in dollars per share) | $ (2.57) | $ (23.36) |
Weighted average number of common shares outstanding for the year | ||
Basic (in shares) | 619,822 | 624,536 |
Diluted (in shares) | 619,822 | 624,536 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
NET LOSS AFTER TAX | $ (1,594,031) | $ (14,592,215) |
OTHER COMPREHENSIVE (LOSS) INCOME | ||
Net unrealized holding gains arising during the period | (239,546) | 561,727 |
Reclassification adjustment for gains included in net income | (343,350) | (82,461) |
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME | (582,896) | 479,266 |
COMPREHENSIVE LOSS | $ (2,176,927) | $ (14,112,949) |
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, 2019 | 995,253 | |||||
Balance at Dec. 31, 2019 | $ 6,465,776 | $ 21,842,409 | $ 103,630 | $ (9,063,617) | $ 20,343,451 | |
Net loss | 0 | (14,592,215) | 0 | 0 | (14,592,215) | |
Stock option awards expense | (178,483) | 0 | 0 | 0 | (178,483) | |
Unrealized gain (loss) on securities, net of reclassification adjustment | 0 | 0 | 479,266 | 0 | 479,266 | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | (152,962) | (152,962) | |
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 | |
Net loss | 0 | (1,594,031) | 0 | 0 | (1,594,031) | |
Stock option awards expense | 0 | 0 | 0 | 0 | 0 | |
Unrealized gain (loss) on securities, net of reclassification adjustment | 0 | 0 | (582,896) | 0 | (582,896) | |
Purchase of shares by subsidiary, net | 0 | 0 | 0 | (55,917) | (55,917) | |
Balance (in shares) at Dec. 31, 2021 | 995,253 | |||||
Balance at Dec. 31, 2021 | $ 6,287,293 | $ 5,656,163 | $ 0 | $ (9,272,496) | $ 3,666,213 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (1,594,031) | $ (14,592,215) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of net premiums on investments | 62,811 | 72,161 |
Stock option awards expense | 0 | (178,483) |
Depreciation and amortization on property and equipment | 347,337 | 306,913 |
Net realized and unrealized (gains) losses on investments | (426,933) | 1,764,276 |
Changes in assets and liabilities: | ||
Assumed reinsurance premiums receivable | 2,221,664 | 3,474,183 |
Accrued investment income | 147,975 | (43,040) |
Deferred income taxes | 555,000 | 950,000 |
Deferred policy acquisition costs | 724,509 | 1,239,543 |
Prepaid expenses and other assets | 384,372 | 543,435 |
Liability for losses and loss adjustment expenses | (20,936,677) | 6,970,633 |
Unearned premiums | (4,622,666) | (685,732) |
Assumed reinsurance payable | (3,175,098) | (3,581,079) |
Accrued expenses and other liabilities | (828,744) | (2,183,510) |
Net cash used in operating activities | (27,140,481) | (5,942,915) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (147,477) | (299,820) |
Purchases of available-for-sale securities | (5,545,313) | (11,505,934) |
Proceeds from sales of available-for-sale securities | 1,684,014 | 14,941,172 |
Proceeds from redemptions of fixed maturity investments | 21,650,652 | 3,362,080 |
Proceeds from maturities of fixed maturity investments | 2,336,000 | 2,535,000 |
Net cash provided by investing activities | 19,977,876 | 9,032,498 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Purchase of shares by subsidiary, net | (55,917) | (152,962) |
Net cash used in financing activities | (55,917) | (152,962) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (7,218,522) | 2,936,621 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR | 10,696,236 | 7,759,615 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR | $ 3,477,714 | $ 10,696,236 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
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. Agency Agreements with C&F and ISMIE On September 25, 2009, 50 four one September 25, 2021. In October 2021, March 31, 2022. no March 31, 2022. Effective January 1, 2022, Reinsurance Agreement We conducted our reinsurance business through AMIC Ltd., our subsidiary, which is a registered insurer in Bermuda. On September 25, 2009, 50% not 50% 120 During the third 2021, March 31, 2021, October 2021. The entry into the Commutation Agreement resulted in a net gain of $147,333. This amount is included in losses and loss adjustment expenses in the Condensed Consolidated Statement of Operations. Historical Relationship with CAMICO From June 1, 2005 May 31, 2009, We decided not May 31, 2009. May 31, 2009. During the first 2022, December 31, 2021, The entry into the Commutation Agreement resulted in a net gain of $26,398. This amount is included in losses and loss adjustment expenses in the Condensed Consolidated Statement of Operations. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
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 included 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 classified its fixed maturity investments as available-for-sale. Accordingly, AmerInst reported 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 were 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 were 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 included 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. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. Property and Equipment Property and equipment are depreciated using the straight-line method with estimated useful lives ranging from 3 to 7 years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. 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 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 2021 No 2021. 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, 2021 | |
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, 2021 2020, 2021, At December 31 2020, 114 December 31, 2020, not Cash and Cash Equivalents at December 31, 2021 2020 |
Note 4 - Investments
Note 4 - Investments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. In September 2021, 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, 2021 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value December 31, 2021 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — Obligations of U.S. states and political subdivisions — — — — Corporate debt securities — — — — Total fixed maturity investments — — — — Total equity securities — — — — Total investments $ — $ — $ — $ — 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 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, 2021 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Corporate debt securities — — — — — — Total fixed maturity investments — — — — — — Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ — $ — $ — $ — 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 Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ — $ — $ — $ — As of December 31, 2021 2020, December 31, 2021 2020, 12 The cost or amortized cost and estimated fair value of fixed maturity investments at December 31, 2021 2020 may may Amortized Cost Estimated Fair Value December 31, 2021 Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years — — Total $ — $ — 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 Information on sales and maturities of investments during the twelve December 31, 2021 2020 2021 2020 Total proceeds on sales of available-for-sale securities $ 1,684,014 $ 14,941,172 Total proceeds from redemptions of fixed maturity investments 21,650,652 3,362,080 Total proceeds from maturities of fixed maturity investments 2,336,000 2,535,000 Gross gains on sales 499,859 4,346,482 Gross losses on sales (72,926 ) (1,635,142 ) Net unrealized (losses) gains on equity investments — (4,475,616 ) Total $ 426,933 $ (1,764,276 ) Fair Value of Investments The following tables show the fair value of the Company’s investments in accordance with ASC 820, December 31, 2021 2020. 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, 2021 U.S. government agency securities $ — $ — $ — $ — $ — Obligations of U.S. state and political subdivisions — — — Corporate debt securities — — — Total fixed maturity investments — — Equity securities — — Total equity securities — — Total investments $ — $ — $ — $ — $ — 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 $ — There were no 1 2 December 31, 2021 2020. 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 • 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 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, 2020. not Major categories of net interest and dividend income are summarized as follows: 2021 2020 Interest earned: Fixed maturity investments $ 235,090 $ 347,488 Short term investments and cash and cash equivalents 7,637 11,600 Dividends earned 13,508 134,457 Investment expenses (50,384 ) (109,735 ) Net investment income $ 205,851 $ 383,810 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and equipment, all associated with Protexure, at December 31, 2021 2020 Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 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 |
Note 6 - Taxation
Note 6 - Taxation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. 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% under Bermuda law to earnings before income taxes as shown in the following reconciliation: 2021 2020 Earnings before income tax $ (1,036,719 ) $ (13,603,715 ) Expected tax — — Foreign taxes at local expected rates 6,857 38,500 Change in deferred tax asset of US subsidiary (69,000 ) 950,000 Deferred tax expense from enacted rate reductions — — Change in valuation allowance 624,000 — Net tax expense $ 561,857 $ 988,500 Deferred income taxes 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. Management has reduced deferred tax assets by a valuation allowance as the ability of the Company to realize these benefits has not 2021 2020 Capitalized start-up expenses $ 44,000 $ 58,000 Operating loss carryforwards 945,000 1,483,000 Unearned commission income 50,000 61,000 Depreciation and amortization 20,000 12,000 Deferred tax assets $ 1,059,000 $ 1,614,000 |
Note 7 - Prepaid Expenses and O
Note 7 - Prepaid Expenses and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 7. Prepaid expenses and other assets as at December 31, 2021 2020 2021 2020 Prepaid expenses 171,342 212,626 Accounts receivable 520,117 920,868 Policy acquisition costs and other assets 258,996 312,193 Building right of use asset 141,360 — Funds held with reinsurer — 30,500 $ 1,091,815 $ 1,476,187 |
Note 8 - Liability for Unpaid L
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | 8. Details of the liability for unpaid losses and loss adjustment expenses at December 31, 2021 2020 2021 2020 Case basis estimates $ — $ 8,002,720 IBNR reserves — 12,933,957 Totals $ — $ 20,936,677 Liability for losses and loss adjustment expense activity is as follows: 2021 2020 Liability—beginning of year $ 20,936,677 $ 13,966,044 Incurred related to: Current year 1,478,366 10,512,394 Prior years — 8,343,976 Total incurred 1,478,366 18,856,370 Paid related to: Current year (4,267 ) (1,864,593 ) Prior years (22,410,776 ) (10,021,144 ) Total paid (22,415,043 ) (11,885,737 ) Liability—end of year $ — $ 20,936,677 Current year incurred losses for the year ended December 31, 2021 March 31, 2021, 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 in 2020. 2020 2017, 2018 2019. 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 March 31, 2021 For the Years Ended December 31, IBNR Reserves Dec. 31, Cumulative Number of Reports 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Claims (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2012 $ 702 $ 763 $ 393 $ 450 $ 429 $ 418 $ 365 $ 361 $ 360 $ 360 $ 0 74 2013 1,218 1,585 1,340 1,166 1,160 926 842 825 826 0 88 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,035 2,034 0 169 2015 3,703 4,485 4,290 3,859 4,768 4,788 4,788 0 240 2016 4,184 4,495 3,927 3,963 3,833 3,834 0 282 2017 5,622 7,647 7,846 9,018 9,017 0 364 2018 5,450 6,523 8,847 8,847 0 442 2019 6,575 11,616 11,615 0 527 2020 10,512 10,512 0 444 2021 1,479 0 94 Total $ 53,313 For the Years Ended December 31, Liability for Claims And Allocated Claim Adjustment Expenses 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Unaudited) Unaudited) Unaudited) 2012 - Before Paid Claims and Allocated Adjustment Expense, Net of Reinsurance 2021 2011 Accident Year 2012 $ 702 $ 763 $ 393 $ 450 $ 429 $ 418 $ 365 $ 361 $ 350 $ 350 2013 1,218 1,585 1,340 1,166 1,160 926 842 818 818 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,012 2,012 2015 3,703 4,485 4,290 3,859 4,768 4,232 4,381 2016 4,184 4,495 3,927 3,963 3,413 3,473 2017 5,622 7,647 7,846 7,305 7,370 2018 5,450 6,523 5,981 6,521 2019 6,575 4,964 5,582 2020 1,864 2,457 2021 4 Total $ 32,968 $ 0 N/A 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 7.8 % 32.5 % 20.0 % 11.4 % 7.1 % 4.3 % 1.2 % 0.0 % 0.1 % 0.0 % |
Note 9 - Accrued Expenses and O
Note 9 - Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 9. Accrued expenses and other liabilities as at December 31, 2021 2020 2021 2020 Premiums payable 2,143,468 2,850,031 Accounts payable and accrued liabilities 293,169 506,460 Unearned commission income 176,693 217,468 Building lease liability 136,816 — Other liabilities 110,730 115,661 $ 2,860,876 $ 3,689,620 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. EQUITY AmerInst currently does not not On February 25, 2011, October 2020, may |
Note 11 - Premiums Written
Note 11 - Premiums Written | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Premiums Written [Text Block] | 11. Premiums written were $(2,041,258) and $11,162,731 during 2021 2020, December 31, 2020 |
Note 12 - Operating and Managem
Note 12 - Operating and Management Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Operating and Management Expense Disclosure [Text Block] | 12. With the exception of Protexure, AmerInst and its other direct and indirect subsidiaries have no may not 2021 2020, Operating and management expenses include compensation paid to members of the Board of Directors and various committees of the Board totaling $148,924 in 2021 2020. December 31, 2021 2020, , In 2021 |
Note 13 - Dividend Restrictions
Note 13 - Dividend Restrictions and Statutory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | 13. Our ability to pay dividends to our 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 its 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 as described above. For the years ended December 31, 2021 2020 Statutory Capital & Surplus Relevant Assets Minimum Actual Minimum Actual December 31, 2021 $ 1,000,000 $ 13,589,876 $ — $ 619,096 December 31, 2020 $ 3,140,502 $ 24,746,999 $ 21,550,831 $ 28,678,753 At December 31, 2021, $.6 twelve December 31, 2021, Statutory loss for the years ended December 31, 2021 2020 |
Note 14 - Segment Information
Note 14 - Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. For 2021, two 1 2 As of and for the Year Ended December 31, 2021 Reinsurance Segment Insurance Segment Total Revenues $ 3,213,768 $ 3,405,122 $ 6,618,890 Total losses and expenses 4,013,676 4,199,245 8,212,921 Segment loss (799,908 ) (794,123 ) (1,594,031 ) Identifiable assets — 898,560 898,560 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 |
Note 15 - Stock Compensation
Note 15 - Stock Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 15. Phantom Shares: Protexure Insurance Agency, Inc. (“Protexure”), a subsidiary of AmerInst, has employment agreements with two may For these two January 1, 2015. During the third 2021, one January 1, 2015. December 31, 2021: 62,920 and 76,403 phantom shares were outstanding at December 31, 2021 December 31, 2020, December 31, 2021: Number of Phantom Shares Outstanding—beginning 76,403 Granted—arising from dividends declared during the year. - Forfeited—due to death (13,483 ) Outstanding—ending 62,920 The liability relating to these phantom shares is recalculated quarterly based on the net book value of our common shares at the end of each quarter. As a result of the overall decrease in the net book value of our common shares since the grant dates, we have not December 31, 2021. Stock Option Plan: A summary of the status of the stock option plan as of December 31, 2021 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, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 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) 1.2 1.4 1.3 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 No options were granted during 2021 2020 2019. Information pertaining to options outstanding at December 31, 2021 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $27.99 7,000 1.0 $ 27.99 28,000 $ 27.99 1.0 $30.58 2,800 2.0 $ 30.58 4,200 $ 30.58 2.0 $30.14 1,000 2.8 $ 30.14 2,000 $ 30.14 2.8 Information pertaining to options outstanding at December 31, 2020 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (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 At December 31, 2021, March 3, 2017, January 1, 2018 October 1, 2018 The Company accounts for these options in accordance with GAAP, which requires that the fair value of the equity awards be recognized as compensation expense over the period during which the employee is required to provide service in exchange for such an award. The Company is amortizing compensation expense over the vesting period, or five 178,483 December 31, 2021 2020, |
Note 16 - Commitments and Conti
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 16. Protexture leases office space under a non-cancellable lease agreement. The lease is renewable at the option of the lessee under certain conditions. In June 2021, July 31, 2023. December 31, 2021 2022 2023. The company may 2020 2021 |
Note 17 - Unaudited Condensed Q
Note 17 - Unaudited Condensed Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. 2021 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,070,381 $ 2,248,830 $ (1,737,803 ) — Commission income 1,033,475 814,161 808,896 748,166 Net investment income 70,989 75,742 57,893 1,227 Net realized and unrealized gain 30,558 51,523 344,852 — Total revenues $ 3,205,403 $ 3,190,256 $ (562,162 ) $ 749,393 Net (loss) income $ 344,147 $ (93,078 ) $ (955,112 ) $ (889,988 ) Basic (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) Diluted (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) 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 ) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 included 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 classified its fixed maturity investments as available-for-sale. Accordingly, AmerInst reported 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 were 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 were 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 included 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. Cash and cash equivalents are recorded at amortized cost, which approximates fair value due to the short-term, liquid nature of these securities. |
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 to 7 years. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. 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 |
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 2021 No 2021. 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, 2021 | |
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, 2021 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — Obligations of U.S. states and political subdivisions — — — — Corporate debt securities — — — — Total fixed maturity investments — — — — Total equity securities — — — — Total investments $ — $ — $ — $ — 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 |
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, 2021 Fixed maturity investments: U.S. government agency securities $ — $ — $ — $ — $ — $ — Obligations of states and political subdivisions — — — — — — Corporate debt securities — — — — — — Total fixed maturity investments — — — — — — Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ — $ — $ — $ — 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 Equity securities — — — — — — Total equity securities — — — — — — Total investments $ — $ — $ — $ — $ — $ — |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Estimated Fair Value December 31, 2021 Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years — — Due after ten years — — Total $ — $ — 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 |
Realized Gain (Loss) on Investments [Table Text Block] | 2021 2020 Total proceeds on sales of available-for-sale securities $ 1,684,014 $ 14,941,172 Total proceeds from redemptions of fixed maturity investments 21,650,652 3,362,080 Total proceeds from maturities of fixed maturity investments 2,336,000 2,535,000 Gross gains on sales 499,859 4,346,482 Gross losses on sales (72,926 ) (1,635,142 ) Net unrealized (losses) gains on equity investments — (4,475,616 ) Total $ 426,933 $ (1,764,276 ) |
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, 2021 U.S. government agency securities $ — $ — $ — $ — $ — Obligations of U.S. state and political subdivisions — — — Corporate debt securities — — — Total fixed maturity investments — — Equity securities — — Total equity securities — — Total investments $ — $ — $ — $ — $ — 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 $ — |
Condensed Cash Flow Statement [Table Text Block] | 2021 2020 Interest earned: Fixed maturity investments $ 235,090 $ 347,488 Short term investments and cash and cash equivalents 7,637 11,600 Dividends earned 13,508 134,457 Investment expenses (50,384 ) (109,735 ) Net investment income $ 205,851 $ 383,810 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation and Amortization Total December 31, 2021 Furniture and fixtures $ 36,705 $ 34,337 $ 2,368 Office equipment 107,392 84,992 22,400 Computer equipment 24,129 20,529 3,600 Internal use software 1,757,425 887,233 870,192 Total $ 1,925,651 $ 1,027,091 $ 898,560 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 |
Note 6 - Taxation (Tables)
Note 6 - Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2021 2020 Earnings before income tax $ (1,036,719 ) $ (13,603,715 ) Expected tax — — Foreign taxes at local expected rates 6,857 38,500 Change in deferred tax asset of US subsidiary (69,000 ) 950,000 Deferred tax expense from enacted rate reductions — — Change in valuation allowance 624,000 — Net tax expense $ 561,857 $ 988,500 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2021 2020 Capitalized start-up expenses $ 44,000 $ 58,000 Operating loss carryforwards 945,000 1,483,000 Unearned commission income 50,000 61,000 Depreciation and amortization 20,000 12,000 Deferred tax assets $ 1,059,000 $ 1,614,000 |
Note 7 - Prepaid Expenses and_2
Note 7 - Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2021 2020 Prepaid expenses 171,342 212,626 Accounts receivable 520,117 920,868 Policy acquisition costs and other assets 258,996 312,193 Building right of use asset 141,360 — Funds held with reinsurer — 30,500 $ 1,091,815 $ 1,476,187 |
Note 8 - Liability for Unpaid_2
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | 2021 2020 Case basis estimates $ — $ 8,002,720 IBNR reserves — 12,933,957 Totals $ — $ 20,936,677 |
Liability For Losses and Loss Adjustment Expense Activity [Table Text Block] | 2021 2020 Liability—beginning of year $ 20,936,677 $ 13,966,044 Incurred related to: Current year 1,478,366 10,512,394 Prior years — 8,343,976 Total incurred 1,478,366 18,856,370 Paid related to: Current year (4,267 ) (1,864,593 ) Prior years (22,410,776 ) (10,021,144 ) Total paid (22,415,043 ) (11,885,737 ) Liability—end of year $ — $ 20,936,677 |
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense [Table Text Block] | For the Years Ended December 31, IBNR Reserves Dec. 31, Cumulative Number of Reports 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2021 Claims (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance Accident Year 2012 $ 702 $ 763 $ 393 $ 450 $ 429 $ 418 $ 365 $ 361 $ 360 $ 360 $ 0 74 2013 1,218 1,585 1,340 1,166 1,160 926 842 825 826 0 88 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,035 2,034 0 169 2015 3,703 4,485 4,290 3,859 4,768 4,788 4,788 0 240 2016 4,184 4,495 3,927 3,963 3,833 3,834 0 282 2017 5,622 7,647 7,846 9,018 9,017 0 364 2018 5,450 6,523 8,847 8,847 0 442 2019 6,575 11,616 11,615 0 527 2020 10,512 10,512 0 444 2021 1,479 0 94 Total $ 53,313 |
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense [Table Text Block] | For the Years Ended December 31, Liability for Claims And Allocated Claim Adjustment Expenses 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Net of Reinsurance (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Unaudited) Unaudited) Unaudited) 2012 - Before Paid Claims and Allocated Adjustment Expense, Net of Reinsurance 2021 2011 Accident Year 2012 $ 702 $ 763 $ 393 $ 450 $ 429 $ 418 $ 365 $ 361 $ 350 $ 350 2013 1,218 1,585 1,340 1,166 1,160 926 842 818 818 2014 2,589 2,640 2,562 2,641 2,743 2,082 2,012 2,012 2015 3,703 4,485 4,290 3,859 4,768 4,232 4,381 2016 4,184 4,495 3,927 3,963 3,413 3,473 2017 5,622 7,647 7,846 7,305 7,370 2018 5,450 6,523 5,981 6,521 2019 6,575 4,964 5,582 2020 1,864 2,457 2021 4 Total $ 32,968 $ 0 N/A |
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 7.8 % 32.5 % 20.0 % 11.4 % 7.1 % 4.3 % 1.2 % 0.0 % 0.1 % 0.0 % |
Note 9 - Accrued Expenses and_2
Note 9 - Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2021 2020 Premiums payable 2,143,468 2,850,031 Accounts payable and accrued liabilities 293,169 506,460 Unearned commission income 176,693 217,468 Building lease liability 136,816 — Other liabilities 110,730 115,661 $ 2,860,876 $ 3,689,620 |
Note 13 - Dividend Restrictio_2
Note 13 - Dividend Restrictions and Statutory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Statutory Capital & Surplus Relevant Assets Minimum Actual Minimum Actual December 31, 2021 $ 1,000,000 $ 13,589,876 $ — $ 619,096 December 31, 2020 $ 3,140,502 $ 24,746,999 $ 21,550,831 $ 28,678,753 |
Note 14 - Segment Information (
Note 14 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Year Ended December 31, 2021 Reinsurance Segment Insurance Segment Total Revenues $ 3,213,768 $ 3,405,122 $ 6,618,890 Total losses and expenses 4,013,676 4,199,245 8,212,921 Segment loss (799,908 ) (794,123 ) (1,594,031 ) Identifiable assets — 898,560 898,560 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 |
Note 15 - Stock Compensation (T
Note 15 - Stock Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 25,300 $ 28.40 19,700 $ 28.71 45,000 $ 28.54 Granted — — — — — — Forfeited — — — — — — Exercised — — — — — — Vested 8,900 28.52 (8,900 ) 28.52 — — Outstanding December 31, 2021 34,200 $ 28.43 10,800 $ 28.86 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) 1.2 1.4 1.3 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, 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 |
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 (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) $27.99 7,000 1.0 $ 27.99 28,000 $ 27.99 1.0 $30.58 2,800 2.0 $ 30.58 4,200 $ 30.58 2.0 $30.14 1,000 2.8 $ 30.14 2,000 $ 30.14 2.8 Options Outstanding Options Exercisable Range of exercise price Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price Weighted Average Remaining Contractual Life (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 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option [Table Text Block] | Number of Phantom Shares Outstanding—beginning 76,403 Granted—arising from dividends declared during the year. - Forfeited—due to death (13,483 ) Outstanding—ending 62,920 |
Note 17 - Unaudited Condensed_2
Note 17 - Unaudited Condensed Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2021 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER Net premiums earned $ 2,070,381 $ 2,248,830 $ (1,737,803 ) — Commission income 1,033,475 814,161 808,896 748,166 Net investment income 70,989 75,742 57,893 1,227 Net realized and unrealized gain 30,558 51,523 344,852 — Total revenues $ 3,205,403 $ 3,190,256 $ (562,162 ) $ 749,393 Net (loss) income $ 344,147 $ (93,078 ) $ (955,112 ) $ (889,988 ) Basic (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) Diluted (loss) income per share $ 0.55 $ (0.15 ) $ (1.54 ) $ (1.43 ) 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 ) |
Note 1 - Description of Busin_2
Note 1 - Description of Business (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended |
Oct. 31, 2021 | Mar. 31, 2022 | |
Payments for Reinsurance | $ 26,076,000 | |
Reinsuance Business, Realized Gain, Net | $ 147,333 | |
Subsequent Event [Member] | ||
Payments for Reinsurance | $ 15,000 | |
Reinsuance Business, Realized Gain, Net | $ 26,398 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 | Dec. 31, 2020 |
Secured Debt, Total | $ 0 | $ 31,705,419 |
Funds Held under Reinsurance Agreements, Liability | 25,437,267 | |
Collateral Obligations, Amount, Failure to Meet | 6,268,152 | |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 3,477,714 | 5,732,110 |
Cash and Cash Equivalents Held by AmerInst Professional Services, Limited in a Fiduciary Capacity [Member] | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 1,794,001 | $ 2,163,741 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 0 | $ 789,106 |
Fixed Maturities [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 0 | 3 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 0 | $ 789,106 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 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, 2021 | Dec. 31, 2020 |
Fixed maturity investments, amortized cost | $ 0 | $ 19,761,231 |
Gross Unrealized Gains | 0 | 584,949 |
Gross Unrealized Losses | 0 | (2,053) |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | 0 | 20,344,127 |
Fixed Maturities [Member] | ||
Fixed maturity investments, amortized cost | 0 | 19,761,231 |
Gross Unrealized Gains | 0 | 584,949 |
Gross Unrealized Losses | 0 | (2,053) |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | 0 | 20,344,127 |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
Fixed maturity investments, amortized cost | 0 | 2,551,741 |
Gross Unrealized Gains | 0 | 39,421 |
Gross Unrealized Losses | 0 | 0 |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | 0 | 2,591,162 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fixed maturity investments, amortized cost | 0 | 10,157,542 |
Gross Unrealized Gains | 0 | 337,695 |
Gross Unrealized Losses | 0 | 0 |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | 0 | 10,495,237 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
Fixed maturity investments, amortized cost | 0 | 7,051,948 |
Gross Unrealized Gains | 0 | 207,833 |
Gross Unrealized Losses | 0 | (2,053) |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | 0 | 7,257,728 |
Equity Securities and Hedge Funds [Member] | ||
Fixed maturity investments, amortized cost | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fixed maturity investments, at fair value (amortized cost $0 and $19,761,231) | $ 0 | $ 0 |
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, 2021 | Dec. 31, 2020 |
12 months or greater, estimated fair value | $ 0 | $ 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 789,106 |
Less than 12 months, unrealized losses | 0 | (2,053) |
Total estimated fair value | 0 | 789,106 |
Total unrealized losses | 0 | (2,053) |
Equity Securities and Hedge Funds [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
Total estimated fair value | 0 | 0 |
Total unrealized losses | 0 | 0 |
Equity Securities [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
Total estimated fair value | 0 | 0 |
Total unrealized losses | 0 | 0 |
Fixed Maturities [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 789,106 |
Less than 12 months, unrealized losses | 0 | (2,053) |
Total estimated fair value | 0 | 789,106 |
Total unrealized losses | 0 | (2,053) |
Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
Total estimated fair value | 0 | 0 |
Total unrealized losses | 0 | 0 |
Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 0 |
Less than 12 months, unrealized losses | 0 | 0 |
Total estimated fair value | 0 | 0 |
Total unrealized losses | 0 | 0 |
Fixed Maturities [Member] | Corporate Debt Securities [Member] | ||
12 months or greater, estimated fair value | 0 | 0 |
12 months or greater, unrealized losses | 0 | 0 |
Less than 12 months, estimated fair value | 0 | 789,106 |
Less than 12 months, unrealized losses | 0 | (2,053) |
Total estimated fair value | 0 | 789,106 |
Total unrealized losses | $ 0 | $ (2,053) |
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, 2021 | Dec. 31, 2020 |
Due in one year or less, amortized cost | $ 0 | $ 2,623,260 |
Due in one year or less, fair value | 0 | 2,637,533 |
Due after one year through five years, amortized cost | 0 | 12,982,049 |
Due after one year through five years, fair value | 0 | 13,388,495 |
Due after five years through ten years, amortized cost | 0 | 3,700,157 |
Due after five years through ten years, fair value | 0 | 3,843,880 |
Due after ten years, amortized cost | 0 | 455,765 |
Due after ten years, fair value | 0 | 474,219 |
Total, amortized cost | 0 | 19,761,231 |
Total, fair value | $ 0 | $ 20,344,127 |
Note 4 - Investments - Sales an
Note 4 - Investments - Sales and Maturities of Investments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Total proceeds on sales of available-for-sale securities | $ 1,684,014 | $ 14,941,172 |
Proceeds from redemptions of fixed maturity investments | 21,650,652 | 3,362,080 |
Proceeds from maturities of fixed maturity investments | 2,336,000 | 2,535,000 |
Gross gains on sales | 499,859 | 4,346,482 |
Gross losses on sales | (72,926) | (1,635,142) |
Net unrealized (losses) gains on equity investments | 0 | (4,475,616) |
Total | $ 426,933 | $ (1,764,276) |
Note 4 - Investments - Fair Val
Note 4 - Investments - Fair Value of Investments (Details) | Dec. 31, 2020USD ($) |
Total Investments | $ 20,344,127 |
Reported Value Measurement [Member] | |
Total Investments | 20,344,127 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | |
Total Investments | 20,344,127 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |
Total Investments | 2,591,162 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |
Total Investments | 10,495,237 |
Reported Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |
Total Investments | 7,257,728 |
Estimate of Fair Value Measurement [Member] | |
Total Investments | 20,344,127 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |
Total Investments | 20,344,127 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | |
Total Investments | 20,344,127 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US Government Agencies Debt Securities [Member] | |
Total Investments | 2,591,162 |
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 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | US States and Political Subdivisions Debt Securities [Member] | |
Total Investments | 10,495,237 |
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 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | |
Total Investments | 7,257,728 |
Estimate of Fair Value Measurement [Member] | Fixed Maturities [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Total Investments | $ 7,257,728 |
Note 4 - Investments - Major Ca
Note 4 - Investments - Major Categories of Net Interest and Dividend Income (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fixed maturity investments | $ 235,090 | $ 347,488 |
Short term investments and cash and cash equivalents | 7,637 | 11,600 |
Dividends earned | 13,508 | 134,457 |
Investment expenses | (50,384) | (109,735) |
Net investment income | $ 205,851 | $ 383,810 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment, Net, Ending Balance | $ 898,560 | $ 1,098,420 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Cost | $ 1,925,651 | $ 1,879,394 |
Amortization | 1,027,091 | 780,974 |
Property and equipment (Note 5) | 898,560 | 1,098,420 |
Furniture and Fixtures [Member] | ||
Cost | 36,705 | 36,705 |
Amortization | 34,337 | 31,626 |
Property and equipment (Note 5) | 2,368 | 5,079 |
Office Equipment [Member] | ||
Cost | 107,392 | 107,392 |
Amortization | 84,992 | 69,651 |
Property and equipment (Note 5) | 22,400 | 37,741 |
Computer Equipment [Member] | ||
Cost | 24,129 | 23,161 |
Amortization | 20,529 | 17,468 |
Property and equipment (Note 5) | 3,600 | 5,693 |
Software Development [Member] | ||
Cost | 1,757,425 | 1,712,136 |
Amortization | 887,233 | 662,229 |
Property and equipment (Note 5) | $ 870,192 | $ 1,049,907 |
Note 6 - Taxation (Details Text
Note 6 - Taxation (Details Textual) Pure in Thousands | 12 Months Ended |
Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 0.00% |
Note 6 - Taxation - Effective I
Note 6 - Taxation - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings before income tax | $ (1,036,719) | $ (13,603,715) |
Expected tax | 0 | 0 |
Foreign taxes at local expected rates | 6,857 | 38,500 |
Change in deferred tax asset of US subsidiary | (69,000) | 950,000 |
Deferred tax expense from enacted rate reductions | 0 | 0 |
Change in valuation allowance | 624,000 | 0 |
Net tax expense | $ 561,857 | $ 988,500 |
Note 6 - Taxation - Deferred Ta
Note 6 - Taxation - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Capitalized start-up expenses | $ 44,000 | $ 58,000 |
Operating loss carryforwards | 945,000 | 1,483,000 |
Unearned commission income | 50,000 | 61,000 |
Depreciation and amortization | 20,000 | 12,000 |
Deferred tax assets | $ 1,059,000 | $ 1,614,000 |
Note 7 - Prepaid Expenses and_3
Note 7 - Prepaid Expenses and Other Assets - Prepaid Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid expenses | $ 171,342 | $ 212,626 |
Accounts receivable | 520,117 | 920,868 |
Policy acquisition costs and other assets | 258,996 | 312,193 |
Funds held with reinsurer | 0 | 30,500 |
Prepaid Expense and Other Assets | 1,091,815 | 1,476,187 |
Prepaid Expenses and Other Assets [Member] | ||
Building right of use asset | $ 141,360 | $ 0 |
Note 8 - Liability for Unpaid_3
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Estimated Loss Ratio | 64.00% | |
Prior Year Claims and Claims Adjustment Expense | $ 0 | $ 8,343,976 |
Note 8 - Liability for Unpaid_4
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Unpaid Losses and Loss Adjustment Expenses (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Case basis estimates | $ 0 | $ 8,002,720 |
IBNR reserves | 0 | 12,933,957 |
Totals | $ 0 | $ 20,936,677 |
Note 8 - Liability for Unpaid_5
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses - Liability for Losses and Loss Adjustment Expense Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Liability—beginning of year | $ 20,936,677 | $ 13,966,044 |
Incurred related to: | ||
Current year | 1,478,366 | 10,512,394 |
Prior years | 0 | 8,343,976 |
Total incurred | 1,478,366 | 18,856,370 |
Paid related to: | ||
Current year | (4,267) | (1,864,593) |
Prior years | (22,410,776) | (10,021,144) |
Total paid | (22,415,043) | (11,885,737) |
Liability—end of year | $ 0 | $ 20,936,677 |
Note 8 - Liability for Unpaid_6
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses - Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance (Unaudited) (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) |
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 53,313 | |||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 360 | $ 360 | 361 | 365 | 418 | 429 | 450 | 393 | 763 | 702 |
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 74 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 74 | |||||||||
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 826 | 825 | 842 | 926 | 1,160 | 1,166 | 1,340 | 1,585 | 1,218 | |
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 88 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 88 | |||||||||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 2,034 | 2,035 | 2,082 | 2,743 | 2,641 | 2,562 | 2,640 | 2,589 | ||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 169 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 169 | |||||||||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 4,788 | 4,788 | 4,768 | 3,859 | 4,290 | 4,485 | 3,703 | |||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 240 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 240 | |||||||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 3,834 | 3,833 | 3,963 | 3,927 | 4,495 | 4,184 | ||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 282 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 282 | |||||||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 9,017 | 9,018 | 7,846 | 7,647 | 5,622 | |||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 364 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 364 | |||||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 8,847 | 8,847 | 6,523 | 5,450 | ||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 442 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 442 | |||||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 11,615 | 11,616 | 6,575 | |||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 527 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 527 | |||||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 10,512 | 10,512 | ||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 444 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 444 | |||||||||
Short-Duration Insurance Contract, Accident Year 2021 [Member] | ||||||||||
Incurred Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 1,479 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 94 | |||||||||
IBNR Reserves | $ 0 | |||||||||
Cumulative Number of Reported Claims | 94 |
Note 8 - Liability for Unpaid_7
Note 8 - 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, 2021 | 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 |
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 32,968 | |||||||||
Reinsurance Agreement [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 0 | |||||||||
Short-duration Insurance Contracts, Accident Year 2012 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 350 | $ 350 | $ 361 | $ 365 | $ 418 | $ 429 | $ 450 | $ 393 | $ 763 | |
Short-duration Insurance Contracts, Accident Year 2013 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 818 | 818 | 842 | 926 | 1,160 | 1,166 | 1,340 | 1,585 | ||
Short-duration Insurance Contracts, Accident Year 2014 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,012 | 2,012 | 2,082 | 2,743 | 2,641 | 2,562 | 2,640 | |||
Short-duration Insurance Contracts, Accident Year 2015 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 4,381 | 4,232 | 4,768 | 3,859 | 4,290 | 4,485 | ||||
Short-duration Insurance Contracts, Accident Year 2016 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 3,473 | 3,413 | 3,963 | 3,927 | 4,495 | |||||
Short-duration Insurance Contracts, Accident Year 2017 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 7,370 | 7,305 | 7,846 | 7,647 | ||||||
Short-duration Insurance Contracts, Accident Year 2018 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 6,521 | 5,981 | 6,523 | |||||||
Short-Duration Insurance Contract, Accident Year 2019 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 5,582 | 4,964 | ||||||||
Short-Duration Insurance Contract, Accident Year 2020 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | 2,457 | 1,864 | ||||||||
Short-Duration Insurance Contract, Accident Year 2021 [Member] | ||||||||||
Paid Claims and Allocated Claim Adjustment Expense, Net of Reinsurance | $ 4 |
Note 8 - Liability for Unpaid_8
Note 8 - Liability for Unpaid Losses and Loss Adjustment Expenses - Average Annual Percentage Payout of Incurred Claims by Age, Net of Reinsurance (Unaudited) (Details) | Dec. 31, 2021 |
Average Annual Percentage Payout Year 2 | 32.50% |
Average Annual Percentage Payout Year 3 | 20.00% |
Average Annual Percentage Payout Year 4 | 11.40% |
Average Annual Percentage Payout Year 5 | 7.10% |
Average Annual Percentage Payout Year 6 | 4.30% |
Average Annual Percentage Payout Year 7 | 1.20% |
Average Annual Percentage Payout Year 8 | 0.00% |
Average Annual Percentage Payout Year 9 | 0.10% |
Average Annual Percentage Payout Year 10 | 0.00% |
Note 9 - Accrued Expenses and_3
Note 9 - Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Premiums payable | $ 2,143,468 | $ 2,850,031 |
Accounts payable and accrued liabilities | 293,169 | 506,460 |
Unearned commission income | 176,693 | 217,468 |
Other liabilities | 110,730 | 115,661 |
Accounts Payable and Accrued Liabilities, Total | 2,860,876 | 3,689,620 |
Accrued Expenses and Other Liabilities [Member] | ||
Building lease liability | $ 136,816 | $ 0 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) | Feb. 25, 2011USD ($) |
Stock Repurchase Program, Authorized Amount | $ 500,000 |
Note 11 - Premiums Written (Det
Note 11 - Premiums Written (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assumed Premiums Written | $ (2,041,258) | $ 11,162,731 |
Note 12 - Operating and Manag_2
Note 12 - Operating and Management Expenses (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other General and Administrative Expense | $ 352,322 | $ 362,000 |
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | 148,924 | 381,650 |
Director [Member] | ||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 0 | $ 70,000 |
Maximum [Member] | ||
Termination Notice for Management Agreement (Day) | 90 days | |
Minimum [Member] | ||
Termination Notice for Management Agreement (Day) | 60 days |
Note 13 - Dividend Restrictio_3
Note 13 - Dividend Restrictions and Statutory Requirements (Details Textual) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 0 | |
Statutory Loss | 574,228 | $ 16,483,222 |
AmerInst Insurance Company, Ltd. (AMIC Ltd.) [Member] | ||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 600,000 |
Note 13 - Dividend Restrictio_4
Note 13 - Dividend Restrictions and Statutory Requirements - Summary of Levels of Solvency and Liquidity (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statutory Capital & Surplus, Minimum | $ 1,000,000 | $ 3,140,502 |
Statutory Capital & Surplus, Actual | 13,589,876 | 24,746,999 |
Relevant Assets, Minimum | 0 | 21,550,831 |
Relevant Assets, Actual | $ 619,096 | $ 28,678,753 |
Note 14 - Segment Information_2
Note 14 - Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Number of Reportable Segments | 2 |
Note 14 - Segment Information -
Note 14 - Segment Information - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 749,393 | $ (562,162) | $ 3,190,256 | $ 3,205,403 | $ 4,132,129 | $ 5,962,383 | $ 6,120,746 | $ (48,962) | $ 6,618,890 | $ 16,166,296 |
Total losses and expenses | 8,212,921 | 30,758,511 | ||||||||
Segment loss | (889,988) | $ (955,112) | $ (93,078) | $ 344,147 | (3,301,881) | $ (8,277,992) | $ 1,465,255 | $ (4,477,597) | (1,594,031) | (14,592,215) |
Property, Plant and Equipment, Net, Ending Balance | 898,560 | 1,098,420 | 898,560 | 1,098,420 | ||||||
Reinsurance Segment [Member] | ||||||||||
Revenues | 3,213,768 | 10,463,588 | ||||||||
Total losses and expenses | 4,013,676 | 27,498,921 | ||||||||
Segment loss | (799,908) | (17,035,333) | ||||||||
Property, Plant and Equipment, Net, Ending Balance | 0 | 0 | 0 | 0 | ||||||
Insurance Segment [Member] | ||||||||||
Revenues | 3,405,122 | 5,702,708 | ||||||||
Total losses and expenses | 4,199,245 | 3,259,590 | ||||||||
Segment loss | (794,123) | 2,443,118 | ||||||||
Property, Plant and Equipment, Net, Ending Balance | $ 898,560 | $ 1,098,420 | $ 898,560 | $ 1,098,420 |
Note 15 - Stock Compensation (D
Note 15 - Stock Compensation (Details Textual) - USD ($) | Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 5,000 | 7,000 | 35,000 | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | |||||
Share Price (in dollars per share) | $ 5.92 | |||||
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) | 48,762 | |||||
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, Value, Payable Requisite Employee Age (Year) | 65 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 62,920 | 76,403 | ||||
Phantom Share Units (PSUs) [Member] | Senior Management Member One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 13,483 | |||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 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 | $ 0 | $ (178,483) |
Note 15 - Stock Compensation -
Note 15 - Stock Compensation - Summary of Vested Phantom Shares (Details) - Phantom Share Units (PSUs) [Member] | 12 Months Ended |
Dec. 31, 2021shares | |
Outstanding (in shares) | 76,403 |
Granted—arising from dividends declared during the year. (in shares) | 0 |
Forfeited—due to death (in shares) | (13,483) |
Outstanding (in shares) | 62,920 |
Note 15 - Stock Compensation _2
Note 15 - Stock Compensation - Summary of the Status of the Stock Option Plan (Details) - $ / shares | Oct. 01, 2018 | Jan. 01, 2018 | Mar. 03, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Balance, vested (in shares) | 25,300 | 16,400 | ||||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.40 | $ 28.34 | ||||
Balance, non-vested shares (in shares) | 19,700 | 28,600 | ||||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.71 | $ 28.65 | ||||
Balance (in shares) | 45,000 | 45,000 | ||||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 | ||||
Granted, non-vested shares (in shares) | 5,000 | 7,000 | 35,000 | 0 | 0 | 0 |
Granted, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | |||||
Forfeited, non-vested shares (in shares) | 0 | 0 | ||||
Forfeited, weighted average exercise price per share, non-vested (in dollars per share) | $ 0 | $ 0 | ||||
Vested, vested (in shares) | 8,900 | 8,900 | ||||
Vested, weighted average exercise price per share (in dollars per share) | $ 28.52 | $ 28.52 | ||||
Vested, non-vested shares (in shares) | (8,900) | (8,900) | ||||
Vested, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.52 | $ 28.52 | ||||
Balance, vested (in shares) | 34,200 | 25,300 | 16,400 | |||
Balance, weighted average exercise price per share (in dollars per share) | $ 28.43 | $ 28.40 | $ 28.34 | |||
Balance, non-vested shares (in shares) | 10,800 | 19,700 | 28,600 | |||
Balance, weighted average exercise price per share, non-vested (in dollars per share) | $ 28.86 | $ 28.71 | $ 28.65 | |||
Balance (in shares) | 45,000 | 45,000 | 45,000 | |||
Balance, weighted average exercise price (in dollars per share) | $ 28.54 | $ 28.54 | $ 28.54 | |||
Remaining contractual life (years), vested (Year) | 1 year 2 months 12 days | 2 years 2 months 12 days | ||||
Remaining contractual life (years), non-vested shares (Year) | 1 year 4 months 24 days | 2 years 3 months 18 days | ||||
Remaining contractual life (years), outstanding shares (Year) | 1 year 3 months 18 days | 2 years 3 months 18 days | ||||
Options exercisable at year end, weighted average exercise price per share, vested (in dollars per share) | $ 0 |
Note 15 - Stock Compensation _3
Note 15 - Stock Compensation - Summary of Options Outstanding by Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Exercise Price Range 1 [Member] | ||
Outstanding number (in shares) | 7,000 | 14,000 |
Outstanding weighted average remaining life (Year) | 1 year | 2 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable number (in shares) | 28,000 | 21,000 |
Exercisable weighted average exercise price (in dollars per share) | $ 27.99 | $ 27.99 |
Exercisable, weighted average remaining contractual life (Year) | 1 year | 2 years |
Exercise Price Range 2 [Member] | ||
Outstanding number (in shares) | 2,800 | 4,200 |
Outstanding weighted average remaining life (Year) | 2 years | 3 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable number (in shares) | 4,200 | 2,800 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.58 | $ 30.58 |
Exercisable, weighted average remaining contractual life (Year) | 2 years | 3 years |
Exercise Price Range 3 [Member] | ||
Outstanding number (in shares) | 1,000 | 1,500 |
Outstanding weighted average remaining life (Year) | 2 years 9 months 18 days | 3 years 9 months 18 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable number (in shares) | 2,000 | 1,500 |
Exercisable weighted average exercise price (in dollars per share) | $ 30.14 | $ 30.14 |
Exercisable, weighted average remaining contractual life (Year) | 2 years 9 months 18 days | 3 years 9 months 18 days |
Note 16 - Commitments and Con_2
Note 16 - Commitments and Contingencies (Details Textual) | Dec. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 100,470 |
Lessee, Operating Lease, Liability, to be Paid, Year Two | $ 60,331 |
Note 17 - Unaudited Condensed_3
Note 17 - Unaudited Condensed Quarterly Financial Data - Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net premiums earned (Note 11) | $ 0 | $ (1,737,803) | $ 2,248,830 | $ 2,070,381 | $ 2,900,753 | $ 3,437,196 | $ 2,930,898 | $ 2,579,616 | $ 2,581,408 | $ 11,848,463 |
Commission income | 3,404,698 | 5,698,299 | ||||||||
Net investment income | 1,227 | 57,893 | 75,742 | 70,989 | 75,531 | 99,444 | 97,024 | 111,811 | ||
Net realized and unrealized (loss) gain | 0 | 344,852 | 51,523 | 30,558 | 24 | 988,562 | 1,625,128 | (4,377,990) | ||
Total revenues | 749,393 | (562,162) | 3,190,256 | 3,205,403 | 4,132,129 | 5,962,383 | 6,120,746 | (48,962) | 6,618,890 | 16,166,296 |
Net loss | $ (889,988) | $ (955,112) | $ (93,078) | $ 344,147 | $ (3,301,881) | $ (8,277,992) | $ 1,465,255 | $ (4,477,597) | $ (1,594,031) | $ (14,592,215) |
Basic (loss) income per share (in dollars per share) | $ (1.43) | $ (1.54) | $ (0.15) | $ 0.55 | $ (5.31) | $ (13.23) | $ 2.34 | $ (7.16) | $ (2.57) | $ (23.36) |
Diluted (loss) income per share (in dollars per share) | $ (1.43) | $ (1.54) | $ (0.15) | $ 0.55 | $ (5.31) | $ (13.23) | $ 2.34 | $ (7.16) | $ (2.57) | $ (23.36) |
Financial Service [Member] | ||||||||||
Commission income | $ 748,166 | $ 808,896 | $ 814,161 | $ 1,033,475 | $ 1,155,821 | $ 1,437,181 | $ 1,467,696 | $ 1,637,601 |