FORM 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-12-470764.txt : 20121114 0001193125-12-470764.hdr.sgml : 20121114 20121114163133 ACCESSION NUMBER: 0001193125-12-470764 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERINST INSURANCE GROUP LTD CENTRAL INDEX KEY: 0001065201 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE CARRIERS, NEC [6399] IRS NUMBER: 980207447 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28249 FILM NUMBER: 121205134 BUSINESS ADDRESS: STREET 1: CEDAR MANAGEMENT LIMITED, 25 CHURCH ST. STREET 2: CONTINENTAL BLDG, , P.O. BOX HM 1601 CITY: HAMILTON STATE: D0 ZIP: HMGX BUSINESS PHONE: 4412963973 MAIL ADDRESS: STREET 1: CEDAR MANAGEMENT LIMITED, 25 CHURCH ST. STREET 2: CONTINENTAL BLDG, , P.O. BOX HM 1601 CITY: HAMILTON STATE: D0 ZIP: HMGX 10-Q 1 d434179d10q.htm FORM 10-Q FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	Quarterly report pursuant to section 13 or 15 (d) of the Securities Exchange Act of 1934

For the Quarterly Period ended September 30, 2012.

¨	Transition report pursuant to section 13 or 15 (d) of the Securities Exchange Act of 1934.

For the transition period from to .

Commission file number 000-28249

AMERINST INSURANCE GROUP, LTD.

(Exact Name of Registrant as Specified in its Charter)


BERMUDA		98-0207447
(State or other jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

c/o Cedar Management Limited 25 Church Street, Continental Building P.O. Box HM 1601, Hamilton, Bermuda		HMGX
(Address of Principal Executive Offices)		(Zip Code)

(441) 295-6015

(Telephone number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “accelerated filer,” “large accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO x.

As of November 1, 2012, the Registrant had 995,253 common shares, $1.00 par value per share, outstanding.

Introductory Note

Caution Concerning Forward-Looking Statements

Certain statements contained in this Form 10-Q, or otherwise made by our officers, including statements related to our future performance, our outlook for our businesses and respective markets, projections, statements of our management’s plans or objectives, forecasts of market trends and other matters, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and contain information relating to us that is based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. The words “expect,” “believe,” “may,” “could,” “should,” “would,” “estimate,” “anticipate,” “intend,” “plan,” “target,” “goal” and similar expressions as they relate to us or our management are intended to identify forward-looking statements. Such statements reflect our management’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in any forward-looking statements. Our actual future results may differ materially from those set forth in our forward-looking statements. Factors that might cause such actual results to differ materially from those reflected in any forward-looking statements include, but are not limited to the factors discussed in detail in Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q, as well as:

•

our ability to generate increased revenues and positive earnings in future periods;

•

the occurrence of catastrophic events with a frequency or severity exceeding our expectations;

•

a decrease in the level of demand for professional liability insurance and reinsurance or an increase in the supply of professional liability insurance and reinsurance capacity;

•

the successful implementation of our new business plan without a significant depletion of our cash resources, the maintenance of sufficient capital levels and the retention of our current A.M. Best financial strength rating of “A-” (Excellent);

•

a worsening of the current global economic market conditions and global credit crisis and changing rates of inflation and other economic conditions;

•

increased competitive pressures, including the consolidation and increased globalization of reinsurance providers;

•

actual losses and loss expenses exceeding our loss reserves, which are necessarily based on the actuarial and statistical projections of ultimate losses;

•

increased rate pressure on premiums;

•

adequacy of our risk management and loss limitation methods;

•

the integration of businesses we may acquire or new business ventures we may start;

•

acts of terrorism, political unrest, outbreak of war and other hostilities or other non-forecasted and unpredictable events;

•

changes in the legal or regulatory environments in which we operate; and

•

other risks, including those risks identified in any of our other filings with the Securities and Exchange Commission.

The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s analysis only as of the date they are made. We undertake no obligation to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Part I—FINANCIAL INFORMATION

Item 1.

Financial Statements.

AMERINST INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, expressed in U.S. dollars)


	As of September 30, 2012			As of December 31, 2011
ASSETS
INVESTMENTS
Fixed maturity investments, available for sale, at fair value (amortized cost $7,853,501 and $9,914,515)	$	8,222,018		$	10,448,847
Equity securities, available for sale, at fair value (cost $7,212,486 and $7,574,686)		12,840,652			12,296,703

TOTAL INVESTMENTS		21,062,670			22,745,550
Cash and cash equivalents		1,002,060			904,485
Restricted cash and cash equivalents		2,318,808			435,924
Assumed reinsurance balances receivable		283,775			183,518
Accrued investment income		88,599			94,539
Property and equipment		599,418			745,784
Deferred policy acquisition costs		251,294			146,226
Prepaid expenses and other assets		269,316			378,257

TOTAL ASSETS	$	25,875,940		$	25,634,283

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Unpaid losses and loss adjustment expenses	$	1,489,900		$	1,043,443
Unearned premium		679,144			392,595
Assumed reinsurance balances payable		—			86,685
Accrued expenses and other liabilities		1,144,699			1,396,332

TOTAL LIABILITIES	$	3,313,743		$	2,919,055

SHAREHOLDERS’ EQUITY
Common shares, $1 par value, 2012 and 2011: 2,000,000 shares authorized, 995,253 issued and outstanding	$	995,253		$	995,253
Additional paid-in capital		6,287,293			6,287,293
Retained earnings		16,413,168			17,411,533
Accumulated other comprehensive income		5,996,683			5,256,349
Shares held by Subsidiary (308,560 and 311,633 shares) at cost		(7,130,200	)		(7,235,200	)

TOTAL SHAREHOLDERS’ EQUITY		22,562,197			22,715,228

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	25,875,940		$	25,634,283

See the accompanying notes to the unaudited condensed consolidated financial statements.

AMERINST INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF

OPERATIONS, COMPREHENSIVE INCOME (LOSS)

AND RETAINED EARNINGS

(Unaudited, expressed in U.S. dollars)


	Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011			Three Months Ended September 30, 2012			Three Months Ended September 30, 2011
REVENUE
Net premiums earned	$	878,616		$	221,844		$	425,344		$	96,283
Commission income		615,239			235,874			209,663			91,529
Other income		98,156			—			—			—
Net investment income		299,256			308,953			92,136			96,128
Net realized gain on investments		1,106,299			1,400,792			494,271			84,653

TOTAL REVENUE		2,997,566			2,167,463			1,221,414			368,593

LOSSES AND EXPENSES
Losses and loss adjustment expenses (recoveries)		526,614			(170,078	)		243,319			(248,544	)
Policy acquisition costs		313,073			85,818			144,406			38,482
Operating and management expenses		2,828,252			3,179,022			884,915			911,864

TOTAL LOSSES AND EXPENSES		3,667,939			3,094,762			1,272,640			701,802

NET LOSS BEFORE TAX		(670,373	)		(927,299	)		(51,226	)		(333,209	)
Income tax expense		—			—			—			—

NET LOSS AFTER TAX	$	(670,373	)	$	(927,299	)	$	(51,226	)	$	(333,209	)

OTHER COMPREHENSIVE INCOME (LOSS)
Net unrealized holding gain (loss) arising during the period		1,846,633			(696,544	)		864,033			(1,740,737	)
Reclassification adjustment for (gain) included in net (loss)		(1,106,299	)		(1,400,792	)		(494,271	)		(84,653	)

OTHER COMPREHENSIVE INCOME (LOSS)		740,334			(2,097,336	)		369,762			(1,825,390	)

COMPREHENSIVE INCOME (LOSS)	$	69,961		$	(3,024,635	)	$	318,536		$	(2,158,599	)

RETAINED EARNINGS, BEGINNING OF PERIOD	$	17,411,533		$	19,096,686		$	16,636,066		$	18,213,418
Net loss		(670,373	)		(927,299	)		(51,226	)		(333,209	)
Dividends		(327,992	)		(615,993	)		(171,672	)		(326,815	)

RETAINED EARNINGS, END OF PERIOD	$	16,413,168		$	17,553,394		$	16,413,168		$	17,553,394

Per share amounts
Basic and diluted loss	$	(0.98	)	$	(1.33	)	$	(0.07	)	$	(0.48	)

Dividends	$	0.50		$	0.94		$	0.25		$	0.47

Weighted average number of shares outstanding for the entire period (for basic and diluted)		685,157			697,361			686,693			695,350

See the accompanying notes to the unaudited condensed consolidated financial statements.

AMERINST INSURANCE GROUP, LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, expressed in U.S. dollars)


	Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
OPERATING ACTIVITIES
Net Cash used in Operating Activities	$	(1,198,510	)	$	(2,671,669	)

INVESTING ACTIVITIES
Movement in restricted cash and cash equivalents		(1,882,884	)		29,137
Purchases of property and equipment		—			(78,343	)
Purchases of available-for-sale securities		(2,689,710	)		(1,562,478	)
Proceeds from sales of available-for-sale securities		4,996,671			4,338,292
Proceeds from redemptions of fixed maturity investments		1,000,000			—
Proceeds from maturities of fixed maturity investments		200,000			500,000

Net Cash provided by Investing Activities		1,624,077			3,226,608

FINANCING ACTIVITIES
Purchase of shares by subsidiary, net		—			(148,409	)
Dividends paid		(327,992	)		(289,178	)

Net Cash used in Financing Activities		(327,992	)		(437,587	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		97,575			117,352
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	$	904,485		$	970,697

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	1,002,060		$	1,088,049

See the accompanying notes to the unaudited condensed consolidated financial statements.

AMERINST INSURANCE GROUP, LTD.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2012

1. BASIS OF PREPARATION AND CONSOLIDATION

The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. (“AmerInst”) without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or the “Commission”), and reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented. All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not incorporate all the information required under generally accepted accounting principles to be included in a full set of financial statements. In these notes, the terms “we”, “us”, “our” or the “Company” refer to AmerInst and its subsidiaries. These condensed statements should be read in conjunction with the audited consolidated financial statements at and for the year ended December 31, 2011 and notes thereto, included in AmerInst’s Annual Report on Form 10-K for the year then ended.

New Accounting Pronouncements

(a) Adoption of New Accounting Standards

Fair Value Measurement and Disclosures

In May 2011, the Financial Accounting Standards Board (“FASB”) issued amendments to disclosure requirements for common fair value measurement. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption is prohibited), resulted in a common definition of fair value and common requirements for measurement and disclosure under accounting principles generally accepted in the United States of America (“U.S. GAAP”) and International Financial Reporting Standards (“IFRS”). Consequently, the amendments have changed some fair value measurement principles and disclosure requirements. The implementation of this amended accounting guidance has not had a material impact on the Company’s consolidated financial statements.

Comprehensive Income

In June 2011, the FASB issued new guidance revising the manner in which entities present comprehensive income in their financial statements. The option to report other comprehensive income and its components in the statement of changes in shareholders’ equity is eliminated. Components of comprehensive income may be reported in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The new requirements were effective for the interim and annual periods beginning on or after December 15, 2011 and require retrospective application; early adoption was permitted. As the new guidance does not change the items that constitute net income and/or other comprehensive income, the timing of reclassifications from other comprehensive income to net income or the earnings per share computation, the adoption of this guidance has not impacted our results of operations, financial condition or liquidity.

(b) Recently Issued Accounting Standards Not Yet Adopted

In December 2011, the FASB issued Accounting Standards Update No. 2011-11, “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”). The objective of ASU 2011-11 is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. The Company is currently evaluating the impact of this guidance; however, since this update affects disclosures only, it is not expected to have a material impact on the Company’s consolidated financial statements.

The Company has determined that all other recently issued accounting pronouncements do not apply to its operations.

2. INVESTMENTS

The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company’s fixed maturity investments, by major security type, and equity securities as of September 30, 2012 and December 31, 2011 are as follows:


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	446,591	$	18,466	$	—		$	465,057
Obligations of states and political subdivisions		7,078,407		345,447		(13,252	)		7,410,602
Corporate debt securities		328,503		17,856		—			346,359

Total fixed maturity investments		7,853,501		381,769		(13,252	)		8,222,018

Equity securities*		6,212,486		5,181,647		—			11,394,133
Hedge fund		1,000,000		446,519		—			1,446,519

Total equity securities		7,212,486		5,628,166		—			12,840,652

Total investments	$	15,065,987	$	6,009,935	$	(13,252	)	$	21,062,670


	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	1,446,223	$	7,882	$	—		$	1,454,105
Obligations of states and political subdivisions		8,135,268		531,523		(1,257	)		8,665,534
Corporate debt securities		333,024		—		(3,816	)		329,208

Total fixed maturity investments		9,914,515		539,405		(5,073	)		10,448,847

Equity securities*		6,574,686		4,360,802		(34,718	)		10,900,770
Hedge fund		1,000,000		395,933		—			1,395,933

Total equity securities		7,574,686		4,756,735		(34,718	)		12,296,703

Total investments	$	17,489,201	$	5,296,140	$	(39,791	)	$	22,745,550

The Company’s equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team.

The following tables summarize the Company’s fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)
Corporate debt securities		—		—		—		—			—		—

Total fixed maturity investments		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)

Equity securities		—		—		—		—			—		—
Hedge fund		—		—		—		—			—		—

Total equity securities		—		—		—		—			—		—

Total investments	$	—	$	—	$	1,168,797	$	(13,252	)	$	1,168,797	$	(13,252	)


	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		200,046		(1,257	)		200,046		(1,257	)
Corporate debt securities		—		—		329,208		(3,816	)		329,208		(3,816	)

Total fixed maturity investments		—		—		529,254		(5,073	)		529,254		(5,073	)

Equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)
Hedge fund		—		—		—		—			—		—

Total equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)

Total investments	$	—	$	—	$	1,394,125	$	(39,791	)	$	1,394,125	$	(39,791	)

As of September 30, 2012 and December 31, 2011, there were four securities in an unrealized loss position with an estimated fair value of $1,168,797 and $1,394,125, respectively. Of these securities, none had been in an unrealized loss position for 12 months or greater. As of September 30, 2012 and December 31, 2011, none of these securities were considered to be other-than-temporarily impaired. The Company has no intent to sell and it is not more likely than not that the Company will be required to sell these securities before their fair values recover above the adjusted cost. The unrealized losses from these securities were not as a result of credit, collateral or structural issues.

Other-Than-Temporary Impairment Process

The Company assesses whether declines in the fair value of its fixed maturity investments classified as available-for-sale represent impairments that are other-than-temporary by reviewing each fixed maturity investment that is impaired and (1) determining if the Company has the intent to sell the fixed maturity investment or if it is more likely than not that the Company will be required to sell the fixed maturity investment before its anticipated recovery; and (2) assessing whether a credit loss exists, that is, where the Company expects that the present value of the cash flows expected to be collected from the fixed maturity investment are less than the amortized cost basis of the investment.

The Company had no planned sales of its fixed maturity investments classified as available-for-sale that were in an unrealized loss position at September 30, 2012. In assessing whether it is more likely than not that the Company will be required to sell a fixed maturity investment before its anticipated recovery, the Company considers various factors including its future cash flow requirements, legal and regulatory requirements, the level of its cash, cash equivalents, short term investments and fixed maturity investments available for sale in an unrealized gain position, and other relevant factors. For the nine months ended September 30, 2012, the Company did not recognize any other-than-temporary impairments due to required sales.

In evaluating credit losses, the Company considers a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there has been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the fixed maturity investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the fixed maturity investment to make scheduled interest or principal payments.

If we conclude a security is other-than-temporarily impaired, we write down the amortized cost of the security to fair value, with a charge to net realized investment gains (losses) in the Consolidated Statement of Operations. Gross unrealized losses on the investment portfolio as of September 30, 2012 and December 31, 2011, relating to four and two fixed maturity securities and none and two equity securities, amounted to $13,252 and $39,791, respectively. This decrease was attributable to equity securities which we determined were not other than temporarily impaired based on the process described above. The unrealized losses on these available for sale fixed maturity securities were not as a result of credit, collateral or structural issues. During the nine months and three months ended September 30, 2012, the Company recorded a total other-than-temporary impairment charge of $198,579 and $32,968 on three equity securities and one equity security, respectively, as a result of the decline in fair value below cost. During the nine months and three months ended September 30, 2011, the Company recorded a total other-than-temporary impairment charge of $152,450 on two equity securities, as a result of the decline in fair value below cost.

Fair Value of Investments

Under existing U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of FASB’s Accounting Standards Codification (“ASC”) 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows:

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Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets.

•

Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability.

At each measurement date, we estimate the fair value of the security using various valuation techniques. We utilize, to the extent available, quoted market prices in active markets or observable market inputs in estimating the fair value of our investments. When quoted market prices or observable market inputs are not available, we utilize valuation techniques that rely on unobservable inputs to estimate the fair value of investments. The following describes the valuation techniques we used to determine the fair value of investments held as of September 30, 2012 and what level within the fair value hierarchy each valuation technique resides:

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U.S. government agency securities: Comprised primarily of bonds issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Federal Farm Credit Bank and the Federal National Mortgage Association. The fair values of U.S. government agency securities are priced using the spread above the risk-free U.S. Treasury yield curve. As the yields for the risk-free U.S. Treasury yield curve are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing.

•

Obligations of state and political subdivisions: Comprised of fixed income obligations of state and local governmental municipalities. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing.

•

Corporate debt securities: Comprised of bonds issued by corporations. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing.

•

Equity securities, at fair value: Comprised primarily of investments in the common stock of publicly traded companies in the U.S. All of the Company’s equities are included in the Level 1 fair value hierarchy. The Company receives prices based on closing exchange prices from independent pricing sources to measure fair values for the equities.

•

Hedge fund: Comprised of a hedge fund whose objective is to seek attractive long-term returns with lower volatility by investing in a range of diversified investment strategies. The fund invests in a diversified pool of hedge fund managers, generally across six different strategies: long/short equities, long/short credit, macro, multi-strategy opportunistic, event-driven, and portfolio hedge. The fair value of the hedge fund is based on the net asset value of the fund as reported by the external fund manager. The use of net asset value as an estimate of the fair value for investments in certain entities that calculate net asset value is a permitted practical expedient. The fair value of our hedge fund is included in the Level 3 fair value hierarchy.

To validate prices, we complete quantitative analyses to compare the performance of the above investments to the performance of appropriate benchmarks, with significant differences identified and investigated.

There have been no material changes to any of our valuation techniques from what was used as of December 31, 2011. Since the fair value of a security is an estimate of what a willing buyer would pay for our asset if we sold it, we will not know the ultimate value of our securities until they are sold. We believe the valuation techniques utilized provide us with a reasonable estimate of the price that would be received to sell our assets or transfer our liabilities in an orderly market transaction between participants at the measurement date. The following tables show the fair value of the Company’s investments in accordance with ASC 820 as of September 30, 2012 and December 31, 2011:


					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of September 30, 2012
U.S. government agency securities	$	465,057	$	465,057	$	—	$	465,057	$	—
Obligations of state and political subdivisions		7,410,602		7,410,602				7,410,602
Corporate debt securities		346,359		346,359				346,359

Total fixed maturity investments		8,222,018		8,222,018

Equity securities (excluding the hedge fund)		11,394,133		11,394,133		11,394,133
Hedge fund		1,446,519		1,446,519						1,446,519

Total equity securities		12,840,652		12,840,652

Total investments	$	21,062,670	$	21,062,670	$	11,394,133	$	8,222,018	$	1,446,519


					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2011
U.S. government agency securities	$	1,454,105	$	1,454,105	$	—	$	1,454,105	$	—
Obligations of state and political subdivisions		8,665,534		8,665,534				8,665,534
Corporate debt securities		329,208		329,208				329,208

Total fixed maturity investments		10,448,847		10,448,847

Equity securities (excluding the hedge fund)		10,900,770		10,900,770		10,900,770
Hedge fund		1,395,933		1,395,933						1,395,933

Total equity securities		12,296,703		12,296,703

Total investments	$	22,745,550	$	22,745,550	$	10,900,770	$	10,448,847	$	1,395,933

There were no transfers between Levels 1 and 2 during the nine months ended September 30, 2012 and the year ended December 31, 2011.

The following table presents a reconciliation of the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable (Level 3) inputs for the nine months ended September 30, 2012 and 2011:


	Hedge Fund Investment Nine Months ended
	September 30, 2012		September 30, 2011
Balance classified as Level 3, beginning of period	$	1,395,933	$	1,484,884
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		50,586		(47,218	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—

Ending balance, end of period	$	1,446,519	$	1,437,666

There were no transfers into or from the Level 3 category during the nine months ended September 30, 2012 and 2011.


	Hedge Fund Investment Three Months ended
	September 30, 2012		September 30, 2011
Balance classified as Level 3, beginning of period	$	1,432,621	$	1,506,409
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		13,898		(68,743	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—

Ending balance, end of period	$	1,446,519	$	1,437,666

There were no transfers into or from the Level 3 category during the three months ended September 30, 2012 and 2011.

The cost or amortized cost and estimated fair value of fixed maturity investments as of September 30, 2012 and December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations without penalties.


	Amortized Cost		Estimated Fair Value
As of September 30, 2012
Due in one year or less	$	1,587,212	$	1,610,417
Due after one year through five years		3,413,787		3,629,319
Due after five years through ten years		2,852,502		2,982,282
Due after ten years		—		—

Total	$	7,853,501	$	8,222,018


	Amortized Cost		Estimated Fair Value
As of December 31, 2011
Due in one year or less	$	510,949	$	516,938
Due after one year through five years		5,885,709		6,210,596
Due after five years through ten years		3,517,857		3,721,313
Due after ten years		—		—

Total	$	9,914,515	$	10,448,847

Information on sales and maturities of investments during the nine months ended September 30, 2012 and 2011 are as follows:


	September 30, 2012			September 30, 2011
Total proceeds on sales of available-for-sale securities	$	4,996,671		$	4,338,292
Proceeds from redemptions of fixed maturity investments		1,000,000			—
Total proceeds from maturities of fixed maturity investments		200,000			500,000
Gross gains on sales		1,304,878			1,565,380
Gross losses on sales		—			(12,138	)
Impairment losses		(198,579	)		(152,450	)

Information on sales and maturities of investments during the three months ended September 30, 2012 and 2011 are as follows:


	September 30, 2012			September 30, 2011
Total proceeds on sales of available-for-sale securities	$	3,482,839		$	1,290,697
Proceeds from redemptions of fixed maturity investments		500,000			—
Total proceeds from maturities of fixed maturity investments		—			—
Gross gains on sales		527,239			249,241
Gross losses on sales		—			(12,138	)
Impairment losses		(32,968	)		(152,450	)

Major categories of net interest and dividend income during the nine months ended September 30, 2012 and 2011 are summarized as follows:


	September 30, 2012			September 30, 2011
Interest earned:
Fixed maturity investments	$	259,794		$	258,828
Cash and cash equivalents		463			259
Dividends earned		135,611			155,994
Investment expenses		(96,612	)		(106,128	)

Net investment income	$	299,256		$	308,953

Major categories of net interest and dividend income during the three months ended September 30, 2012 and 2011 are summarized as follows:


	September 30, 2012			September 30, 2011
Interest earned:
Fixed maturity investments	$	85,439		$	84,581
Cash and cash equivalents		138			69
Dividends earned		38,314			46,012
Investment expenses		(31,755	)		(34,534	)

Net investment income	$	92,136		$	96,128

3. SEGMENT INFORMATION

AmerInst has two operating segments: (1) reinsurance activity, which also includes investments and other activities, and (2) insurance activity, which offers professional liability solutions to professional service firms under the Agency Agreement with C&F, as defined in the “Overview” section below.

The tables below summarize the results of our operating segments for the nine months ended September 30, 2012 and 2011.


	Nine Months Ended September 30, 2012
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	2,381,972	$	615,594		$	2,997,566
Total losses and expenses		1,811,075		1,856,864			3,667,939
Segment income (loss)	$	570,897	$	(1,241,270	)	$	(670,373	)
Identifiable assets	$	—	$	599,418		$	599,418

	Nine Months Ended September 30, 2011
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	1,931,448	$	236,015		$	2,167,463
Total losses and expenses		994,895		2,099,867			3,094,762
Segment income (loss)	$	936,553	$	(1,863,852	)	$	(927,299	)
Identifiable assets	$	—	$	794,573		$	794,573

The tables below summarize the results of our operating segments for the three months ended September 30, 2012 and 2011.


	Three Months Ended September 30, 2012
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	1,011,644	$	209,770		$	1,221,414
Total losses and expenses		684,625		588,015			1,272,640
Segment income (loss)	$	327,019	$	(378,245	)	$	(51,226	)
Identifiable assets	$	—	$	599,418		$	599,418

	Three Months Ended September 30, 2011
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	277,006	$	91,587		$	368,593
Total losses and expenses		86,370		615,432			701,802
Segment income (loss)	$	190,636	$	(523,845	)	$	(333,209	)
Identifiable assets	$	—	$	794,573		$	794,573

4. STOCK COMPENSATION

AmerInst Professional Services Limited (“APSL”), a subsidiary of AmerInst, has entered into employment agreements with four key members of senior management, which grant them phantom shares of the Company. Under these agreements, these employees were initially granted a total of 75,018 phantom shares of the Company on the date of their employment. The phantom shares are eligible for phantom dividends paid at the same rate as regular dividends on the Company’s common shares. The phantom dividends may be used only to purchase additional phantom shares with the purchase price of such phantom shares being the net book value of the Company’s actual common shares as of the end of the previous quarter. During the three months and nine months ended September 30, 2012, 609 and 1,202 phantom shares were granted, respectively, arising from the dividends declared on the Company’s common shares. 80,074 phantom shares were outstanding at September 30, 2012.

The employees’ interest in the phantom shares initially granted as well as any additional shares granted from dividends declared will vest on January 1, 2015. The liability payable to the employees under this phantom share plan is equal to the value of the phantom shares based on the net book value of the Company’s actual common shares at the end of the previous quarter less the value of phantom shares initially granted and is payable in cash upon the earlier of the employee attaining 65 years of age or within 60 days of such employee’s death or permanent disability, including if such death or permanent disability occurs before January 1, 2015.

The liability relating to these phantom shares is recalculated quarterly based on the net book value of the Company’s common shares at the end of each quarter. As a result of the overall decrease in the book value of the Company’s common shares since the grant dates, no liability has been recorded by the Company relating to these phantom shares at September 30, 2012.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Management’s discussion and analysis (“MD&A”) provides supplemental information, which sets forth the major factors that have affected our financial condition and results of operation and should be read in conjunction with our condensed consolidated financial statements and notes thereto included in this Form 10-Q.

Certain statements contained in this Form 10-Q, including this MD&A section, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and contain information relating to us that is based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. The words “expect,” “believe,” “may,” “could,” “should,” “would,” “estimate,” “anticipate,” “intend,” “plan,” “target,” “goal” and similar expressions as they relate to us or our management are intended to identify forward-looking statements.

All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in our forward-looking statements. Please see the Introductory Note and Item 1A “Risk Factors” of our 2011 Annual Report on Form 10-K, as updated in our subsequent quarterly reports filed on Form 10-Q, and in our other filings made from time to time with the SEC after the date of this report for a discussion of factors that could cause our actual results to differ materially from those in the forward-looking statements. However, the risk factors listed in Item 1A “Risk Factors” or discussed in this Form 10-Q should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect our management’s analysis only as of the date they are made. We undertake no obligation to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

The following discussion addresses our financial condition and results of operations for the periods and as of the dates indicated.

OVERVIEW

Unless otherwise indicated by the context in this quarterly report, we refer to AmerInst Insurance Group, Ltd. and its subsidiaries as the “Company”, “AmerInst,” “we” or “us.” “AMIC Ltd.” means AmerInst’s wholly-owned subsidiary, AmerInst Insurance Company, Ltd. “APSL” means AmerInst Professional Services, Limited, a Delaware corporation and wholly-owned subsidiary of AmerInst Mezco, Ltd. (“Mezco”) which is a wholly owned subsidiary of AmerInst. “Investco” means AmerInst Investment Company, Ltd., a wholly owned subsidiary of AMIC Ltd. “AMIG” means our predecessor entity, AmerInst Insurance Group, Inc., a Delaware corporation. Our principal offices are c/o Cedar Management Limited, 25 Church Street, Continental Building, P.O. Box HM 1601, Hamilton, Bermuda, HM GX.

AmerInst Insurance Group, Ltd. is a Bermuda holding company formed in 1998 that provides insurance protection for professional service firms and engages in investment activities. AmerInst has two operating segments: (1) reinsurance activity, which includes investments and other activities, and (2) insurance activity, which offers professional liability solutions to professional service firms. The revenues of the reinsurance activity operating segment and the insurance activity operating segment were $2,381,972 and $615,594 for the nine months ended September 30, 2012 compared to $1,931,448 and $236,015 for the nine months ended September 30, 2011, respectively. The revenues for both operating segments were derived from business operations in the United States other than interest income on bank accounts maintained in Bermuda.

Entry into Agency Agreement

On September 25, 2009, APSL entered into an agency agreement (the “Agency Agreement”) with The North River Insurance Company, United States Fire Insurance Company, Crum & Forster Indemnity Company, Crum and Forster Insurance Company, and Crum & Forster Specialty Insurance Company (collectively, “C&F”) pursuant to which C&F appointed APSL as its exclusive agent for the purposes of soliciting, underwriting, quoting, binding, issuing, cancelling, non-renewing and endorsing accountants’ professional liability and lawyers’ professional liability insurance coverage in all 50 states of the United States and the District of Columbia. The initial term of the Agency Agreement is for four years with automatic one-year renewals thereafter.

Entry into Reinsurance Agreement

We conduct our reinsurance business through AMIC Ltd., our subsidiary, which is a registered insurer in Bermuda. On September 25, 2009, AMIC Ltd. entered into a professional liability quota share agreement with C&F (the “Reinsurance Agreement”) pursuant to which C&F agreed to cede, and AMIC Ltd. agreed to accept as reinsurance, a 50% quota share of C&F’s liability under insurance written by APSL on behalf of C&F and classified by C&F as accountants’ professional liability and lawyers’ professional liability, subject to AMIC Ltd.’s surplus limitations. The initial term of the Reinsurance Agreement is for four years with automatic one-year renewals thereafter.

Historical Relationship with CAMICO

From June 1, 2005 through May 31, 2009, we were a party to a reinsurance contract with CAMICO Mutual Insurance Company (“CAMICO”), a California-based writer of accountants’ professional liability business. We decided not to renew the CAMICO contract and permitted the contract to expire pursuant to its terms on May 31, 2009. We remain potentially liable for claims related to coverage through May 31, 2009.

VSC Payment

On July 22, 2009, the Company received a payment of $500,891 from FFG Insurance Company, formerly known as Virginia Surety Company (“VSC”), in satisfaction of certain recoveries not previously remitted by VSC under retrocession contracts between the Company and VSC for the years 1989 through 1993. The $500,891 payment was recorded as a decrease in losses and loss adjustment expenses for the year ended December 31, 2009. Following this payment, the Company initiated arbitration with VSC (the “Arbitration”) to seek additional recoveries in respect of unpaid losses, unpaid premiums, fees and interest. During the arbitration, VSC conceded that $25,785 in unpaid premiums was due and a payment was remitted to the Company. On October 8, 2011, the Company was formally awarded $289,514 as a result of the Arbitration’s final outcome. The award represented unpaid losses of $241,943, fees of $11,280 and interest of $36,291. The total net award of $315,299 from VSC was recorded as a decrease in losses and loss adjustment expenses in the third quarter of 2011.

Attorneys’ Professional Liability Coverage

On January 1, 2003, we entered into a 15% quota share participation of the attorneys’ professional liability coverage provided by Professionals Direct Insurance Company (“PDIC”). This participation terminated on December 31, 2003. We remain potentially liable for claims related to this period of coverage.

Third-party Managers and Service Providers

Cedar Management Limited provides the day-to-day services necessary for the administration of our business. Our agreement with Cedar Management Limited renewed for one year beginning January 1, 2012 and ending December 31, 2012. Mr. Stuart Grayston, our President, was formerly a director and officer of Cedar Management Limited, and Mr. Thomas R. McMahon, our Treasurer and Chief Financial Officer, is a shareholder, officer, director and employee of Cedar Management Limited.

Mowery & Schoenfeld, LLC, an accounting firm affiliated with a former director and chairman emeritus, provided primary accounting functions to APSL through August 1, 2012. Subsequent to August 1, 2012 accounting functions were provided by an independent contractor, L. Carlson Consulting, Inc., although a formal contract between APSL and L. Carlson Consulting, Inc. was not in place until October 12, 2012. While the contract with L. Carlson Consulting, Inc., has no ending date, it can be terminated by either party upon 30 days written notice. Mowery & Schoenfeld, LLC, will continue to provide accounting and tax advisory services through the year-ended December 31, 2012 pursuant to its letter of understanding dated February 20, 2012.

The Country Club Bank of Kansas City, Missouri, provides portfolio management of fixed-income securities and directs our investments pursuant to guidelines approved by us. Harris Associates L.P. and Aurora Investment Management, LLC provide discretionary investment advice with respect to our equity investments. We have retained Oliver Wyman, an independent casualty actuarial consulting firm, to render advice regarding actuarial matters.

OPERATIONS

Nine months ended September 30, 2012 compared to nine months ended September 30, 2011

We incurred a net loss of $670,373 during the nine months ended September 30, 2012 compared to a net loss of $927,299 for the same period in 2011. The net loss incurred during the nine months ended September 30, 2012 was largely attributable to operating and management expenses incurred by APSL, which were partially offset by (1) net realized gains on investments, (2) net premiums earned under the Reinsurance Agreement, (3) commission income earned under the Agency Agreement, and (4) other income, as discussed below in further detail. The net loss incurred during the nine months ended September 30, 2011 was largely attributable to operating and management expenses incurred by APSL, which were partially offset by net realized gains on investments and the recognition of the additional recoveries associated with the Arbitration.

Our net premiums earned for the nine months ended September 30, 2012 were $878,616 compared to $221,844 for the nine months ended September 30, 2011, an increase of $656,772 or 296.1%. The net premiums earned during the nine months ended September 30, 2012 were attributable to cessions from C&F under the Reinsurance Agreement in the amount of $842,582 and to revisions to CAMICO premium estimates for prior years in the amounts of $36,034. The net premiums earned during the nine months ended September 30, 2011 were attributable to cessions from C&F under the Reinsurance Agreement in the amount of $232,368 and to revisions to CAMICO premium estimates for prior years in the amount of $(10,524). The increase in net premiums earned under the Reinsurance Agreement resulted from increased cessions from C&F in 2012, arising from a higher level of underwriting activity under the Agency Agreement due to the continued successful marketing of the program by APSL.

During the nine months ended September 30, 2012 and 2011, we recorded commission income under the Agency Agreement of $615,239 and $235,874, respectively, an increase of $379,365 or 160.8%. This increase resulted from a higher volume of premiums written under the Agency Agreement in 2012.

We recorded other income of $98,156 during the nine months ended September 30, 2012, which represents (1) a $60,000 refund of non-resident withholding tax that was erroneously deducted from dividend income earned on our equity investment portfolio in prior years and (2) net interest received from PDIC in the amount of $38,156 in relation to funds that were held in deposit by PDIC pursuant to the 2003 excess of loss reinsurance agreement between AMIC Ltd. and PDIC. No other income was recorded for the nine months ended September 30, 2011.

We recorded net investment income of $299,256 during the nine months ended September 30, 2012 compared to $308,953 for the nine months ended September 30, 2011. The marginal decline in net investment income was due to the reduction in the investment portfolio due to sales of certain equity securities. The annualized investment yield, calculated as total interest and dividends divided by the net average amount of total investments and cash and cash equivalents, was 1.6% for the nine months ended September 30, 2012, similar to the 1.6% yield earned for the nine months ended September 30, 2011.

Sales of securities during the nine months ended September 30, 2012 resulted in realized gains on investments net of impairment of $1,106,299 compared to $1,400,792 during the nine months ended September 30, 2011, a decrease of $294,493 or 21.0%. The decrease in realized gains primarily related to decreased sales of equity securities in an unrealized gain position compared to 2011.

For the nine months ended September 30, 2012, we recorded loss and loss adjustment expenses of $526,614 derived by multiplying our estimated loss ratio of 62.5% and the net premiums earned under the Reinsurance Agreement of $842,582. For the nine months ended September 30, 2011, we recorded loss and loss adjustment recoveries of $170,078 as a result of the recognition of the additional recoveries awarded to the Company following the Arbitration in the amount of $315,299, net of loss and loss adjustment expenses of $145,221 derived by multiplying our estimated loss ratio of 62.5% and the premiums earned under the Reinsurance Agreement of $232,368.

We recorded policy acquisition costs of $313,073 during the nine months ended September 30, 2012 compared to $85,818 for the same period in 2011. Policy acquisition costs, which are primarily ceding commissions paid to the ceding insurer, are established as a percentage of premiums written; therefore, any increase or decrease in premiums written will result in a similar increase or decrease in policy acquisition costs. The policy acquisition costs recorded during the nine months ended September 30, 2012 were approximately 37% of the premiums earned under the Reinsurance Agreement of $842,582 plus some immaterial policy acquisition costs that were attributable to the revisions to the CAMICO premium estimates for prior years as noted above. The policy acquisition costs recorded during the nine months ended September 30, 2011 were approximately 37% of the premiums earned under the Reinsurance Agreement of $232,368, net of policy acquisition recoveries in the amount of $1,192 that were attributable to the revisions to the CAMICO premium estimates for prior years as noted above.

We expensed operating and management expenses of $2,828,252 for the nine months ended September 30, 2012 compared to $3,179,022 for the same period in 2011, a decrease of $350,770 or 11.0%. The decline is largely attributable to (1) a reduction in professional and marketing expenses incurred by APSL during the nine months to September 30, 2012 compared to 2011 as a result of APSL bringing in-house most of its marketing and promotional work and reducing its reliance on third party contractors and service providers and, (2) a reduction in legal expenses associated with the Arbitration during the nine months ended September 30, 2012 compared to the same period in 2011.

The tables below summarize the results of the following AmerInst operating segments: (1) reinsurance activity, which also includes investments and other activities, and (2) insurance activity, which offers professional liability solutions to professional service firms under the Agency Agreement with C&F.


	Nine Months Ended September 30, 2012
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	2,381,972	$	615,594		$	2,997,566
Total losses and expenses		1,811,075		1,856,864			3,667,939
Segment income (loss)	$	570,897	$	(1,241,270	)	$	(670,373	)
Identifiable assets	$	—	$	599,418		$	599,418

	Nine Months Ended September 30, 2011
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	1,931,448	$	236,015		$	2,167,463
Total losses and expenses		994,895		2,099,867			3,094,762
Segment income (loss)	$	936,553	$	(1,863,852	)	$	(927,299	)
Identifiable assets	$	—	$	794,573		$	794,573

Three months ended September 30, 2012 compared to three months ended September 30, 2011

We incurred a net loss of $51,226 during the third quarter of 2012 compared to a net loss of $333,209 for the same period in 2011. The net loss incurred during the third quarter of 2012 was largely attributable to operating and management expenses incurred by APSL, which were partially offset by (1) net realized gains on investments, (2) net premiums earned under the Reinsurance Agreement and (3) commission income earned under the Agency Agreement. The net loss incurred during the third quarter of 2011 was largely attributable to operating and management expenses incurred by APSL, partially offset by net realized gains on investments and the recognition of the additional recoveries associated with the Arbitration.

Our net premiums earned during the third quarter of 2012 were $425,344 compared to $96,283 during the third quarter of 2011, an increase of $329,061 or 341.8%. The net premiums earned during the quarter ended September 30, 2012 were attributable to cessions from C&F under the Reinsurance Agreement in the amount of $389,310 and to revisions to CAMICO premium estimates for prior years in the amount of $36,034. The net premiums earned during the quarter ended September 30, 2011 were attributable to cessions from C&F under the Reinsurance Agreement in the amount of $106,807 and to revisions to CAMICO premium estimates for prior years in the amount of $(10,524). The increase in net premiums earned under the Reinsurance Agreement resulted from increased cessions from C&F in 2012, arising from a higher level of underwriting activity under the Agency Agreement due to the continued successful marketing of the program by APSL.

For the quarters ended September 30, 2012 and 2011, we recorded commission income under the Agency Agreement of $209,663 and $91,529, respectively, an increase of $118,134 or 129.1%. This increase resulted from a higher volume of premiums written under the Agency Agreement in 2012.

We recorded net investment income of $92,136 for the quarter ended September 30, 2012 compared to $96,128 for the quarter ended September 30, 2011. The marginal decline in net investment income is due to the reduction in the investment portfolio due to sales of certain equity securities. The annualized investment yield, calculated as total interest and dividends divided by the net average amount of total investments and cash and cash equivalents, was 1.5% for the quarter ended September 30, 2012, similar to the 1.5% yield earned for the quarter ended September 30, 2011.

Sales of securities during the quarter ended September 30, 2012 resulted in realized gains on investments net of impairment of $494,271 compared to $84,653 during the quarter ended September 30, 2011, an increase of $409,618. The increase in realized gains primarily related to increased sales of fixed income securities in an unrealized gain position compared to 2011 and to the decrease in other-than-temporary impairment charges compared to 2011.

For the quarters ended September 30, 2012, we recorded loss and loss adjustment expenses of $243,319 derived by multiplying our estimated loss ratio of 62.5% and the net premiums earned under the Reinsurance Agreement of $389,310. For the quarter ended September 30, 2011, we recorded loss and loss adjustment recoveries of $248,544 as a result of the recognition of the additional recoveries awarded to the Company following the Arbitration in the amount of $315,299, net of loss and loss adjustment expenses of $66,755 derived by multiplying our estimated loss ratio of 62.5% and the premiums earned under the Reinsurance Agreement of $106,807.

We recorded policy acquisition costs of $144,406 in the third quarter of 2012 compared to $38,482 for the same period in 2011. Policy acquisition costs, which are primarily ceding commissions paid to the ceding insurer, are established as a percentage of premiums written; therefore, any increase or decrease in premiums written will result in a similar increase or decrease in policy acquisition costs. The policy acquisition costs recorded during the third quarter of 2012 were approximately 37% of the premium earned under the Reinsurance Agreement of $389,310 plus some immaterial policy acquisition costs that were attributable to the revisions to the CAMICO premium estimates for prior years as noted above. The policy acquisition costs recorded during the third quarter of 2011 were approximately 37% of the premium earned under the Reinsurance Agreement of $106,807, net of policy acquisition recoveries in the amount of $1,192 that were attributable to the revisions to the CAMICO premium estimates for prior years as noted above.

We expensed operating and management expenses of $884,915 in the third quarter of 2012 compared to $911,864 for the same period in 2011, a decrease of $26,949 or 3.0%. The decline is largely attributable to (1) a reduction in professional and marketing expenses incurred by APSL during the quarter compared to 2011 as a result of APSL bringing in-house most of its marketing and promotional work and reducing its reliance on third party contractors and service providers and, (2) a reduction in legal expenses associated with the Arbitration during the quarter compared to the same period in 2011.


	Three Months Ended September 30, 2012
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	1,011,644	$	209,770		$	1,221,414
Total losses and expenses		684,625		588,015			1,272,640
Segment income (loss)	$	327,019	$	(378,245	)	$	(51,226	)
Identifiable assets	$	—	$	599,418		$	599,418

	Three Months Ended September 30, 2011
	Reinsurance Segment		Insurance Segment			Total
Revenues	$	277,006	$	91,587		$	368,593
Total losses and expenses		86,370		615,432			701,802
Segment income (loss)	$	190,636	$	(523,845	)	$	(333,209	)
Identifiable assets	$	—	$	794,573		$	794,573

FINANCIAL CONDITION

As of September 30, 2012, our total investments were $21,062,670, a decrease of $1,682,880, or 7.4%, from $22,745,550 at December 31, 2011. The decrease was primarily due to the sales of certain equity and fixed income securities. The cash and cash equivalents balance increased from $904,485 at December 31, 2011 to $1,002,060 at September 30, 2012, an increase of $97,575 or 10.8%. The amount of cash and cash equivalents varies depending on the maturities of fixed term investments and on the level of funds invested in money market funds. The restricted cash and cash equivalents balance increased from $435,924 at December 31, 2011 to $2,318,808 at September 30, 2012, an increase of $1,882,884. The increase is due to the timing of sales and maturities of investments held as restricted cash at September 30, 2012 that have not yet been reinvested. The ratio of cash and total investments to total liabilities at September 30, 2012 was 7.36:1, compared to a ratio of 8.25:1 at December 31, 2011.

The assumed reinsurance balances receivable represents the current assumed premiums receivable less commissions payable to the fronting carriers. As of September 30, 2012, the balance was $283,755 compared to $183,518 as of December 31, 2011. The increase resulted from a higher level of premiums assumed under the Reinsurance Agreement and to revisions to the CAMICO premium estimates for prior years as noted above.

The assumed reinsurance payable represents current reinsurance losses payable to the fronting carriers. This balance fluctuates due to the timing of reported losses.

Deferred policy acquisition costs, which represent the deferral of ceding commission expense related to premiums not yet earned, increased from $146,226 at December 31, 2011 to $251,294 at September 30, 2012. The increase in deferred policy acquisition costs in 2012 was primarily due to the increase in both net premiums written and unearned premiums assumed under the Reinsurance Agreement compared to the prior year. The ceding commission rate under the Reinsurance Agreement is 37%.

Prepaid expenses and other assets were $269,316 at September 30, 2012, a decrease of 28.8% from December 31, 2011. The balance primarily relates to (1) prepaid directors’ and officers’ liability insurance costs, (2) the prepaid directors’ retainer and (3) premiums due to APSL under the Agency Agreement. The decrease in the balance was attributable to a decrease in premiums due to APSL under the Agency Agreement. This balance fluctuates due to the timing of the premium receipts by APSL.

Accrued expenses and other liabilities primarily represent premiums payable by APSL to C&F under the Agency Agreement and expenses accrued relating largely to professional fees. The balance decreased from $1,396,332 at December 31, 2011 to $1,144,699 at September 30, 2012, a decrease of $251,633 or 18.0%. The decrease in the balance was attributable to a reduction in expenses accrued in relation to professional fees. This balance fluctuates due to the timing of the payments.

LIQUIDITY AND CAPITAL RESOURCES

Our cash needs consist of settlement of losses and expenses under our reinsurance treaties and funding day-to-day operations. During the continued implementation of our business plan, our management expects to meet these cash needs from cash flows arising from our investment portfolio. Because substantially all of our assets are marketable securities, we expect that we will have sufficient flexibility to provide for unbudgeted cash needs which may arise without resorting to borrowing, subject to regulatory limitations.

Total cash and investments increased from $24,085,959 at December 31, 2011 to $24,383,538 at September 30, 2012, an increase of $297,579 or 1.2%. The net increase resulted primarily from the increase in the fair value of certain equity securities as a result of favorable market conditions and positive cash inflows in relation to net investment income and net premiums received under the Reinsurance Agreement in the amount of $585,656. These increases were partially offset by net cash outflows to fund the operations of APSL and dividends of $327,992 paid during the year.

The Bermuda Monetary Authority has authorized Investco to purchase the Company’s common shares from shareholders who have died or retired from the practice of public accounting and on a negotiated basis. During the nine months and three months ended September 30, 2012, no such transactions occurred. Through September 30, 2012, Investco had purchased 141,526 common shares from shareholders who had died or retired for a total purchase price of $3,860,345. From time to time, Investco has also purchased shares in privately negotiated transactions. Through September 30, 2012, Investco had purchased an additional 75,069 common shares in such privately negotiated transactions for a total purchase price of $1,109,025.

Cash Dividends

We paid dividends of $0.25 per share during the first and third quarters of 2012, which amounted to total ordinary cash dividends of $170,905 and $171,672, respectively. The dividends paid in 2012 have been reduced by $14,585, which represents a write back of uncashed dividends issued prior to 2007 to shareholders that we have been unable to locate. Since we began paying dividends in 1995, our original shareholders have received $19.37 in cumulative dividends per share. When measured by a total rate of return calculation, this has resulted in an effective annual rate of return of approximately 9.68% from the inception of the Company, based on a per share purchase price of $8.33 paid by the original shareholder, and using an unaudited book value of $32.86 per share as of September 30, 2012. Although we have paid cash dividends on a regular basis in the past, the declaration and payment of cash dividends in the future will be at the discretion of our board of directors and will depend on among other things, our financial condition, results of operations, current and anticipated cash needs and other factors that our board of directors considers relevant.

OFF-BALANCE SHEET ARRANGEMENTS

AmerInst is not a party to any off-balance sheet arrangements.

CRITICAL ACCOUNTING POLICIES

The Company’s critical accounting policies are discussed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended December 31, 2011.

Available Information

We file annual, quarterly, and current reports, proxy statements and other information with the Commission. You may read any public document we file with the Commission at the Commission’s public reference room at 100 F Street, NE, Washington, DC 20549. Please call the Commission at 1-800-SEC-0330 for information on the public reference room. The Commission maintains an internet site that contains annual, quarterly, and current reports, proxy and information statements and other information that issuers (including AmerInst) file electronically with the Commission. The Commission’s internet site is www.sec.gov.

Our internet site is www.amerinst.bm. We make available free of charge through our internet site our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports filed or furnished pursuant to the Securities Exchange Act of 1934, as soon as reasonably practicable after such material is electronically filed with, or furnished to,

the Commission. We also make available, through our internet site, via links to the Commission’s internet site, statements of beneficial ownership of our equity securities filed by our directors, officers, 10% or greater shareholders and others under Section 16 of the Securities Exchange Act. In addition, we post on www.amerinst.bm our Memorandum of Association, our Bye-Laws, our Statement of Share Ownership Policy, Charters for our Audit Committee and Governance and Nominations Committee, as well as our Code of Business Conduct and Ethics. You can request a copy of these documents, excluding exhibits, at no cost, by writing or telephoning us c/o Cedar Management Limited, 25 Church Street, Continental Building, P.O. Box HM 1601 Hamilton, Bermuda HMGX, Attention: Investor Relations (441) 295-6015. The information on our internet site is not incorporated by reference into this report.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2012, the end of the period covered by this Form 10-Q, our management, including our Principal Executive Officer and Principal Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer each concluded that as of September 30, 2012, the end of the period covered by this Form 10-Q, we maintained effective disclosure controls and procedures.

Changes in Internal Control over Financial Reporting

Our management, including our Principal Executive Officer and Principal Financial Officer, has reviewed our internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). There have been no significant changes in our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II—OTHER INFORMATION

Item 1.

Legal Proceedings

We are party to various legal proceedings generally arising in the normal course of our business. While any proceeding contains an element of uncertainty, we do not believe that the eventual outcome of any litigation or arbitration proceeding to which we are presently a party could have a material adverse effect on our financial condition or business. Pursuant to our insurance and reinsurance agreements, disputes are generally required to be finally settled by arbitration.

Item 1A.

Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, Item 1A. “Risk Factors” in our 2011 Annual Report on Form 10-K, as updated in our subsequent quarterly reports. The risks described in our 2011 Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

Item 6.

Exhibits

(a) Exhibits


Exhibit Number		Description

31.1		Certification of Stuart H. Grayston pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Thomas R. McMahon pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Stuart H. Grayston pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Thomas R. McMahon pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: November 14, 2012	AMERINST INSURANCE GROUP, LTD.
	(Registrant)

	By:	/s/ STUART H. GRAYSTON
		Stuart H. Grayston
		President (Principal Executive Officer, duly authorized to sign this Report in such capacity and on behalf of the Registrant)

	By:	/S/ THOMAS R. MCMAHON
		Thomas R. McMahon
		Chief Financial Officer (Principal Financial Officer, duly authorized to sign this Report in such capacity and on behalf of the Registrant)

AMERINST INSURANCE GROUP, LTD.

INDEX TO EXHIBITS

Filed with the Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2012


Exhibit Number		Description

31.1		Certification of Stuart H. Grayston pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Thomas R. McMahon pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Stuart H. Grayston pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Thomas R. McMahon pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

EX-31.1 2 d434179dex311.htm CERTIFICATION OF STUART H. GRAYSTON PURSUANT TO SECTION 302 CERTIFICATION OF STUART H. GRAYSTON PURSUANT TO SECTION 302

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Stuart H. Grayston, certify that:

I have reviewed this quarterly report on Form 10-Q of AmerInst Insurance Group, Ltd.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the company and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012

/S/ STUART H. GRAYSTON

Stuart H. Grayston

President (Principal Executive Officer)

EX-31.2 3 d434179dex312.htm CERTIFICATION OF THOMAS R. MCMAHON PURSUANT TO SECTION 302 CERTIFICATION OF THOMAS R. MCMAHON PURSUANT TO SECTION 302

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Thomas R. McMahon, certify that:

I have reviewed this quarterly report on Form 10-Q of AmerInst Insurance Group, Ltd.;

(a)

(b)

(c)

(d)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012

/S/ THOMAS R. MCMAHON

Thomas R. McMahon

Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 d434179dex321.htm CERTIFICATION OF STUART H. GRAYSTON PURSUANT TO 18 U.S.C. SECTION 1350 CERTIFICATION OF STUART H. GRAYSTON PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AmerInst Insurance Group, Ltd. (the “Company”) on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stuart H. Grayston, President and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/S/ STUART H. GRAYSTON

Stuart H. Grayston

President (Principal Executive Officer)

November 14, 2012

EX-32.2 5 d434179dex322.htm CERTIFICATION OF THOMAS R. MCMAHON PURSUANT TO 18 U.S.C. SECTION 1350 CERTIFICATION OF THOMAS R. MCMAHON PURSUANT TO 18 U.S.C. SECTION 1350

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of AmerInst Insurance Group, Ltd. (the “Company”) on Form 10-Q for the period ended September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas R. McMahon, Chief Financial Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/S/ THOMAS R. MCMAHON

Thomas R. McMahon

Chief Financial Officer (Principal Financial Officer)

November 14, 2012

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<div> <div> 4. STOCK COMPENSATION      AmerInst Professional Services Limited ("APSL"), a subsidiary of AmerInst, has entered into employment agreements with four key members of senior management, which grant them phantom shares of the Company. Under these agreements, these employees were initially granted a total of 75,018 phantom shares of the Company on the date of their employment. The phantom shares are eligible for phantom dividends paid at the same rate as regular dividends on the Company's common shares. The phantom dividends may be used only to purchase additional phantom shares with the purchase price of such phantom shares being the net book value of the Company's actual common shares as of the end of the previous quarter. During the three months and nine months ended September 30, 2012, 609 and 1,202 phantom shares were granted, respectively, arising from the dividends declared on the Company's common shares. 80,074 phantom shares were outstanding at September 30, 2012.</div> <div> </div> <div>      The employees' interest in the phantom shares initially granted as well as any additional shares granted from dividends declared will vest on January 1, 2015. The liability payable to the employees under this phantom share plan is equal to the value of the phantom shares based on the net book value of the Company's actual common shares at the end of the previous quarter less the value of phantom shares initially granted and is payable in cash upon the earlier of the employee attaining 65 years of age or within 60 days of such employee's death or permanent disability, including if such death or permanent disability occurs before January 1, 2015.      The liability relating to these phantom shares is recalculated quarterly based on the net book value of the Company's common shares at the end of each quarter. As a result of the overall decrease in the book value of the Company's common shares since the grant dates, no liability has been recorded by the Company relating to these phantom shares at September 30, 2012.</div> </div>

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<div> <div> <table style="width: 1027px; height: 323px;" border="0" cellspacing="0"> <tr valign="bottom"><td width="29%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center">Fair value measurement using:</td></tr> <tr valign="bottom"><td width="29%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Carrying amount</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Total fair value</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Quoted prices in active markets (Level 1)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant unobservable inputs (Level 3)</td></tr> <tr valign="bottom"><td width="29%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="10%" align="right">465,057</td> <td width="2%" align="right">$</td> <td width="10%" align="right">465,057</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td> <td style="text-indent: 13.919pt;" width="2%" align="left">$</td> <td width="10%" align="right">465,057</td> <td style="text-indent: 0pt;" width="2%" align="left">$</td> <td width="10%" align="right">—</td></tr> <tr valign="bottom"><td width="29%" align="left">Obligations of state and political subdivisions</td> <td width="2%" align="right"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="right"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">346,359</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">346,359</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">346,359</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">8,222,018</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">8,222,018</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Equity securities (excluding the hedge fund)</td> <td width="2%" align="right"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="right"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="left"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,446,519</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,446,519</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td style="text-indent: 14.76pt;" width="10%" align="right">1,446,519</td></tr> <tr valign="bottom"><td width="29%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,840,652</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,840,652</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">21,062,670</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">21,062,670</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">11,394,133</td> <td style="border-bottom: #000000 3px double; text-indent: 13.919pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">8,222,018</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 14.759pt;" width="10%" align="right">1,446,519</td></tr></table></div>   <div> <table style="width: 1027px; height: 323px;" border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center">Fair value measurement using:</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Carrying amount</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Total fair value</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Quoted prices in active markets (Level 1)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant unobservable inputs (Level 3)</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="right">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td> <td style="text-indent: 10.2pt;" width="2%" align="left">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of state and political subdivisions</td> <td width="2%" align="right"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="right"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">329,208</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">329,208</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">10,448,847</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">10,448,847</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities (excluding the hedge fund)</td> <td width="2%" align="right"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="right"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="left"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,395,933</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,395,933</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td style="text-indent: 14.76pt;" width="10%" align="left">1,395,933</td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,296,703</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,296,703</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">22,745,550</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">22,745,550</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">10,900,770</td> <td style="border-bottom: #000000 3px double; text-indent: 10.2pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">10,448,847</td> <td style="border-bottom: #000000 3px double; text-indent: 0.001pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 14.76pt;" width="10%" align="left">1,395,933</td></tr></table></div>   </div>

<div> <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="3%"> </td> <td width="17%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="41%" colspan="5" align="center">Hedge Fund Investment Nine Months ended</td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td width="3%" align="right"> </td> <td width="17%" align="right">September 30,</td> <td width="3%" align="right"> </td> <td width="15%" align="center">September 30,</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Balance classified as Level 3, beginning of period</td> <td width="3%" align="right">$</td> <td width="17%" align="right">1,395,933</td> <td width="3%" align="right">$</td> <td width="15%" align="right">1,484,884</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Total gains or losses included in earnings:</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Net realized gains</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Change in fair value of hedge fund investment</td> <td width="3%" align="right"> </td> <td style="text-indent: 18pt;" width="17%" align="right">50,586</td> <td width="3%" align="right"> </td> <td width="15%" align="right">(47,218</td> <td width="3%" align="left">)</td></tr> <tr valign="bottom"><td width="55%" align="left">Purchases</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Sales</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.478pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Transfers in and/or out of Level 3</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 30.48pt;" width="17%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Ending balance, end of period</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">1,446,519</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">1,437,666</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="3%"> </td> <td width="17%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="41%" colspan="5" align="center">Hedge Fund Investment Three Months ended</td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td width="3%" align="right"> </td> <td width="17%" align="right">September 30,</td> <td width="3%" align="right"> </td> <td width="15%" align="center">September 30,</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Balance classified as Level 3, beginning of period</td> <td width="3%" align="right">$</td> <td width="17%" align="right">1,432,621</td> <td width="3%" align="right">$</td> <td width="15%" align="right">1,506,409</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Total gains or losses included in earnings:</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Net realized gains</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Change in fair value of hedge fund investment</td> <td width="3%" align="right"> </td> <td style="text-indent: 18pt;" width="17%" align="right">13,898</td> <td width="3%" align="right"> </td> <td width="15%" align="right">(68,743</td> <td width="3%" align="left">)</td></tr> <tr valign="bottom"><td width="55%" align="left">Purchases</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Sales</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.478pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Transfers in and/or out of Level 3</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 30.48pt;" width="17%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Ending balance, end of period</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">1,446,519</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">1,437,666</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr></table></div>   </div>

1484884

1506409

1437666

1395933

1432621

1446519

235874

91529

615239

209663

<div> <div> <table border="0" cellspacing="0"> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center"> </td> <td align="center">September 30,</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds on sales of available-for-sale securities</td> <td align="right">$</td> <td align="right">4,996,671</td> <td align="left"> </td> <td align="right">$</td> <td align="right">4,338,292</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Proceeds from redemptions of fixed maturity investments</td> <td align="right"> </td> <td align="right">1,000,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds from maturities of fixed maturity investments</td> <td align="right"> </td> <td align="right">200,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">500,000</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross gains on sales</td> <td align="right"> </td> <td align="right">1,304,878</td> <td align="left"> </td> <td align="right"> </td> <td align="right">1,565,380</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross losses on sales</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(12,138</td> <td align="left">)</td></tr> <tr valign="bottom"><td align="left">Impairment losses</td> <td align="right"> </td> <td align="right">(198,579</td> <td align="left">)</td> <td align="right"> </td> <td align="right">(152,450</td> <td align="left">)</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="53%"> </td> <td width="3%"> </td> <td width="19%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center"> </td> <td align="center">September 30,</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds on sales of available-for-sale securities</td> <td align="right">$</td> <td align="right">3,482,839</td> <td align="left"> </td> <td align="right">$</td> <td align="right">1,290,697</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Proceeds from redemptions of fixed maturity investments</td> <td align="right"> </td> <td align="right">500,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds from maturities of fixed maturity investments</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross gains on sales</td> <td align="right"> </td> <td align="right">527,239</td> <td align="left"> </td> <td align="right"> </td> <td align="right">249,241</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross losses on sales</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(12,138</td> <td align="left">)</td></tr> <tr valign="bottom"><td align="left">Impairment losses</td> <td align="right"> </td> <td align="right">(32,968</td> <td align="left">)</td> <td align="right"> </td> <td align="right">(152,450</td> <td align="left">)</td></tr></table></div>   </div>

1565380

249241

1304878

527239

152450

198579

32968

-927299

-333209

-670373

-51226

-29137

1882884

258828

84581

259794

85439

<div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="2%"> </td> <td width="17%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td width="2%" align="left"> </td> <td width="17%" align="center">September 30,</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="18%" align="center">September 30,</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Interest earned:</td> <td width="2%" align="left"> </td> <td width="17%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Fixed maturity investments</td> <td width="2%" align="left">$</td> <td width="17%" align="right">259,794</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="18%" align="right">258,828</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Cash and cash equivalents</td> <td width="2%" align="left"> </td> <td width="17%" align="right">463</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">259</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Dividends earned</td> <td width="2%" align="left"> </td> <td width="17%" align="right">135,611</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">155,994</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Investment expenses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">(96,612</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">(106,128</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="52%" align="left">Net investment income</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">299,256</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">308,953</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="2%"> </td> <td width="17%"> </td> <td width="2%">  </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td width="2%" align="left"> </td> <td width="17%" align="center">September 30,</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="18%" align="center">September 30,</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Interest earned:</td> <td width="2%" align="left"> </td> <td width="17%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Fixed maturity investments</td> <td width="2%" align="left">$</td> <td width="17%" align="right">85,439</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="18%" align="right">84,581</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Cash and cash equivalents</td> <td width="2%" align="left"> </td> <td width="17%" align="right">138</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">69</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Dividends earned</td> <td width="2%" align="left"> </td> <td width="17%" align="right">38,314</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">46,012</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Investment expenses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">(31,755</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">(34,534</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="52%" align="left">Net investment income</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">92,136</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">96,128</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>  </div> <div> </div> </div>

155994

46012

135611

38314

259

463

138

106128

34534

96612

31755

308953

96128

299256

92136

<div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="53%"> </td> <td width="2%"> </td> <td width="20%"> </td> <td width="2%"> </td> <td width="20%"> </td></tr> <tr valign="bottom"><td width="53%" align="left"> </td> <td width="2%" align="right"> </td> <td width="20%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td style="text-indent: 0.959pt;" width="20%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="53%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="53%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="20%" align="left"> </td> <td width="2%" align="left"> </td> <td width="20%" align="left"> </td></tr> <tr valign="bottom"><td width="53%" align="left">Due in one year or less</td> <td width="2%" align="right">$</td> <td width="20%" align="right">1,587,212</td> <td width="2%" align="left">$</td> <td style="text-indent: 4.558pt;" width="20%" align="right">1,610,417</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after one year through five years</td> <td width="2%" align="right"> </td> <td width="20%" align="right">3,413,787</td> <td width="2%" align="left"> </td> <td style="text-indent: 4.559pt;" width="20%" align="right">3,629,319</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after five years through ten years</td> <td width="2%" align="right"> </td> <td width="20%" align="right">2,852,502</td> <td width="2%" align="left"> </td> <td style="text-indent: 4.559pt;" width="20%" align="right">2,982,282</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 29.519pt;" width="20%" align="right">—</td></tr> <tr valign="bottom"><td width="53%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="20%" align="right">7,853,501</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 4.558pt;" width="20%" align="right">8,222,018</td></tr></table></div>  </div> <div> </div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="58%"> </td> <td width="4%"> </td> <td width="15%"> </td> <td width="4%"> </td> <td width="17%"> </td></tr> <tr valign="bottom"><td width="58%" align="left"> </td> <td width="4%" align="right"> </td> <td width="15%" align="center">Amortized</td> <td width="4%" align="center"> </td> <td style="text-indent: 7.079pt;" width="17%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="58%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="17%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="58%" align="left">As of December 31, 2011</td> <td width="4%" align="right"> </td> <td width="15%" align="left"> </td> <td width="4%" align="right"> </td> <td width="17%" align="left"> </td></tr> <tr valign="bottom"><td width="58%" align="left">Due in one year or less</td> <td width="4%" align="right">$</td> <td width="15%" align="right">510,949</td> <td width="4%" align="right">$</td> <td width="17%" align="right">516,938</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after one year through five years</td> <td width="4%" align="right"> </td> <td width="15%" align="right">5,885,709</td> <td width="4%" align="right"> </td> <td width="17%" align="right">6,210,596</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after five years through ten years</td> <td width="4%" align="right"> </td> <td width="15%" align="right">3,517,857</td> <td width="4%" align="right"> </td> <td width="17%" align="right">3,721,313</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">—</td></tr> <tr valign="bottom"><td width="58%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">9,914,515</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">10,448,847</td></tr></table></div>  </div> </div>

22745550

12296703

10448847

329208

10900770

10448847

1395933

1454105

8665534

10900770

329208

1454105

8665534

1395933

21062670

12840652

8222018

346359

11394133

8222018

1446519

465057

7410602

11394133

346359

465057

7410602

1446519

<div> <div> 2. INVESTMENTS      The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company's fixed maturity investments, by major security type, and equity securities as of September 30, 2012 and December 31, 2011 are as follows: <div> <table style="width: 852px; height: 322px;" border="0" cellspacing="0"> <tr><td width="31%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="15%"> </td></tr> <tr valign="bottom"><td width="31%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 13.079pt;" width="12%" align="center">Cost or</td> <td width="2%" align="center"> </td> <td style="text-indent: 12.959pt;" width="13%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="15%" align="center"> </td></tr> <tr valign="bottom"><td width="31%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 7.799pt;" width="12%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td style="text-indent: 4.799pt;" width="13%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 8.639pt;" width="15%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="31%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 12.96pt;" width="13%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 7.68pt;" width="15%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="31%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="right"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="31%" align="left">Fixed maturity investments:</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="right"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="31%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="12%" align="right">446,591</td> <td width="2%" align="right">$</td> <td width="13%" align="right">18,466</td> <td width="2%" align="left">$</td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="15%" align="right">465,057</td></tr> <tr valign="bottom"><td width="31%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right"> </td> <td width="12%" align="right">7,078,407</td> <td width="2%" align="right"> </td> <td width="13%" align="right">345,447</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(13,252</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">7,410,602</td></tr> <tr valign="bottom"><td width="31%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">328,503</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">17,856</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">346,359</td></tr> <tr valign="bottom"><td width="31%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,853,501</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">381,769</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">8,222,018</td></tr> <tr valign="bottom"><td width="31%" align="left">Equity securities*</td> <td width="2%" align="right"> </td> <td width="12%" align="right">6,212,486</td> <td width="2%" align="right"> </td> <td width="13%" align="right">5,181,647</td> <td width="2%" align="left"> </td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="right">11,394,133</td></tr> <tr valign="bottom"><td width="31%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">1,000,000</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">446,519</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">1,446,519</td></tr> <tr valign="bottom"><td width="31%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,212,486</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">5,628,166</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">12,840,652</td></tr> <tr valign="bottom"><td width="31%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">15,065,987</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">6,009,935</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">21,062,670</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="15%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 13.079pt;" width="12%" align="center">Cost or</td> <td width="2%" align="center"> </td> <td style="text-indent: 5.879pt;" width="13%" align="center">Gross</td> <td width="2%" align="center"> </td> <td style="text-indent: 1.44pt;" width="14%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="15%" align="center"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 7.799pt;" width="12%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td width="13%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 8.639pt;" width="15%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5.88pt;" width="13%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 7.68pt;" width="15%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="12%" align="right">1,446,223</td> <td width="2%" align="left">$</td> <td width="13%" align="right">7,882</td> <td width="2%" align="left">$</td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="15%" align="right">1,454,105</td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right"> </td> <td width="12%" align="right">8,135,268</td> <td width="2%" align="left"> </td> <td width="13%" align="right">531,523</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(1,257</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">8,665,534</td></tr> <tr valign="bottom"><td width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">333,024</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">329,208</td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">9,914,515</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">539,405</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">10,448,847</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities*</td> <td width="2%" align="right"> </td> <td width="12%" align="right">6,574,686</td> <td width="2%" align="left"> </td> <td width="13%" align="right">4,360,802</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(34,718</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">10,900,770</td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">1,000,000</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">395,933</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">1,395,933</td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,574,686</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">4,756,735</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">12,296,703</td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">17,489,201</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">5,296,140</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">22,745,550</td></tr></table></div>   * The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team.      The following tables summarize the Company's fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: <div> <table border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="4" align="center">12 months or greater</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Less than 12 months</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Total</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td></tr> <tr valign="bottom"><td width="30%" align="left">As of September 30, 2012</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">1,168,797</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(13,252</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">1,168,797</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(13,252</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>  </div> <div> </div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="4" align="center">12 months or greater</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Less than 12 months</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Total</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">200,046</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(1,257</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">200,046</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(1,257</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0.001pt;" width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">529,254</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">529,254</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">864,871</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(34,718</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">864,871</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(34,718</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">864,871</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">864,871</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,394,125</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,394,125</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>        As of September 30, 2012 and December 31, 2011, there were four securities in an unrealized loss position with an estimated fair value of $1,168,797 and $1,394,125, respectively. Of these securities, none had been in an unrealized loss position for 12 months or greater. As of September 30, 2012 and December 31, 2011, none of these securities were considered to be other-than-temporarily impaired. The Company has no intent to sell and it is not more likely than not that the Company will be required to sell these securities before their fair values recover above the adjusted cost. The unrealized losses from these securities were not as a result of credit, collateral or structural issues. Other-Than-Temporary Impairment Process      The Company assesses whether declines in the fair value of its fixed maturity investments classified as available-for-sale represent impairments that are other-than-temporary by reviewing each fixed maturity investment that is impaired and (1) determining if the Company has the intent to sell the fixed maturity investment or if it is more likely than not that the Company will be required to sell the fixed maturity investment before its anticipated recovery; and (2) assessing whether a credit loss exists, that is, where the Company expects that the present value of the cash flows expected to be collected from the fixed maturity investment are less than the amortized cost basis of the investment.      The Company had no planned sales of its fixed maturity investments classified as available-for-sale that were in an unrealized loss position at September 30, 2012. In assessing whether it is more likely than not that the Company will be required to sell a fixed maturity investment before its anticipated recovery, the Company considers various factors including its future cash flow requirements, legal and regulatory requirements, the level of its cash, cash equivalents, short term investments and fixed maturity investments available for sale in an unrealized gain position, and other relevant factors. For the nine months ended September 30, 2012, the Company did not recognize any other-than-temporary impairments due to required sales.      In evaluating credit losses, the Company considers a variety of factors in the assessment of a fixed maturity investment including: (1) the time period during which there has been a significant decline below cost; (2) the extent of the decline below cost and par; (3) the potential for the fixed maturity investment to recover in value; (4) an analysis of the financial condition of the issuer; (5) the rating of the issuer; and (6) failure of the issuer of the fixed maturity investment to make scheduled interest or principal payments.      If we conclude a security is other-than-temporarily impaired, we write down the amortized cost of the security to fair value, with a charge to net realized investment gains (losses) in the Consolidated Statement of Operations. Gross unrealized losses on the investment portfolio as of September 30, 2012 and December 31, 2011, relating to four and two fixed maturity securities and none and two equity securities, amounted to $13,252 and $39,791, respectively. This decrease was attributable to equity securities which we determined were not other than temporarily impaired based on the process described above. The unrealized losses on these available for sale fixed maturity securities were not as a result of credit, collateral or structural issues. During the nine months and three months ended September 30, 2012, the Company recorded a total other-than-temporary impairment charge of $198,579 and $32,968 on three equity securities and one equity security, respectively, as a result of the decline in fair value below cost. During the nine months and three months ended September 30, 2011, the Company recorded a total other-than-temporary impairment charge of $152,450 on two equity securities, as a result of the decline in fair value below cost.</div> <div> </div> <div> Fair Value of Investments      Under existing U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of FASB's Accounting Standards Codification ("ASC") 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows: Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability.      At each measurement date, we estimate the fair value of the security using various valuation techniques. We utilize, to the extent available, quoted market prices in active markets or observable market inputs in estimating the fair value of our investments. When quoted market prices or observable market inputs are not available, we utilize valuation techniques that rely on unobservable inputs to estimate the fair value of investments. The following describes the valuation techniques we used to determine the fair value of investments held as of September 30, 2012 and what level within the fair value hierarchy each valuation technique resides: <ul> <li> U.S. government agency securities: Comprised primarily of bonds issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Federal Farm Credit Bank and the Federal National Mortgage Association. The fair values of U.S. government agency securities are priced using the spread above the risk-free U.S. Treasury yield curve. As the yields for the risk-free U.S. Treasury yield curve are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. </li> <li> Obligations of state and political subdivisions: Comprised of fixed income obligations of state and local governmental municipalities. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. </li> <li> Corporate debt securities: Comprised of bonds issued by corporations. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing. </li> <li> Equity securities, at fair value: Comprised primarily of investments in the common stock of publicly traded companies in the U.S. All of the Company's equities are included in the Level 1 fair value hierarchy. The Company receives prices based on closing exchange prices from independent pricing sources to measure fair values for the equities. </li> <li> Hedge fund: Comprised of a hedge fund whose objective is to seek attractive long-term returns with lower volatility by investing in a range of diversified investment strategies. The fund invests in a diversified pool of hedge fund managers, generally across six different strategies: long/short equities, long/short credit, macro, multi-strategy opportunistic, event- driven, and portfolio hedge. The fair value of the hedge fund is based on the net asset value of the fund as reported by the external fund manager. The use of net asset value as an estimate of the fair value for investments in certain entities that calculate net asset value is a permitted practical expedient. The fair value of our hedge fund is included in the Level 3 fair value hierarchy.</li></ul>      To validate prices, we complete quantitative analyses to compare the performance of the above investments to the performance of appropriate benchmarks, with significant differences identified and investigated.</div> <div> </div> <div>      There have been no material changes to any of our valuation techniques from what was used as of December 31, 2011. Since the fair value of a security is an estimate of what a willing buyer would pay for our asset if we sold it, we will not know the ultimate value of our securities until they are sold. We believe the valuation techniques utilized provide us with a reasonable estimate of the price that would be received to sell our assets or transfer our liabilities in an orderly market transaction between participants at the measurement date. The following tables show the fair value of the Company's investments in accordance with ASC 820 as of September 30, 2012 and December 31, 2011: <div> <table style="width: 1027px; height: 323px;" border="0" cellspacing="0"> <tr><td width="29%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td width="29%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center">Fair value measurement using:</td></tr> <tr valign="bottom"><td width="29%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Carrying amount</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Total fair value</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Quoted prices in active markets (Level 1)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant unobservable inputs (Level 3)</td></tr> <tr valign="bottom"><td width="29%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="10%" align="right">465,057</td> <td width="2%" align="right">$</td> <td width="10%" align="right">465,057</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td> <td style="text-indent: 13.919pt;" width="2%" align="left">$</td> <td width="10%" align="right">465,057</td> <td style="text-indent: 0pt;" width="2%" align="left">$</td> <td width="10%" align="right">—</td></tr> <tr valign="bottom"><td width="29%" align="left">Obligations of state and political subdivisions</td> <td width="2%" align="right"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="right"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">7,410,602</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">346,359</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">346,359</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">346,359</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">8,222,018</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">8,222,018</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Equity securities (excluding the hedge fund)</td> <td width="2%" align="right"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="right"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="left"> </td> <td width="10%" align="right">11,394,133</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,446,519</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,446,519</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td style="text-indent: 14.76pt;" width="10%" align="right">1,446,519</td></tr> <tr valign="bottom"><td width="29%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,840,652</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,840,652</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right"> </td></tr> <tr valign="bottom"><td width="29%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">21,062,670</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">21,062,670</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">11,394,133</td> <td style="border-bottom: #000000 3px double; text-indent: 13.919pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">8,222,018</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 14.759pt;" width="10%" align="right">1,446,519</td></tr></table></div>   <div> <table style="width: 1027px; height: 323px;" border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td> <td width="10%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="36%" colspan="6" align="center">Fair value measurement using:</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Carrying amount</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Total fair value</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Quoted prices in active markets (Level 1)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td style="border-bottom: #000000 1px solid;" width="12%" colspan="2" align="center">Significant unobservable inputs (Level 3)</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="right">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td> <td style="text-indent: 10.2pt;" width="2%" align="left">$</td> <td width="10%" align="right">1,454,105</td> <td width="2%" align="left">$</td> <td width="10%" align="right">—</td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of state and political subdivisions</td> <td width="2%" align="right"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="right"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">8,665,534</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">329,208</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="right">329,208</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">10,448,847</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">10,448,847</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities (excluding the hedge fund)</td> <td width="2%" align="right"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="right"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="left"> </td> <td width="10%" align="right">10,900,770</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,395,933</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">1,395,933</td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td width="10%" align="left"> </td> <td width="2%" align="left"> </td> <td style="text-indent: 14.76pt;" width="10%" align="left">1,395,933</td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,296,703</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="right">12,296,703</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="10%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">22,745,550</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">22,745,550</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">10,900,770</td> <td style="border-bottom: #000000 3px double; text-indent: 10.2pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="10%" align="right">10,448,847</td> <td style="border-bottom: #000000 3px double; text-indent: 0.001pt;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 14.76pt;" width="10%" align="left">1,395,933</td></tr></table></div>        There were no transfers between Levels 1 and 2 during the nine months ended September 30, 2012 and the year ended December 31, 2011.</div> <div> </div> <div>      The following table presents a reconciliation of the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable (Level 3) inputs for the nine months ended September 30, 2012 and 2011: <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="3%"> </td> <td width="17%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="41%" colspan="5" align="center">Hedge Fund Investment Nine Months ended</td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td width="3%" align="right"> </td> <td width="17%" align="right">September 30,</td> <td width="3%" align="right"> </td> <td width="15%" align="center">September 30,</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Balance classified as Level 3, beginning of period</td> <td width="3%" align="right">$</td> <td width="17%" align="right">1,395,933</td> <td width="3%" align="right">$</td> <td width="15%" align="right">1,484,884</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Total gains or losses included in earnings:</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Net realized gains</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Change in fair value of hedge fund investment</td> <td width="3%" align="right"> </td> <td style="text-indent: 18pt;" width="17%" align="right">50,586</td> <td width="3%" align="right"> </td> <td width="15%" align="right">(47,218</td> <td width="3%" align="left">)</td></tr> <tr valign="bottom"><td width="55%" align="left">Purchases</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Sales</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.478pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Transfers in and/or out of Level 3</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 30.48pt;" width="17%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Ending balance, end of period</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">1,446,519</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">1,437,666</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr></table></div>   There were no transfers into or from the Level 3 category during the nine months ended September 30, 2012 and 2011.      The following table presents a reconciliation of the beginning and ending balance of investments measured at fair value on a recurring basis using significant unobservable (Level 3) inputs for the three months ended September 30, 2012 and 2011: <div> <table border="0" cellspacing="0"> <tr><td width="55%"> </td> <td width="3%"> </td> <td width="17%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="41%" colspan="5" align="center">Hedge Fund Investment Three Months ended</td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td width="3%" align="right"> </td> <td width="17%" align="right">September 30,</td> <td width="3%" align="right"> </td> <td width="15%" align="center">September 30,</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Balance classified as Level 3, beginning of period</td> <td width="3%" align="right">$</td> <td width="17%" align="right">1,432,621</td> <td width="3%" align="right">$</td> <td width="15%" align="right">1,506,409</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Total gains or losses included in earnings:</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Net realized gains</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Change in fair value of hedge fund investment</td> <td width="3%" align="right"> </td> <td style="text-indent: 18pt;" width="17%" align="right">13,898</td> <td width="3%" align="right"> </td> <td width="15%" align="right">(68,743</td> <td width="3%" align="left">)</td></tr> <tr valign="bottom"><td width="55%" align="left">Purchases</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.48pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Sales</td> <td width="3%" align="right"> </td> <td style="text-indent: 30.478pt;" width="17%" align="right">—</td> <td width="3%" align="right"> </td> <td width="15%" align="right">—</td> <td width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Transfers in and/or out of Level 3</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 30.48pt;" width="17%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="3%" align="left"> </td></tr> <tr valign="bottom"><td width="55%" align="left">Ending balance, end of period</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">1,446,519</td> <td style="border-bottom: #000000 3px double;" width="3%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">1,437,666</td> <td style="border-bottom: #000000 3px double;" width="3%" align="left"> </td></tr></table></div>   There were no transfers into or from the Level 3 category during the three months ended September 30, 2012 and 2011.      The cost or amortized cost and estimated fair value of fixed maturity investments as of September 30, 2012 and December 31, 2011 by contractual maturity are shown below. Expected maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations without penalties. <div> <table border="0" cellspacing="0"> <tr><td width="53%"> </td> <td width="2%"> </td> <td width="20%"> </td> <td width="2%"> </td> <td width="20%"> </td></tr> <tr valign="bottom"><td width="53%" align="left"> </td> <td width="2%" align="right"> </td> <td width="20%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td style="text-indent: 0.959pt;" width="20%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="53%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="53%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="20%" align="left"> </td> <td width="2%" align="left"> </td> <td width="20%" align="left"> </td></tr> <tr valign="bottom"><td width="53%" align="left">Due in one year or less</td> <td width="2%" align="right">$</td> <td width="20%" align="right">1,587,212</td> <td width="2%" align="left">$</td> <td style="text-indent: 4.558pt;" width="20%" align="right">1,610,417</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after one year through five years</td> <td width="2%" align="right"> </td> <td width="20%" align="right">3,413,787</td> <td width="2%" align="left"> </td> <td style="text-indent: 4.559pt;" width="20%" align="right">3,629,319</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after five years through ten years</td> <td width="2%" align="right"> </td> <td width="20%" align="right">2,852,502</td> <td width="2%" align="left"> </td> <td style="text-indent: 4.559pt;" width="20%" align="right">2,982,282</td></tr> <tr valign="bottom"><td width="53%" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="20%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 29.519pt;" width="20%" align="right">—</td></tr> <tr valign="bottom"><td width="53%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="20%" align="right">7,853,501</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double; text-indent: 4.558pt;" width="20%" align="right">8,222,018</td></tr></table></div>  </div> <div> </div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="58%"> </td> <td width="4%"> </td> <td width="15%"> </td> <td width="4%"> </td> <td width="17%"> </td></tr> <tr valign="bottom"><td width="58%" align="left"> </td> <td width="4%" align="right"> </td> <td width="15%" align="center">Amortized</td> <td width="4%" align="center"> </td> <td style="text-indent: 7.079pt;" width="17%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="58%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="17%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="58%" align="left">As of December 31, 2011</td> <td width="4%" align="right"> </td> <td width="15%" align="left"> </td> <td width="4%" align="right"> </td> <td width="17%" align="left"> </td></tr> <tr valign="bottom"><td width="58%" align="left">Due in one year or less</td> <td width="4%" align="right">$</td> <td width="15%" align="right">510,949</td> <td width="4%" align="right">$</td> <td width="17%" align="right">516,938</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after one year through five years</td> <td width="4%" align="right"> </td> <td width="15%" align="right">5,885,709</td> <td width="4%" align="right"> </td> <td width="17%" align="right">6,210,596</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after five years through ten years</td> <td width="4%" align="right"> </td> <td width="15%" align="right">3,517,857</td> <td width="4%" align="right"> </td> <td width="17%" align="right">3,721,313</td></tr> <tr valign="bottom"><td width="58%" align="left">Due after ten years</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="4%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">—</td></tr> <tr valign="bottom"><td width="58%" align="left">Total</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">9,914,515</td> <td style="border-bottom: #000000 3px double;" width="4%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">10,448,847</td></tr></table></div>   Information on sales and maturities of investments during the nine months ended September 30, 2012 and 2011 are as follows: <div> <table border="0" cellspacing="0"> <tr><td width="53%"> </td> <td width="3%"> </td> <td width="19%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center"> </td> <td align="center">September 30,</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds on sales of available-for-sale securities</td> <td align="right">$</td> <td align="right">4,996,671</td> <td align="left"> </td> <td align="right">$</td> <td align="right">4,338,292</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Proceeds from redemptions of fixed maturity investments</td> <td align="right"> </td> <td align="right">1,000,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds from maturities of fixed maturity investments</td> <td align="right"> </td> <td align="right">200,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">500,000</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross gains on sales</td> <td align="right"> </td> <td align="right">1,304,878</td> <td align="left"> </td> <td align="right"> </td> <td align="right">1,565,380</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross losses on sales</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(12,138</td> <td align="left">)</td></tr> <tr valign="bottom"><td align="left">Impairment losses</td> <td align="right"> </td> <td align="right">(198,579</td> <td align="left">)</td> <td align="right"> </td> <td align="right">(152,450</td> <td align="left">)</td></tr></table></div>   Information on sales and maturities of investments during the three months ended September 30, 2012 and 2011 are as follows: <div> <table border="0" cellspacing="0"> <tr><td width="53%"> </td> <td width="3%"> </td> <td width="19%"> </td> <td width="3%"> </td> <td width="3%"> </td> <td width="15%"> </td> <td width="3%"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td align="right"> </td> <td align="center">September 30,</td> <td align="center"> </td> <td align="center"> </td> <td align="center">September 30,</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left"> </td> <td style="border-bottom: #000000 1px solid;" align="right"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center"> </td> <td style="border-bottom: #000000 1px solid;" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds on sales of available-for-sale securities</td> <td align="right">$</td> <td align="right">3,482,839</td> <td align="left"> </td> <td align="right">$</td> <td align="right">1,290,697</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Proceeds from redemptions of fixed maturity investments</td> <td align="right"> </td> <td align="right">500,000</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Total proceeds from maturities of fixed maturity investments</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross gains on sales</td> <td align="right"> </td> <td align="right">527,239</td> <td align="left"> </td> <td align="right"> </td> <td align="right">249,241</td> <td align="left"> </td></tr> <tr valign="bottom"><td align="left">Gross losses on sales</td> <td align="right"> </td> <td align="right">—</td> <td align="left"> </td> <td align="right"> </td> <td align="right">(12,138</td> <td align="left">)</td></tr> <tr valign="bottom"><td align="left">Impairment losses</td> <td align="right"> </td> <td align="right">(32,968</td> <td align="left">)</td> <td align="right"> </td> <td align="right">(152,450</td> <td align="left">)</td></tr></table></div>        Major categories of net interest and dividend income during the nine months ended September 30, 2012 and 2011 are summarized as follows: <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="2%"> </td> <td width="17%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td width="2%" align="left"> </td> <td width="17%" align="center">September 30,</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="18%" align="center">September 30,</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Interest earned:</td> <td width="2%" align="left"> </td> <td width="17%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Fixed maturity investments</td> <td width="2%" align="left">$</td> <td width="17%" align="right">259,794</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="18%" align="right">258,828</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Cash and cash equivalents</td> <td width="2%" align="left"> </td> <td width="17%" align="right">463</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">259</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Dividends earned</td> <td width="2%" align="left"> </td> <td width="17%" align="right">135,611</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">155,994</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Investment expenses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">(96,612</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">(106,128</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="52%" align="left">Net investment income</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">299,256</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">308,953</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>        Major categories of net interest and dividend income during the three months ended September 30, 2012 and 2011 are summarized as follows: <div> <table border="0" cellspacing="0"> <tr><td width="52%"> </td> <td width="2%"> </td> <td width="17%"> </td> <td width="2%">  </td> <td width="2%"> </td> <td width="18%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td width="2%" align="left"> </td> <td width="17%" align="center">September 30,</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="18%" align="center">September 30,</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="center">2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="center">2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Interest earned:</td> <td width="2%" align="left"> </td> <td width="17%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Fixed maturity investments</td> <td width="2%" align="left">$</td> <td width="17%" align="right">85,439</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="18%" align="right">84,581</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td style="text-indent: 24pt;" width="52%" align="left">Cash and cash equivalents</td> <td width="2%" align="left"> </td> <td width="17%" align="right">138</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">69</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Dividends earned</td> <td width="2%" align="left"> </td> <td width="17%" align="right">38,314</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="18%" align="right">46,012</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="52%" align="left">Investment expenses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="17%" align="right">(31,755</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" align="right">(34,534</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="52%" align="left">Net investment income</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="17%" align="right">92,136</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="18%" align="right">96,128</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left"> </td></tr></table></div>  </div> <div> </div> </div>

2919055

3313743

25634283

25875940

1043443

1489900

12138

22745550

21062670

12296703

10900770

1395933

12840652

11394133

1446519

10448847

329208

1454105

8665534

8222018

346359

465057

7410602

-437587

-327992

3226608

1624077

-2671669

-1198510

-927299

-1863852

936553

-333209

-523845

190636

-670373

-1241270

570897

-51226

-378245

327019

3179022

911864

2828252

884915

<div> 1. BASIS OF PREPARATION AND CONSOLIDATION      The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. ("AmerInst") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC" or the "Commission"), and reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented. All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not incorporate all the information required under generally accepted accounting principles to be included in a full set of financial statements. In these notes, the terms "we", "us", "our" or the "Company" refer to AmerInst and its subsidiaries. These condensed statements should be read in conjunction with the audited consolidated financial statements at and for the year ended December 31, 2011 and notes thereto, included in AmerInst's Annual Report on Form 10-K for the year then ended. New Accounting Pronouncements (a) Adoption of New Accounting Standards Fair Value Measurement and Disclosures      In May 2011, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for common fair value measurement. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption is prohibited), resulted in a common definition of fair value and common requirements for measurement and disclosure under accounting principles generally accepted in the United States of America ("U.S. GAAP") and International Financial Reporting Standards ("IFRS"). Consequently, the amendments have changed some fair value measurement principles and disclosure requirements. The implementation of this amended accounting guidance has not had a material impact on the Company's consolidated financial statements. Comprehensive Income      In June 2011, the FASB issued new guidance revising the manner in which entities present comprehensive income in their financial statements. The option to report other comprehensive income and its components in the statement of changes in shareholders' equity is eliminated. Components of comprehensive income may be reported in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The new requirements were effective for the interim and annual periods beginning on or after December 15, 2011 and require retrospective application; early adoption was permitted. As the new guidance does not change the items that constitute net income and/or other comprehensive income, the timing of reclassifications from other comprehensive income to net income or the earnings per share computation, the adoption of this guidance has not impacted our results of operations, financial condition or liquidity. (b) Recently Issued Accounting Standards Not Yet Adopted      In December 2011, the FASB issued Accounting Standards Update No. 2011-11, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). The objective of ASU 2011-11 is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. The Company is currently evaluating the impact of this guidance; however, since this update affects disclosures only, it is not expected to have a material impact on the Company's consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements do not apply to its operations. </div>

-2097336

-1825390

740334

369762

-1400792

-84653

-1106299

-494271

-696544

-1740737

1846633

864033

98156

152450

198579

32968

148409

289178

327992

1562478

2689710

78343

-170078

-248544

526614

243319

221844

96283

878616

425344

378257

269316

500000

200000

4338292

1290697

4996671

3482839

794573

745784

599418

1400792

84653

1106299

494271

86685

183518

283775

435924

2318808

19096686

18213418

17553394

17411533

16636066

16413168

2167463

236015

1931448

368593

91587

277006

2997566

615594

2381972

1221414

209770

1011644

<div> <div> <table style="width: 852px; height: 322px;" border="0" cellspacing="0"> <tr valign="bottom"><td width="31%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 13.079pt;" width="12%" align="center">Cost or</td> <td width="2%" align="center"> </td> <td style="text-indent: 12.959pt;" width="13%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="15%" align="center"> </td></tr> <tr valign="bottom"><td width="31%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 7.799pt;" width="12%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td style="text-indent: 4.799pt;" width="13%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 8.639pt;" width="15%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="31%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 12.96pt;" width="13%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 7.68pt;" width="15%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="31%" align="left">As of September 30, 2012</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="right"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="31%" align="left">Fixed maturity investments:</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="right"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="31%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="12%" align="right">446,591</td> <td width="2%" align="right">$</td> <td width="13%" align="right">18,466</td> <td width="2%" align="left">$</td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="15%" align="right">465,057</td></tr> <tr valign="bottom"><td width="31%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right"> </td> <td width="12%" align="right">7,078,407</td> <td width="2%" align="right"> </td> <td width="13%" align="right">345,447</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(13,252</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">7,410,602</td></tr> <tr valign="bottom"><td width="31%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">328,503</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">17,856</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">346,359</td></tr> <tr valign="bottom"><td width="31%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,853,501</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">381,769</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">8,222,018</td></tr> <tr valign="bottom"><td width="31%" align="left">Equity securities*</td> <td width="2%" align="right"> </td> <td width="12%" align="right">6,212,486</td> <td width="2%" align="right"> </td> <td width="13%" align="right">5,181,647</td> <td width="2%" align="left"> </td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="right">11,394,133</td></tr> <tr valign="bottom"><td width="31%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">1,000,000</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">446,519</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">1,446,519</td></tr> <tr valign="bottom"><td width="31%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,212,486</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">5,628,166</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">12,840,652</td></tr> <tr valign="bottom"><td width="31%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">15,065,987</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">6,009,935</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">21,062,670</td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="14%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="15%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 13.079pt;" width="12%" align="center">Cost or</td> <td width="2%" align="center"> </td> <td style="text-indent: 5.879pt;" width="13%" align="center">Gross</td> <td width="2%" align="center"> </td> <td style="text-indent: 1.44pt;" width="14%" align="center">Gross</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="15%" align="center"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td width="2%" align="right"> </td> <td style="text-indent: 7.799pt;" width="12%" align="center">Amortized</td> <td width="2%" align="center"> </td> <td width="13%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="14%" align="center">Unrealized</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td style="text-indent: 8.639pt;" width="15%" align="center">Estimated</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Cost</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 5.88pt;" width="13%" align="center">Gains</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="center">Losses</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 7.68pt;" width="15%" align="center">Fair Value</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="right"> </td> <td width="12%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="left"> </td> <td width="2%" align="left"> </td> <td width="14%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="15%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="right">$</td> <td width="12%" align="right">1,446,223</td> <td width="2%" align="left">$</td> <td width="13%" align="right">7,882</td> <td width="2%" align="left">$</td> <td width="14%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="15%" align="right">1,454,105</td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="right"> </td> <td width="12%" align="right">8,135,268</td> <td width="2%" align="left"> </td> <td width="13%" align="right">531,523</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(1,257</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">8,665,534</td></tr> <tr valign="bottom"><td width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">333,024</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">329,208</td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">9,914,515</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">539,405</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">10,448,847</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities*</td> <td width="2%" align="right"> </td> <td width="12%" align="right">6,574,686</td> <td width="2%" align="left"> </td> <td width="13%" align="right">4,360,802</td> <td width="2%" align="left"> </td> <td width="14%" align="right">(34,718</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="15%" align="right">10,900,770</td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">1,000,000</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">395,933</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">1,395,933</td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="right">7,574,686</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="right">4,756,735</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="14%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="15%" align="right">12,296,703</td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="12%" align="right">17,489,201</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="13%" align="right">5,296,140</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="14%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="15%" align="right">22,745,550</td></tr></table></div>   * The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team. </div>

<div> <div> <table border="0" cellspacing="0"> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="48%" colspan="6" align="center">Nine Months Ended September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 8.039pt;" width="19%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="10%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 0.96pt;" width="13%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="19%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.839pt;" width="10%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="13%" align="right">2,381,972</td> <td width="2%" align="right">$</td> <td width="19%" align="right">615,594</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,997,566</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="13%" align="right">1,811,075</td> <td width="2%" align="right"> </td> <td width="19%" align="right">1,856,864</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="right">3,667,939</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="13%" align="right">570,897</td> <td width="2%" align="right">$</td> <td width="19%" align="right">(1,241,270</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="10%" align="right">(670,373</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="46%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="13%" align="right">—</td> <td width="2%" align="right">$</td> <td width="19%" align="right">599,418</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="10%" align="right">599,418</td> <td width="2%" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="19%"> </td> <td width="2%">  </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="48%" colspan="6" align="center">Nine Months Ended September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 8.039pt;" width="19%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="10%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="19%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.839pt;" width="10%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="13%" align="right">1,931,448</td> <td width="2%" align="right">$</td> <td width="19%" align="right">236,015</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,167,463</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="13%" align="right">994,895</td> <td width="2%" align="right"> </td> <td width="19%" align="right">2,099,867</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="right">3,094,762</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="13%" align="right">936,553</td> <td width="2%" align="right">$</td> <td width="19%" align="right">(1,863,852</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="10%" align="right">(927,299</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="46%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="13%" align="right">—</td> <td width="2%" align="right">$</td> <td width="19%" align="right">794,573</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="10%" align="right">794,573</td> <td width="2%" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="45%" colspan="6" align="center">Three Months Ended September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td width="2%" align="left"> </td> <td width="12%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 3.96pt;" width="16%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="11%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="16%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.959pt;" width="11%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="12%" align="right">1,011,644</td> <td width="2%" align="right">$</td> <td width="16%" align="right">209,770</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="11%" align="right">1,221,414</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="12%" align="right">684,625</td> <td width="2%" align="right"> </td> <td width="16%" align="right">588,015</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="11%" align="right">1,272,640</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="12%" align="right">327,019</td> <td width="2%" align="right">$</td> <td width="16%" align="right">(378,245</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="11%" align="right">(51,226</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="48%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="12%" align="right">—</td> <td width="2%" align="right">$</td> <td width="16%" align="right">599,418</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="11%" align="right">599,418</td> <td width="2%" align="left"> </td></tr></table></div>   <div> <table style="width: 749px; height: 182px;" border="0" cellspacing="0"> <tr><td width="45%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="43%" colspan="6" align="center">Three Months Ended September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td width="2%" align="left"> </td> <td width="11%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 3.96pt;" width="15%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="11%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="15%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="11%" align="right">277,006</td> <td width="2%" align="right">$</td> <td width="15%" align="right">91,587</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="11%" align="right">368,593</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="11%" align="right">86,370</td> <td width="2%" align="right"> </td> <td width="15%" align="right">615,432</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="11%" align="right">701,802</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="11%" align="right">190,636</td> <td width="2%" align="right">$</td> <td width="15%" align="right">(523,845</td> <td width="2%" align="left">)</td> <td width="2%" align="left">$</td> <td width="11%" align="right">(333,209</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="45%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="11%" align="right">—</td> <td width="2%" align="right">$</td> <td width="15%" align="right">794,573</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="11%" align="right">794,573</td> <td width="2%" align="left"> </td></tr></table></div>   </div>

<div> <div> <div> <table border="0" cellspacing="0"> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="4" align="center">12 months or greater</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Less than 12 months</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Total</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td></tr> <tr valign="bottom"><td width="30%" align="left">As of September 30, 2012</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">1,168,797</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(13,252</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">1,168,797</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(13,252</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,168,797</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(13,252</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>  </div> <div> </div> <div> <div> <table border="0" cellspacing="0"> <tr><td width="30%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td> <td width="7%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="18%" colspan="4" align="center">12 months or greater</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Less than 12 months</td> <td style="border-bottom: #000000 1px solid;" width="20%" colspan="5" align="center">Total</td></tr> <tr valign="bottom"><td width="30%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td> <td style="border-bottom: #000000 1px solid;" width="9%" colspan="2" align="center">Estimated Fair Value</td> <td style="border-bottom: #000000 1px solid;" width="11%" colspan="3" align="center">Unrealized Losses</td></tr> <tr valign="bottom"><td width="30%" align="left">As of December 31, 2011</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Fixed maturity investments:</td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="right"> </td> <td width="7%" align="left"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">U.S. government agency securities</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="right">$</td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Obligations of states and political subdivisions</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">200,046</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(1,257</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">200,046</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(1,257</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0.001pt;" width="30%" align="left">Corporate debt securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">329,208</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(3,816</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Total fixed maturity investments</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">529,254</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">529,254</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(5,073</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Equity securities</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="left"> </td> <td width="7%" align="right">—</td> <td width="2%" align="right"> </td> <td width="7%" align="right">864,871</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(34,718</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> </td> <td width="7%" align="right">864,871</td> <td width="2%" align="right"> </td> <td width="7%" align="right">(34,718</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td style="text-indent: 0pt;" width="30%" align="left">Hedge fund</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="30%" align="left">Total equity securities</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">—</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">864,871</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">864,871</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="right"> </td> <td style="border-bottom: #000000 1px solid;" width="7%" align="right">(34,718</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="30%" align="left">Total investments</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">—</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,394,125</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">1,394,125</td> <td style="border-bottom: #000000 3px double;" width="2%" align="right">$</td> <td style="border-bottom: #000000 3px double;" width="7%" align="right">(39,791</td> <td style="border-bottom: #000000 3px double;" width="2%" align="left">)</td></tr></table></div>  </div> </div>

<div> 3. SEGMENT INFORMATION      AmerInst has two operating segments: (1) reinsurance activity, which also includes investments and other activities, and (2) insurance activity, which offers professional liability solutions to professional service firms under the Agency Agreement with C&F, as defined in the "Overview" section below. The tables below summarize the results of our operating segments for the nine months ended September 30, 2012 and 2011. <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="19%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="48%" colspan="6" align="center">Nine Months Ended September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 8.039pt;" width="19%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="10%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 0.96pt;" width="13%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="19%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.839pt;" width="10%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="13%" align="right">2,381,972</td> <td width="2%" align="right">$</td> <td width="19%" align="right">615,594</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,997,566</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="13%" align="right">1,811,075</td> <td width="2%" align="right"> </td> <td width="19%" align="right">1,856,864</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="right">3,667,939</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="13%" align="right">570,897</td> <td width="2%" align="right">$</td> <td width="19%" align="right">(1,241,270</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="10%" align="right">(670,373</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="46%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="13%" align="right">—</td> <td width="2%" align="right">$</td> <td width="19%" align="right">599,418</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="10%" align="right">599,418</td> <td width="2%" align="left"> </td></tr></table></div>   <div> <table border="0" cellspacing="0"> <tr><td width="46%"> </td> <td width="2%"> </td> <td width="13%"> </td> <td width="2%"> </td> <td width="19%"> </td> <td width="2%">  </td> <td width="2%"> </td> <td width="10%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="48%" colspan="6" align="center">Nine Months Ended September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td width="2%" align="left"> </td> <td width="13%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 8.039pt;" width="19%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="10%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="13%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="19%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.839pt;" width="10%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="13%" align="right">1,931,448</td> <td width="2%" align="right">$</td> <td width="19%" align="right">236,015</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="10%" align="right">2,167,463</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="13%" align="right">994,895</td> <td width="2%" align="right"> </td> <td width="19%" align="right">2,099,867</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="10%" align="right">3,094,762</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="46%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="13%" align="right">936,553</td> <td width="2%" align="right">$</td> <td width="19%" align="right">(1,863,852</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="10%" align="right">(927,299</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="46%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="13%" align="right">—</td> <td width="2%" align="right">$</td> <td width="19%" align="right">794,573</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="10%" align="right">794,573</td> <td width="2%" align="left"> </td></tr></table></div>   The tables below summarize the results of our operating segments for the three months ended September 30, 2012 and 2011. <div> <table border="0" cellspacing="0"> <tr><td width="48%"> </td> <td width="2%"> </td> <td width="12%"> </td> <td width="2%"> </td> <td width="16%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="45%" colspan="6" align="center">Three Months Ended September 30, 2012</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td width="2%" align="left"> </td> <td width="12%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 3.96pt;" width="16%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="11%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="12%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="16%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.959pt;" width="11%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="12%" align="right">1,011,644</td> <td width="2%" align="right">$</td> <td width="16%" align="right">209,770</td> <td width="2%" align="left"> </td> <td width="2%" align="right">$</td> <td width="11%" align="right">1,221,414</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="12%" align="right">684,625</td> <td width="2%" align="right"> </td> <td width="16%" align="right">588,015</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> </td> <td width="11%" align="right">1,272,640</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="48%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="12%" align="right">327,019</td> <td width="2%" align="right">$</td> <td width="16%" align="right">(378,245</td> <td width="2%" align="left">)</td> <td width="2%" align="right"> $</td> <td width="11%" align="right">(51,226</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="48%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="12%" align="right">—</td> <td width="2%" align="right">$</td> <td width="16%" align="right">599,418</td> <td width="2%" align="left"> </td> <td width="2%" align="right"> $</td> <td width="11%" align="right">599,418</td> <td width="2%" align="left"> </td></tr></table></div>   <div> <table style="width: 749px; height: 182px;" border="0" cellspacing="0"> <tr><td width="45%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td> <td width="15%"> </td> <td width="2%"> </td> <td width="2%"> </td> <td width="11%"> </td> <td width="2%"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="43%" colspan="6" align="center">Three Months Ended September 30, 2011</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td width="2%" align="left"> </td> <td width="11%" align="center">Reinsurance</td> <td width="2%" align="center"> </td> <td style="text-indent: 3.96pt;" width="15%" align="center">Insurance</td> <td width="2%" align="center"> </td> <td width="2%" align="center"> </td> <td width="11%" align="center"> </td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid; text-indent: 6.119pt;" width="15%" align="center">Segment</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="2%" align="center"> </td> <td style="border-bottom: #000000 1px solid;" width="11%" align="center">Total</td> <td style="border-bottom: #000000 1px solid;" width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Revenues</td> <td width="2%" align="left">$</td> <td width="11%" align="right">277,006</td> <td width="2%" align="right">$</td> <td width="15%" align="right">91,587</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="11%" align="right">368,593</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Total losses and expenses</td> <td width="2%" align="left"> </td> <td width="11%" align="right">86,370</td> <td width="2%" align="right"> </td> <td width="15%" align="right">615,432</td> <td width="2%" align="left"> </td> <td width="2%" align="left"> </td> <td width="11%" align="right">701,802</td> <td width="2%" align="left"> </td></tr> <tr valign="bottom"><td width="45%" align="left">Segment income (loss)</td> <td width="2%" align="left">$</td> <td width="11%" align="right">190,636</td> <td width="2%" align="right">$</td> <td width="15%" align="right">(523,845</td> <td width="2%" align="left">)</td> <td width="2%" align="left">$</td> <td width="11%" align="right">(333,209</td> <td width="2%" align="left">)</td></tr> <tr valign="bottom"><td width="45%" align="left">Identifiable assets</td> <td width="2%" align="left">$</td> <td width="11%" align="right">—</td> <td width="2%" align="right">$</td> <td width="15%" align="right">794,573</td> <td width="2%" align="left"> </td> <td width="2%" align="left">$</td> <td width="11%" align="right">794,573</td> <td width="2%" align="left"> </td></tr></table></div>   </div>

1202

609

80074

22715228

22562197

392595

679144

The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team.

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Stock Compensation	9 Months Ended
Stock Compensation	Sep. 30, 2012
Stock Compensation [Abstract]
Stock Compensation	4. STOCK COMPENSATION AmerInst Professional Services Limited ("APSL"), a subsidiary of AmerInst, has entered into employment agreements with four key members of senior management, which grant them phantom shares of the Company. Under these agreements, these employees were initially granted a total of 75,018 phantom shares of the Company on the date of their employment. The phantom shares are eligible for phantom dividends paid at the same rate as regular dividends on the Company's common shares. The phantom dividends may be used only to purchase additional phantom shares with the purchase price of such phantom shares being the net book value of the Company's actual common shares as of the end of the previous quarter. During the three months and nine months ended September 30, 2012, 609 and 1,202 phantom shares were granted, respectively, arising from the dividends declared on the Company's common shares. 80,074 phantom shares were outstanding at September 30, 2012. The employees' interest in the phantom shares initially granted as well as any additional shares granted from dividends declared will vest on January 1, 2015. The liability payable to the employees under this phantom share plan is equal to the value of the phantom shares based on the net book value of the Company's actual common shares at the end of the previous quarter less the value of phantom shares initially granted and is payable in cash upon the earlier of the employee attaining 65 years of age or within 60 days of such employee's death or permanent disability, including if such death or permanent disability occurs before January 1, 2015. The liability relating to these phantom shares is recalculated quarterly based on the net book value of the Company's common shares at the end of each quarter. As a result of the overall decrease in the book value of the Company's common shares since the grant dates, no liability has been recorded by the Company relating to these phantom shares at September 30, 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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Segment Information

9 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

Segment Information

3. SEGMENT INFORMATION

The tables below summarize the results of our operating segments for the nine months ended September 30, 2012 and 2011.


		Nine Months Ended September 30, 2012
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	2,381,972	$	615,594		$	2,997,566
Total losses and expenses		1,811,075		1,856,864			3,667,939
Segment income (loss)	$	570,897	$	(1,241,270	)	$	(670,373	)
Identifiable assets	$	—	$	599,418		$	599,418


		Nine Months Ended September 30, 2011
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	1,931,448	$	236,015		$	2,167,463
Total losses and expenses		994,895		2,099,867			3,094,762
Segment income (loss)	$	936,553	$	(1,863,852	)	$	(927,299	)
Identifiable assets	$	—	$	794,573		$	794,573

The tables below summarize the results of our operating segments for the three months ended September 30, 2012 and 2011.


		Three Months Ended September 30, 2012
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	1,011,644	$	209,770		$	1,221,414
Total losses and expenses		684,625		588,015			1,272,640
Segment income (loss)	$	327,019	$	(378,245	)	$	(51,226	)
Identifiable assets	$	—	$	599,418		$	599,418


		Three Months Ended September 30, 2011
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	277,006	$	91,587		$	368,593
Total losses and expenses		86,370		615,432			701,802
Segment income (loss)	$	190,636	$	(523,845	)	$	(333,209	)
Identifiable assets	$	—	$	794,573		$	794,573

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

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Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Fixed maturity investments, available for sale, at fair value (amortized cost $7,853,501 and $9,914,515)	$ 8,222,018	$ 10,448,847
Equity securities, available for sale, at fair value (cost $7,212,486 and $7,574,686)	12,840,652	12,296,703
TOTAL INVESTMENTS	21,062,670	22,745,550
Cash and cash equivalents	1,002,060	904,485
Restricted cash and cash equivalents	2,318,808	435,924
Assumed reinsurance balances receivable	283,775	183,518
Accrued investment income	88,599	94,539
Property and equipment	599,418	745,784
Deferred policy acquisition costs	251,294	146,226
Prepaid expenses and other assets	269,316	378,257
TOTAL ASSETS	25,875,940	25,634,283
LIABILITIES
Unpaid losses and loss adjustment expenses	1,489,900	1,043,443
Unearned premium	679,144	392,595
Assumed reinsurance balances payable		86,685
Accrued expenses and other liabilities	1,144,699	1,396,332
TOTAL LIABILITIES	3,313,743	2,919,055
SHAREHOLDERS' EQUITY
Common shares, $1 par value, 2012 and 2011: 2,000,000 shares authorized, 995,253 issued and outstanding	995,253	995,253
Additional paid-in-capital	6,287,293	6,287,293
Retained earnings	16,413,168	17,411,533
Accumulated other comprehensive income	5,996,683	5,256,349
Shares held by Subsidiary (308,560 and 311,633 shares) at cost	(7,130,200)	(7,235,200)
TOTAL SHAREHOLDERS' EQUITY	22,562,197	22,715,228
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 25,875,940	$ 25,634,283

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Basis Of Preparation And Consolidation	9 Months Ended
Basis Of Preparation And Consolidation	Sep. 30, 2012
Basis Of Preparation And Consolidation [Abstract]
Basis Of Preparation And Consolidation	1. BASIS OF PREPARATION AND CONSOLIDATION The condensed consolidated financial statements included herein have been prepared by AmerInst Insurance Group, Ltd. ("AmerInst") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC" or the "Commission"), and reflect all adjustments consisting of normal recurring accruals, which are, in the opinion of management, necessary for a fair presentation of our financial position and results of operations as of the end of and for the periods presented. All intercompany transactions and balances have been eliminated on consolidation. These statements are condensed and do not incorporate all the information required under generally accepted accounting principles to be included in a full set of financial statements. In these notes, the terms "we", "us", "our" or the "Company" refer to AmerInst and its subsidiaries. These condensed statements should be read in conjunction with the audited consolidated financial statements at and for the year ended December 31, 2011 and notes thereto, included in AmerInst's Annual Report on Form 10-K for the year then ended. *New Accounting Pronouncements (a) Adoption of New Accounting Standards* Fair Value Measurement and Disclosures In May 2011, the Financial Accounting Standards Board ("FASB") issued amendments to disclosure requirements for common fair value measurement. These amendments, effective for the interim and annual periods beginning on or after December 15, 2011 (early adoption is prohibited), resulted in a common definition of fair value and common requirements for measurement and disclosure under accounting principles generally accepted in the United States of America ("U.S. GAAP") and International Financial Reporting Standards ("IFRS"). Consequently, the amendments have changed some fair value measurement principles and disclosure requirements. The implementation of this amended accounting guidance has not had a material impact on the Company's consolidated financial statements. Comprehensive Income In June 2011, the FASB issued new guidance revising the manner in which entities present comprehensive income in their financial statements. The option to report other comprehensive income and its components in the statement of changes in shareholders' equity is eliminated. Components of comprehensive income may be reported in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The new requirements were effective for the interim and annual periods beginning on or after December 15, 2011 and require retrospective application; early adoption was permitted. As the new guidance does not change the items that constitute net income and/or other comprehensive income, the timing of reclassifications from other comprehensive income to net income or the earnings per share computation, the adoption of this guidance has not impacted our results of operations, financial condition or liquidity. *(b) Recently Issued Accounting Standards Not Yet Adopted* In December 2011, the FASB issued Accounting Standards Update No. 2011-11, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). The objective of ASU 2011-11 is to enhance disclosures by requiring improved information about financial instruments and derivative instruments in relation to netting arrangements. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. The Company is currently evaluating the impact of this guidance; however, since this update affects disclosures only, it is not expected to have a material impact on the Company's consolidated financial statements. The Company has determined that all other recently issued accounting pronouncements do not apply to its operations.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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Investments

9 Months Ended

Sep. 30, 2012

Investments [Abstract]

Investments

2. INVESTMENTS

The cost or amortized cost, gross unrealized holding gains and losses, and estimated fair value of the Company's fixed maturity investments, by major security type, and equity securities as of September 30, 2012 and December 31, 2011 are as follows:


		Cost or		Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair Value
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	446,591	$	18,466	$	—		$	465,057
Obligations of states and political subdivisions		7,078,407		345,447		(13,252	)		7,410,602
Corporate debt securities		328,503		17,856		—			346,359
Total fixed maturity investments		7,853,501		381,769		(13,252	)		8,222,018
Equity securities*		6,212,486		5,181,647		—			11,394,133
Hedge fund		1,000,000		446,519		—			1,446,519
Total equity securities		7,212,486		5,628,166		—			12,840,652
Total investments	$	15,065,987	$	6,009,935	$	(13,252	)	$	21,062,670


		Cost or		Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair Value
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	1,446,223	$	7,882	$	—		$	1,454,105
Obligations of states and political subdivisions		8,135,268		531,523		(1,257	)		8,665,534
Corporate debt securities		333,024		—		(3,816	)		329,208
Total fixed maturity investments		9,914,515		539,405		(5,073	)		10,448,847
Equity securities*		6,574,686		4,360,802		(34,718	)		10,900,770
Hedge fund		1,000,000		395,933		—			1,395,933
Total equity securities		7,574,686		4,756,735		(34,718	)		12,296,703
Total investments	$	17,489,201	$	5,296,140	$	(39,791	)	$	22,745,550

* The Company's equity securities are managed by an external large cap value advisor. Our investment approach is to focus on increasing the fair market value of our equity securities by investing in companies that may or may not be paying a dividend but whose market values may increase over time. Some of the key factors we consider in a prospective company to invest in include the discount to value and the quality of the management team.

The following tables summarize the Company's fixed maturity and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)
Corporate debt securities		—		—		—		—			—		—
Total fixed maturity investments		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)
Equity securities		—		—		—		—			—		—
Hedge fund		—		—		—		—			—		—
Total equity securities		—		—		—		—			—		—
Total investments	$	—	$	—	$	1,168,797	$	(13,252	)	$	1,168,797	$	(13,252	)


	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		200,046		(1,257	)		200,046		(1,257	)
Corporate debt securities		—		—		329,208		(3,816	)		329,208		(3,816	)
Total fixed maturity investments		—		—		529,254		(5,073	)		529,254		(5,073	)
Equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)
Hedge fund		—		—		—		—			—		—
Total equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)
Total investments	$	—	$	—	$	1,394,125	$	(39,791	)	$	1,394,125	$	(39,791	)

Other-Than-Temporary Impairment Process

Fair Value of Investments

Under existing U.S. GAAP, we are required to recognize certain assets at their fair value in our consolidated balance sheets. This includes our fixed maturity investments and equity securities. In accordance with the Fair Value Measurements and Disclosures Topic of FASB's Accounting Standards Codification ("ASC") 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon whether the inputs to the valuation of an asset or liability are observable or unobservable in the market at the measurement date, with quoted market prices being the highest level (Level 1) and unobservable inputs being the lowest level (Level 3). A fair value measurement will fall within the level of the hierarchy based on the input that is significant to determining such measurement. The three levels are defined as follows:

• Level 1: Observable inputs to the valuation methodology that are quoted prices (unadjusted) for identical assets or liabilities in active markets.

• Level 2: Observable inputs to the valuation methodology other than quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical assets and liabilities in markets that are not active and inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

• Level 3: Inputs to the valuation methodology that are unobservable for the asset or liability.

U.S. government agency securities: Comprised primarily of bonds issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation, Federal Farm Credit Bank and the Federal National Mortgage Association. The fair values of U.S. government agency securities are priced using the spread above the risk-free U.S. Treasury yield curve. As the yields for the risk-free U.S. Treasury yield curve are observable market inputs, the fair values of U.S. government agency securities are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing.
Obligations of state and political subdivisions: Comprised of fixed income obligations of state and local governmental municipalities. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held.
Broker quotes are not used for fair value pricing.
Corporate debt securities: Comprised of bonds issued by corporations. The fair values of these securities are based on quotes and current market spread relationships, and are included in the Level 2 fair value hierarchy. AmerInst considers a liquid market to exist for these types of securities held. Broker quotes are not used for fair value pricing.
Equity securities, at fair value: Comprised primarily of investments in the common stock of publicly traded companies in the U.S. All of the Company's equities are included in the Level 1 fair value hierarchy. The Company receives prices based on closing exchange prices from independent pricing sources to measure fair values for the equities.
Hedge fund: Comprised of a hedge fund whose objective is to seek attractive long-term returns with lower volatility by investing in a range of diversified investment strategies. The fund invests in a diversified pool of hedge fund managers, generally across six different strategies: long/short equities, long/short credit, macro, multi-strategy opportunistic, event- driven, and portfolio hedge. The fair value of the hedge fund is based on the net asset value of the fund as reported by the external fund manager. The use of net asset value as an estimate of the fair value for investments in certain entities that calculate net asset value is a permitted practical expedient. The fair value of our hedge fund is included in the Level 3 fair value hierarchy.

There have been no material changes to any of our valuation techniques from what was used as of December 31, 2011. Since the fair value of a security is an estimate of what a willing buyer would pay for our asset if we sold it, we will not know the ultimate value of our securities until they are sold. We believe the valuation techniques utilized provide us with a reasonable estimate of the price that would be received to sell our assets or transfer our liabilities in an orderly market transaction between participants at the measurement date. The following tables show the fair value of the Company's investments in accordance with ASC 820 as of September 30, 2012 and December 31, 2011:


					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of September 30, 2012
U.S. government agency securities	$	465,057	$	465,057	$	—	$	465,057	$	—
Obligations of state and political subdivisions		7,410,602		7,410,602				7,410,602
Corporate debt securities		346,359		346,359				346,359
Total fixed maturity investments		8,222,018		8,222,018
Equity securities (excluding the hedge fund)		11,394,133		11,394,133		11,394,133
Hedge fund		1,446,519		1,446,519						1,446,519
Total equity securities		12,840,652		12,840,652
Total investments	$	21,062,670	$	21,062,670	$	11,394,133	$	8,222,018	$	1,446,519


					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2011
U.S. government agency securities	$	1,454,105	$	1,454,105	$	—	$	1,454,105	$	—
Obligations of state and political subdivisions		8,665,534		8,665,534				8,665,534
Corporate debt securities		329,208		329,208				329,208
Total fixed maturity investments		10,448,847		10,448,847
Equity securities (excluding the hedge fund)		10,900,770		10,900,770		10,900,770
Hedge fund		1,395,933		1,395,933						1,395,933
Total equity securities		12,296,703		12,296,703
Total investments	$	22,745,550	$	22,745,550	$	10,900,770	$	10,448,847	$	1,395,933

There were no transfers between Levels 1 and 2 during the nine months ended September 30, 2012 and the year ended December 31, 2011.


	Hedge Fund Investment Nine Months ended
		September 30,		September 30,
		2012		2011
Balance classified as Level 3, beginning of period	$	1,395,933	$	1,484,884
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		50,586		(47,218	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—
Ending balance, end of period	$	1,446,519	$	1,437,666

There were no transfers into or from the Level 3 category during the nine months ended September 30, 2012 and 2011.


	Hedge Fund Investment Three Months ended
		September 30,		September 30,
		2012		2011
Balance classified as Level 3, beginning of period	$	1,432,621	$	1,506,409
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		13,898		(68,743	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—
Ending balance, end of period	$	1,446,519	$	1,437,666

There were no transfers into or from the Level 3 category during the three months ended September 30, 2012 and 2011.


		Amortized		Estimated
		Cost		Fair Value
As of September 30, 2012
Due in one year or less	$	1,587,212	$	1,610,417
Due after one year through five years		3,413,787		3,629,319
Due after five years through ten years		2,852,502		2,982,282
Due after ten years		—		—
Total	$	7,853,501	$	8,222,018


		Amortized		Estimated
		Cost		Fair Value
As of December 31, 2011
Due in one year or less	$	510,949	$	516,938
Due after one year through five years		5,885,709		6,210,596
Due after five years through ten years		3,517,857		3,721,313
Due after ten years		—		—
Total	$	9,914,515	$	10,448,847

Information on sales and maturities of investments during the nine months ended September 30, 2012 and 2011 are as follows:


		September 30,			September 30,
		2012			2011
Total proceeds on sales of available-for-sale securities	$	4,996,671		$	4,338,292
Proceeds from redemptions of fixed maturity investments		1,000,000			—
Total proceeds from maturities of fixed maturity investments		200,000			500,000
Gross gains on sales		1,304,878			1,565,380
Gross losses on sales		—			(12,138	)
Impairment losses		(198,579	)		(152,450	)

Information on sales and maturities of investments during the three months ended September 30, 2012 and 2011 are as follows:


		September 30,			September 30,
		2012			2011
Total proceeds on sales of available-for-sale securities	$	3,482,839		$	1,290,697
Proceeds from redemptions of fixed maturity investments		500,000			—
Total proceeds from maturities of fixed maturity investments		—			—
Gross gains on sales		527,239			249,241
Gross losses on sales		—			(12,138	)
Impairment losses		(32,968	)		(152,450	)

Major categories of net interest and dividend income during the nine months ended September 30, 2012 and 2011 are summarized as follows:


		September 30,			September 30,
		2012			2011
Interest earned:
Fixed maturity investments	$	259,794		$	258,828
Cash and cash equivalents		463			259
Dividends earned		135,611			155,994
Investment expenses		(96,612	)		(106,128	)
Net investment income	$	299,256		$	308,953

Major categories of net interest and dividend income during the three months ended September 30, 2012 and 2011 are summarized as follows:


		September 30,			September 30,
		2012			2011
Interest earned:
Fixed maturity investments	$	85,439		$	84,581
Cash and cash equivalents		138			69
Dividends earned		38,314			46,012
Investment expenses		(31,755	)		(34,534	)
Net investment income	$	92,136		$	96,128

- Definition

The entire disclosure for investments in certain debt and equity securities.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]
Fixed maturity investments, amortized cost	$ 7,853,501	$ 9,914,515
Equity securities, cost	$ 7,212,486	$ 7,574,686
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	2,000,000	2,000,000
Common stock, shares issued	995,253	995,253
Common stock, shares outstanding	995,253	995,253
Shares held by Subsidiary, shares	308,560	311,633

- Definition

Amount of available-for-sale debt securities at cost, net of adjustments, which include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments.

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Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

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Investments (Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments) (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Investments [Abstract]
Amortized Cost, Due in one year or less	$ 1,587,212	$ 510,949
Amortized Cost, Due after one year through five years	3,413,787	5,885,709
Amortized Cost, Due after five years through ten years	2,852,502	3,517,857
Amortized Cost, Total	7,853,501	9,914,515
Estimated Fair Value, Due in one year or less	1,610,417	516,938
Estimated Fair Value, Due after one year through five years	3,629,319	6,210,596
Estimated Fair Value, Due after five years through ten years	2,982,282	3,721,313
Estimated Fair Value	$ 8,222,018	$ 10,448,847

- Definition

Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the sixth fiscal year through the tenth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments.

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- Definition

Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the second fiscal year through the fifth fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments.

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- Definition

+ References+ Details

- Definition

Amount of available-for-sale debt securities at cost, net of adjustments, maturing in the next fiscal year following the latest fiscal year. Adjustments include, but are not limited to, accretion, amortization, collection of cash, previous other-than-temporary impairments (OTTI) recognized in earnings (less any cumulative-effect adjustments, as defined) and fair value hedge accounting adjustments.

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Amount of debt securities categorized neither as held-to-maturity nor trading.

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Document And Entity Information	Sep. 30, 2012	Nov. 01, 2012
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012
Entity Registrant Name	AMERINST INSURANCE GROUP LTD
Entity Central Index Key	0001065201
Current Fiscal Year End Date	--12-31
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Investments [Abstract]
Total proceeds on sales of available-for-sale securities	$ 3,482,839	$ 1,290,697	$ 4,996,671	$ 4,338,292
Proceeds from redemptions of fixed maturity investments	500,000		1,000,000
Total proceeds from maturities of fixed maturity investments			200,000	500,000
Gross gains on sales	527,239	249,241	1,304,878	1,565,380
Gross losses on sales		(12,138)		(12,138)
Impairment losses	$ (32,968)	$ (152,450)	$ (198,579)	$ (152,450)

- Definition

The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.

+ References

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- Definition

The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities.

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The cash inflow associated with the sale of debt and equity securities classified as available-for-sale securities.

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Condensed Consolidated Statements Of Operations, Comprehensive Income (Loss) And Retained Earnings (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUE
Net premiums earned	$ 425,344	$ 96,283	$ 878,616	$ 221,844
Commission income	209,663	91,529	615,239	235,874
Other income			98,156
Net investment income	92,136	96,128	299,256	308,953
Net realized gain on investments	494,271	84,653	1,106,299	1,400,792
TOTAL REVENUE	1,221,414	368,593	2,997,566	2,167,463
LOSSES AND EXPENSES
Losses and loss adjustment expenses (recoveries)	243,319	(248,544)	526,614	(170,078)
Policy acquisition costs	144,406	38,482	313,073	85,818
Operating and management expenses	884,915	911,864	2,828,252	3,179,022
TOTAL LOSSES AND EXPENSES	1,272,640	701,802	3,667,939	3,094,762
NET LOSS BEFORE TAX	(51,226)	(333,209)	(670,373)	(927,299)
Income tax expense
NET LOSS AFTER TAX	(51,226)	(333,209)	(670,373)	(927,299)
OTHER COMPREHENSIVE INCOME (LOSS)
Net unrealized holding gain (loss) arising during the period	864,033	(1,740,737)	1,846,633	(696,544)
Reclassification adjustment for (gain) included in net (loss)	(494,271)	(84,653)	(1,106,299)	(1,400,792)
OTHER COMPREHENSIVE INCOME (LOSS)	369,762	(1,825,390)	740,334	(2,097,336)
COMPREHENSIVE INCOME (LOSS)	318,536	(2,158,599)	69,961	(3,024,635)
RETAINED EARNINGS, BEGINNING OF PERIOD	16,636,066	18,213,418	17,411,533	19,096,686
Net loss	(51,226)	(333,209)	(670,373)	(927,299)
Dividends	(171,672)	(326,815)	(327,992)	(615,993)
RETAINED EARNINGS, END OF PERIOD	$ 16,413,168	$ 17,553,394	$ 16,413,168	$ 17,553,394
Basic and diluted loss	$ (0.07)	$ (0.48)	$ (0.98)	$ (1.33)
Dividends	$ 0.25	$ 0.47	$ 0.50	$ 0.94
Weighted average number of shares outstanding for the entire period (for basic and diluted)	686,693	695,350	685,157	697,361

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Investments (Narrative) (Details) (USD $)	3 Months Ended		9 Months Ended
Investments (Narrative) (Details) (USD $)	Sep. 30, 2012 security	Sep. 30, 2011	Sep. 30, 2012 security	Sep. 30, 2011	Dec. 31, 2011 security
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position	4		4		4
Available for sale fixed maturity securities, Estimated fair value	$ 1,168,797		$ 1,168,797		$ 1,394,125
Gross unrealized losses	13,252		13,252		39,791
Other-than-temporary impairment charge	32,968	152,450	198,579	152,450
Securities recording other-than-temporary impairment charges	1	2	3	2
Number of strategies			6
Total Fixed Maturity Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position	4		4		2
Available for sale fixed maturity securities, Estimated fair value	1,168,797		1,168,797		529,254
Gross unrealized losses	13,252		13,252		5,073
Total Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Securities in an unrealized loss position					2
Available for sale fixed maturity securities, Estimated fair value					864,871
Gross unrealized losses					$ 34,718

- Definition

This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities.

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Disclosure regarding factors used to determine that the impairment of securities not categorized as either held-to-maturity securities or trading securities (hence equal to available for sale securities) where cost exceeds fair value is not an other than temporary impairment (OTTI). This item contains disclosure of the number of investment positions in the available-for-sale investments determined to be temporarily impaired.

+ References+ Details

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The amount by which the fair value of an investment in debt and equity securities categorized as Available-for-sale is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income.

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2012

Segment Information [Abstract]

Schedule Of Segment Reporting Information

		Nine Months Ended September 30, 2012
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	2,381,972	$	615,594		$	2,997,566
Total losses and expenses		1,811,075		1,856,864			3,667,939
Segment income (loss)	$	570,897	$	(1,241,270	)	$	(670,373	)
Identifiable assets	$	—	$	599,418		$	599,418


		Nine Months Ended September 30, 2011
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	1,931,448	$	236,015		$	2,167,463
Total losses and expenses		994,895		2,099,867			3,094,762
Segment income (loss)	$	936,553	$	(1,863,852	)	$	(927,299	)
Identifiable assets	$	—	$	794,573		$	794,573


		Three Months Ended September 30, 2012
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	1,011,644	$	209,770		$	1,221,414
Total losses and expenses		684,625		588,015			1,272,640
Segment income (loss)	$	327,019	$	(378,245	)	$	(51,226	)
Identifiable assets	$	—	$	599,418		$	599,418


		Three Months Ended September 30, 2011
		Reinsurance		Insurance
		Segment		Segment			Total
Revenues	$	277,006	$	91,587		$	368,593
Total losses and expenses		86,370		615,432			701,802
Segment income (loss)	$	190,636	$	(523,845	)	$	(333,209	)
Identifiable assets	$	—	$	794,573		$	794,573

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

XML 27 R19.htm IDEA: XBRL DOCUMENT

Investments (Schedule Of Major Categories Of Net Interest And Dividend Income) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Investments [Abstract]
Fixed maturity investments	$ 85,439	$ 84,581	$ 259,794	$ 258,828
Cash and cash equivalents	138	69	463	259
Dividends earned	38,314	46,012	135,611	155,994
Investment expenses	(31,755)	(34,534)	(96,612)	(106,128)
Net investment income	$ 92,136	$ 96,128	$ 299,256	$ 308,953

- Definition

Interest income on securities classified neither as held-to-maturity nor trading ("available-for-sale securities") includes: (a) interest and dividends earned on all securities and (b) amortization and accretion (as applicable) of discounts and premiums, if any.

+ References+ Details

- Definition

This item represents investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively, net of related investment expenses. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized, and does not include investment income from real or personal property, such as rental income.

+ References+ Details

XML 28 R15.htm IDEA: XBRL DOCUMENT

Investments (Schedule Of The Fair Value Of Investments) (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity investments, Carrying amount

$ 8,222,018

$ 10,448,847

Equity securities, Carrying amount

12,840,652

12,296,703

Total investments, Carrying amount

21,062,670

22,745,550

Investments, Total fair value

21,062,670

22,745,550

Quoted Prices In active Markets (Level 1) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

11,394,133

10,900,770

Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

8,222,018

10,448,847

Significant Unobservable Inputs (Level 3) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

1,446,519

1,395,933

U.S. Government Agency Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity investments, Carrying amount

465,057

1,454,105

Investments, Total fair value

465,057

1,454,105

U.S. Government Agency Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

465,057

1,454,105

Obligations Of States And Political Subdivisions [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity investments, Carrying amount

7,410,602

8,665,534

Investments, Total fair value

7,410,602

8,665,534

Obligations Of States And Political Subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

7,410,602

8,665,534

Corporate Debt Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity investments, Carrying amount

346,359

329,208

Investments, Total fair value

346,359

329,208

Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

346,359

329,208

Total Fixed Maturity Investments [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed maturity investments, Carrying amount

8,222,018

10,448,847

Investments, Total fair value

8,222,018

10,448,847

Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity securities, Carrying amount

11,394,133

10,900,770

Investments, Total fair value

11,394,133

^[1]

10,900,770

^[1]

Equity Securities [Member] | Quoted Prices In active Markets (Level 1) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

11,394,133

10,900,770

Hedge Fund [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity securities, Carrying amount

1,446,519

1,395,933

Investments, Total fair value

1,446,519

1,395,933

Hedge Fund [Member] | Significant Unobservable Inputs (Level 3) [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Investments, Total fair value

1,446,519

1,395,933

Total Equity Securities [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Equity securities, Carrying amount

12,840,652

12,296,703

Investments, Total fair value

$ 12,840,652

$ 12,296,703

[1]

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents investment securities as of the balance sheet date which may include marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References+ Details

- Definition

Total debt and equity financial instruments including: (1) securities held-to-maturity, (2) trading securities, and (3) securities available-for-sale.

+ References+ Details

XML 29 R13.htm IDEA: XBRL DOCUMENT

Investments (Schedule Of Cost Or Amortized Cost, Gross Unrealized Holding Gains And Losses, And Estimated Fair Value) (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

$ 15,065,987

$ 17,489,201

Gross Unrealized Gains

6,009,935

5,296,140

Gross Unrealized Losses

(13,252)

(39,791)

Total investments

21,062,670

22,745,550

U.S. Government Agency Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

446,591

1,446,223

Gross Unrealized Gains

18,466

7,882

Total investments

465,057

1,454,105

Obligations Of States And Political Subdivisions [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

7,078,407

8,135,268

Gross Unrealized Gains

345,447

531,523

Gross Unrealized Losses

(13,252)

(1,257)

Total investments

7,410,602

8,665,534

Corporate Debt Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

328,503

333,024

Gross Unrealized Gains

17,856

Gross Unrealized Losses

(3,816)

Total investments

346,359

329,208

Total Fixed Maturity Investments [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

7,853,501

9,914,515

Gross Unrealized Gains

381,769

539,405

Gross Unrealized Losses

(13,252)

(5,073)

Total investments

8,222,018

10,448,847

Equity Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

6,212,486

^[1]

6,574,686

^[1]

Gross Unrealized Gains

5,181,647

^[1]

4,360,802

^[1]

Gross Unrealized Losses

(34,718)

^[1]

Total investments

11,394,133

^[1]

10,900,770

^[1]

Hedge Fund [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

1,000,000

Gross Unrealized Gains

446,519

395,933

Total investments

1,446,519

1,395,933

Total Equity Securities [Member]

Schedule of Available-for-sale Securities [Line Items]

Cost or Amortized Cost

7,212,486

7,574,686

Gross Unrealized Gains

5,628,166

4,756,735

Gross Unrealized Losses

(34,718)

Total investments

$ 12,840,652

$ 12,296,703

[1]

- Definition

This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any.

+ References+ Details

- Definition

This item represents the gross unrealized gains for securities, at a point in time, which are categorized neither as held-to-maturity nor trading securities.

+ References+ Details

- Definition

+ References+ Details

XML 30 R14.htm IDEA: XBRL DOCUMENT

Investments (Schedule Of Fixed Maturity And Equity Securities In An Unrealized Loss Position And Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In An Unrealized Loss Position) (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value	$ 1,168,797	$ 1,394,125
Less than 12 months Unrealized Losses	(13,252)	(39,791)
Total, Estimated Fair Value	1,168,797	1,394,125
Total, Unrealized Losses	(13,252)	(39,791)
Obligations Of States And Political Subdivisions [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value	1,168,797	200,046
Less than 12 months Unrealized Losses	(13,252)	(1,257)
Total, Estimated Fair Value	1,168,797	200,046
Total, Unrealized Losses	(13,252)	(1,257)
Corporate Debt Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value		329,208
Less than 12 months Unrealized Losses		(3,816)
Total, Estimated Fair Value		329,208
Total, Unrealized Losses		(3,816)
Total Fixed Maturity Investments [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value	1,168,797	529,254
Less than 12 months Unrealized Losses	(13,252)	(5,073)
Total, Estimated Fair Value	1,168,797	529,254
Total, Unrealized Losses	(13,252)	(5,073)
Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value		864,871
Less than 12 months Unrealized Losses		(34,718)
Total, Estimated Fair Value		864,871
Total, Unrealized Losses		(34,718)
Total Equity Securities [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Less than 12 months, Estimated Fair Value		864,871
Less than 12 months Unrealized Losses		(34,718)
Total, Estimated Fair Value		864,871
Total, Unrealized Losses		$ (34,718)

- Definition

This item represents the aggregate fair value of investments in debt and equity securities in an unrealized loss position which are categorized neither as held-to-maturity nor trading securities.

+ References+ Details

- Definition

This item represents the aggregate fair value of investments in debt and equity securities categorized neither as held-to-maturity nor trading securities that have been in a continuous unrealized loss position for less than twelve months.

+ References+ Details

XML 31 R16.htm IDEA: XBRL DOCUMENT

Investments (Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs) (Details) (Hedge Fund [Member], USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Hedge Fund [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance classified as Level 3, beginning of period	$ 1,432,621	$ 1,506,409	$ 1,395,933	$ 1,484,884
Change in fair value of hedge fund investments	13,898	(68,743)	50,586	(47,218)
Ending balance, end of period	$ 1,446,519	$ 1,437,666	$ 1,446,519	$ 1,437,666

XML 32 R21.htm IDEA: XBRL DOCUMENT

Stock Compensation (Details)	3 Months Ended	9 Months Ended
Stock Compensation (Details)	Sep. 30, 2012 employee	Sep. 30, 2012 employee
Stock Compensation [Abstract]
Number of employees in plan	4	4
Phantom shares initially granted	75,018	75,018
Phantom shares granted from dividends declared	609	1,202
Phantom shares outstanding	80,074	80,074
Value payable, requisite employee age		65
Value payable, period after death or permanent disability, in days		60 days

- Definition

The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.

+ References+ Details

XML 33 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
Condensed Consolidated Statements Of Cash Flows (USD $)	Sep. 30, 2012	Sep. 30, 2011
OPERATING ACTIVITIES
Net Cash used in Operating Activities	$ (1,198,510)	$ (2,671,669)
INVESTING ACTIVITIES
Movement in restricted cash and cash equivalents	(1,882,884)	29,137
Purchases of property and equipment		(78,343)
Purchases of available-for-sale securities	(2,689,710)	(1,562,478)
Proceeds from sales of available-for-sale securities	4,996,671	4,338,292
Proceeds from redemptions of fixed maturity investments	1,000,000
Proceeds from maturities of fixed maturity investments	200,000	500,000
Net Cash provided by Investing Activities	1,624,077	3,226,608
FINANCING ACTIVITIES
Purchase of shares by subsidiary, net		(148,409)
Dividends paid	(327,992)	(289,178)
Net Cash used in Financing Activities	(327,992)	(437,587)
NET INCREASE IN CASH AND CASH EQUIVALENTS	97,575	117,352
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	904,485	970,697
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 1,002,060	$ 1,088,049

XML 34 R10.htm IDEA: XBRL DOCUMENT

Investments (Tables)

9 Months Ended

Sep. 30, 2012

Investments [Abstract]

Schedule Of Cost Or Amortized Cost, Gross Unrealized Holding Gains And Losses, And Estimated Fair Value Of Fixed Maturity Investments

		Cost or		Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair Value
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	446,591	$	18,466	$	—		$	465,057
Obligations of states and political subdivisions		7,078,407		345,447		(13,252	)		7,410,602
Corporate debt securities		328,503		17,856		—			346,359
Total fixed maturity investments		7,853,501		381,769		(13,252	)		8,222,018
Equity securities*		6,212,486		5,181,647		—			11,394,133
Hedge fund		1,000,000		446,519		—			1,446,519
Total equity securities		7,212,486		5,628,166		—			12,840,652
Total investments	$	15,065,987	$	6,009,935	$	(13,252	)	$	21,062,670


		Cost or		Gross		Gross
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair Value
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	1,446,223	$	7,882	$	—		$	1,454,105
Obligations of states and political subdivisions		8,135,268		531,523		(1,257	)		8,665,534
Corporate debt securities		333,024		—		(3,816	)		329,208
Total fixed maturity investments		9,914,515		539,405		(5,073	)		10,448,847
Equity securities*		6,574,686		4,360,802		(34,718	)		10,900,770
Hedge fund		1,000,000		395,933		—			1,395,933
Total equity securities		7,574,686		4,756,735		(34,718	)		12,296,703
Total investments	$	17,489,201	$	5,296,140	$	(39,791	)	$	22,745,550

Schedule Of Fixed Maturity And Equity Securities In An Unrealized Loss Position And The Aggregate Fair Value And Gross Unrealized Loss

	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of September 30, 2012
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)
Corporate debt securities		—		—		—		—			—		—
Total fixed maturity investments		—		—		1,168,797		(13,252	)		1,168,797		(13,252	)
Equity securities		—		—		—		—			—		—
Hedge fund		—		—		—		—			—		—
Total equity securities		—		—		—		—			—		—
Total investments	$	—	$	—	$	1,168,797	$	(13,252	)	$	1,168,797	$	(13,252	)


	12 months or greater				Less than 12 months					Total
	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses			Estimated Fair Value		Unrealized Losses
As of December 31, 2011
Fixed maturity investments:
U.S. government agency securities	$	—	$	—	$	—	$	—		$	—	$	—
Obligations of states and political subdivisions		—		—		200,046		(1,257	)		200,046		(1,257	)
Corporate debt securities		—		—		329,208		(3,816	)		329,208		(3,816	)
Total fixed maturity investments		—		—		529,254		(5,073	)		529,254		(5,073	)
Equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)
Hedge fund		—		—		—		—			—		—
Total equity securities		—		—		864,871		(34,718	)		864,871		(34,718	)
Total investments	$	—	$	—	$	1,394,125	$	(39,791	)	$	1,394,125	$	(39,791	)

Schedule Of The Fair Value Of Investments

					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of September 30, 2012
U.S. government agency securities	$	465,057	$	465,057	$	—	$	465,057	$	—
Obligations of state and political subdivisions		7,410,602		7,410,602				7,410,602
Corporate debt securities		346,359		346,359				346,359
Total fixed maturity investments		8,222,018		8,222,018
Equity securities (excluding the hedge fund)		11,394,133		11,394,133		11,394,133
Hedge fund		1,446,519		1,446,519						1,446,519
Total equity securities		12,840,652		12,840,652
Total investments	$	21,062,670	$	21,062,670	$	11,394,133	$	8,222,018	$	1,446,519


					Fair value measurement using:
	Carrying amount		Total fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
As of December 31, 2011
U.S. government agency securities	$	1,454,105	$	1,454,105	$	—	$	1,454,105	$	—
Obligations of state and political subdivisions		8,665,534		8,665,534				8,665,534
Corporate debt securities		329,208		329,208				329,208
Total fixed maturity investments		10,448,847		10,448,847
Equity securities (excluding the hedge fund)		10,900,770		10,900,770		10,900,770
Hedge fund		1,395,933		1,395,933						1,395,933
Total equity securities		12,296,703		12,296,703
Total investments	$	22,745,550	$	22,745,550	$	10,900,770	$	10,448,847	$	1,395,933

Schedule Of Reconciliation Of Investments Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs


	Hedge Fund Investment Nine Months ended
		September 30,		September 30,
		2012		2011
Balance classified as Level 3, beginning of period	$	1,395,933	$	1,484,884
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		50,586		(47,218	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—
Ending balance, end of period	$	1,446,519	$	1,437,666


	Hedge Fund Investment Three Months ended
		September 30,		September 30,
		2012		2011
Balance classified as Level 3, beginning of period	$	1,432,621	$	1,506,409
Total gains or losses included in earnings:		—		—
Net realized gains		—		—
Change in fair value of hedge fund investment		13,898		(68,743	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of Level 3		—		—
Ending balance, end of period	$	1,446,519	$	1,437,666

Schedule Of Cost Or Amortized Cost And Estimated Fair Value Of Fixed Maturity Investments


		Amortized		Estimated
		Cost		Fair Value
As of September 30, 2012
Due in one year or less	$	1,587,212	$	1,610,417
Due after one year through five years		3,413,787		3,629,319
Due after five years through ten years		2,852,502		2,982,282
Due after ten years		—		—
Total	$	7,853,501	$	8,222,018


		Amortized		Estimated
		Cost		Fair Value
As of December 31, 2011
Due in one year or less	$	510,949	$	516,938
Due after one year through five years		5,885,709		6,210,596
Due after five years through ten years		3,517,857		3,721,313
Due after ten years		—		—
Total	$	9,914,515	$	10,448,847

Schedule Of Sales And Maturities Of Investments

		September 30,			September 30,
		2012			2011
Total proceeds on sales of available-for-sale securities	$	4,996,671		$	4,338,292
Proceeds from redemptions of fixed maturity investments		1,000,000			—
Total proceeds from maturities of fixed maturity investments		200,000			500,000
Gross gains on sales		1,304,878			1,565,380
Gross losses on sales		—			(12,138	)
Impairment losses		(198,579	)		(152,450	)


		September 30,			September 30,
		2012			2011
Total proceeds on sales of available-for-sale securities	$	3,482,839		$	1,290,697
Proceeds from redemptions of fixed maturity investments		500,000			—
Total proceeds from maturities of fixed maturity investments		—			—
Gross gains on sales		527,239			249,241
Gross losses on sales		—			(12,138	)
Impairment losses		(32,968	)		(152,450	)

Schedule Of Major Categories Of Net Interest And Dividend Income


		September 30,			September 30,
		2012			2011
Interest earned:
Fixed maturity investments	$	259,794		$	258,828
Cash and cash equivalents		463			259
Dividends earned		135,611			155,994
Investment expenses		(96,612	)		(106,128	)
Net investment income	$	299,256		$	308,953


		September 30,			September 30,
		2012			2011
Interest earned:
Fixed maturity investments	$	85,439		$	84,581
Cash and cash equivalents		138			69
Dividends earned		38,314			46,012
Investment expenses		(31,755	)		(34,534	)
Net investment income	$	92,136		$	96,128

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

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Sep. 30, 2011

Dec. 31, 2011

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Revenues $ 1,221,414 $ 368,593 $ 2,997,566 $ 2,167,463

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Segment income (loss) (51,226) (333,209) (670,373) (927,299)

Identifiable assets 599,418 794,573 599,418 794,573 745,784

Operating segments 2

Reinsurance Segment [Member]

Segment Reporting Information [Line Items]

Revenues 1,011,644 277,006 2,381,972 1,931,448

Total losses and expenses 684,625 86,370 1,811,075 994,895

Segment income (loss) 327,019 190,636 570,897 936,553

Insurance Segment [Member]

Segment Reporting Information [Line Items]

Revenues 209,770 91,587 615,594 236,015

Total losses and expenses 588,015 615,432 1,856,864 2,099,867

Segment income (loss) (378,245) (523,845) (1,241,270) (1,863,852)

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Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012 segment	Sep. 30, 2011	Dec. 31, 2011
Segment Reporting Information [Line Items]
Revenues	$ 1,221,414	$ 368,593	$ 2,997,566	$ 2,167,463
Total losses and expenses	1,272,640	701,802	3,667,939	3,094,762
Segment income (loss)	(51,226)	(333,209)	(670,373)	(927,299)
Identifiable assets	599,418	794,573	599,418	794,573	745,784
Operating segments			2
Reinsurance Segment [Member]
Segment Reporting Information [Line Items]
Revenues	1,011,644	277,006	2,381,972	1,931,448
Total losses and expenses	684,625	86,370	1,811,075	994,895
Segment income (loss)	327,019	190,636	570,897	936,553
Insurance Segment [Member]
Segment Reporting Information [Line Items]
Revenues	209,770	91,587	615,594	236,015
Total losses and expenses	588,015	615,432	1,856,864	2,099,867
Segment income (loss)	(378,245)	(523,845)	(1,241,270)	(1,863,852)
Identifiable assets	$ 599,418	$ 794,573	$ 599,418	$ 794,573