Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 26, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity Registrant Name | ATLANTIC AMERICAN CORP | |
Entity Address, State or Province | GA | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 20,160,859 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000008177 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 11,450 | $ 12,630 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost: $217,291 and $219,924) | 223,275 | 210,386 |
Equity securities, at fair value (cost: $9,060 and $10,515) | 20,455 | 20,758 |
Other invested assets (cost: $7,005 and $6,905) | 7,380 | 7,424 |
Policy loans | 2,007 | 2,085 |
Real estate | 38 | 38 |
Investment in unconsolidated trusts | 1,238 | 1,238 |
Total investments | 254,393 | 241,929 |
Receivables: | ||
Reinsurance | 30,253 | 26,110 |
Insurance premiums and other (net of allowance for doubtful accounts: $187 and $207) | 23,891 | 15,223 |
Deferred income taxes, net | 1,537 | 4,184 |
Deferred acquisition costs | 38,144 | 37,094 |
Other assets | 9,518 | 4,560 |
Intangibles | 2,544 | 2,544 |
Total assets | 371,730 | 344,274 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Future policy benefits | 92,108 | 90,257 |
Unearned premiums | 33,947 | 24,206 |
Losses and claims | 75,155 | 72,612 |
Other policy liabilities | 1,331 | 1,973 |
Total insurance reserves and policyholder funds | 202,541 | 189,048 |
Other liabilities | 22,681 | 20,116 |
Junior subordinated debenture obligations, net | 33,738 | 33,738 |
Total liabilities | 258,960 | 242,902 |
Commitments and contingencies (Note 10) | ||
Shareholders' equity: | ||
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value | 55 | 55 |
Common stock, $1 par, 50,000,000 shares authorized; shares issued: 22,400,894; shares outstanding: 20,160,859 and 20,170,360 | 22,401 | 22,401 |
Additional paid-in capital | 57,444 | 57,414 |
Retained earnings | 36,342 | 37,208 |
Accumulated other comprehensive income (loss) | 4,727 | (7,535) |
Unearned stock grant compensation | (150) | (186) |
Treasury stock, at cost: 2,240,035 and 2,230,534 shares | (8,049) | (7,985) |
Total shareholders' equity | 112,770 | 101,372 |
Total liabilities and shareholders' equity | $ 371,730 | $ 344,274 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments: | ||
Fixed maturities, cost | $ 217,291 | $ 219,924 |
Equity securities, cost | 9,060 | 10,515 |
Other invested assets, cost | 7,005 | 6,905 |
Receivables: | ||
Insurance premiums and other, allowance for doubtful accounts | $ 187 | $ 207 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 4,000,000 | 4,000,000 |
Preferred stock, shares issued (in shares) | 55,000 | 55,000 |
Preferred stock, shares outstanding (in shares) | 55,000 | 55,000 |
Preferred stock, redemption value | $ 5,500 | $ 5,500 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 22,400,894 | 22,400,894 |
Common stock, shares outstanding (in shares) | 20,160,859 | 20,170,360 |
Treasury stock, at cost (in shares) | 2,240,035 | 2,230,534 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue: | ||||
Insurance premiums, net | $ 45,469 | $ 42,845 | $ 90,251 | $ 85,047 |
Net investment income | 2,313 | 2,537 | 4,647 | 4,896 |
Realized investment gains (losses), net | 610 | (57) | 1,995 | 313 |
Unrealized gains (losses) on equity securities, net | (5,337) | 4,089 | 1,152 | (330) |
Other income | 72 | 29 | 100 | 57 |
Total revenue | 43,127 | 49,443 | 98,145 | 89,983 |
Benefits and expenses: | ||||
Insurance benefits and losses incurred | 34,151 | 32,219 | 69,458 | 65,391 |
Commissions and underwriting expenses | 11,509 | 9,715 | 22,524 | 19,734 |
Interest expense | 545 | 506 | 1,091 | 968 |
Other expense | 2,511 | 2,970 | 5,376 | 6,208 |
Total benefits and expenses | 48,716 | 45,410 | 98,449 | 92,301 |
Income (loss) before income taxes | (5,589) | 4,033 | (304) | (2,318) |
Income tax expense (benefit) | (1,163) | 848 | (40) | (479) |
Net income (loss) | (4,426) | 3,185 | (264) | (1,839) |
Preferred stock dividends | (100) | (100) | (199) | (199) |
Net income (loss) applicable to common shareholders | $ (4,526) | $ 3,085 | $ (463) | $ (2,038) |
Earnings (loss) per common share (basic) (in dollars per share) | $ (0.22) | $ 0.15 | $ (0.02) | $ (0.10) |
Earnings (loss) per common share (diluted) (in dollars per share) | $ (0.22) | $ 0.15 | $ (0.02) | $ (0.10) |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net income (loss) | $ (4,426) | $ 3,185 | $ (264) | $ (1,839) |
Available-for-sale fixed maturity securities: | ||||
Gross unrealized holding gain (loss) arising in the period | 7,964 | (3,616) | 16,404 | (10,390) |
Related income tax effect | (1,673) | 760 | (3,445) | 2,182 |
Subtotal | 6,291 | (2,856) | 12,959 | (8,208) |
Less: reclassification adjustment for net realized (gains) losses included in net income (loss) | (610) | 57 | (882) | (313) |
Related income tax effect | 128 | (12) | 185 | 66 |
Subtotal | (482) | 45 | (697) | (247) |
Total other comprehensive income (loss), net of tax | 5,809 | (2,811) | 12,262 | (8,455) |
Total comprehensive income (loss) | $ 1,383 | $ 374 | $ 11,998 | $ (10,294) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned Stock Grant Compensation [Member] | Treasury Stock [Member] | Total |
Balance, beginning of period at Dec. 31, 2017 | $ 55 | $ 22,401 | $ 57,495 | $ 30,993 | $ 9,751 | $ (579) | $ (7,133) | |
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Dec. 31, 2017 | 9,825 | (9,825) | ||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Dec. 31, 2017 | (2,100) | 2,100 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (1,839) | $ (1,839) | ||||||
Other comprehensive income (loss), net of tax | (8,455) | (8,455) | ||||||
Dividends on common stock | (407) | |||||||
Dividends accrued on preferred stock | (199) | |||||||
Restricted stock grants, net of forfeitures | (88) | 135 | (47) | |||||
Amortization of unearned compensation | 122 | |||||||
Purchase of shares for treasury | 0 | 0 | (360) | |||||
Net shares acquired related to employee share-based compensation plans | (197) | |||||||
Issuance of shares under stock plans | 0 | 0 | 9 | 10 | ||||
Balance, end of period at Jun. 30, 2018 | 55 | 22,401 | 57,416 | 36,273 | (6,429) | (322) | (7,727) | $ 101,667 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared on common stock (in dollars per share) | $ (0.02) | |||||||
Balance, beginning of period at Mar. 31, 2018 | 55 | 22,401 | 57,431 | 33,188 | (3,618) | (387) | (7,346) | |
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Mar. 31, 2018 | 0 | 0 | ||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Mar. 31, 2018 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | 3,185 | $ 3,185 | ||||||
Other comprehensive income (loss), net of tax | (2,811) | (2,811) | ||||||
Dividends on common stock | 0 | |||||||
Dividends accrued on preferred stock | (100) | |||||||
Restricted stock grants, net of forfeitures | (20) | 20 | 0 | |||||
Amortization of unearned compensation | 45 | |||||||
Purchase of shares for treasury | 0 | 0 | (281) | |||||
Net shares acquired related to employee share-based compensation plans | (107) | |||||||
Issuance of shares under stock plans | 0 | 0 | 5 | 7 | ||||
Balance, end of period at Jun. 30, 2018 | 55 | 22,401 | 57,416 | 36,273 | (6,429) | (322) | (7,727) | $ 101,667 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0 | |||||||
Balance, beginning of period at Dec. 31, 2018 | 55 | 22,401 | 57,414 | 37,208 | (7,535) | (186) | (7,985) | $ 101,372 |
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Dec. 31, 2018 | 0 | 0 | ||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Dec. 31, 2018 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (264) | (264) | ||||||
Other comprehensive income (loss), net of tax | 12,262 | 12,262 | ||||||
Dividends on common stock | (403) | |||||||
Dividends accrued on preferred stock | (199) | |||||||
Restricted stock grants, net of forfeitures | 24 | (71) | 47 | |||||
Amortization of unearned compensation | 107 | |||||||
Purchase of shares for treasury | 0 | 0 | (71) | |||||
Net shares acquired related to employee share-based compensation plans | (49) | |||||||
Issuance of shares under stock plans | 0 | 0 | 6 | 9 | ||||
Balance, end of period at Jun. 30, 2019 | 55 | 22,401 | 57,444 | 36,342 | 4,727 | (150) | (8,049) | $ 112,770 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared on common stock (in dollars per share) | $ (0.02) | |||||||
Balance, beginning of period at Mar. 31, 2019 | 55 | 22,401 | 57,417 | 40,868 | (1,082) | (128) | (8,044) | |
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018 at Mar. 31, 2019 | 0 | 0 | ||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018 at Mar. 31, 2019 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | (4,426) | $ (4,426) | ||||||
Other comprehensive income (loss), net of tax | 5,809 | 5,809 | ||||||
Dividends on common stock | 0 | |||||||
Dividends accrued on preferred stock | (100) | |||||||
Restricted stock grants, net of forfeitures | 24 | (71) | 47 | |||||
Amortization of unearned compensation | 49 | |||||||
Purchase of shares for treasury | 0 | 0 | (22) | |||||
Net shares acquired related to employee share-based compensation plans | (35) | |||||||
Issuance of shares under stock plans | 0 | 0 | 3 | 5 | ||||
Balance, end of period at Jun. 30, 2019 | $ 55 | $ 22,401 | $ 57,444 | $ 36,342 | $ 4,727 | $ (150) | $ (8,049) | $ 112,770 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Dividends declared on common stock (in dollars per share) | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (264) | $ (1,839) |
Adjustments to reconcile loss to net cash used in operating activities: | ||
Acquisition costs deferred, net | (1,050) | (1,499) |
Realized investment gains, net | (1,995) | (313) |
Unrealized (gains) losses on equity securities, net | (1,152) | 330 |
Distributions received from equity method investees | 106 | 202 |
Compensation expense related to share awards | 107 | 122 |
Depreciation and amortization | 337 | 532 |
Deferred income tax benefit | (612) | (1,218) |
Increase in receivables, net | (13,393) | (12,691) |
Increase in insurance reserves and policyholder funds | 13,493 | 17,837 |
Increase (decrease) in other liabilities | 2,366 | (7,712) |
Other, net | (5,162) | (147) |
Net cash used in operating activities | (7,219) | (6,396) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from investments sold | 70,171 | 25,849 |
Proceeds from investments matured, called or redeemed | 3,628 | 3,985 |
Investments purchased | (67,220) | (39,329) |
Additions to property and equipment | (32) | (224) |
Net cash provided by (used in) investing activities | 6,547 | (9,719) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment of dividends on common stock | (403) | (407) |
Proceeds from shares issued under stock plans | 15 | 19 |
Treasury stock acquired - share repurchase authorization | (71) | (360) |
Treasury stock acquired - net employee share-based compensation | (49) | (197) |
Net cash used in financing activities | (508) | (945) |
Net decrease in cash and cash equivalents | (1,180) | (17,060) |
Cash and cash equivalents at beginning of period | 12,630 | 24,547 |
Cash and cash equivalents at end of period | 11,450 | 7,487 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 1,100 | 941 |
Cash paid for income taxes | $ 850 | $ 1,412 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Atlantic American Corporation (the “Parent”) and its subsidiaries (collectively with the Parent, the “Company”). The Parent’s primary operating subsidiaries, American Southern Insurance Company and American Safety Insurance Company (together known as “American Southern”) and Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company (together known as “Bankers Fidelity”), operate in two principal business units. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for audited annual financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been included. The unaudited condensed consolidated financial statements included herein and these related notes should be read in conjunction with the Company’s consolidated financial statements, and the notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 (the “2018 Annual Report”). The Company’s financial condition and results of operations and cash flows as of and for the three month and six month periods ended June 30, 2019 are not necessarily indicative of the financial condition or results of operations and cash flows that may be expected for the year ending December 31, 2019 or for any other future period. The Company’s significant accounting policies have not changed materially from those set out in the 2018 Annual Report, except as noted below for the adoption of new accounting standards. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosures 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 materially from those estimates. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 2. Recently Issued Accounting Standards Adoption of New Accounting Standards Leases. As part of the transition to the new standard, the Company was required to measure and recognize leases that existed at January 1, 2019 and elected to use a modified retrospective approach. For leases that existed at the effective date, the Company elected the package of three transition practical expedients and therefore did not reassess any of the following: (i) whether an arrangement is or contains a lease, (ii) lease classification, or (iii) what qualifies as an initial direct cost. The adoption of this ASU resulted in the Company recognizing a ROU asset of $6,088 as part of other assets and a lease liability of $6,088 as part of other liabilities in the consolidated balance sheet. The adoption of this ASU did not have a material effect on the Company’s results of operations or liquidity. Revenue from Contracts with Customers. Future Adoption of New Accounting Standards For information regarding accounting standards that the Company has not yet adopted, see the “Recently Issued Accounting Standards - Future Adoption of New Accounting Standards” section of Note 1 of Notes to Consolidated Financial Statements in the 2018 Annual Report. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investments | Note 3. Investments The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of June 30, 2019 and December 31, 2018. Fixed maturities were comprised of the following: June 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,929 $ 560 $ 329 $ 27,698 Obligations of states and political subdivisions 4,999 420 - 4,579 Corporate securities: Utilities and telecom 17,482 1,654 - 15,828 Financial services 61,103 2,506 474 59,071 Other business – diversified 43,516 1,667 658 42,507 Other consumer – diversified 68,054 1,889 1,251 67,416 Total corporate securities 190,155 7,716 2,383 184,822 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 223,275 $ 8,696 $ 2,712 $ 217,291 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,422 $ 36 $ 1,061 $ 28,447 Obligations of states and political subdivisions 8,364 347 72 8,089 Corporate securities: Utilities and telecom 19,642 873 431 19,200 Financial services 49,477 747 2,942 51,672 Other business – diversified 49,196 226 2,844 51,814 Other consumer – diversified 56,093 84 4,501 60,510 Total corporate securities 174,408 1,930 10,718 183,196 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 210,386 $ 2,313 $ 11,851 $ 219,924 Bonds having an amortized cost of $10,444 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of June 30, 2019 and December 31, 2018, respectively, in accordance with statutory requirements. Equity securities were comprised of the following: June 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Financial services $ 4,799 $ 419 $ — $ 4,380 Other business – diversified 318 271 — 47 Other consumer – diversified 15,338 10,705 — 4,633 Total equity securities $ 20,455 $ 11,395 $ — $ 9,060 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Utilities and telecom $ 1,686 $ 722 $ — $ 964 Financial services 4,552 172 — 4,380 Other business – diversified 306 259 — 47 Other consumer – diversified 14,214 9,090 — 5,124 Total equity securities $ 20,758 $ 10,243 $ — $ 10,515 The carrying value and amortized cost of the Company’s investments in fixed maturities at June 30, 2019 and December 31, 2018 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. June 30, 2019 December 31, 2018 Carrying Value Amortized Cost Carrying Value Amortized Cost Due in one year or less $ - $ - $ 3,150 $ 3,150 Due after one year through five years 16,262 16,345 19,787 19,699 Due after five years through ten years 93,243 91,052 127,617 133,863 Due after ten years 97,444 93,488 43,823 46,338 Asset backed securities 16,326 16,406 16,009 16,874 Totals $ 223,275 $ 217,291 $ 210,386 $ 219,924 The following tables present the Company’s unrealized losses for securities by type and length of time the security was in a continuous unrealized loss position as of June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 10,865 $ 329 $ 10,865 $ 329 Corporate securities 2,051 5 32,070 2,378 34,121 2,383 Total temporarily impaired securities $ 2,051 $ 5 $ 42,935 $ 2,707 $ 44,986 $ 2,712 December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 24,786 $ 1,061 $ 24,786 $ 1,061 Obligations of states and political subdivisions — — 3,980 72 3,980 72 Corporate securities 49,633 1,592 97,012 9,126 146,645 10,718 Total temporarily impaired securities $ 49,633 $ 1,592 $ 125,778 $ 10,259 $ 175,411 $ 11,851 The evaluation for an other than temporary impairment (“OTTI”) is a quantitative and qualitative process, which is subject to risks and uncertainties in the determination of whether declines in the fair value of investments are other than temporary. Potential risks and uncertainties include, among other things, changes in general economic conditions, an issuer’s financial condition or near term recovery prospects and the effects of changes in interest rates. In evaluating a potential impairment, the Company considers, among other factors, management’s intent and ability to hold the securities until price recovery, the nature of the investment and the expectation of prospects for the issuer and its industry, the status of an issuer’s continued satisfaction of its obligations in accordance with their contractual terms, and management’s expectation as to the issuer’s ability and intent to continue to do so, as well as ratings actions that may affect the issuer’s credit status. There were no OTTI charges recorded during the three month and six month periods ended June 30, 2019 and 2018. As of June 30, 2019 and December 31, 2018, there were thirty-three and one hundred forty securities, respectively, in an unrealized loss position which primarily included certain of the Company’s investments in fixed maturities within the financial services, other diversified business and other diversified consumer sectors. The decrease in the number and value of securities in an unrealized loss position during the six month period ended June 30, 2019 was primarily attributable to the appreciation of fixed maturity market prices due to the current interest rate environment. The Company does not currently intend to sell nor does it expect to be required to sell any of the securities in an unrealized loss position. Based upon the Company’s expected continuation of receipt of contractually required principal and interest payments and its intent and ability to retain the securities until price recovery, as well as the Company’s evaluation of other relevant factors, including those described above, the Company has deemed these securities to be temporarily impaired as of June 30, 2019. The following table is a summary of realized investment gains (losses) for the three month and six month periods ended June 30, 2019 and 2018. Three Months Ended June 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 610 $ — $ — $ 610 Losses — — — — Realized investment gains (losses), net $ 610 $ — $ — $ 610 Three Months Ended June 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 247 $ — $ — $ 247 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ (57 ) $ — $ — $ (57 ) Six Months Ended June 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 882 $ 1,113 $ — $ 1,995 Losses — — — — Realized investment gains (losses), net $ 882 $ 1,113 $ — $ 1,995 Six Months Ended June 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 617 $ — $ — $ 617 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ 313 $ — $ — $ 313 The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month and six month periods ended June 30, 2019 and 2018. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity securities $ (5,337 ) $ 4,089 $ 2,265 $ (330 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period - - 1,113 - Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (5,337 ) $ 4,089 $ 1,152 $ (330 ) Variable Interest Entities The Company holds passive interests in a number of entities that are considered to be variable interest entities (“VIEs”) under GAAP guidance. The Company’s VIE interests principally consist of interests in limited partnerships and limited liability companies formed for the purpose of achieving diversified equity returns. The Company’s VIE interests, carried as a part of other invested assets, totaled $7,380 and $7,424 as of June 30, 2019 and December 31, 2018, respectively. The Company’s VIE interests, carried as a part of investment in unconsolidated trusts, totaled $1,238 as of June 30, 2019 and December 31, 2018. The Company does not have power over the activities that most significantly impact the economic performance of these VIEs and thus is not the primary beneficiary. Therefore, the Company has not consolidated these VIEs. The Company’s involvement with each VIE is limited to its direct ownership interest in the VIE. The Company has no arrangements with any of the VIEs to provide other financial support to or on behalf of the VIE. The Company’s maximum loss exposure relative to these investments was limited to the carrying value of the Company’s investment in the VIEs, which amount to $8,618 and $8,662, as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019 and December 31, 2018, the Company has outstanding commitments totaling $4,900 and $0, respectively, whereby the Company is committed to fund these investments and may be called by such VIEs during the commitment period to fund the purchase of new investments and partnership expenses. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Note 4. Fair Values of Financial Instruments The estimated fair values have been determined by the Company using available market information from various market sources and appropriate valuation methodologies as of the respective dates. However, considerable judgment is necessary to interpret market data and to develop the estimates of fair value. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, the estimates presented herein are not necessarily indicative of the amounts which the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The following describes the fair value hierarchy and provides information as to the extent to which the Company uses fair value to measure the value of its financial instruments and information about the inputs used to value those financial instruments. The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels. Level 1 Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company’s financial instruments valued using Level 1 criteria include cash equivalents, U.S. Treasury securities and exchange traded common stocks. Level 2 Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company’s financial instruments valued using Level 2 criteria include significantly most of its fixed maturities, which consist of U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value measurements of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealers. Prices for the majority of the Company’s Level 2 fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize a matrix pricing concept, which is a mathematical technique used widely in the industry to value debt securities based on various relationships to other benchmark quoted prices. Level 3 Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Fair value is based on criteria that use assumptions or other data that are not readily observable from objective sources. The Company’s financial instruments valued using Level 3 criteria consist of a limited number of fixed maturities. As of June 30, 2019 and December 31, 2018, the value of the Company’s fixed maturities valued using Level 3 criteria was $1,174 and $1,066, respectively. The use of different criteria or assumptions regarding data may have yielded materially different valuations. As of June 30, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,603 $ 210,498 $ 1,174 (1) $ 223,275 Equity securities 15,855 4,600 (1) — 20,455 Cash equivalents 6,925 — — 6,925 Total $ 34,383 $ 215,098 $ 1,174 $ 250,655 (1) All underlying securities are financial services industry related. As of December 31, 2018, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,413 $ 197,907 $ 1,066 (1) $ 210,386 Equity securities 16,398 4,360 (1) — 20,758 Cash equivalents 8,250 — — 8,250 Total $ 36,061 $ 202,267 $ 1,066 $ 239,394 (1) All underlying securities are financial services industry related. The following tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and six month periods ended June 30, 2019 and 2018. Fixed Maturities Balance, December 31, 2018 $ 1,066 Total unrealized gains included in other comprehensive loss 49 Balance, March 31, 2019 1,115 Total unrealized gains included in other comprehensive income 59 Balance, June 30, 2019 $ 1,174 Fixed Maturities Balance, December 31, 2017 $ 1,369 Total unrealized losses included in other comprehensive loss (30 ) Balance, March 31, 2018 1,339 Total unrealized gains included in other comprehensive loss 7 Balance, June 30, 2018 $ 1,346 The Company’s fixed maturities valued using Level 3 inputs consist solely of issuances of pooled debt obligations of multiple, smaller financial services companies that are not actively traded. There are no assumed prepayments and/or default probability assumptions as a majority of these instruments contain certain U.S. government agency strips to support repayment of the principal. Other qualitative and quantitative information received from the original underwriter of the pooled offerings is also considered, as applicable. The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Level in Fair Value Hierarchy (1) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents Level 1 $ 11,450 $ 11,450 $ 12,630 $ 12,630 Fixed maturities (1 ) 223,275 223,275 210,386 210,386 Equity securities (1 ) 20,455 20,455 20,758 20,758 Other invested assets Level 3 7,380 7,380 7,424 7,424 Policy loans Level 2 2,007 2,007 2,085 2,085 Real estate Level 2 38 38 38 38 Investment in unconsolidated trusts Level 2 1,238 1,238 1,238 1,238 Liabilities: Junior subordinated debentures, net Level 2 33,738 33,738 33,738 33,738 (1) See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. There have not been any transfers between Level 1, Level 2 and Level 3 during the periods presented in these condensed consolidated financial statements. |
Liabilities for Unpaid Losses,
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Abstract] | |
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses | Note 5. Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses The roll-forward of liabilities for unpaid losses, claims and loss adjustment expenses is as follows: Six Months Ended June 30, 2019 2018 Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 72,612 $ 65,689 Less: Reinsurance recoverable on unpaid losses (14,354 ) (11,968 ) Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net 58,258 53,721 Incurred related to: Current accident year 68,157 63,230 Prior accident year development 103 (163 ) Total incurred 68,260 63,067 Paid related to: Current accident year 38,875 36,508 Prior accident years 28,576 22,872 Total paid 67,451 59,380 Ending liabilities for unpaid losses, claims and loss adjustment expenses, net 59,067 57,408 Plus: Reinsurance recoverable on unpaid losses 16,088 14,667 Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 75,155 $ 72,075 Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred: Six Months Ended June 30, 2019 2018 Total incurred losses $ 68,260 $ 63,067 Cash surrender value and matured endowments 588 707 Benefit reserve changes 610 1,617 Total insurance benefits and losses incurred $ 69,458 $ 65,391 |
Junior Subordinated Debentures
Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2019 | |
Junior Subordinated Debentures [Abstract] | |
Junior Subordinated Debentures | Note 6. Junior Subordinated Debentures The Company has two unconsolidated Connecticut statutory business trusts, which exist for the exclusive purposes of: (i) issuing trust preferred securities (“Trust Preferred Securities”) representing undivided beneficial interests in the assets of the trusts; (ii) investing the gross proceeds of the Trust Preferred Securities in junior subordinated deferrable interest debentures (“Junior Subordinated Debentures”) of Atlantic American; and (iii) engaging in those activities necessary or incidental thereto. The financial structure of each of Atlantic American Statutory Trust I and II as of June 30, 2019 was as follows: Atlantic American Statutory Trust I Atlantic American Statutory Trust II JUNIOR SUBORDINATED DEBENTURES (1) (2) Principal amount owed June 30, 2019 $ 18,042 $ 23,196 Less: Treasury debt (3) — (7,500 ) Net balance June 30, 2019 $ 18,042 $ 15,696 Net balance December 31, 2018 $ 18,042 $ 15,696 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Interest payable Quarterly Quarterly Maturity date December 4, 2032 May 15, 2033 Redeemable by issuer Yes Yes TRUST PREFERRED SECURITIES Issuance date December 4, 2002 May 15, 2003 Securities issued 17,500 22,500 Liquidation preference per security $ 1 $ 1 Liquidation value $ 17,500 $ 22,500 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Distribution payable Quarterly Quarterly Distribution guaranteed by (4) Atlantic American Corporation Atlantic American Corporation (1) For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. (2) The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. (3) On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. (4) The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation. |
Earnings (Loss) Per Common Shar
Earnings (Loss) Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings (Loss) Per Common Share [Abstract] | |
Earnings (Loss) Per Common Share | Note 7. Earnings (Loss) Per Common Share A reconciliation of the numerator and denominator used in the loss per common share calculations is as follows: Three Months Ended June 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (4,426 ) 20,146 Less preferred stock dividends (100 ) — Net loss applicable to common shareholders $ (4,526 ) 20,146 $ (.22 ) Three Months Ended June 30, 2018 Income Weighted Average Shares (In thousands) Per Share Amount Basic Earnings Per Common Share: Net income $ 3,185 20,286 Less preferred stock dividends (100 ) Net income applicable to common shareholders 3,085 20,286 $ .15 Diluted Earnings Per Common Share: Effect of Series D preferred stock 100 1,378 Net income applicable to common shareholders $ 3,185 21,664 $ .15 Six Months Ended June 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (264 ) 20,152 Less preferred stock dividends (199 ) — Net loss applicable to common shareholders $ (463 ) 20,152 $ (.02 ) Six Months Ended June 30, 2018 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,839 ) 20,352 Less preferred stock dividends (199 ) — Net loss applicable to common shareholders $ (2,038 ) 20,352 $ (.10 ) The assumed conversion of the Company’s Series D preferred stock was excluded from the earnings (loss) per common share calculation for all periods presented, except for the three month period ended June 30, 2018, since its impact would have been antidilutive. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8. Income Taxes A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax benefit is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Federal income tax provision at statutory rate of 21% $ (1,174 ) $ 847 $ (64 ) $ (487 ) Dividends-received deduction (5 ) (10 ) (14 ) (20 ) Other permanent differences 16 11 38 28 Income tax expense (benefit) $ (1,163 ) $ 848 $ (40 ) $ (479 ) The components of income tax benefit were: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Current - Federal $ 572 $ 703 $ 572 $ 739 Deferred - Federal (1,735 ) 145 (612 ) (1,218 ) Total $ (1,163 ) $ 848 $ (40 ) $ (479 ) |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 9. Leases The Company has identified two operating lease agreements, each for the use of office space in the ordinary course of business. The first lease renews annually on an automatic basis and based on original assumptions, management is reasonably certain to exercise the renewal option for an additional eight years from the January 1, 2019 effective date of the new lease guidance. The original term of the second lease was ten years and amended in January 2017 to provide for an additional seven years, with a termination date on September 30, 2026. The rate used in determining the present value of lease payments is based upon an estimate of the Company’s incremental secured borrowing rate commensurate with the term of the underlying lease. These leases are accounted for as operating leases, whereby lease expense is recognized on a straight-line basis over the term of the lease. Lease expense reported for the six months ended June 30, 2019 was $507. See the “Adoption of New Accounting Standards – Leases ” Additional information regarding the Company’s real estate operating leases is as follows: Six Months Ended June 30, 2019 Other information on operating leases: Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 450 Right-of-use assets included in other assets on the condensed consolidated balance sheet 5,785 Weighted average discount rate 6.8 % Weighted average remaining lease term in years 7.4 years The following table presents maturities and present value of the Company’s lease liabilities: Lease Liability Remainder of 2019 $ 365 2020 978 2021 1,015 2022 1,031 2023 1,048 Thereafter 3,091 Total undiscounted lease payments 7,528 Less: present value adjustment 1,685 Operating lease liability included in other liabilities on the condensed consolidated balance sheet $ 5,843 As of June 30, 2019, the Company has no operating leases that have not yet commenced. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies From time to time, the Company is, and expects to continue to be, involved in various claims and lawsuits incidental to and in the ordinary course of its businesses. In the opinion of management, any such known claims are not expected to have a material effect on the financial condition or results of operations of the Company. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Information [Abstract] | |
Segment Information | Note 11. Segment Information The Parent’s primary insurance subsidiaries, American Southern and Bankers Fidelity, operate in two principal business units, each focusing on specific products. American Southern operates in the property and casualty insurance market, while Bankers Fidelity operates in the life and health insurance market. Each business unit is managed independently and is evaluated on its individual performance. The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2019 and 2018. Assets June 30, 2019 December 31, 2018 American Southern $ 142,059 $ 122,724 Bankers Fidelity 206,513 195,663 Corporate and Other 148,424 134,643 Adjustments & Eliminations (125,266 ) (108,756 ) Total assets $ 371,730 $ 344,274 Revenues Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 American Southern $ 15,740 $ 14,643 $ 30,975 $ 28,176 Bankers Fidelity 31,244 31,641 65,620 61,754 Corporate and Other (1,261 ) 5,939 6,617 5,419 Adjustments & Eliminations (2,596 ) (2,780 ) (5,067 ) (5,366 ) Total revenue $ 43,127 $ 49,443 $ 98,145 $ 89,983 Income (Loss) Before Income Taxes Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 American Southern $ 1,396 $ 1,929 $ 3,378 $ 2,897 Bankers Fidelity (1,998 ) 261 (2,494 ) (2,274 ) Corporate and Other (4,987 ) 1,843 (1,188 ) (2,941 ) Income (loss) before income taxes $ (5,589 ) $ 4,033 $ (304 ) $ (2,318 ) |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 12. Related Party Transactions During the three month period ended June 30, 2019, the Company transferred its remaining fractional interest in an aircraft arrangement to Gray Television, Inc., a related party, for $151. |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Recently Issued Accounting Standards [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Leases. As part of the transition to the new standard, the Company was required to measure and recognize leases that existed at January 1, 2019 and elected to use a modified retrospective approach. For leases that existed at the effective date, the Company elected the package of three transition practical expedients and therefore did not reassess any of the following: (i) whether an arrangement is or contains a lease, (ii) lease classification, or (iii) what qualifies as an initial direct cost. The adoption of this ASU resulted in the Company recognizing a ROU asset of $6,088 as part of other assets and a lease liability of $6,088 as part of other liabilities in the consolidated balance sheet. The adoption of this ASU did not have a material effect on the Company’s results of operations or liquidity. Revenue from Contracts with Customers. Future Adoption of New Accounting Standards For information regarding accounting standards that the Company has not yet adopted, see the “Recently Issued Accounting Standards - Future Adoption of New Accounting Standards” section of Note 1 of Notes to Consolidated Financial Statements in the 2018 Annual Report. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Investments Aggregated by Type and Industry | The following tables set forth the estimated fair value, gross unrealized gains, gross unrealized losses and cost or amortized cost of the Company’s investments in fixed maturities and equity securities, aggregated by type and industry, as of June 30, 2019 and December 31, 2018. Fixed maturities were comprised of the following: June 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,929 $ 560 $ 329 $ 27,698 Obligations of states and political subdivisions 4,999 420 - 4,579 Corporate securities: Utilities and telecom 17,482 1,654 - 15,828 Financial services 61,103 2,506 474 59,071 Other business – diversified 43,516 1,667 658 42,507 Other consumer – diversified 68,054 1,889 1,251 67,416 Total corporate securities 190,155 7,716 2,383 184,822 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 223,275 $ 8,696 $ 2,712 $ 217,291 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Fixed maturities: Bonds: U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ 27,422 $ 36 $ 1,061 $ 28,447 Obligations of states and political subdivisions 8,364 347 72 8,089 Corporate securities: Utilities and telecom 19,642 873 431 19,200 Financial services 49,477 747 2,942 51,672 Other business – diversified 49,196 226 2,844 51,814 Other consumer – diversified 56,093 84 4,501 60,510 Total corporate securities 174,408 1,930 10,718 183,196 Redeemable preferred stocks: Other consumer – diversified 192 — — 192 Total redeemable preferred stocks 192 — — 192 Total fixed maturities $ 210,386 $ 2,313 $ 11,851 $ 219,924 Bonds having an amortized cost of $10,444 and $10,452 and included in the tables above were on deposit with insurance regulatory authorities as of June 30, 2019 and December 31, 2018, respectively, in accordance with statutory requirements. Equity securities were comprised of the following: June 30, 2019 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Financial services $ 4,799 $ 419 $ — $ 4,380 Other business – diversified 318 271 — 47 Other consumer – diversified 15,338 10,705 — 4,633 Total equity securities $ 20,455 $ 11,395 $ — $ 9,060 December 31, 2018 Estimated Fair Value Gross Unrealized Gains Gross Unrealized Losses Cost or Amortized Cost Equity securities: Common and non-redeemable preferred stocks: Utilities and telecom $ 1,686 $ 722 $ — $ 964 Financial services 4,552 172 — 4,380 Other business – diversified 306 259 — 47 Other consumer – diversified 14,214 9,090 — 5,124 Total equity securities $ 20,758 $ 10,243 $ — $ 10,515 |
Amortized Cost and Carrying Value of Fixed Maturities by Contractual Maturity | The carrying value and amortized cost of the Company’s investments in fixed maturities at June 30, 2019 and December 31, 2018 by contractual maturity were as follows. Actual maturities may differ from contractual maturities because issuers may call or prepay obligations with or without call or prepayment penalties. June 30, 2019 December 31, 2018 Carrying Value Amortized Cost Carrying Value Amortized Cost Due in one year or less $ - $ - $ 3,150 $ 3,150 Due after one year through five years 16,262 16,345 19,787 19,699 Due after five years through ten years 93,243 91,052 127,617 133,863 Due after ten years 97,444 93,488 43,823 46,338 Asset backed securities 16,326 16,406 16,009 16,874 Totals $ 223,275 $ 217,291 $ 210,386 $ 219,924 |
Investment Securities with Continuous Unrealized Loss Position | The following tables present the Company’s unrealized losses for securities by type and length of time the security was in a continuous unrealized loss position as of June 30, 2019 and December 31, 2018. June 30, 2019 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 10,865 $ 329 $ 10,865 $ 329 Corporate securities 2,051 5 32,070 2,378 34,121 2,383 Total temporarily impaired securities $ 2,051 $ 5 $ 42,935 $ 2,707 $ 44,986 $ 2,712 December 31, 2018 Less than 12 months 12 months or longer Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. Treasury securities and obligations of U.S. Government agencies and authorities $ — $ — $ 24,786 $ 1,061 $ 24,786 $ 1,061 Obligations of states and political subdivisions — — 3,980 72 3,980 72 Corporate securities 49,633 1,592 97,012 9,126 146,645 10,718 Total temporarily impaired securities $ 49,633 $ 1,592 $ 125,778 $ 10,259 $ 175,411 $ 11,851 |
Summary of Realized Investment Gains (Losses) | The following table is a summary of realized investment gains (losses) for the three month and six month periods ended June 30, 2019 and 2018. Three Months Ended June 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 610 $ — $ — $ 610 Losses — — — — Realized investment gains (losses), net $ 610 $ — $ — $ 610 Three Months Ended June 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 247 $ — $ — $ 247 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ (57 ) $ — $ — $ (57 ) Six Months Ended June 30, 2019 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 882 $ 1,113 $ — $ 1,995 Losses — — — — Realized investment gains (losses), net $ 882 $ 1,113 $ — $ 1,995 Six Months Ended June 30, 2018 Fixed Maturities Equity Securities Other Invested Assets Total Gains $ 617 $ — $ — $ 617 Losses (304 ) — — (304 ) Realized investment gains (losses), net $ 313 $ — $ — $ 313 |
Unrealized Gains (Losses) Related to Equity Securities | The following table presents the portion of unrealized gains (losses) related to equity securities still held for the three month and six month periods ended June 30, 2019 and 2018. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Net gains (losses) recognized during the period on equity securities $ (5,337 ) $ 4,089 $ 2,265 $ (330 ) Less: Net gains (losses) recognized during the period on equity securities sold during the period - - 1,113 - Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (5,337 ) $ 4,089 $ 1,152 $ (330 ) |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Values of Financial Instruments [Abstract] | |
Financial Instruments Carried at Fair Value Measured on a Recurring Basis | As of June 30, 2019, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,603 $ 210,498 $ 1,174 (1) $ 223,275 Equity securities 15,855 4,600 (1) — 20,455 Cash equivalents 6,925 — — 6,925 Total $ 34,383 $ 215,098 $ 1,174 $ 250,655 (1) All underlying securities are financial services industry related. As of December 31, 2018, financial instruments carried at fair value were measured on a recurring basis as summarized below: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Fixed maturities $ 11,413 $ 197,907 $ 1,066 (1) $ 210,386 Equity securities 16,398 4,360 (1) — 20,758 Cash equivalents 8,250 — — 8,250 Total $ 36,061 $ 202,267 $ 1,066 $ 239,394 (1) All underlying securities are financial services industry related. |
Roll-forward of Financial Instruments Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following tables provide a roll-forward of the Company’s financial instruments measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three month and six month periods ended June 30, 2019 and 2018. Fixed Maturities Balance, December 31, 2018 $ 1,066 Total unrealized gains included in other comprehensive loss 49 Balance, March 31, 2019 1,115 Total unrealized gains included in other comprehensive income 59 Balance, June 30, 2019 $ 1,174 Fixed Maturities Balance, December 31, 2017 $ 1,369 Total unrealized losses included in other comprehensive loss (30 ) Balance, March 31, 2018 1,339 Total unrealized gains included in other comprehensive loss 7 Balance, June 30, 2018 $ 1,346 |
Carrying Amount, Estimated Fair Value and Level within the Fair Value Hierarchy of Financial Instruments | The following table sets forth the carrying amount, estimated fair value and level within the fair value hierarchy of the Company’s financial instruments as of June 30, 2019 and December 31, 2018. June 30, 2019 December 31, 2018 Level in Fair Value Hierarchy (1) Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets: Cash and cash equivalents Level 1 $ 11,450 $ 11,450 $ 12,630 $ 12,630 Fixed maturities (1 ) 223,275 223,275 210,386 210,386 Equity securities (1 ) 20,455 20,455 20,758 20,758 Other invested assets Level 3 7,380 7,380 7,424 7,424 Policy loans Level 2 2,007 2,007 2,085 2,085 Real estate Level 2 38 38 38 38 Investment in unconsolidated trusts Level 2 1,238 1,238 1,238 1,238 Liabilities: Junior subordinated debentures, net Level 2 33,738 33,738 33,738 33,738 (1) See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. |
Liabilities for Unpaid Losses_2
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Abstract] | |
Roll-forward of Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses | The roll-forward of liabilities for unpaid losses, claims and loss adjustment expenses is as follows: Six Months Ended June 30, 2019 2018 Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 72,612 $ 65,689 Less: Reinsurance recoverable on unpaid losses (14,354 ) (11,968 ) Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net 58,258 53,721 Incurred related to: Current accident year 68,157 63,230 Prior accident year development 103 (163 ) Total incurred 68,260 63,067 Paid related to: Current accident year 38,875 36,508 Prior accident years 28,576 22,872 Total paid 67,451 59,380 Ending liabilities for unpaid losses, claims and loss adjustment expenses, net 59,067 57,408 Plus: Reinsurance recoverable on unpaid losses 16,088 14,667 Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross $ 75,155 $ 72,075 |
Reconciliation of Total Incurred Losses to Total Insurance Benefits and Losses | Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred: Six Months Ended June 30, 2019 2018 Total incurred losses $ 68,260 $ 63,067 Cash surrender value and matured endowments 588 707 Benefit reserve changes 610 1,617 Total insurance benefits and losses incurred $ 69,458 $ 65,391 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Junior Subordinated Debentures [Abstract] | |
Financial Structure of Statutory Business Trusts | The financial structure of each of Atlantic American Statutory Trust I and II as of June 30, 2019 was as follows: Atlantic American Statutory Trust I Atlantic American Statutory Trust II JUNIOR SUBORDINATED DEBENTURES (1) (2) Principal amount owed June 30, 2019 $ 18,042 $ 23,196 Less: Treasury debt (3) — (7,500 ) Net balance June 30, 2019 $ 18,042 $ 15,696 Net balance December 31, 2018 $ 18,042 $ 15,696 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Interest payable Quarterly Quarterly Maturity date December 4, 2032 May 15, 2033 Redeemable by issuer Yes Yes TRUST PREFERRED SECURITIES Issuance date December 4, 2002 May 15, 2003 Securities issued 17,500 22,500 Liquidation preference per security $ 1 $ 1 Liquidation value $ 17,500 $ 22,500 Coupon rate LIBOR + 4.00 % LIBOR + 4.10 % Distribution payable Quarterly Quarterly Distribution guaranteed by (4) Atlantic American Corporation Atlantic American Corporation (1) For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. (2) The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. (3) On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. (4) The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation. |
Earnings (Loss) Per Common Sh_2
Earnings (Loss) Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings (Loss) Per Common Share [Abstract] | |
Reconciliation of Numerator and Denominator used in Earnings (Loss) per Common Share Calculations | A reconciliation of the numerator and denominator used in the loss per common share calculations is as follows: Three Months Ended June 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (4,426 ) 20,146 Less preferred stock dividends (100 ) — Net loss applicable to common shareholders $ (4,526 ) 20,146 $ (.22 ) Three Months Ended June 30, 2018 Income Weighted Average Shares (In thousands) Per Share Amount Basic Earnings Per Common Share: Net income $ 3,185 20,286 Less preferred stock dividends (100 ) Net income applicable to common shareholders 3,085 20,286 $ .15 Diluted Earnings Per Common Share: Effect of Series D preferred stock 100 1,378 Net income applicable to common shareholders $ 3,185 21,664 $ .15 Six Months Ended June 30, 2019 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (264 ) 20,152 Less preferred stock dividends (199 ) — Net loss applicable to common shareholders $ (463 ) 20,152 $ (.02 ) Six Months Ended June 30, 2018 Loss Weighted Average Shares (In thousands) Per Share Amount Basic and Diluted Loss Per Common Share: Net loss $ (1,839 ) 20,352 Less preferred stock dividends (199 ) — Net loss applicable to common shareholders $ (2,038 ) 20,352 $ (.10 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Taxes [Abstract] | |
Reconciliation of Income Tax Expense (Benefit) | A reconciliation of the differences between income taxes computed at the federal statutory income tax rate and income tax benefit is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Federal income tax provision at statutory rate of 21% $ (1,174 ) $ 847 $ (64 ) $ (487 ) Dividends-received deduction (5 ) (10 ) (14 ) (20 ) Other permanent differences 16 11 38 28 Income tax expense (benefit) $ (1,163 ) $ 848 $ (40 ) $ (479 ) |
Components of Income Tax Expense (Benefit) | The components of income tax benefit were: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Current - Federal $ 572 $ 703 $ 572 $ 739 Deferred - Federal (1,735 ) 145 (612 ) (1,218 ) Total $ (1,163 ) $ 848 $ (40 ) $ (479 ) |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Additional Information of Operating Leases | Additional information regarding the Company’s real estate operating leases is as follows: Six Months Ended June 30, 2019 Other information on operating leases: Cash payments included in the measurement of lease liabilities reported in operating cash flows $ 450 Right-of-use assets included in other assets on the condensed consolidated balance sheet 5,785 Weighted average discount rate 6.8 % Weighted average remaining lease term in years 7.4 years |
Maturities and Present Value of Lease Liabilities | The following table presents maturities and present value of the Company’s lease liabilities: Lease Liability Remainder of 2019 $ 365 2020 978 2021 1,015 2022 1,031 2023 1,048 Thereafter 3,091 Total undiscounted lease payments 7,528 Less: present value adjustment 1,685 Operating lease liability included in other liabilities on the condensed consolidated balance sheet $ 5,843 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Information [Abstract] | |
Assets, Revenue and Income (Loss) Before Income Taxes for Each Business Unit | The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2019 and 2018. Assets June 30, 2019 December 31, 2018 American Southern $ 142,059 $ 122,724 Bankers Fidelity 206,513 195,663 Corporate and Other 148,424 134,643 Adjustments & Eliminations (125,266 ) (108,756 ) Total assets $ 371,730 $ 344,274 Revenues Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 American Southern $ 15,740 $ 14,643 $ 30,975 $ 28,176 Bankers Fidelity 31,244 31,641 65,620 61,754 Corporate and Other (1,261 ) 5,939 6,617 5,419 Adjustments & Eliminations (2,596 ) (2,780 ) (5,067 ) (5,366 ) Total revenue $ 43,127 $ 49,443 $ 98,145 $ 89,983 Income (Loss) Before Income Taxes Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 American Southern $ 1,396 $ 1,929 $ 3,378 $ 2,897 Bankers Fidelity (1,998 ) 261 (2,494 ) (2,274 ) Corporate and Other (4,987 ) 1,843 (1,188 ) (2,941 ) Income (loss) before income taxes $ (5,589 ) $ 4,033 $ (304 ) $ (2,318 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2019Segment | |
Basis of Presentation [Abstract] | |
Number of business units | 2 |
Recently Issued Accounting St_3
Recently Issued Accounting Standards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Adoption of New Accounting Pronouncements [Abstract] | |||||
Right-of-use asset | $ 5,785 | $ 5,785 | |||
Lease liability | 5,843 | 5,843 | |||
Revenues within scope of updated accounting guidance | $ 43,127 | $ 49,443 | 98,145 | $ 89,983 | |
ASU 2014-09 [Member] | |||||
Adoption of New Accounting Pronouncements [Abstract] | |||||
Revenues within scope of updated accounting guidance | $ 100 | $ 57 | |||
Revenues within scope of updated accounting guidance, as a percentage of total revenues (less than) | 0.10% | 0.10% | |||
ASU 2016-02 [Member] | Other Assets [Member] | |||||
Adoption of New Accounting Pronouncements [Abstract] | |||||
Right-of-use asset | $ 6,088 | ||||
ASU 2016-02 [Member] | Other Liabilities [Member] | |||||
Adoption of New Accounting Pronouncements [Abstract] | |||||
Lease liability | $ 6,088 |
Investments, Aggregated by Type
Investments, Aggregated by Type and Industry (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)Securities | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Securities | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($)Securities | |
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | $ 223,275 | $ 223,275 | $ 210,386 | ||
Gross unrealized gains | 8,696 | 8,696 | 2,313 | ||
Gross unrealized losses | 2,712 | 2,712 | 11,851 | ||
Amortized cost | 217,291 | 217,291 | 219,924 | ||
Estimated fair value | 20,455 | 20,455 | 20,758 | ||
Gross unrealized gains | 11,395 | 11,395 | 10,243 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Cost | 9,060 | 9,060 | 10,515 | ||
Amortized cost of bonds on deposit with insurance regulatory authorities | 10,444 | 10,444 | $ 10,452 | ||
Gross OTTI losses charged to realized gains | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of securities in unrealized loss position | Securities | 33 | 33 | 140 | ||
Fixed Maturities [Member] | U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | $ 27,929 | $ 27,929 | $ 27,422 | ||
Gross unrealized gains | 560 | 560 | 36 | ||
Gross unrealized losses | 329 | 329 | 1,061 | ||
Amortized cost | 27,698 | 27,698 | 28,447 | ||
Fixed Maturities [Member] | Obligations of States and Political Subdivisions [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 4,999 | 4,999 | 8,364 | ||
Gross unrealized gains | 420 | 420 | 347 | ||
Gross unrealized losses | 0 | 0 | 72 | ||
Amortized cost | 4,579 | 4,579 | 8,089 | ||
Fixed Maturities [Member] | Corporate Securities [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 190,155 | 190,155 | 174,408 | ||
Gross unrealized gains | 7,716 | 7,716 | 1,930 | ||
Gross unrealized losses | 2,383 | 2,383 | 10,718 | ||
Amortized cost | 184,822 | 184,822 | 183,196 | ||
Fixed Maturities [Member] | Corporate Securities [Member] | Utilities and Telecom [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 17,482 | 17,482 | 19,642 | ||
Gross unrealized gains | 1,654 | 1,654 | 873 | ||
Gross unrealized losses | 0 | 0 | 431 | ||
Amortized cost | 15,828 | 15,828 | 19,200 | ||
Fixed Maturities [Member] | Corporate Securities [Member] | Financial Services [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 61,103 | 61,103 | 49,477 | ||
Gross unrealized gains | 2,506 | 2,506 | 747 | ||
Gross unrealized losses | 474 | 474 | 2,942 | ||
Amortized cost | 59,071 | 59,071 | 51,672 | ||
Fixed Maturities [Member] | Corporate Securities [Member] | Other Business - Diversified [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 43,516 | 43,516 | 49,196 | ||
Gross unrealized gains | 1,667 | 1,667 | 226 | ||
Gross unrealized losses | 658 | 658 | 2,844 | ||
Amortized cost | 42,507 | 42,507 | 51,814 | ||
Fixed Maturities [Member] | Corporate Securities [Member] | Other Consumer - Diversified [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 68,054 | 68,054 | 56,093 | ||
Gross unrealized gains | 1,889 | 1,889 | 84 | ||
Gross unrealized losses | 1,251 | 1,251 | 4,501 | ||
Amortized cost | 67,416 | 67,416 | 60,510 | ||
Fixed Maturities [Member] | Redeemable Preferred Stocks [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 192 | 192 | 192 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Amortized cost | 192 | 192 | 192 | ||
Fixed Maturities [Member] | Redeemable Preferred Stocks [Member] | Other Consumer - Diversified [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 192 | 192 | 192 | ||
Gross unrealized gains | 0 | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Amortized cost | 192 | 192 | 192 | ||
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Utilities and Telecom [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 1,686 | ||||
Gross unrealized gains | 722 | ||||
Gross unrealized losses | 0 | ||||
Cost | 964 | ||||
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Financial Services [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 4,799 | 4,799 | 4,552 | ||
Gross unrealized gains | 419 | 419 | 172 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Cost | 4,380 | 4,380 | 4,380 | ||
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Other Business - Diversified [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 318 | 318 | 306 | ||
Gross unrealized gains | 271 | 271 | 259 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Cost | 47 | 47 | 47 | ||
Equity Securities [Member] | Common and Non-redeemable Preferred Stocks [Member] | Other Consumer - Diversified [Member] | |||||
Investments aggregated by type and industry [Abstract] | |||||
Estimated fair value | 15,338 | 15,338 | 14,214 | ||
Gross unrealized gains | 10,705 | 10,705 | 9,090 | ||
Gross unrealized losses | 0 | 0 | 0 | ||
Cost | $ 4,633 | $ 4,633 | $ 5,124 |
Investments, Fixed Maturities b
Investments, Fixed Maturities by Contractual Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Carrying Value [Abstract] | ||
Due in one year or less | $ 0 | $ 3,150 |
Due after one year through five years | 16,262 | 19,787 |
Due after five years through ten years | 93,243 | 127,617 |
Due after ten years | 97,444 | 43,823 |
Asset backed securities | 16,326 | 16,009 |
Totals | 223,275 | 210,386 |
Amortized Cost [Abstract] | ||
Due in one year or less | 0 | 3,150 |
Due after one year through five years | 16,345 | 19,699 |
Due after five years through ten years | 91,052 | 133,863 |
Due after ten years | 93,488 | 46,338 |
Asset backed securities | 16,406 | 16,874 |
Amortized cost | $ 217,291 | $ 219,924 |
Investments, Securities with Co
Investments, Securities with Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months | $ 2,051 | $ 49,633 |
12 months or longer | 42,935 | 125,778 |
Total | 44,986 | 175,411 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 5 | 1,592 |
12 months or longer | 2,707 | 10,259 |
Total | 2,712 | 11,851 |
U.S. Treasury Securities and Obligations of U.S. Government Agencies and Authorities [Member] | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or longer | 10,865 | 24,786 |
Total | 10,865 | 24,786 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | 0 |
12 months or longer | 329 | 1,061 |
Total | 329 | 1,061 |
Obligations of States and Political Subdivisions [Member] | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months | 0 | |
12 months or longer | 3,980 | |
Total | 3,980 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 0 | |
12 months or longer | 72 | |
Total | 72 | |
Corporate Securities [Member] | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value [Abstract] | ||
Less than 12 months | 2,051 | 49,633 |
12 months or longer | 32,070 | 97,012 |
Total | 34,121 | 146,645 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Unrealized Losses [Abstract] | ||
Less than 12 months | 5 | 1,592 |
12 months or longer | 2,378 | 9,126 |
Total | $ 2,383 | $ 10,718 |
Investments, Summary of Realize
Investments, Summary of Realized Investment Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Summary of realized investment gains (losses) [Abstract] | ||||
Gains | $ 610 | $ 247 | $ 1,995 | $ 617 |
Losses | 0 | (304) | 0 | (304) |
Realized investment gains (losses), net | 610 | (57) | 1,995 | 313 |
Fixed Maturities [Member] | ||||
Summary of realized investment gains (losses) [Abstract] | ||||
Gains | 610 | 247 | 882 | 617 |
Losses | 0 | (304) | 0 | (304) |
Realized investment gains (losses), net | 610 | (57) | 882 | 313 |
Equity Securities [Member] | ||||
Summary of realized investment gains (losses) [Abstract] | ||||
Gains | 0 | 0 | 1,113 | 0 |
Losses | 0 | 0 | 0 | 0 |
Realized investment gains (losses), net | 0 | 0 | 1,113 | 0 |
Other Invested Assets [Member] | ||||
Summary of realized investment gains (losses) [Abstract] | ||||
Gains | 0 | 0 | 0 | 0 |
Losses | 0 | 0 | 0 | 0 |
Realized investment gains (losses), net | $ 0 | $ 0 | $ 0 | $ 0 |
Investments, Unrealized Gains (
Investments, Unrealized Gains (Losses) Related to Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments [Abstract] | ||||
Net gains (losses) recognized during the period on equity securities | $ (5,337) | $ 4,089 | $ 2,265 | $ (330) |
Less: Net gains (losses) recognized during the period on equity securities sold during the period | 0 | 0 | 1,113 | 0 |
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date | $ (5,337) | $ 4,089 | $ 1,152 | $ (330) |
Investments, Variable Interest
Investments, Variable Interest Entities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entities [Abstract] | ||
Investment in unconsolidated trusts | $ 1,238 | $ 1,238 |
VIE, Not Primary Beneficiary [Member] | Other Invested Assets [Member] | ||
Variable Interest Entities [Abstract] | ||
Carrying amount of interest | 7,380 | 7,424 |
Investment in unconsolidated trusts | 1,238 | 1,238 |
Maximum loss exposure | 8,618 | 8,662 |
Outstanding commitments | $ 4,900 | $ 0 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments, Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Financial instruments carried at fair value measured on a recurring basis [Abstract] | |||
Fixed maturities | $ 223,275 | $ 210,386 | |
Equity securities | 20,455 | 20,758 | |
Recurring [Member] | |||
Financial instruments carried at fair value measured on a recurring basis [Abstract] | |||
Fixed maturities | 223,275 | 210,386 | |
Equity securities | 20,455 | 20,758 | |
Cash equivalents | 6,925 | 8,250 | |
Assets at fair value | 250,655 | 239,394 | |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial instruments carried at fair value measured on a recurring basis [Abstract] | |||
Fixed maturities | 11,603 | 11,413 | |
Equity securities | 15,855 | 16,398 | |
Cash equivalents | 6,925 | 8,250 | |
Assets at fair value | 34,383 | 36,061 | |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial instruments carried at fair value measured on a recurring basis [Abstract] | |||
Fixed maturities | 210,498 | 197,907 | |
Equity securities | [1] | 4,600 | 4,360 |
Cash equivalents | 0 | 0 | |
Assets at fair value | 215,098 | 202,267 | |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial instruments carried at fair value measured on a recurring basis [Abstract] | |||
Fixed maturities | [1] | 1,174 | 1,066 |
Equity securities | 0 | 0 | |
Cash equivalents | 0 | 0 | |
Assets at fair value | $ 1,174 | $ 1,066 | |
[1] | All underlying securities are financial services industry related. |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments, Roll-forward of Financial Instruments Measured at Fair Value (Details) - Fixed Maturities [Member] - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Assets measured at fair value on a recurring basis [Abstract] | ||||
Balance, beginning of period | $ 1,115 | $ 1,066 | $ 1,339 | $ 1,369 |
Total unrealized gains (losses) included in other comprehensive income (loss) | 59 | 49 | 7 | (30) |
Balance, end of period | $ 1,174 | $ 1,115 | $ 1,346 | $ 1,339 |
Fair Values of Financial Inst_5
Fair Values of Financial Instruments, Estimated Fair Value and Level (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets [Abstract] | |||
Fixed maturities | $ 223,275 | $ 210,386 | |
Equity securities | 20,455 | 20,758 | |
Carrying Amount [Member] | |||
Assets [Abstract] | |||
Fixed maturities | [1] | 223,275 | 210,386 |
Equity securities | [1] | 20,455 | 20,758 |
Carrying Amount [Member] | Level 1 [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 11,450 | 12,630 | |
Carrying Amount [Member] | Level 2 [Member] | |||
Assets [Abstract] | |||
Policy loans | 2,007 | 2,085 | |
Real estate | 38 | 38 | |
Investment in unconsolidated trusts | 1,238 | 1,238 | |
Liabilities [Abstract] | |||
Junior subordinated debentures, net | 33,738 | 33,738 | |
Carrying Amount [Member] | Level 3 [Member] | |||
Assets [Abstract] | |||
Other invested assets | 7,380 | 7,424 | |
Estimated Fair Value [Member] | |||
Assets [Abstract] | |||
Fixed maturities | [1] | 223,275 | 210,386 |
Equity securities | [1] | 20,455 | 20,758 |
Estimated Fair Value [Member] | Level 1 [Member] | |||
Assets [Abstract] | |||
Cash and cash equivalents | 11,450 | 12,630 | |
Estimated Fair Value [Member] | Level 2 [Member] | |||
Assets [Abstract] | |||
Policy loans | 2,007 | 2,085 | |
Real estate | 38 | 38 | |
Investment in unconsolidated trusts | 1,238 | 1,238 | |
Liabilities [Abstract] | |||
Junior subordinated debentures, net | 33,738 | 33,738 | |
Estimated Fair Value [Member] | Level 3 [Member] | |||
Assets [Abstract] | |||
Other invested assets | $ 7,380 | $ 7,424 | |
[1] | See the aforementioned information for a description of the fair value hierarchy as well as a disclosure of levels for classes of these financial assets. |
Liabilities for Unpaid Losses_3
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Liabilities for Unpaid Losses, Claims and Loss Adjustment Expenses [Roll Forward] | ||||
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross | $ 72,612 | $ 65,689 | ||
Less: Reinsurance recoverable on unpaid losses | (14,354) | (11,968) | ||
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net | 58,258 | 53,721 | ||
Incurred related to [Abstract] | ||||
Current accident year | 68,157 | 63,230 | ||
Prior accident year development | 103 | (163) | ||
Total incurred | 68,260 | 63,067 | ||
Paid related to [Abstract] | ||||
Current accident year | 38,875 | 36,508 | ||
Prior accident years | 28,576 | 22,872 | ||
Total paid | 67,451 | 59,380 | ||
Ending liabilities for unpaid losses, claims and loss adjustment expenses, net | $ 59,067 | $ 57,408 | 59,067 | 57,408 |
Plus: Reinsurance recoverable on unpaid losses | 16,088 | 14,667 | 16,088 | 14,667 |
Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross | 75,155 | 72,075 | 75,155 | 72,075 |
Reconciliation of total incurred claims to total insurance benefits and losses incurred [Abstract] | ||||
Total incurred losses | 68,260 | 63,067 | ||
Cash surrender value and matured endowments | 588 | 707 | ||
Benefit reserve changes | 610 | 1,617 | ||
Total insurance benefits and losses incurred | $ 34,151 | $ 32,219 | $ 69,458 | $ 65,391 |
Junior Subordinated Debenture_2
Junior Subordinated Debentures (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)TrustQuarter$ / sharesshares | ||
Debt Instruments [Abstract] | ||
Number of Connecticut statutory business trusts | Trust | 2 | |
Financial structure of statutory business trusts [Abstract] | ||
Net balance June 30, 2019 | $ 33,738 | |
Net balance December 31, 2018 | $ 33,738 | |
Junior Subordinated Debentures [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Number of consecutive quarters for which interest payments can be deferred | Quarter | 20 | |
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Principal amount owed June 30, 2019 | $ 18,042 | [1],[2] |
Less: Treasury debt | 0 | [1],[2],[3] |
Net balance June 30, 2019 | 18,042 | [1],[2] |
Net balance December 31, 2018 | $ 18,042 | [1],[2] |
Coupon rate | LIBOR + 4.00% | [1],[2] |
Interest payable | Quarterly | [1],[2] |
Maturity date | Dec. 4, 2032 | [1],[2] |
Redeemable by issuer | Yes | [1],[2] |
Atlantic American Statutory Trust I [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Basis spread on variable rate | 4.00% | |
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Coupon rate | LIBOR + 4.00% | |
Issuance date | Dec. 4, 2002 | |
Securities issued (in shares) | shares | 17,500 | |
Liquidation preference per security (in dollars per share) | $ / shares | $ 1 | |
Liquidation value | $ 17,500 | |
Distribution payable | Quarterly | |
Distribution guaranteed by | Atlantic American Corporation | [4] |
Atlantic American Statutory Trust I [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Basis spread on variable rate | 4.00% | |
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Principal amount owed June 30, 2019 | $ 23,196 | [1],[2] |
Less: Treasury debt | (7,500) | [1],[2],[3] |
Net balance June 30, 2019 | 15,696 | [1],[2] |
Net balance December 31, 2018 | $ 15,696 | [1],[2] |
Coupon rate | LIBOR + 4.10% | [1],[2] |
Interest payable | Quarterly | [1],[2] |
Maturity date | May 15, 2033 | [1],[2] |
Redeemable by issuer | Yes | [1],[2] |
Atlantic American Statutory Trust II [Member] | Junior Subordinated Debentures [Member] | LIBOR [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Basis spread on variable rate | 4.10% | |
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Coupon rate | LIBOR + 4.10% | |
Issuance date | May 15, 2003 | |
Securities issued (in shares) | shares | 22,500 | |
Liquidation preference per security (in dollars per share) | $ / shares | $ 1 | |
Liquidation value | $ 22,500 | |
Distribution payable | Quarterly | |
Distribution guaranteed by | Atlantic American Corporation | [4] |
Atlantic American Statutory Trust II [Member] | Trust Preferred Securities [Member] | LIBOR [Member] | ||
Financial structure of statutory business trusts [Abstract] | ||
Basis spread on variable rate | 4.10% | |
[1] | For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the debentures' respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company's common stock nor make any principal, interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities. | |
[2] | The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries. | |
[3] | On August 4, 2014, the Company acquired $7,500 of the Junior Subordinated Debentures. | |
[4] | The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds and upon dissolution, winding up or liquidation. |
Earnings (Loss) Per Common Sh_3
Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income (Loss) [Abstract] | ||||
Net income (loss) | $ (4,426) | $ 3,185 | $ (264) | $ (1,839) |
Less: preferred stock dividends | (100) | (100) | (199) | (199) |
Net income (loss) applicable to common shareholders | $ (4,526) | 3,085 | $ (463) | $ (2,038) |
Diluted Earnings Per Common Share [Abstract] | ||||
Net income applicable to common shareholders | $ 3,185 | |||
Shares [Abstract] | ||||
Weighted average shares outstanding, Basic (in shares) | 20,146 | 20,286 | 20,152 | 20,352 |
Weighted average shares outstanding, Diluted (in shares) | 21,664 | |||
Per Share Amount [Abstract] | ||||
Net income (loss) applicable to common shareholders, Basic (in dollars per share) | $ (0.22) | $ 0.15 | $ (0.02) | $ (0.10) |
Net income (loss) applicable to common shareholders, Diluted (in dollars per share) | (0.22) | $ 0.15 | (0.02) | (0.10) |
Net income (loss) applicable to common shareholders, Basic and Diluted (in dollars per share) | $ (0.22) | $ (0.02) | $ (0.10) | |
Series D Preferred Stock [Member] | ||||
Diluted Earnings Per Common Share [Abstract] | ||||
Effect of Series D preferred stock | $ 100 | |||
Shares [Abstract] | ||||
Effect of Series D preferred stock (in shares) | 1,378 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reconciliation of income tax expense (benefit) [Abstract] | ||||
Federal income tax provision at statutory rate of 21% | $ (1,174) | $ 847 | $ (64) | $ (487) |
Dividends-received deduction | (5) | (10) | (14) | (20) |
Other permanent differences | 16 | 11 | 38 | 28 |
Income tax expense (benefit) | (1,163) | 848 | $ (40) | (479) |
Federal statutory income tax rate | 21.00% | |||
Components of income tax expense (benefit) [Abstract] | ||||
Current - Federal | 572 | 703 | $ 572 | 739 |
Deferred - Federal | (1,735) | 145 | (612) | (1,218) |
Income tax expense (benefit) | $ (1,163) | $ 848 | $ (40) | $ (479) |
Leases (Details)
Leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)Lease | |
Lease description [Abstract] | |
Number of operating lease agreements | Lease | 2 |
Lease expense | $ 507 |
Other information on operating leases [Abstract] | |
Cash payments included in the measurement of lease liabilities reported in operating cash flows | 450 |
Right-of-use assets included in other assets on balance sheet | $ 5,785 |
Weighted average discount rate | 6.80% |
Weighted average remaining lease term in years | 7 years 4 months 24 days |
Maturities and present value of lease liabilities [Abstract] | |
Remainder of 2019 | $ 365 |
2020 | 978 |
2021 | 1,015 |
2022 | 1,031 |
2023 | 1,048 |
Thereafter | 3,091 |
Total undiscounted lease payments | 7,528 |
Less: present value adjustment | 1,685 |
Operating lease liability | $ 5,843 |
First Lease [Member] | |
Lease description [Abstract] | |
Renewal option period | 8 years |
Second Lease [Member] | |
Lease description [Abstract] | |
Renewal option period | 7 years |
Lease term | 10 years |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)Segment | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Segment Information [Abstract] | |||||
Number of business units | Segment | 2 | ||||
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract] | |||||
Assets | $ 371,730 | $ 371,730 | $ 344,274 | ||
Revenue | 43,127 | $ 49,443 | 98,145 | $ 89,983 | |
Income (loss) before income taxes | (5,589) | 4,033 | (304) | (2,318) | |
Operating Segments [Member] | American Southern [Member] | |||||
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract] | |||||
Assets | 142,059 | 142,059 | 122,724 | ||
Revenue | 15,740 | 14,643 | 30,975 | 28,176 | |
Income (loss) before income taxes | 1,396 | 1,929 | 3,378 | 2,897 | |
Operating Segments [Member] | Bankers Fidelity [Member] | |||||
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract] | |||||
Assets | 206,513 | 206,513 | 195,663 | ||
Revenue | 31,244 | 31,641 | 65,620 | 61,754 | |
Income (loss) before income taxes | (1,998) | 261 | (2,494) | (2,274) | |
Corporate and Other [Member] | |||||
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract] | |||||
Assets | 148,424 | 148,424 | 134,643 | ||
Revenue | (1,261) | 5,939 | 6,617 | 5,419 | |
Income (loss) before income taxes | (4,987) | 1,843 | (1,188) | (2,941) | |
Adjustments & Eliminations [Member] | |||||
Assets, Revenue and Income (loss) before income taxes for each business unit [Abstract] | |||||
Assets | (125,266) | (125,266) | $ (108,756) | ||
Revenue | $ (2,596) | $ (2,780) | $ (5,067) | $ (5,366) |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Gray Television, Inc [Member] | |
Related Party Transaction [Abstract] | |
Interest in aircraft arrangement sold to related party | $ 151 |