INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES

12 Months Ended

Dec. 31, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments in and Advances to Affiliates, Schedule of Investments [Text Block]

NOTE 5. INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES

The Avon-Dixon Agency, LLC (“Avon-Dixon”), a wholly-owned insurance subsidiary of the Company, owns a 40% interest in a segregated portfolio of Eastern Re Ltd., SPC (“Eastern”), a specialty reinsurance company. This investment is carried at cost, adjusted for Avon-Dixon’s equity ownership in Eastern’s net income or loss. At December 31, 2013 and 2012, the carrying value of the investment in Eastern was $328 thousand and $400, respectively. During 2013 and 2012, income recognized from the investment in Eastern was $328 thousand and $0, respectively.

During 2012, the Company terminated its mortgage brokerage activities which were conducted through a minority series investment in an unrelated Delaware limited liability company under the name “Wye Mortgage Group”. This investment was carried at cost, adjusted for the Company’s 49.0% equity ownership in Wye Mortgage Group’s net income or loss. At December 31, 2013 and 2012, the carrying value of the investment in Wye Mortgage Group was $0 and $85 thousand, respectively. The Company recognized a loss of $9 thousand from its investment in Wye Mortgage Group during 2013 and income of $138 thousand during 2012.