0001387131-17-005432.txt : 20171113 0001387131-17-005432.hdr.sgml : 20171110 20171113162605 ACCESSION NUMBER: 0001387131-17-005432 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171113 DATE AS OF CHANGE: 20171113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1347 Property Insurance Holdings, Inc. CENTRAL INDEX KEY: 0001591890 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 461168622 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36366 FILM NUMBER: 171196245 BUSINESS ADDRESS: STREET 1: 1511 N. WESTSHORE BLVD., SUITE 870 CITY: TAMPA STATE: FL ZIP: 33607 BUSINESS PHONE: 877-864-4934 MAIL ADDRESS: STREET 1: 1511 N. WESTSHORE BLVD STREET 2: SUITE 870 CITY: TAMPA STATE: FL ZIP: 33607 10-Q 1 pih_10q-093017.htm QUARTERLY REPORT

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 10-Q

 

(Mark One)  
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 For the Quarterly Period Ended September 30, 2017

Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 001-36366

1347 Property Insurance Holdings, Inc.

(Exact name of registrant as specified in its charter)

 


 

Delaware

(State or other jurisdiction of

incorporation or organization)

 

46-1119100

(I.R.S. Employer Identification No.)

     
1511 N. Westshore Blvd., Suite 870, Tampa, FL 33607

(Address of principal executive offices and zip code)

 

813-579-6213
(Registrant’s telephone number, including area code)

 


 

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 ☒    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 ☒    No ☐

 

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

 

Large accelerated filer ☐

 

Accelerated filer ☐

 

Non-accelerated filer ☐

(Do not check if a smaller reporting company)

Smaller Reporting Company ☒

 

Emerging Growth Company ☒

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) 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   ☒

 

The number of shares outstanding of the registrant’s common stock as of November 6, 2017 was 5,984,766.

 

 

 

 

 

Table of Contents

 

PART I. FINANCIAL INFORMATION 3
ITEM 1. FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44
ITEM 4. CONTROLS AND PROCEDURES 44
PART II. OTHER INFORMATION 44
ITEM 1. LEGAL PROCEEDINGS 44
ITEM 1A. RISK FACTORS 45
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 45
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 45
ITEM 4. MINE SAFETY DISCLOSURES 45
ITEM 5. OTHER INFORMATION 45
ITEM 6. EXHIBITS 46
SIGNATURES 46

 

2

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

1347 PROPERTY INSURANCE HOLDINGS INC. AND SUBSIDIARIES  

Consolidated Balance Sheets

  (in thousands, except share and per share data)  

  

September 30,
2017

(unaudited)

   December 31,
2016
 
ASSETS          
Investments:          
 Fixed income securities, at fair value (amortized cost of $45,252 and $26,793, respectively)  $45,207   $26,559 
 Equity investments, at fair value (cost of $1,682 and $1,000, respectively)   1,771    1,136 
 Short-term investments, at cost   1,779    196 
 Other investments, at cost   945    505 
Total investments   49,702    28,396 
Cash and cash equivalents   25,679    43,045 
Deferred policy acquisition costs, net   6,192    4,389 
Premiums receivable, net of allowance for credit losses of $39 and $38, respectively   2,220    2,923 
Ceded unearned premiums   3,836    4,847 
Reinsurance recoverable on paid losses   7,767    444 
Reinsurance recoverable on loss and loss adjustment expense reserves   17,560    3,652 
Funds deposited with reinsured companies       500 
Current income taxes recoverable   632    1,195 
Deferred tax asset, net   855    420 
Property and equipment, net   213    250 
Other assets   867    788 
Total assets  $115,523   $90,849 
           
LIABILITIES          
Loss and loss adjustment expense reserves  $22,091   $6,971 
Unearned premium reserves   32,170    25,821 
Ceded reinsurance premiums payable   5,786    5,229 
Agency commissions payable   716    497 
Premiums collected in advance   1,887    1,128 
Funds held under reinsurance treaties   48    73 
Accounts payable and other accrued expenses   4,483    2,065 
Series B Preferred Shares, $25.00 par value, 1,000,000 shares authorized, 120,000   shares issued and outstanding for both periods
   2,744    2,708 
Total liabilities  $69,925   $44,492 
           
Commitments and contingencies (Note 16)          
           
SHAREHOLDERS’ EQUITY          
Common stock, $0.001 par value; 10,000,000 shares authorized; 6,136,125 and 6,108,125 shares issued and 5,984,766 and 5,956,766 shares outstanding as of September 30, 2017 and December 31, 2016, respectively  $6   $6 
Additional paid-in capital   47,052    46,809 
Retained (deficit) earnings   (480)   616 
Accumulated other comprehensive income (loss)   29    (65)
    46,607    47,366 
Less: treasury stock at cost; 151,359 shares for both periods   (1,009)   (1,009)
Total shareholders’ equity   45,598    46,357 
Total liabilities and shareholders’ equity  $115,523   $90,849 

 

See accompanying notes to consolidated financial statements.

 

3

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
(Unaudited)

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2017   2016   2017   2016 
Revenue:                
 Net premiums earned  $8,632   $7,136   $25,032   $22,869 
 Net investment income   248    151    700    393 
 Other income   474    345    1,262    862 
Total revenue   9,354    7,632    26,994    24,124 
                     
Expenses:                    
 Net losses and loss adjustment expenses   7,795    6,443    13,809    14,917 
 Amortization of deferred policy acquisition costs   2,755    2,095    7,867    6,148 
 General and administrative expenses   2,145    1,658    6,535    4,982 
 Accretion of discount on Series B Preferred Shares   93    89    276    263 
Total expenses   12,788    10,285    28,487    26,310 
                     
Loss before income tax benefit   (3,434)   (2,653)   (1,493)   (2,186)
Income tax benefit   (1,171)   (847)   (397)   (605)
Net loss  $(2,263)  $(1,806)  $(1,096)  $(1,581)
                     
Net loss per common share:                    
 Basic and diluted  $(0.38)  $(0.30)  $(0.18)  $(0.26)
Weighted average common shares outstanding:                    
 Basic and diluted   5,961,636    6,022,983    5,958,407    6,076,838 
                     
Consolidated Statements of Comprehensive Income (Loss)
                     
Net loss  $(2,263)  $(1,806)  $(1,096)  $(1,581)
Unrealized gains (losses) on investments available for sale, net of income taxes   25    (11)   94    310 
Comprehensive loss  $(2,238)  $(1,817)  $(1,002)  $(1,271)

 

See accompanying notes to consolidated financial statements.

 

4

 

                     

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statement of Changes in Shareholders’ Equity
(in thousands, except per share data)

   Common Stock   Treasury Stock                     
   Shares   Amount   Shares   Amount   Additional Paid-in Capital   Retained Earnings    Accumulated Other Comprehensive Income (Loss)   Total
Shareholders’ Equity
 
Balance-January 1, 2016   6,134,274   $6    223,851   $(1,731)  $48,688   $605   $(62)  $47,506 
Stock compensation expense                   38            38 
Purchase of treasury stock   (177,508)       177,508    (1,195)               (1,195)
Retirement of treasury shares           (250,000)   1,917    (1,917)            
Net income                       11        11 
Other comprehensive loss                           (3)   (3)
Balance - December 31, 2016   5,956,766   $6    151,359   $(1,009)  $46,809   $616   $(65)  $46,357 
                                         
Issuance of common shares   28,000                224            224 
Stock compensation expense                   19            19 
Net loss                       (1,096)       (1,096)
Other comprehensive income                           94    94 
Balance – September 30, 2017 (unaudited)   5,984,766   $6    151,359   $(1,009)  $47,052   $(480)  $29   $45,598 

 

See accompanying notes to consolidated financial statements.

 

5

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

   Nine months ended September 30, 
   2017   2016 
Cash provided by:          
Operating activities:          
Net loss  $(1,096)  $(1,581)
Adjustments to reconcile net income to net cash provided by operating activities:          
 Accretion of discount on Series B Preferred Shares   276    263 
 Net deferred income taxes   (483)   (209)
 Stock compensation expense   19    30 
 Depreciation expense   55    49 
 Changes in operating assets and liabilities:          
 Premiums receivable   703    293 
 Reinsurance recoverable on paid losses and loss reserves   (21,231)   (7,866)
 Amounts held on deposit with reinsured companies   500    725 
 Ceded unearned premiums   1,011    (1,646)
 Deferred policy acquisition costs, net   (1,803)   (339)
 Loss and loss adjustment expense reserves   15,120    6,504 
 Premiums collected in advance   759    819 
 Unearned premium reserves   6,349    2,902 
 Ceded reinsurance premiums payable   557    2,333 
 Current income taxes recoverable   563    (606)
 Other, net   2,533    (12)
Net cash provided by operating activities   3,832    1,659 
           
Investing activities:          
 Purchases of furniture and equipment   (18)   (81)
 Purchases of fixed income securities   (18,459)   (7,424)
 Purchase of equity investments   (682)   (1,000)
 Purchase of other investments   (440)   (139)
 Net purchases of short-term investments   (1,583)   (784)
Net cash used in investing activities   (21,182)   (9,428)
           
Financing activities:          
 Payment of dividends on preferred shares   (240)   (240)
 Proceeds from sale of common stock   224     
 Purchases of treasury stock       (1,022)
Net cash used in financing activities   (16)   (1,262)
           
Net decrease in cash and cash equivalents   (17,366)   (9,031)
Cash and cash equivalents at beginning of period   43,045    47,957 
Cash and cash equivalents at end of period  $25,679   $38,926 
           
Supplemental disclosure of cash flow information:          
 Cash paid during the period for:          
 Income taxes  $35   $293 

 

See accompanying notes to consolidated financial statements.

 

6

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

1. Nature of Business

 

Maison Insurance Holdings, Inc. was incorporated on October 2, 2012 in the State of Delaware. On November 19, 2013, its legal name was changed from Maison Insurance Holdings, Inc. to 1347 Property Insurance Holdings, Inc. (“PIH”). PIH is a holding company and is engaged, through its subsidiaries, in the property and casualty insurance business. Unless context denotes otherwise, the terms “Company,” “we,” “us,” and “our” refer to 1347 Property Insurance Holdings, Inc., and its subsidiaries.

 

Prior to March 31, 2014, PIH was a wholly owned subsidiary of Kingsway America Inc. (“KAI”). KAI, in turn, is a wholly owned subsidiary of Kingsway Financial Services Inc. (“KFSI”), a publicly owned holding company based in Toronto, Ontario, Canada. On March 31, 2014, PIH completed an initial public offering (“IPO”) of its common stock. On June 13, 2014, PIH completed a follow-on offering of its common stock to the public. Through the combination of the IPO and follow-on offering, PIH issued approximately five million shares of its common stock, while KAI, and entities affiliated with KAI retained one million shares of PIH. On October 25, 2017, KAI entered into a purchase agreement with Fundamental Global Investors, LLC (“FGI”) pursuant to which KAI agreed to sell 900,000 shares of our common stock to FGI or to one of FGI’s affiliate companies in two separate transactions. The first transaction, for the sale of 475,428 shares of our common stock, occurred on November 1, 2017. The second transaction, for the sale of 424,572 shares of our common stock is conditioned on approval of the transaction by both the LDI and FL OIR by January 23, 2018. FGI is affiliated with D. Kyle Cerminara, where he serves as Chief Executive Officer, Co-Founder and Partner, and Lewis M. Johnson, where he serves as President, Co-Founder and Partner. Messrs. Cerminara and Johnson are also members of our Board of Directors. Should the second transaction be consummated, FGI, and entities affiliated with FGI, would own 43% of our outstanding common shares.

 

PIH has three wholly-owned subsidiaries; Maison Insurance Company (“Maison”), a Louisiana-domiciled property and casualty insurance company, Maison Managers, Inc. (“MMI”), a managing general agent, incorporated in the State of Delaware, and ClaimCor, LLC (“ClaimCor”), a Florida based claims solutions company. Maison processes claims made by its policyholders through ClaimCor, and also through various third-party claims adjusting companies. MMI has ultimate authority over the claims handling process, while the agencies that we appoint have no authority to settle our claims or otherwise exercise control over the claims process.

 

Maison began providing homeowners insurance, manufactured home insurance and dwelling fire insurance to individuals in Louisiana in December 2012. Maison writes both full peril property policies as well as wind/hail only exposures in Louisiana and distributes its policies through a network of independent insurance agencies. Maison began assuming wind/hail only insurance for commercial properties in Texas beginning in June 2015. In September 2015, Maison began writing manufactured home policies in the State of Texas on a direct basis, and in March 2016, Maison began writing homeowner policies in Texas.

 

In addition to the voluntary policies that Maison writes, Maison has participated in the last five rounds of take-outs from Louisiana Citizens Property Insurance Company (“LA Citizens”), occurring on December 1st of each year, as well as the inaugural depopulation of policies from the Texas Windstorm Insurance Association (“TWIA”), which occurred on December 1, 2016. Under these programs, state-approved insurance companies, such as Maison, have the opportunity to assume insurance policies written by both LA Citizens and TWIA. The majority of policies that we have obtained through LA Citizens as well as all of the policies we have obtained through TWIA cover losses arising only from wind and hail. Prior to our takeout, both LA Citizens and TWIA policyholders were not able to obtain such coverage from any other marketplace.

 

On March 1, 2017, Maison received a certificate of authority from the Florida Office of Insurance Regulation (“FL OIR”) which authorizes Maison to write personal lines insurance in the State of Florida. Pursuant to the consent order issued, Maison has agreed to comply with certain requirements as outlined by the FL OIR until Maison can demonstrate three consecutive years of net income following the Company’s admission into Florida as evidenced by its Annual Statement filed with the FL OIR via the National Association of Insurance Commissioners electronic filing system. Among other requirements, the FL OIR requires the following as conditions related to the issuance of Maison’s certificate of authority:

 

7

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Although domiciled in the State of Louisiana, Maison has agreed to comply with the Florida Insurance Code as if Maison were a domestic insurer within the State of Florida;

Maison has agreed to maintain capital and surplus as to policyholders of no less than $35,000;

Maison has agreed to receive prior approval from the FL OIR prior to the payment of any dividends; and

Maison has agreed to receive written approval from the FL OIR regarding any form of policy issued or rate charged to its policyholders prior to utilizing any such form or rate for policies written in the State of Florida.

 

To comply with the consent order, on March 31, 2017, Maison received a capital contribution from PIH in the amount of $16,000. As of September 30, 2017, Maison has not written any insurance policies covering risks in the State of Florida.

 

On September 29, 2017, Maison received authorization from the FL OIR to assume personal lines policies from Florida Citizens Property Insurance Corporation (“FL Citizens”) pursuant to a proposal of depopulation which Maison filed with FL Citizens on August 18, 2017. Accordingly, Maison plans to enter the Florida market via the assumption of policies from FL Citizens in December, 2017. The order approving Maison’s assumption of policies limits the number of policies which Maison may assume in 2017, and also stipulates that Maison maintain catastrophe reinsurance at such levels as deemed appropriate by the FL OIR.

 

MMI serves as the Company’s management services subsidiary, known as a managing general agency, and provides underwriting, policy administration, claims administration, marketing, accounting, and other management services to Maison. MMI contracts primarily with independent agencies for policy sales and services, and also contracts with an independent third-party for policy administration services. As a managing general agency, MMI is licensed by and subject to the regulatory oversight of the Louisiana Department of Insurance (“LDI”), Texas Department of Insurance (“TDI”) and the FL OIR.

 

2. Significant Accounting Policies

 

Basis of Presentation:

 

These statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

Principles of Consolidation:

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.

 

The Use of Estimates in the Preparation of Consolidated Financial Statements:

 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Changes in estimates are recorded in the accounting period in which the change is determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for loss and loss adjustment expense reserves (as well as the associated reinsurance recoverable on those reserves), the valuation of fixed income and equity securities, the valuation of net deferred income taxes, the valuation of various securities that we have issued in conjunction with the termination of the management services agreement with 1347 Advisors, LLC, and the valuation of deferred policy acquisition costs.

 

Investments:

 

Investments in fixed income and equity securities are classified as available-for-sale and reported at estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss), net of tax, until sold or an other-than-temporary impairment is recognized, at which point the cumulative unrealized gains or losses are transferred to the consolidated statement of operations.

 

8

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Other investments include investments in limited liability companies in which the Company’s interests are deemed minor and, therefore, are accounted for under the cost method of accounting, which approximates their fair value. Also included in other investments is a fixed rate certificate of deposit with an original maturity of 15 months.

 

Short-term investments, which consist of investments with maturities between three months and one year, are reported at cost, which approximates fair value due to their short-term nature.

 

Realized gains and losses on sales of investments are determined on a first-in, first-out basis, and are included in net investment income.

 

Interest income is included in net investment income and is recorded as it accrues.

 

The Company accounts for its investments using trade date accounting.

 

The Company conducts a quarterly review to identify and evaluate investments that show objective indications of possible impairment. Impairment is charged to the statement of operations if the fair value of the instrument falls below its amortized cost and the decline is considered other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects of the issuer, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery.

 

Cash and Cash Equivalents:

 

Cash and cash equivalents include cash and highly liquid investments with original maturities of 90 days or less.

 

Premiums Receivable:

 

Premiums receivable include premium balances due and uncollected as well as installment premiums not yet due from our independent agencies and insureds. Premiums receivable are reported net of an estimated allowance for credit losses.

 

Reinsurance:

 

Reinsurance premiums, losses, and loss adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and losses ceded to other companies have been reported as a reduction of premium revenue and incurred net losses and loss adjustment expenses. A reinsurance recoverable is recorded for that portion of paid and unpaid losses and loss adjustment expenses that are ceded to other companies.

 

Deferred Policy Acquisition Costs:

 

The Company defers commissions, premium taxes, assessments and other underwriting and agency expenses that are directly related to successful efforts to acquire new or existing insurance policies to the extent they are considered recoverable. Costs deferred on insurance products are amortized over the period in which premiums are earned. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred, as opposed to being deferred and amortized as the corresponding premium is earned. The method followed in determining the deferred policy acquisition costs limits the deferral to its realizable value by giving consideration to estimated future loss and loss adjustment expenses to be incurred as revenues are earned. Anticipated investment income is included in determining the realizable value of the deferred policy acquisition costs. Changes in estimates, if any, are recorded in the accounting period in which they are determined.

 

9

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Income Taxes:

 

The Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).

 

Property and Equipment:

 

Property and equipment is reported at historical cost less accumulated depreciation. Depreciation of property and equipment is recorded on a straight-line basis over estimated useful life which range from seven years for furniture, five years for vehicles, three years for computer equipment, and the shorter of estimated useful life or the term of the lease for leasehold improvements. Property and equipment is estimated to have no salvage value at its useful life-end.

 

Rent expense for the Company’s office leases is recognized on a straight-line basis over the term of the lease. Rent expense was $255 and $258 for the nine months ended September 30, 2017 and 2016, respectively.

 

Loss and Loss Adjustment Expense Reserves:

 

Loss and loss adjustment expense reserves represent the estimated liabilities for reported loss events, incurred but not yet reported loss events and the related estimated loss adjustment expenses. The Company performs a continuing review of its loss and loss adjustment expense reserves, including its reserving techniques as well as the impact of reinsurance on our loss reserves. The loss and loss adjustment expense reserves are also reviewed, at minimum, on an annual basis by qualified third party actuaries. Since the loss and loss adjustment expense reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are included in the results of income in the period in which the estimates are changed. Such changes in estimates could occur in a future period and may be material to the Company’s results of operations and financial position in such period.

 

Concentration of Credit Risk:

 

Financial instruments which potentially expose the Company to concentrations of credit risk include investments, cash, premiums receivable, and amounts due from reinsurers on losses incurred. The Company maintains its cash with two major U.S. domestic banking institutions and two regional banks headquartered in the Southeastern United States. Such amounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250 per institution. At September 30, 2017, the Company held funds on deposit at these institutions in excess of these FDIC insured amounts. The terms of these deposits are on demand to mitigate some of the associated risk. The Company has not incurred losses related to these deposits.

 

The Company has not experienced significant losses related to premiums receivable from its policyholders and management believes that amounts provided as an allowance for credit losses is adequate.

 

The Company has not experienced any losses on amounts due from reinsurers. In order to limit the credit risk associated with amounts potentially due from reinsurers, the Company uses several different reinsurers, all of which have an A.M. Best Rating of A- (Excellent) or better. Absent such rating, the Company has required its reinsurers to place collateral on deposit with an independent institution under a trust agreement for the Company’s benefit.

 

The Company also has risk associated with the lack of geographic diversification due to the fact that through September 30, 2017, Maison exclusively underwrote policies in Louisiana and Texas. The Company insures personal property located in 63 of the 64 parishes in the State of Louisiana. As of September 30, 2017, these policies are concentrated within these parishes, presented as a percentage of our total policies in force in all states, as follows: Jefferson Parish 12.6%, Saint Tammany Parish 12.5%, East Baton Rouge Parish 7.2%, and Livingston Parish 5.1%. No other parish individually has over 5.0% of the policies in force as of September 30, 2017. On a direct basis, Maison writes in 150 of the 254 counties that comprise the State of Texas; however, no single county represents over 5.0% of the Company’s total policies in force as of September 30, 2017.

 

10

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Revenue Recognition:

 

Premium revenue is recognized on a pro rata basis over the term of the respective policy contract. Unearned premium reserves represent the portion of premium written that is applicable to the unexpired term of policies in force.

 

Service charges on installment premiums are recognized as income upon receipt of related installment payments and are reflected in other income.

 

Revenue from other policy fees is deferred and recognized over the terms of the respective policy period, with revenue reflected in other income.

 

Any customer payment received is applied first to any service charge or policy fee due, with the remaining amount applied toward any premium due.

 

Ceded premiums are charged to income over the applicable term of the various reinsurance contracts with third party reinsurers. Ceded unearned premiums represent the unexpired portion of premiums ceded to reinsurers and are reported as an asset on the Company’s consolidated balance sheets.

 

Premiums collected in advance occur when the policyholder premium is paid in advance of the effective commencement period of the policy and are recorded as a liability on the Company’s consolidated balance sheets.

 

Stock-Based Compensation:

 

The Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period, which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.

 

The Company has also issued restricted stock units (“RSUs”) to certain of its employees which have been accounted for as equity based awards since, upon vesting, they are required to be settled in the Company’s common shares. The Company used a Monte Carlo valuation model to estimate the fair value of these awards upon grant date as the vesting of these RSUs occurs solely upon market-based conditions. The fair value of each RSU is recorded as compensation expense over the derived service period, as determined by the valuation model. Should the market-based condition be achieved prior to the expiration of the derived service period, any unrecognized cost will be recorded as compensation expense in the period in which the RSUs actually vest.

 

Fair Value of Financial Instruments:

 

The carrying values of certain financial instruments, including cash, short-term investments, premiums receivable and accounts payable, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments in accordance with GAAP, which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability) in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

11

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Earnings Per Common Share:

 

Basic earnings per common share is computed using the weighted average number of shares outstanding during the respective period.

 

Diluted earnings per common share assumes conversion of all potentially dilutive outstanding stock options, warrants or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings per share if their effect is anti-dilutive.

 

Operating Segments:

 

The Company operates in a single segment – property and casualty insurance.

 

3. Recently Issued Accounting Standards

 

ASU 2014-09: Revenue from Contracts with Customers:

 

The FASB has issued ASU No. 2014-09, “Revenue from Contracts with Customers”, and related amendments ASU 2015-14, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-05 and ASU 2017-13, (collectively, “Topic 606”). Topic 606 creates a new comprehensive revenue recognition standard that will serve as a single source of revenue guidance for all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Topic 606 becomes effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company will adopt Topic 606 on the effective date and since virtually all of the Company’s revenues relate to insurance contracts and investment income, the adoption of Topic 606 is not expected to have a material impact on the Company’s revenues. The Company will continue to monitor and examine transactions that could potentially fall within the scope of Topic 606 as such are consummated.

 

ASU 2016-01: Financial Instruments-Overall:

 

In January 2016, the FASB issued ASU 2016-01: Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. Most significantly, ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. ASU 2016-01 will be applied using a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. Adoption of ASU 2016-01 is not expected to have a material impact on the Company’s financial position, cash flows, or total comprehensive income, but could impact the Company’s results of operations and earnings per share as changes in fair value will be presented in net income rather than other comprehensive income.

 

ASU 2016-02: Leases:

 

In February 2016, the FASB issued ASU 2016-02: Leases. ASU 2016-02 was issued to improve the financial reporting of leasing transactions. Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the agreement as a capital lease, are met. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to present value, for all leases that extend beyond 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income while the repayment of the principal portion of the lease liability will be classified as a financing activity and the interest component will be included in the operating section of the statement of cash flows. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company has reviewed its existing lessee obligations and has determined that ASU 2016-02 will apply should the Company renew its existing leases, or enter into any new lease agreements.

 

12

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

ASU 2016-09: Stock Compensation:

 

In March 2016, the FASB issued ASU 2016-09: Compensation – Stock Compensation: Improvement to Employee Share-Based Payment Accounting. ASU 2016-09 was issued to simplify the accounting for share-based payment awards. The guidance requires that all tax effects related to share-based payment be made through the statement of operations at the time of settlement as opposed to the current guidance that requires excess tax benefits to be recognized in additional paid-in-capital. ASU 2016-09 also removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. The change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening accumulated deficit. Additionally, all tax related cash flows resulting from share-based payments are to be reported as operating activities on the statement of cash flows, a departure from the current requirement which presents tax benefits as an inflow from financing activities and an outflow from operating activities. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company does not believe the adoption of ASU 2016-09 will have a material impact on its consolidated financial statements.

 

ASU 2016-13: Financial Instruments – Credit Losses:

 

In June 2016, the FASB issued ASU 2016-13: Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 was issued to provide financial statement users with more useful information regarding the expected credit losses on financial instruments held as assets. Under current GAAP, financial statement recognition for credit losses on financial instruments was generally delayed until the loss was probable of occurring. The amendments of ASU 2016-13 eliminate this probable initial recognition threshold and instead reflect an entity’s current estimate of all expected credit losses. The amendments also broaden the information that an entity must consider in developing its expected credit loss estimates for those assets measured at amortized cost by using forecasted information instead of the current methodology which only considered past events and current conditions. Under ASU 2016-13, credit losses on available-for-sale debt securities will be measured in a manner similar to current GAAP; however, the amendments require that credit losses be presented as an allowance against the investment, rather than as a write-down. The amendments also allow the entity to record reversals of credit losses in current period net income, which is prohibited under current GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements.

 

4. Investments

 

A summary of the amortized cost, estimated fair value, and gross unrealized gains and losses on the Company’s investments in fixed income and equity securities at September 30, 2017 and December 31, 2016 is as follows.

 

As of September 30, 2017  Amortized
Cost
   Gross Unrealized Gains   Gross Unrealized Losses   Estimated Fair Value 
Fixed income securities:                    
U.S. government  $2,911   $6   $(18)  $2,899 
State municipalities and political subdivisions   5,379    12    (26)   5,365 
Asset-backed securities and collateralized mortgage obligations   16,727    26    (119)   16,635 
Corporate   20,235    113    (40)   20,308 
Total fixed income securities   45,252    157    (202)   45,207 
Equity securities:                    
Common stock   1,571    66    (25)   1,612 
Warrants to purchase common stock   72    79    (29)   122 
Rights to purchase common stock   39    3    (5)   37 
Total equity securities   1,682    148    (59)   1,771 
Total fixed income and equity securities  $46,934   $305   $(261)  $46,978 
                     
As of December 31, 2016                    
Fixed income securities:                    
U.S. government  $1,623   $1   $(20)  $1,604 
State municipalities and political subdivisions   2,271    2    (27)   2,246 
Asset-backed securities and collateralized mortgage obligations   12,095    9    (136)   11,968 
Corporate   10,804    28    (91)   10,741 
Total fixed income securities   26,793    40    (274)   26,559 
Equity securities:                    
Common stock   1,000    136        1,136 
Total equity securities   1,000    136        1,136 
Total fixed income and equity securities  $27,793   $176   $(274)  $27,695 

 

13

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

The table below summarizes the Company’s fixed income securities at September 30, 2017 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.

 

Matures in:  Amortized
Cost
   Estimated Fair Value 
One year or less  $2,416   $2,415 
More than one to five years   19,759    19,757 
More than five to ten years   11,780    11,804 
More than ten years   11,297    11,231 
Total  $45,252   $45,207 

 

The following table highlights, by loss position and security type, those fixed income and equity securities in unrealized loss positions as of September 30, 2017 and December 31, 2016. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions. There were 149 and 122 fixed income investments that were in unrealized loss positions as of September 30, 2017 and December 31, 2016, respectively. The Company held 12 equity investments in unrealized loss positions as of September 30, 2017.

 

   Less than 12 Months   Greater than 12 Months   Total 
As of September 30, 2017  Estimated Fair Value   Unrealized Loss   Estimated Fair Value   Unrealized Loss   Estimated Fair Value   Unrealized Loss 
Fixed income securities:                              
U.S. government  $2,041   $(18)  $175   $   $2,216   $(18)
State municipalities and political subdivisions   2,357    (13)   589    (13)   2,946    (26)
Asset-backed securities and collateralized mortgage obligations   11,682    (83)   1,675    (36)   13,357    (119)
Corporate   6,568    (23)   556    (16)   7,124    (39)
Total fixed income securities   22,648    (137)   2,995    (65)   25,643    (202)
Equity securities:                            
Common stock   237    (25)           237    (25)
Warrants to purchase common stock   23    (29)           23    (29)
Rights to purchase common stock   18    (5)           18    (5)
Total equity securities   278    (59)            278    (59)
Total fixed income and equity securities  $22,926   $(196)  $2,995   $(65)  $25,921   $(261)
                               
As of December 31, 2016                              
Fixed income securities:                              
U.S. government  $1,303   $(20)  $   $   $1,303   $(20)
State municipalities and political subdivisions   1,537    (27)           1,537    (27)
Asset-backed securities and collateralized mortgage obligations   9,552    (133)   460    (3)   10,012    (136)
Corporate   5,952    (91)           5,952    (91)
Total fixed income securities  $18,344   $(271)  $460   $(3)  $18,804   $(274)

 

Under the terms of the certificate of authority granted to Maison by the Texas Department of Insurance, Maison is required to pledge securities totaling at least $2,000 with the State of Texas. Maison deposited the required securities with the State of Texas on May 13, 2015. These securities consist of various fixed income securities listed in the preceding tables which have an amortized cost basis of $2,001 and estimated fair value of $1,998 as of September 30, 2017.

 

14

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

The Company’s other investments are comprised of investments in two limited partnerships which seek to provide equity and asset-backed debt investment in a variety of privately-owned companies. The Company has committed to a total investment of $1,000, of which the limited partnerships have drawn down approximately $645 through September 30, 2017. One of these limited partnerships is managed by Argo Management Group, LLC, an entity which, as of April 21, 2016 is wholly owned by KFSI (see Note 12 – Related Party Transactions). The Company has accounted for its investments under the cost method as the instruments do not have readily determinable fair values and the Company does not exercise significant influence over the operations of the limited partnerships or the underlying privately-owned companies.

 

Also included in other investments is a certificate of deposit in the amount of $300 with an original term of 18 months deposited with the State of Florida pursuant to the terms of the certificate of authority issued to Maison from the FL OIR.

 

Other-than-Temporary Impairment:

 

The establishment of an other-than-temporary impairment on an investment requires a number of judgments and estimates. The Company performs a quarterly analysis of the individual investments to determine if declines in market value are other-than-temporary. The analysis includes some or all of the following procedures as deemed appropriate by the Company:

 

considering the extent and length of time during which the market value has been below cost;

identifying any circumstances which management believes may impact the recoverability of the unrealized loss positions;

obtaining a valuation analysis from a third-party investment manager regarding the intrinsic value of these investments based upon their knowledge and experience combined with market-based valuation techniques;

reviewing the historical trading volatility and trading range of the investment and certain other similar investments;

assessing if declines in market value are other-than-temporary for debt instruments based upon the investment grade credit ratings from third-party credit rating agencies;

assessing the timeliness and completeness of principal and interest payment due from the investee; and

assessing the Company’s ability and intent to hold these investments until the impairment may be recovered.

 

The risks and uncertainties inherent in the assessment methodology used to determine declines in market value that are other-than-temporary include, but may not be limited to, the following:

 

the opinions of professional investment managers could be incorrect;

the past trading patterns of investments may not reflect their future valuation trends;

the credit ratings assigned by credit rating agencies may be incorrect due to unforeseen events or unknown facts related to the investee company’s financial situation; and

the historical debt service record of an investment may not be indicative of future performance and may not reflect a company’s unknown underlying financial problems.

 

The Company has reviewed currently available information regarding the investments it holds which have estimated fair values that are less than their carrying amounts and believes that these unrealized losses are primarily due to temporary market and sector-related factors rather than to issuer-specific factors. The Company does not intend to sell these investments in the short term, and it is not likely that it will be required to sell these investments before the recovery of their amortized cost.

 

Accordingly, all of the Company’s investments were in good standing and there were no write-downs for other-than-temporary impairments on the Company’s investments for the nine months ended September 30, 2017 and 2016.

 

15

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

The Company does not have any exposure to subprime mortgage-backed investments. Net investment income for the three and nine months ended September 30, 2017 and 2016 was as follows:

 

  

Three months ended

September 30,

   Nine months ended
September 30,
 
   2017   2016   2017   2016 
Investment income:                    
Interest on fixed income securities  $231   $123   $548   $332 
Interest on cash and cash equivalents   30    34    126    89 
Realized gain upon sale of securities   4        68     
Other       5        7 
Gross investment income   265    162    742    428 
Investment expenses   (17)   (11)   (42)   (35)
Net investment income  $248   $151   $700   $393 

 

5. Reinsurance

 

The Company reinsures, or cedes, a portion of its written premiums on a per risk and excess of loss basis to non-affiliated insurers in order to limit its loss exposure. Although reinsurance is intended to reduce the Company’s exposure risk, the ceding of insurance does not legally discharge the Company from its primary liability for the full amount of coverage under its policies. If our reinsurers fail to meet their obligations under the applicable reinsurance agreements, the Company would still be required to pay the insured for the loss.

 

Under the Company’s per-risk treaty, reinsurance recoveries are received for up to $1,750 in excess of a retention of $250 for each loss occurring prior to June 1, 2017. Effective June 1, 2017, the Company amended its per-risk treaty such that recoveries are received for up to $1,600 in excess of a retention of $400 for each loss occurring on June 1, 2017 or thereafter. The Company has ceded $405 and $438 in written premiums under its per-risk treaties for the nine months ended September 30, 2017 and 2016, respectively.

 

The Company’s excess of loss treaties are based upon a treaty year beginning on June 1st of each year and expiring on May 31st of the following year. Thus, the financial statements for the nine month periods ended September 30, 2017 and 2016 contain premiums ceded under three separate excess of loss treaties. Under the Company’s 2015/2016 excess of loss treaty which expired on May 31, 2016, for each catastrophic event occurring within a 144-hour period, the Company receives reinsurance recoveries of up to $121,000 in excess of a retention of $4,000 per event. The Company had also procured a “top, drop and aggregate” layer of reinsurance protection that may be used for any event above $125,000, up to a maximum recovery of $15,000. This $15,000 second layer of coverage applied in total to all events occurring during the treaty year of June 1, 2015 through May 31, 2016.

 

For both the treaty years beginning June 1, 2016 and June 1, 2017, the Company’s excess of loss treaties cover losses of up to $170,000 in excess of a $5,000 retention per event. For any event above $175,000, the Company again purchased top, drop and aggregate coverage, with an additional limit of $25,000. The $25,000 aggregate coverage applies in total to all events occurring during each of the treaty years.

 

The Company has ceded $16,021 and $14,976 in written premiums under its excess of loss treaties for the nine months ended September 30, 2017 and 2016, respectively.

 

In June 2015, we began writing business through a quota-share agreement with Brotherhood Mutual Insurance Company (“Brotherhood”). Through this agreement, we act as a reinsurer, and have assumed wind/hail only exposures on certain churches and related structures that Brotherhood insures throughout the State of Texas. Our quota-share percentage varies from 25%-100% of the wind/hail premium written by Brotherhood, dependent upon the geographic location (coastal areas versus non-coastal areas) within the State of Texas. For the nine months ended September 30, 2017, we have written $1,427 in assumed premiums through our agreement with Brotherhood, compared to $1,367 in assumed premiums for the same period in 2016.

 

16

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

On December 1, 2016, we participated TWIA’s inaugural depopulation program whereby Maison assumed personal lines policies for wind and hail only exposures along the Gulf Coast area of Texas. The depopulation program was structured such that Maison reinsures TWIA under a 100% quota share agreement. For the nine months ended September 30, 2017, we have written $1,401 in assumed premiums through the TWIA quota share agreement.

 

The impact of reinsurance treaties on the Company’s financial statements is as follows:

 

   Three months ended
September 30,
  

Nine months ended
September 30,

 
   2017   2016   2017   2016 
Premium written:                    
Direct  $16,533   $13,457   $45,989   $38,117 
Assumed   630    509    2,828    1,367 
Ceded   (6,051)   (5,973)   (16,426)   (15,414)
Net premium written  $11,112   $7,993   $32,391   $24,070 
                     
Premium earned:                    
Direct  $14,056   $12,037   $40,015   $34,455 
Assumed   851    509    2,454    1,367 
Ceded   (6,275)   (5,410)   (17,437)   (12,953)
Net premium earned  $8,632   $7,136   $25,032   $22,869 
                     
Losses and LAE incurred:                    
Direct  $20,451   $12,529   $31,297   $25,985 
Assumed   5,734    562    8,937    2,340 
Ceded   (18,390)   (6,648)   (26,425)   (13,408)
Net losses and LAE incurred  $7,795   $6,443   $13,809   $14,917 

 

6. Deferred Policy Acquisition Costs

 

Deferred policy acquisition costs (“DPAC”) consist primarily of commissions, premium taxes, assessments and other policy processing fees incurred which are related to successful efforts to acquire new or renewal insurance contracts. Acquisition costs deferred on insurance products are amortized over the period in which the related revenues are earned. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred.

 

DPAC as well as the related amortization expense associated with DPAC for the three and nine months ended September 30, 2017 and 2016, is as follows:

 

   

Three months ended
September 30,

  

Nine months ended
September 30,

 
    2017   2016   2017   2016 
                  
Balance, beginning of period, net   $5,545   $4,139   $4,389   $4,030 
Additions    3,402    2,325    9,670    6,487 
Amortization    (2,755)   (2,095)   (7,867)   (6,148)
Balance, September 30, net   $6,192   $4,369   $6,192   $4,369 

 

7. Loss and Loss Adjustment Expense Reserves

 

The Company continually revises its estimates of the ultimate financial impact of claims made. A significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for loss and loss adjustment expense (“LAE”) reserves. The process for establishing this provision reflects the uncertainties and significant judgmental factors inherent in predicting future results of both known and unknown loss events. The process of establishing the provision for loss and LAE reserves relies on the judgment and opinions of a large number of individuals, including the opinions of the Company’s independent actuaries.

 

17

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

The Company’s evaluation of the adequacy of loss and loss adjustment expense reserves includes a re-estimation of the liability for loss and LAE reserves relating to each preceding financial year compared to the liability that was previously established. The results of this comparison and the changes in the provision, net of amounts recoverable from reinsurers, for the nine months ended September 30, 2017 and 2016 were as follows:

 

  

Three months ended

September 30,

  

Nine months ended 

September 30,

 
   2017   2016   2017   2016 
                 
Balance, beginning of period, gross of reinsurance  $9,583   $5,884   $6,971   $2,123 
Less reinsurance recoverable on loss and LAE expense reserves   (6,012)   (3,431)   (3,652)   (120)
Balance, beginning of period, net of reinsurance   3,571    2,453    3,319    2,003 
Incurred related to:                    
Current year   8,717    6,487    15,953    15,090 
Prior years   (922)   (44)   (2,144)   (173)
Paid related to:                    
Current year   (7,246)   (5,671)   (12,060)   (12,719)
Prior years   411    36    (537)   (940)
Balance, September 30, net of reinsurance   4,531    3,261    4,531    3,261 
Plus reinsurance recoverable related to loss and LAE expense reserves   17,560    5,366    17,560    5,366 
Balance, September 30, gross of reinsurance  $22,091   $8,627   $22,091   $8,627 

 

8. Income Taxes

 

Actual income tax expense for the three and nine months ended September 30, 2017 and 2016 varies from the amount that would result by applying the applicable statutory federal income tax rate of 34% to income before income taxes as summarized in the following table:

 

  

Three months ended

September 30,

  

Nine months ended

September 30,

 
   2017   2016   2017   2016 
Income tax benefit at statutory income tax rate  $(1,168)  $(902)  $(508)  $(743)
State income tax (net of federal tax benefit)   (5)   54    104    131 
Other   2    1    7    7 
Income tax benefit  $(1,171)  $(847)  $(397)  $(605)

 

The Company carries a net deferred income tax asset of $855 and $420 as of September 30, 2017 and December 31, 2016, respectively, all of which the Company believes is more likely than not to be fully realized based upon management’s assessment of future taxable income. Significant components of the Company’s net deferred tax assets are as follows:

 

   September 30, 2017   December 31, 2016 
Deferred income tax assets:          
Loss and loss adjustment expense reserves  $49   $35 
Unearned premium reserves   2,055    1,503 
Net operating loss carryforwards   736    235 
Share-based compensation   335    316 
Other   308    270 
Deferred income tax assets  $3,483   $2,359 
           
Deferred income tax liabilities:          
Deferred policy acquisition costs  $2,105   $1,492 
State deferred taxes   444    397 
Other   79    50 
Deferred income tax liabilities  $2,628   $1,939 
           
Net deferred income tax assets  $855   $420 

 

As of September 30, 2017, the Company had no unrecognized tax benefits. The Company analyzed its tax positions in accordance with the provisions of Accounting Standards Codification Topic 740, Income Taxes, and has determined that there are currently no uncertain tax positions. The Company generally recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).

 

18

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

9. Net Loss Per Share

 

Net loss per share is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding during the periods presented. In calculating diluted loss per share, those potential common shares that are found to be anti-dilutive are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016.

 

   Three months ended
September 30,
   Nine months ended
September 30,
 
   2017   2016   2017   2016 
Basic and Diluted:                    
 Net loss  $(2,263)  $(1,806)  $(1,096)  $(1,581)
 Weighted average common shares outstanding   5,961,636    6,022,983    5,958,407    6,076,838 
Loss per common share  $(0.38)  $(0.30)  $(0.18)  $(0.26)

 

The following potentially dilutive securities outstanding as of September 30, 2017 and 2016 have been excluded from the computation of diluted weighted-average shares outstanding as their effect would be anti-dilutive.

 

   As of September 30, 
   2017   2016 
Options to purchase common stock   177,456    210,489 
Warrants to purchase common stock   1,906,875    1,906,875 
Restricted stock units   20,500    20,500 
Performance shares   475,000    475,000 
    2,579,831    2,612,864 

 

10. Options, Warrants, and Restricted Stock Units

 

The Company has established an equity incentive plan for employees and directors of the Company (the “Plan”). The purpose of the Plan is to create incentives designed to motivate recipients to contribute toward the Company’s growth and success, and also to attract and retain persons of outstanding competence, and provide such persons with an opportunity to acquire an equity interest in the Company.

 

The types of awards available for issuance under the Plan include non-qualified stock options, restricted stock, restricted stock units (“RSUs”), performance shares, performance cash awards, and other stock-based awards. The Plan provides for the issuance of 354,912 shares of common stock. As of September 30, 2017, both stock options and RSUs had been issued to the Company’s employees under the Plan resulting in 156,956 shares available for future issuance under the Plan.

 

There were no grants, exercises, or cancellations of the Company’s stock options for the nine months ended September 30, 2017. The following table summarizes the Company’s stock options outstanding as of September 30, 2017.

 

Stock Options Outstanding as of September 30, 2017 
Date of Grant   Exercise
Price ($)
   Expiration Date  Remaining Contractual Life (Years)   Number Outstanding   Number Exercisable 
03/31/2014    8.00   03/31/2019   1.50    163,301    143,704 
04/04/2014    8.69   04/04/2019   1.51    14,155    12,456 
             Total    177,456    156,160 

 

On May 29, 2015, the Compensation Committee of the Company’s Board of Directors granted RSUs to certain of its executive officers under the Plan. Each RSU granted entitles the grantee to one share of the Company’s common stock upon the vesting date of the RSU. The RSUs vest as follows: (i) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $10.00 per share; and (ii) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $12.00 per share. Prior to the vesting of the RSUs, the grantee will not be entitled to any dividends declared on the Company’s common stock. The RSUs do not expire; however, should the grantee discontinue employment with the Company for any reason other than death or disability, all unvested RSUs will be deemed forfeited on the date employment is discontinued.

 

19

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

On May 23, 2017, the Compensation Committee of the Company’s Board of Directors approved the potential issuance of RSUs to the Company’s Chief Operating Officer, Mr. Case. Mr. Case will be awarded two matching RSUs for each share of the Company’s common stock that he purchases on the open market or directly from the Company during the period beginning May 23, 2017 and ending November 23, 2017, up to a maximum of 136,054 RSUs. Each RSU will entitle Mr. Case to one share of the Company’s common stock upon the vesting date of the RSU, which shall vest 20% per year over a period of five years following the date granted, subject to Mr. Case’s continued employment with the Company. Mr. Case will also be required to maintain ownership of the shares purchased through the full five-year vesting period. The RSUs will be issued to Mr. Case outside of the Plan as an inducement grant material to Mr. Case entering into employment with the Company. Through September 30, 2017, Mr. Case had purchased 50,092 shares of the Company’s common stock, of which 28,000 restricted common shares were purchased directly from the Company.

 

On May 31, 2017, the Compensation Committee of the Company’s Board of Directors approved the potential issuance of additional RSUs to the Company’s Officers and Directors under the Plan. The number of RSUs to be granted will be based upon the number of shares of the Company’s common stock that each participating Officer and Director purchases in open market transactions, independently, and without assistance from the Company, during the period beginning May 31, 2017 and ending November 30, 2017 (the “Purchase Period”). At the end of the Purchase Period, the Company will issue to each participating Officer and Director a total of two RSUs for each share of the Company’s common stock purchased during the Purchase Period, subject to a maximum of 40,000 RSUs for the Company’s Chief Executive Officer, Mr. Raucy, 40,000 RSUs for the Company’s Chief Financial Officer, Mr. Hill, 20,000 RSUs for the Company’s Chief Underwriting Officer, Mr. Stroud, and 6,666 RSUs for each of the Company’s non-employee Directors. Each RSU will entitle the grantee to one share of the Company’s common stock upon the vesting date of the RSU, which shall vest 20% per year over a period of five years following the date granted, subject to each Officer’s continued employment with the Company and each Director’s continued service on the Board, provided that if a Director makes himself available and consents to be nominated by the Company for continued service but is not nominated by the Board for election by the shareholders, other than for good reason as determined by the Board in its discretion, then such director’s RSUs shall vest in full as of his last date of service as a director with the Company. Participating Officers and Directors will be required to maintain ownership of the shares purchased through the full five-year vesting period. Pursuant to the arrangement, a maximum number of 139,996 RSUs may be granted to the Company’s Officers and Directors at the end of the Purchase Period under the Plan. Through September 30, 2017, the Company’s Officers and Directors had purchased 41,565 shares of the Company’s common stock.

 

The following table summarizes RSU activity for the nine months ended September 30, 2017.

 

Restricted Stock Units  Number of Units   Weighted Average Grant Date Fair Value 
Non-vested units, December 31, 2016   20,500   $1.34 
 Granted        
 Vested        
 Forfeited        
Non-vested units, September 30, 2017   20,500   $1.34 

 

Total stock based compensation expense for the nine months ended September 30, 2017 and 2016 was $19 and $30, respectively. As of September 30, 2017, total unrecognized stock compensation expense of $11 remained, which will be recognized through March 31, 2018.

 

There were no grants, exercises, or cancellations of the Company’s common stock warrants for the nine months ended September 30, 2017. The following table summarizes the Company’s warrants outstanding as of September 30, 2017.

 

Date of Grant   Exercise
Price ($)
   Expiration Date  Remaining Contractual Life (Years)   Number Outstanding and Exercisable 
03/31/2014    9.60   03/31/2019   1.50    312,500 
03/31/2014    10.00   03/31/2019   1.50    94,375 
02/24/2015    15.00   02/24/2022   4.41    1,500,000 
             Total    1,906,875 

 

20

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

11. Shareholders’ Equity

 

Treasury Shares

 

On December 1, 2014, the Company’s Board of Directors authorized a share repurchase program for up to 500,000 shares of the Company’s common stock, which expired on December 31, 2016. Through December 31, 2016, the Company has repurchased an aggregate 401,359 shares at an aggregate purchase price of $2,927, or $7.29 per share, including all fees and commissions.

 

On January 29, 2016, the Company retired 250,000 of its treasury shares, resulting in a reclassification of the purchase price of $1,917 to additional paid in capital.

 

12. Related Party Transactions

 

Related party transactions are carried out in the normal course of operations and are measured in part by the amount of consideration paid or received as established and agreed by the parties. Management believes that consideration paid for such services in each case approximates fair value. Except where disclosed elsewhere in these consolidated financial statements, the following is a summary of related party transactions.

 

Performance Share Grant Agreement

 

On March 26, 2014, the Company entered into a Performance Share Grant Agreement (“PSGA”) with KAI, whereby KAI will be entitled to receive up to an aggregate of 375,000 shares of PIH common stock upon achievement of certain milestones regarding the Company’s stock price. Pursuant to the terms of the PSGA, if at any time the last sales price of the Company’s common stock equals or exceeds: (i) $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock; (ii) $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock (in addition to the 125,000 shares of common stock earned pursuant to clause (i) herein); and (iii) $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock (in addition to the 250,000 shares of common stock earned pursuant to clauses (i) and (ii) herein). The shares of common stock granted to KAI will have a valuation equal to the last sales price of PIH common stock on the day prior to such grant. As of September 30, 2017, the Company has not issued any shares under the PSGA.

 

Termination of Management Services Agreement

 

As a result of the termination of the Management Services Agreement (“MSA”), which occurred on February 24, 2015, the Company has issued the following securities to 1347 Advisors, LLC (“Advisors”), a wholly owned subsidiary of KFSI:

 

100,000 shares of the Company’s common stock issuable pursuant to the Performance Shares Grant Agreement dated February 24, 2015, and subject to the achievement of the Milestone Event;

120,000 shares of Series B Preferred Stock of the Company (the “Preferred Shares”); and

A warrant (the “Warrant”) to purchase 1,500,000 shares of the Company’s common stock at an exercise price of $15.00 per share. The Warrant expires on February 24, 2022.

 

The Performance Shares Grant Agreement grants Advisors 100,000 shares of the Company’s common stock issuable upon the date that the last sales price of the Company’s common stock equals or exceeds $10.00 per share for any 20 trading days within any 30-day trading period (the “Milestone Event”). Advisors will not be entitled to any dividends declared or paid on the Company’s stock prior to the Milestone Event having been achieved.

 

21

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

The Preferred Shares have a par value of $25.00 and pay annual cumulative dividends at a rate of eight percent per annum. Cumulative dividends shall accrue, whether or not declared by the Board and irrespective of whether there are funds legally available for the payment of dividends. Accrued dividends shall be paid in cash only when, as, and if declared by the Board out of funds legally available therefor or upon a liquidation or redemption of the Preferred Shares. In the event of any voluntary of involuntary liquidation, dissolution, or winding up of the Company, the holders of the Preferred Shares then outstanding shall be entitled to be paid out of the assets of the Company available for distributions to its shareholders, before any payment shall be made to holders of securities junior in preference to the Preferred Shares. The Preferred Shares rank senior to the Company’s common stock, and the Company is not permitted to issue any other series of preferred stock that ranks equal or senior to the Preferred Shares while the Preferred Shares are outstanding. On both February 24, 2017 and 2016, the Company issued a cash payment of $240 to Advisors representing annual dividend payments due on the Preferred Shares.

 

Unless redeemed earlier by the Company as discussed below, with the written consent of the holders of the majority of the Preferred Shares then outstanding, the Company will be required to redeem the Preferred Shares then outstanding on February 24, 2020 (the “Mandatory Redemption Date”), for a redemption amount equal to $25.00 per share plus all accrued and unpaid dividends on such shares. The Company has the option to redeem the Preferred Shares prior to the Mandatory Redemption Date immediately prior to the consummation of any change in control of the Company that may occur.

 

Since the Preferred Shares have a mandatory redemption provision requiring redemption on February 24, 2020, the Company was required to classify the Preferred Shares as a liability on the balance sheet instead of recording the value of these shares in equity. The resulting liability was recorded at a discount to the ultimate redemption amount of the Preferred Shares based upon an analysis of the cash payments expected to occur under the terms of the Preferred Shares discounted for the Company’s estimated cost of equity (13.9%). As a result, amortization in the amount of $1,889 will be charged to operations during the period the Preferred Shares are outstanding using the effective interest method. For the nine months ended September 30, 2017 and 2016, amortization of the discount on the Preferred Shares totaled $276 and $263, respectively.

 

Investment in Limited Liability Company

 

On April 21, 2016, KFSI completed the acquisition of Argo Management Group LLC (“Argo”). Argo’s primary business is to act as the Managing Member of Argo Holdings Fund I, LLC, an investment fund in which the Company has committed to invest $500, of which the Company has invested $211 as of September 30, 2017. The managing member of Argo, Mr. John T. Fitzgerald, was also appointed to KFSI’s board of directors on April 21, 2016.

 

13. Accumulated Other Comprehensive Income (Loss)

 

The table below details the change in the balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2017 and 2016.

 

  

Three months ended
September 30,

  

Nine month ended
September 30,

 
   2017   2016   2017   2016 
Unrealized gains (losses) on available-for-sale securities:                    
Balance, beginning of period  $4   $259   $(65)  $(62)
Other comprehensive income (loss) before reclassifications   40    (10)   187    478 
Amounts reclassified from accumulated other comprehensive income (loss)   (3)   (6)   (45)   (8)
Income taxes   (12)   5    (48)   (160)
Net current-period other comprehensive income (loss)   25    (11)   94    310 
Balance, September 30  $29   $248   $29   $248 

 

22

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

14. Fair Value of Financial Instruments

 

Fair value is best evidenced by quoted bid or ask price, as appropriate, in an active market. Where bid or ask prices are not available, such as in an illiquid or inactive market, the closing price of the most recent transaction of that instrument subject to appropriate adjustments as required is used. Where quoted market prices are not available, the quoted prices of similar financial instruments or valuation models with observable market based inputs are used to estimate the fair value. These valuation models may use multiple observable market inputs, including observable interest rates, foreign exchange rates, index levels, credit spreads, equity prices, counterparty credit quality, corresponding market volatility levels and option volatilities. Minimal management judgment is required for fair values calculated using quoted market prices or observable market inputs for models. Greater subjectivity is required when making valuation adjustments for financial instruments in inactive markets or when using models where observable parameters do not exist. Also, the calculation of estimated fair value is based on market conditions at a specific point in time and may not be reflective of future fair values. For the Company’s financial instruments carried at cost or amortized cost, the book value is not adjusted to reflect increases or decreases in fair value due to market fluctuations, including those due to interest rate changes, as it is the Company’s intention to hold them until there is a recovery of fair value, which may be to maturity.

 

The Company classifies its investments in fixed income and equity securities as available-for-sale and reports these investments at fair value. Fair values of fixed income securities for which no active market exists are derived from quoted market prices of similar instruments or other third-party evidence.

 

The FASB has issued guidance that defines fair value as the exchange price that would be received for and asset (or paid to transfer a liability) in the principal, or most advantageous market in an orderly transaction between market participants. This guidance also establishes a fair value hierarchy that requires and entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance categorizes assets and liabilities at fair value into one of three different levels depending on the observation of the inputs employed in the measurements, as follows:

 

Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets providing the most reliable measurement of fair value since it is directly observable.

Level 2 – inputs to the valuation methodology which include quoted prices for similar assets or liabilities in active markets. These inputs are observable, either directly or indirectly, for substantially the full-term of the financial instrument.

Level 3 – inputs to the valuation methodology which are unobservable and significant to the measurement of fair value.

 

Financial instruments measured at fair value as of September 30, 2017 and December 31, 2016 in accordance with this guidance are as follows.

 

September 30, 2017  Level 1   Level 2   Level 3   Total 
Fixed income securities:                    
 U.S. government  $   $2,899   $   $2,899 
 State municipalities and political subdivisions       5,365        5,365 
Asset-backed securities and collateralized mortgage obligations
       16,635        16,635 
 Corporate       20,308        20,308 
Total fixed income securities       45,207        45,207 
                     
Equity securities:                    
 Common stock   1,612            1,612 
 Warrants to purchase common stock   122            122 
 Rights to purchase common stock   37            37 
Total equity securities   1,771            1,771 
Total fixed income and equity securities  $1,771   $45,207   $   $46,978 
                     
December 31, 2016                    
Fixed income securities:                    
 U.S. government  $   $1,604   $   $1,604 
 State municipalities and political subdivisions       2,246        2,246 
Asset-backed securities and collateralized mortgage obligations
       11,968        11,968 
 Corporate       10,741        10,741 
Total fixed income securities  $   $26,559   $   $26,559 
                     
Equity securities:                    
 Common stock   1,136            1,136 
Total equity securities   1,136            1,136 
                     
Total fixed income and equity securities  $1,136   $26,559   $   $27,695 

 

23

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

15. Statutory Requirements

 

The Company’s insurance subsidiary, Maison, prepares statutory basis financial statements in accordance with accounting practices prescribed or permitted by the LDI. Prescribed statutory accounting practices include state laws, rules and regulations as well as accounting practices and rules as outlined in a variety of publications of the National Association of Insurance Commissioners (“NAIC”). Permitted statutory accounting practices encompass all accounting practices that are not prescribed, but instead have been specifically requested by an insurer and allowed by the state in which the insurer is domiciled (in Maison’s case, Louisiana). Permitted practices may differ from state to state, company to company within a state, and may change in the future. In converting from statutory accounting basis to U.S. GAAP, typical adjustments include the deferral of acquisition costs (which are all charged to operations as incurred on a statutory basis), the inclusion of statutorily non-admitted assets on the balance sheet, the inclusion of net unrealized holding gains or losses related to investments included on the balance sheet, as well as the inclusion of changes in deferred tax assets and liabilities in the statement of operations.

 

Statutory Surplus and Capital Requirements

 

In order to retain its certificate of authority in the States of Louisiana and Florida, Maison is required to maintain a minimum capital surplus of $5,000 and $35,000, respectively. As of September 30, 2017, Maison’s capital surplus was $35,962.

 

The LDI employs risk-based capital (“RBC”) reports to monitor Maison’s financial condition. Risk-based capital is determined in accordance with a formula adopted by the NAIC which takes into consideration the covariance between asset risk, credit risk, underwriting risk, and other business risks. The RBC report determines whether Maison falls into the “no action” level or one of the four action levels set forth in the Louisiana Insurance Code. Furthermore, in order to retain its certificate of authority in the State of Texas, Maison is required to maintain an RBC ratio of 300% or more. As of September 30, 2017, Maison’s RBC ratio was above 300%.

 

States routinely require deposits of assets for the protection of policyholders. As of September 30, 2017, Maison held certificates of deposit with an estimated fair value of approximately $100 and $300 as a deposit with the LDI and FL OIR, respectively. Maison also held investment securities with an estimated fair value of approximately $2,000 as a deposit with the TDI.

 

Surplus Notes

 

PIH, as the parent company of Maison, is subject to the insurance holding company laws of the State of Louisiana, which, among other things, regulate the terms of surplus notes issued by insurers to their parent company. Maison’s capital is comprised of six surplus notes issued to PIH for the total principal amount of $9,000, all of which have been approved by the LDI prior to their issuance. Notes accrue interest at 10% per annum. Interest payments on the notes are due annually, and are also subject to prior approval by the LDI. The Company’s surplus notes, as of September 30, 2017, are as follows.

 

Date of Issuance  Maturity Date  Principal
Amount
 
October 22, 2013   October 22, 2017  $650 
December 21, 2015  December 21, 2017   850 
March 31, 2016  March 31, 2018   550 
September 29, 2016  September 29, 2018   3,450 
November 14, 2016  November 14, 2018   550 
September 28, 2017  September 28, 2019   2,950 
      $9,000 

 

24

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

Notes to Consolidated Financial Statements

($ amounts in thousands, except share and per share data)

 

Dividend Restrictions

 

As a Louisiana domiciled insurer, the payment of dividends from our insurance subsidiary is restricted by the Louisiana Insurance Code. Dividends can only be paid if an insurer’s paid-in capital and surplus exceed the minimum required by the Louisiana Insurance Code. Any dividend or distribution that when aggregated with any other dividends or distributions made within the preceding twelve months exceeds the lesser of (a) ten percent of the insurer’s surplus as regards policyholders as of the thirty-first day of December next preceding; or (b) the net income of the insurer, not including realized capital gains, for the twelve month period ending the thirty-first day of December next preceding; is considered to be extra-ordinary and shall not be paid until thirty days after the LDI has received notice of the declaration thereof and has not within that period disapproved the payment, or until the LDI has approved the payment within the thirty-day period. In determining whether a dividend or distribution is extra-ordinary, an insurer may carry forward net income from the previous two calendar years that has not already been paid out in dividends.

 

Furthermore, pursuant to the consent order issued to Maison by the FL OIR, Maison is restricted from paying dividends which have not been approved in advance by the FL OIR.

 

As of September 30, 2017, Maison had not paid any dividends to its sole shareholder, PIH.

 

16. Commitments and Contingencies

 

Legal Proceedings:

 

From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. Currently, it is not possible to predict legal outcomes and their impact on the future development of claims. Any such development will be affected by future court decisions and interpretations. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current reserves. In addition, the Company’s estimate of ultimate loss and loss adjustment expenses may change. These additional liabilities, or increases in estimates, or a range of either, cannot be reasonably estimated, and could result in income statement charges that could be material to the Company’s results of operations in future periods.

 

Operating Lease Commitments:

 

As of September 30, 2017, the Company had the following amounts due under its operating leases for facilities leased in Baton Rouge, Louisiana, and Tampa, Florida.

 

Year ending September 30,     
2018   $303 
2019    298 
2020    25 
2021 and thereafter     
    $626 

 

25

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

You should read the following discussion in conjunction with our consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q and in our Annual Report on form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2017.

 

Unless context denotes otherwise, the terms “Company,” “we,” “us,” and “our” refer to 1347 Property Insurance Holdings, Inc., and its subsidiaries.

 

Cautionary Note about Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended. We use words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and other similar expressions to identify forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. Although we believe that the plans, objectives, expectations, and prospects reflected in or suggested by our forward-looking statements are reasonable, those statements involve risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements express or implied by these forward-looking statements, and we can give no assurance that our plans, objectives, expectations, and prospects will be achieved.

 

Important factors that may cause our actual results to differ materially from the results contemplated by the forward looking statements are contained in Item 1A. Risk Factors and elsewhere on the Company’s Form 10-K for the year ended December 31, 2016 and in our subsequent filings with the SEC, and include, among others, the following: (i) our limited operating history and status as an emerging growth company; (ii) lack of future opportunities to participate in take-out programs; (iii) the level of demand for our coverage and the incidence of catastrophic events related to such coverage, including the impact of climate change and our lack of geographic diversification; (iv) our ability to successfully implement our business strategy and expand our operations, including through acquisitions and development of new products; (v) changes in general economic, business, and industry conditions, including cyclical changes in the insurance industry; (vi) our ability to grow and remain profitable in the competitive insurance industry, including our lack of a rating from A.M. Best; (vii) legal, regulatory, and tax developments, including the effects of emerging claim and coverage issues and increased litigation against the insurance industry; (viii) legal actions brought against us; (ix) damage to our reputation; (x) adequacy of our insurance reserves; (xi) availability of reinsurance and ability of reinsurers to pay their obligations; (xii) the failure of our risk mitigation strategies or loss limitation methods; (xiii) our reliance on independent agents to write our insurance and other third parties; (xiv) our ability to maintain our public company status, exchange listing and effective internal control systems; (xv) data security breaches and other factors affecting our information technology systems; (xvi) our ability to attract and retain qualified employees, independent agents and brokers; (xvii) our ability to meet our obligations or obtain additional capital on favorable terms, or at all; (xviii) our ability to accurately price the risks that we underwrite; and (xix) restrictions on the use of our net operating loss carryforwards.

 

We disclaim any obligation to update or revise any forward-looking statements as a result of new information, future events, or for any other reason.

 

Overview

 

Maison Insurance Holdings, Inc. was incorporated on October 2, 2012 in the State of Delaware. On November 19, 2013, the Company changed its legal name from Maison Insurance Holdings, Inc. to 1347 Property Insurance Holdings, Inc. (“PIH”). PIH is a holding company and is engaged, through its subsidiaries, in the property and casualty insurance business.

 

 26

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

 

Prior to March 31, 2014, the Company operated as a wholly owned subsidiary of Kingsway America, Inc. (“KAI”). KAI, in turn, is a wholly owned subsidiary of Kingsway Financial Services, Inc. (“KFSI”), a publicly owned holding company based in Toronto, Ontario, Canada. On March 31, 2014, the Company completed an initial public offering of its common stock and then on June 13, 2014, the Company completed a follow-on offering. Through the combination of the IPO and follow-on offering, the Company issued approximately five million shares of its common stock, while KAI, and entities affiliated with KAI retained one million shares of PIH. On October 25, 2017, KAI entered into a purchase agreement with Fundamental Global Investors, LLC (“FGI”) pursuant to which KAI agreed to sell 900,000 shares of our common stock to FGI or to one of FGI’s affiliate companies in two separate transactions. The first transaction, for the sale of 475,428 shares of our common stock, occurred on November 1, 2017. The second transaction, for the sale of 424,572 shares of our common stock is conditioned on approval of the transaction by both the LDI and FL OIR by January 23, 2018. FGI is affiliated with D. Kyle Cerminara, where he serves as Chief Executive Officer, Co-Founder and Partner, and Lewis M. Johnson, where he serves as President, Co-Founder and Partner. Messrs. Cerminara and Johnson are also members of our Board of Directors. Should the second transaction be consummated, FGI, and entities affiliated with FGI, would own 43% of our outstanding common shares.

 

PIH has three wholly-owned subsidiaries; Maison Insurance Company (“Maison”), a Louisiana-domiciled property and casualty insurance company, Maison Managers, Inc. (“MMI”), a managing general agent, incorporated in the State of Delaware on October 2, 2012, and ClaimCor, LLC (“ClaimCor”), a Florida based claims solutions company.

 

Maison writes personal property and casualty insurance in Louisiana and both personal and commercial property and casualty insurance in Texas. Maison provides dwelling policies for wind and hail only, and dwelling, homeowner and mobile home/manufactured home policies for multi-peril property risks.

 

Maison distributes its insurance policies through a network of independent agencies in Louisiana and Texas. These agencies typically represent several insurance companies in order to provide various insurance product lines to their clients. The Company refers to these policies as voluntary policies.

 

In addition to the voluntary policies that Maison writes, Maison has participated in the last five rounds of take-outs from Louisiana Citizens Property Insurance Company (“LA Citizens”), occurring on December 1st of each year, as well as the inaugural depopulation of policies from the Texas Windstorm Insurance Association (“TWIA”), which occurred on December 1, 2016. Under these programs, state-approved insurance companies, such as Maison, have the opportunity to assume insurance policies written by both LA Citizens and TWIA. The majority of policies that we have obtained through LA Citizens as well as all of the policies we have obtained through TWIA cover losses arising only from wind and hail. Prior to our takeout, both LA Citizens and TWIA policyholders were not able to obtain such coverage from any other marketplace.

 

On March 1, 2017, Maison received a certificate of authority from the Florida Office of Insurance Regulation (“FL OIR”) which authorizes Maison to write personal lines insurance in the State of Florida. Pursuant to the consent order issued, Maison has agreed to comply with certain requirements as outlined by the FL OIR until Maison can demonstrate three consecutive years of net income following the Company’s admission into Florida as evidenced by its Annual Statement filed with the FL OIR via the National Association of Insurance Commissioners electronic filing system. Among other requirements, the FL OIR requires the following as conditions related to the issuance of Maison’s certificate of authority:

 

Although domiciled in the State of Louisiana, Maison has agreed to comply with the Florida Insurance Code as if Maison were a domestic insurer within the State of Florida;

Maison has agreed to maintain capital and surplus as to policyholders of no less than $35,000;

Maison has agreed to receive prior approval from the FL OIR prior to the payment of any dividends; and

Maison has agreed to receive written approval from the FL OIR regarding any form of policy issued or rate charged to its policyholders prior to utilizing any such form or rate for policies written in the State of Florida.

 

To comply with the consent order, on March 31, 2017, Maison received a capital contribution from PIH in the amount of $16,000. As of September 30, 2017, Maison has not written any insurance policies covering risks in the State of Florida.

 

 27

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

 

Our direct in-force policy counts as well as assumed policies as of September 30, 2017 and December 31, 2016 were as follows:

 

   Policies in-force as of 
Source of Policies  September 30,
2017
   December 31,
2016
 
         
Total LA Citizens Takeout Policies in Force   8,224    8,892 
           
Homeowners   21,465    17,685 
Manufactured Homes   4,816    4,694 
Other Dwellings   5,036    2,568 
Total Voluntary Policies in Force   31,317    24,947 
           
Total Direct Policies in Force   39,541    33,839 
           
Assumed through Brotherhood Quota-Share Agreement   766    522 
Assumed through TWIA Quota-Share Agreement(1)   623    1,251 
Total Assumed Policies   1,389    1,773 

 

(1)The decrease in policies assumed through the TWIA quota share agreement from December 1, 2016 to September 30, 2017 is attributable to the fact that policyholders had a six month period (until May 31, 2017) to opt-out of the assumption process. Upon opt-out, policies are removed from the Company’s listing of assumed policies back to the original date of takeout, December 1, 2016 (as if the Company had never assumed the policy). Furthermore, pursuant to the quota share agreement, any policies which had been assumed through TWIA and had reached their expiration are renewed by Maison directly (are no longer considered an assumed policy and are instead reflected Voluntary Policies in Force in the table above).

 

On September 29, 2017, Maison received authorization from the FL OIR to assume personal lines policies from Florida Citizens Property Insurance Corporation (“FL Citizens”) pursuant to a proposal of depopulation which Maison filed with FL Citizens on August 18, 2017. Accordingly, Maison plans to enter the Florida market via the assumption of policies from FL Citizens in December, 2017. The order approving Maison’s assumption of policies limits the number of policies which Maison may assume in 2017, and also stipulates that Maison maintain catastrophe reinsurance at such levels as deemed appropriate by the FL OIR.

 

MMI serves as the Company’s management services subsidiary and provides underwriting, policy administration, claims administration, marketing, accounting and other management services to Maison. MMI contracts with independent agencies for policy sales and services, and contracts with an independent third-party for policy administration services. As a managing general agency, MMI is licensed by and subject to the regulatory oversight of the Louisiana and Texas Departments of Insurance (“LDI” and “TDI”, respectively) as well as the Florida Office of Insurance Regulation (“FL OIR”).

 

ClaimCor serves as the Company’s claims and underwriting technical solutions company. Maison processes claims made by our policyholders through ClaimCor, and also through various third-party claims adjusting companies. We have the ultimate authority over the claims handling process, while the agencies that we appoint have no authority to settle our claims or otherwise exercise control over the claims process.

 

The Company operates in in a single segment – property and casualty insurance.

 

Non U.S.-GAAP Financial Measures

 

The Company assesses its results of operations using certain non-U.S. GAAP financial measures, in addition to U.S. GAAP financial measures. These non-U.S. GAAP financial measures are defined below. The Company believes these non-U.S. GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating performance in the same manner as management does.

 

The non-U.S. GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, any financial measures prepared in accordance with U.S. GAAP. The Company’s non-U.S. GAAP financial measures may be defined differently from time to time and may be defined differently than similar terms used by other companies, and accordingly, care should be exercised in understanding how we define our non-U.S. GAAP financial measures.

 

 28

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

 

Underwriting Ratios

 

The Company, like many insurance companies, analyzes performance based on underwriting ratios such as loss ratio, expense ratio and combined ratio. The loss ratio is derived by dividing the amount of net losses and loss adjustment expenses by net premiums earned. The expense ratio is derived by dividing the sum of amortization of deferred policy acquisition costs and general and administrative expenses by net premiums earned. All items included in the loss and expense ratios are presented in the Company’s U.S. GAAP financial statements. The combined ratio is the sum of the loss ratio and the expense ratio. A combined ratio below 100% demonstrates underwriting profit whereas a combined ratio over 100% demonstrates an underwriting loss.

 

Critical Accounting Policies

 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for loss and loss adjustment expense reserves (as well as the reinsurance recoverable on those reserves), the valuation of fixed income and equity securities, the valuation of net deferred income taxes, the valuation of various securities that we have issued in conjunction with the termination of the management services agreement with 1347 Advisors, LLC, and the valuation of deferred policy acquisition costs.

 

Adoption of Accounting Standards Due to Status as an Emerging Growth Company

 

Section 107 of the JOBS act provides that an emerging growth company can take advantage of the exemption from complying with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, as long as we are an emerging growth company. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of these benefits until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of this exemption. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

Provision for Loss and Loss Adjustment Expense Reserves

 

A significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for loss and loss adjustment expense reserves. The process for establishing the provision for loss and loss adjustment expense reserves reflects the uncertainties and significant judgmental factors inherent in predicting future results of both known and unknown loss events. As such, the process is inherently complex and imprecise and estimates are constantly refined. The process of establishing the provision for loss and loss adjustment expense reserves relies on the judgment and opinions of a large number of individuals, including the opinions of the Company’s independent actuaries.

 

Factors affecting the provision for loss and loss adjustment expense reserves include the continually evolving and changing regulatory and legal environment, actuarial studies, professional experience and expertise of the Company’s claims departments’ personnel and independent adjusters retained to handle individual claims, the quality of the data used for projection purposes, existing claims management practices including claims handling and settlement practices, the effect of inflationary trends on future loss settlement costs, court decisions, economic conditions and public attitudes.

 

In the actuarial review process, an analysis of the provision for loss and loss adjustment expense reserves is completed for the Company’s insurance subsidiary. Unpaid losses, allocated loss adjustment expenses and unallocated loss adjustment expenses are separately analyzed by line of business or coverage by accident year. A wide range of actuarial methods are utilized in order to appropriately measure ultimate loss and loss adjustment expense costs. These methods include paid loss development, incurred loss development and frequency-severity method. Reasonability tests such as ultimate loss ratio trends and ultimate allocated loss adjustment expense to ultimate loss are also performed prior to selection of the final provision. The provision is indicated by line of business or coverage and is separated into case reserves, reserves for losses incurred but not reported (“IBNR”) and a provision for loss adjustment expenses (“LAE”).

 

 29

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

 

Because the establishment of the provision for loss and loss adjustment expense reserves is an inherently uncertain process involving estimates, current provisions may need to be updated. Adjustments to the provision, both favorable and unfavorable, are reflected in the consolidated statements of operations and comprehensive income (loss) for the periods in which such estimates are updated. Management determines the loss and loss adjustment expense reserves as recorded on the Company’s financial statements, while the Company’s independent actuaries develop a range of reasonable estimates and a point estimate of loss and loss adjustment expense reserves. The actuarial point estimate is intended to represent the actuaries’ best estimate and will not necessarily be at the mid-point of the high and low estimates of the range.

 

Valuation of Fixed Income and Equity Securities

 

The Company’s fixed income and equity securities are recorded at fair value using observable inputs such as quoted prices in inactive markets, quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs. The Company does not have any fixed income or equity investments in its portfolio which require the Company to use unobservable inputs. Any change in the estimated fair value of its investments could impact the amount of unrealized gain or loss the Company has recorded, which could change the amount the Company has recorded for its investments and other comprehensive loss on its consolidated balance sheets and statements of comprehensive income (loss).

 

Gains and losses realized on the disposition of investments are determined on the first-in, first-out basis and credited or charged to the consolidated statements of operations and comprehensive income (loss). Premium and discount on investments are amortized and accreted using the interest method and charged or credited to net investment income.

 

The Company performs a quarterly analysis of its investment portfolio to determine if declines in market value are other-than-temporary. Further information regarding its detailed analysis and factors considered in establishing an other-than-temporary impairment on an investment is discussed within Note 4 - Investments, to the consolidated financial statements.

 

Valuation of Net Deferred Income Taxes

 

The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in the Company’s consolidated financial statements. In determining its provision for income taxes, the Company interprets tax legislation in a variety of jurisdictions and makes assumptions about the expected timing of the reversal of deferred income tax assets and liabilities and the valuation of net deferred income taxes.

 

The ultimate realization of the deferred income tax asset balance is dependent upon the generation of future taxable income during the periods in which the Company’s temporary differences reverse and become deductible. A valuation allowance is established when it is more likely than not that all or a portion of the deferred income tax asset balance will not be realized. In determining whether a valuation allowance is needed, management considers all available positive and negative evidence affecting specific deferred income tax asset balances, including the Company’s past and anticipated future performance, the reversal of deferred income tax liabilities, and the availability of tax planning strategies. To the extent a valuation allowance is established in a period, an expense must be recorded within the income tax provision in the consolidated statements of operations and comprehensive income.

 

 30

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

  

Securities issued to 1347 Advisors, LLC

 

Pursuant to the termination of the Management Services Agreement with 1347 Advisors LLC (“Advisors,” a wholly-owned subsidiary of KFSI), the Company issued Preferred Shares, Warrants, and entered into a Performance Share Grant Agreement with Advisors on February 24, 2015.

 

Because the Preferred Shares have a provision requiring mandatory redemption on February 24, 2020, the Company was required to classify the Preferred Shares as a liability on its balance sheet. The resulting liability was recorded at a discount to the $4,200 ultimate amount of payments required to be made under the Preferred Shares which includes all periodic dividends to be paid on the Preferred Shares based upon an analysis of the timing and amounts of cash payments expected to occur under the terms of the Preferred Shares discounted for the Company’s estimated cost of equity (13.9%).

 

The Company has estimated the fair value of the Warrants on grant date based upon the Black-Scholes option pricing model while it utilized a Monte Carlo model to determine the fair value of the Performance Share Grant Agreement due to the fact that the underlying shares are only issuable based upon the achievement of certain market conditions.

 

Deferred Policy Acquisition Costs

 

Deferred policy acquisition costs represent the deferral of expenses that the Company incurs related to successful efforts to acquire new business or renew existing business. Acquisition costs, which consist of commissions, premium taxes and underwriting and agency expenses related to issuing insurance policies are deferred, and charged against income ratably over the terms of the related insurance policies. Management regularly reviews the categories of acquisition costs that are deferred and assesses the recoverability of this asset. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred, as opposed to being deferred and amortized as the premium is earned.

 

New Accounting Pronouncements

 

See Note 3 – “Recently Issued Accounting Standards” in the Notes to our consolidated financial statements included in Item 1 of the Quarterly Report on Form 10-Q for a discussion of the recent accounting pronouncements and their effect, if any, on the Company.

 

Analysis of Financial Condition

 

As of September 30, 2017 compared to December 31, 2016

 

Investments

 

The Company’s investments in fixed income and equity securities are classified as available-for-sale and are reported at estimated fair value. The Company held an investment portfolio comprised primarily of fixed income securities issued by the U.S. government, government agencies and high quality corporate issuers. The fixed income portfolio is managed by a third-party investment management firm in accordance with the investment policies and guidelines approved by the Company’s Board of Directors. These guidelines stress the preservation of capital, market liquidity and the diversification of risk. Additionally, an investment committee comprised of a portion of the Company’s directors is in place to identify, evaluate and approve suitable investment opportunities for the Company. This has resulted in a number of equity investments managed by the committee that represent approximately 3.6% of the Company’s total investment portfolio as of September 30, 2017. Investments held by the Company’s insurance subsidiary must also comply with applicable domiciliary state regulations that prescribe the type, quality and concentration of investments.

 

31 

 

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

The table below summarizes, by type, the Company’s investments as of September 30, 2017 and December 31, 2016.

 

   September 30, 2017   December 31, 2016 
Type of Investment  Carrying
Amount
   Percent
of Total
   Carrying
Amount
   Percent of
Total
 
Fixed income securities:                    
 U.S. government  $2,899    5.8%  $1,604    5.6%
 State municipalities and political subdivisions   5,365    10.8%   2,246    7.9%
 Asset-backed securities and collateralized mortgage obligations   16,635    33.5%   11,968    42.2%
 Corporate   20,308    40.9%   10,741    37.8%
Total fixed income securities   45,207    91.0%   26,559    93.5%
                     
Equity securities:                    
 Common stock   1,612    3.2%   1,136    4.0%
 Warrants to purchase common stock   122    0.2%       %
 Rights to purchase common stock   37    0.1%       %
Total equity securities   1,771    3.5%   1,136    4.0%
                     
Short-term investments   1,779    3.6%   196    0.7%
Other investments   945    1.9%   505    1.8%
Total investments  $49,702    100.0%  $28,396    100.0%

 

Pursuant to the certificate of authority that we received from the TDI, we are required to deposit securities with the State of Texas. These securities consist of fixed income securities listed in the table above having an amortized cost basis of $2,001 and an estimated fair value of $1,998 as of September 30, 2017.

 

The Company’s other investments are comprised of equity investments in two limited partnerships which seek to provide equity and asset-backed debt investment in a variety of privately-owned companies. The Company has committed to a total investment of $1,000, of which the limited partnerships have drawn down approximately $645 through September 30, 2017. One of these limited partnerships is managed by Argo Management Group, LLC, an entity which, as of April 21, 2016 is wholly owned by KFSI. The Company has accounted for its investments under the cost method as the instruments do not have readily determinable fair values and the Company does not exercise significant influence over the operations of the limited partnerships or the underlying privately-owned companies.

 

Also included in other investments is a $300 certificate of deposit with an original term of 18 months deposited with the State of Florida pursuant to the terms of the certificate of authority issued to Maison from the FL OIR.

 

Liquidity and Cash Flow Risk

 

The table below summarizes the fair value of the Company’s fixed income securities by contractual maturity as of September 30, 2017 and December 31, 2016. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.

 

   September 30, 2017   December 31, 2016 
Matures in:  Carrying
Amount
   Percent
of Total
   Carrying
Amount
   Percent
of Total
 
One year or less  $2,415    5.3%  $1,828    6.9%
More than one to five years   19,757    43.7%   12,678    47.7%
More than five to ten years   11,804    26.1%   3,918    14.8%
More than ten years   11,231    24.9%   8,135    30.6%
Total  $45,207    100.0%  $26,559    100.0%

 

The Company holds cash and high-grade short-term assets which, along with fixed income and equity securities, management believes are sufficient in amount for the payment of loss and loss adjustment expense reserves and other operating subsidiary obligations on a timely basis. The Company may not be able to liquidate its investments in the event that additional cash is required to meet obligations to its policyholders; however, the Company believes that the high-quality, liquid investments in its portfolio provide it with sufficient liquidity.

 

Market Risk

 

Market risk is the risk that the Company will incur losses due to adverse changes in interest or currency exchange rates and equity prices. Given the Company’s operations only invest in U.S. dollar denominated instruments and maintains a relatively insignificant investment in equity instruments, its primary market risk exposures in the investments portfolio are to changes in interest rates.

 

Because the investments portfolio is comprised of primarily fixed maturity instruments that are usually held to maturity, periodic changes in interest rate levels generally impact the Company’s financial results to the extent that the investments are recorded at market value and reinvestment yields are different than the original yields on maturing instruments. During periods of rising interest rates, the market values of the existing fixed income securities will generally decrease. The reverse is true during periods of declining interest rates.

 

32 

 

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

  

Credit Risk

 

Credit risk is defined as the risk of financial loss due to failure of the other party to a financial instrument to discharge an obligation. Credit risk arises from the Company’s positions in short-term investments, corporate debt instruments and government and government agency bonds.

 

At September 30, 2017 and December 31, 2016, the Company’s debt securities had the following quality ratings as assigned by Standard and Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”).

 

   September 30, 2017   December 31, 2016 
Rating (S&P/Moody’s)  Carrying
Amount
   Percent of
Total
   Carrying
Amount
   Percent of
Total
 
AAA/Aaa  $22,345    49.4%  $14,995    56.4%
Aa/Aa   5,551    12.3%   2,627    9.9%
A/A   11,735    26.0%   5,516    20.8%
BBB   5,576    12.3%   3,421    12.9%
Total fixed income securities  $45,207    100.0%  $26,559    100.0%

 

Other-Than-Temporary Impairment

 

The length of time an individual investment may be held in an unrealized loss position may vary based on the opinion of the investment manager and their respective analyses related to valuation and to the various credit risks that may prevent the Company from recapturing the principal investment. In the case of an individual investment where the investment manager determines that there is little or no risk of default prior to maturity, the Company would elect to hold the investment in an unrealized loss position until the price recovers or the investment matures. In situations where facts emerge that might increase the risk associated with recapture of principal, the Company may elect to sell the investment at a loss.

 

The Company performs a quarterly analysis of its investment portfolio to determine if declines in market value are other-than-temporary. Further information regarding the Company’s detailed analysis and factors considered in establishing an other-than-temporary impairment on an investment is discussed within Note 4 - “Investments,” to the consolidated financial statements in Item 1 of this report.

 

As a result of the analysis performed by the Company, there were no write-downs for other-than-temporary impairments related to investments for the nine months ended September 30, 2017 and 2016.

 

As of September 30, 2017, the gross unrealized losses for fixed income and equity securities amounted to $202 and $59, respectively, and there were no unrealized losses attributable to non-investment grade securities. At both September 30, 2017 and December 31, 2016, all unrealized losses on individual investments were considered temporary. Fixed income securities in unrealized loss positions continued to pay interest and were not subject to material changes in their respective debt ratings. The Company concluded the declines in value were considered temporary. As the Company has the capacity to hold these investments to maturity, no impairment provision was considered necessary.

 

Deferred Policy Acquisition Costs

 

The Company’s deferred policy acquisition costs (“DPAC”) include commissions, premium taxes, assessments and policy processing fees that are directly related to successful efforts to acquire new or existing insurance policies to the extent they are considered recoverable and represent those costs related to acquiring the premiums the Company has yet to earn (the unearned premium reserve). DPAC increased $1,803, to $6,192 as of September 30, 2017 from $4,389 as of December 31, 2016. DPAC expressed as a percentage of unearned premium reserves was 19.2% as of September 30, 2017, compared to 17.0% as of December 31, 2016. This increase results from an increase in the effective rate on premium taxes that we pay in Louisiana and Texas due to a change in Louisiana statute whereby the Company no longer qualifies for certain credits on its premium taxes which were related to the value of investments held in the State of Louisiana.

 

33 

 

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Premiums Receivable, Net of Allowance for Doubtful Accounts

 

Premiums receivable, net of allowances for credit losses, decreased by $703 to $2,220 as of September 30, 2017 from $2,923 as of December 31, 2016. Due to our participation in the Citizens take-out program on December 1, 2016, we had a balance due from Citizens for approximately $800 as of December 31, 2016, most of which had been collected as of September 30, 2017.

 

Ceded Unearned Premiums

 

Ceded unearned premiums represents the unexpired portion of premiums which have been paid to the Company’s reinsurers. Ceded unearned premiums are charged to income over the terms of the respective reinsurance treaties. Ceded unearned premiums decreased $1,011 to $3,836 as of September 30, 2017 from $4,847 as of December 31, 2016 due predominantly to the amount and timing of installment payments due under our excess of loss catastrophe treaties.

 

Reinsurance Recoverable

 

Reinsurance recoverable on both paid losses and loss and LAE reserves represents amounts due to the Company, or expected to be due to the Company, from its reinsurers, based upon claims paid as well as claims reserves which have exceeded the retention amount under our reinsurance treaties. As of September 30, 2017, we have recorded expected recoveries from our reinsurers of $7,767 on paid losses and $17,560 on loss and LAE reserves, resulting primarily from recoveries due under our catastrophe excess of loss treaty for Hurricane Harvey, which affected the Gulf Coast of Texas in late August, 2017. See “Loss and Loss Adjustment Expense Reserves” in Item 2 of this report for further discussion on the Company’s claims reserves and expected recoveries.

 

Funds Deposited with Reinsured Companies

 

Funds deposited with reinsured companies represents collateral that we had placed on deposit with Brotherhood based upon our quota-share agreement to reinsure a portion of Brotherhood’s business for wind/hail coverage only. Pursuant to the agreement, we were required to fund our pro-rata portion of reserves that Brotherhood had established for losses and loss adjustments expenses, and any other amounts for which Brotherhood had not been able to take credit for on its annual statutory financial statements. As of December 31, 2016, we had funded this obligation via a deposit of $500 made to Brotherhood under a trust agreement. This collateral was returned to the Company in March 2017.

 

Current Income Taxes Recoverable

 

Current income taxes recoverable were $632 as of September 30, 2017 compared to $1,195 as of December 31, 2016, which represent the estimate of both the Company’s state and federal income taxes paid in excess of amounts due as of September 30, 2017 and December 31, 2016, respectively.

 

Net Deferred Income Taxes

 

Net deferred income taxes increased $435 to $855 as of September 30, 2017 compared to $420 as of December 31, 2016. Net deferred income taxes are comprised of approximately $3,483 and $2,359 of deferred tax assets, net of approximately $2,628 and $1,939 of deferred tax liabilities as of September 30, 2017 and December 31, 2016, respectively. The change in the net deferred tax asset is primarily due to an increase in deferred tax assets associated with our increase in unearned premium reserves as well as an increase in net operating loss carryforwards due to our net loss for the nine months ended September 30, 2017.

 

Property and Equipment

 

Property and equipment was $213 and $250 as of September 30, 2017 and December 31, 2016, respectively, and consists of computers, office equipment, and improvements at our leased facilities in Tampa, Florida and Baton Rouge, Louisiana, shown net of accumulated depreciation. Also included in these balances are vehicles that we have purchased for the use of our sales representatives in Texas, Florida and Louisiana. Our policy for the capitalization and depreciation of these assets can be found in Note 2 – Significant Accounting Policies in Item 1 of this report.

 

34 

 

 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Other Assets

 

Other assets increased $79, to $867 as of September 30, 2017 from $788 as of December 31, 2016. The major components of other assets, and the change therein, are shown below.

 

Other Assets  September 30,
2017
   December 31,
2016
   Change 
Accrued interest on investments  $233   $117   $116 
Security deposits for facility leases   38    38     
Prepaid expenses   481    616    (135)
Other   115    17    98 
Total  $867   $788   $79 

 

Loss and Loss Adjustment Expense Reserves

 

Loss and loss adjustment expense reserves represent the estimated liabilities for reported loss events, incurred and but not reported (“IBNR”) loss events, as well as the related estimated loss adjustment expenses (“LAE”). The table below separates our loss reserves and LAE between IBNR and case specific estimates as of September 30, 2017 and December 31, 2016, and also shows the expected reinsurance recoverable on those reserves.

 

   Case Loss Reserves   Case LAE Reserves   Total Case Reserves   IBNR Reserves (including LAE)   Total Reserves   Reinsurance Recoverable on Reserves 
September 30, 2017                              
Homeowners(1)  $3,348   $347   $3,695   $3,065   $6,760   $3,254 
Special Property(2)   10,372    600    10,972    4,359    15,331    14,306 
Total  $13,720   $947   $14,667   $7,424   $22,091   $17,560 
                               
December 31, 2016                              
Homeowners  $1,523   $463   $1,986   $3,302   $5,288   $2,565 
Special Property   697    88    785    898    1,683    1,087 
Total  $2,220   $551   $2,771   $4,200   $6,971   $3,652 

 

(1)Homeowners refers to our multi-peril policies for traditional dwellings as well as mobile and manufactured homes.

(2)Special property includes both our fire and allied lines of business, which are primarily wind/hail only products, and also includes the commercial lines wind/hail only business that we have assumed through our quota-share agreement with Brotherhood and our personal lines wind/hail only business that we have assumed through our quota-share agreement with TWIA.

 

Gross reserves as of September 30, 2017 were $22,091, an increase of $15,120 from December 31, 2016. Gross reserves in the approximate amount of $14,200 have been established for PCS Catastrophe 1743, or Harvey, a major storm which made initial landfall in the U.S. as a Category 4 hurricane near Rockport, Texas. As of September 30, 2017, we anticipate our total incurred losses from Harvey to be $23,000 on a gross basis, or $5,000 on a net basis after recoveries under our catastrophe excess of loss reinsurance program. The reinsurance recoverable on reserves as of September 30, 2017 was $17,560, an increase of $13,908 from December 31, 2016, due, in large part, to the anticipated recoveries due to the Company from Harvey losses. As a result of the foregoing, net loss reserves were $4,531 and $3,319 as of September 30, 2017 and December 31, 2016, respectively.

 

We cannot predict whether loss and loss adjustment expense reserves will develop favorably or unfavorably from the amounts reported in our consolidated financial statements. Any such development could have a material effect on our consolidated financial results for a given period. Furthermore, while we use, and expect to continue to use, reinsurance to help manage our exposure to catastrophic losses, the availability and cost of reinsurance are each subject to prevailing market conditions beyond our control which can affect business volume and profitability. We may be unable to maintain our current reinsurance coverage, to obtain additional reinsurance coverage in the event our current reinsurance coverage is exhausted by a catastrophic event, or to obtain other reinsurance coverage in adequate amounts or at acceptable rates. Similar risks exist whether we are seeking to replace coverage terminated during the applicable coverage period or to renew or replace coverage upon its expiration.

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Unearned Premium Reserves

 

Unearned premium reserves increased to $32,170 as of September 30, 2017 compared to $25,821 as of December 31, 2016.

 

The following table outlines the change in unearned premium reserves by state and line of business.

 

   September 30, 2017  

December 31,  

2016

   Change 
Homeowners - LA  $17,725   $16,644   $1,081 
Special Property - LA   7,379    7,113    266 
 Total Louisiana   25,104    23,757    1,347 
Homeowners – TX   3,439    822    2,617 
Special Property – TX   3,627    1,242    2,385 
 Total Texas   7,066    2,064    5,002 
Grand Total  $32,170   $25,821   $6,349 

 

Ceded Reinsurance Premiums Payable

 

Ceded reinsurance premiums payable increased $557 to $5,786 as of September 30, 2017 compared to $5,229 as of December 31, 2016. The bulk of the balance payable as of September 30, 2017 represents a quarterly installment payment due under our catastrophe reinsurance program, which was paid in October, 2017.

 

Agency Commissions Payable

 

Agency commissions payable increased $219 to $716 as of September 30, 2017 compared to $497 as of December 31, 2016. As agency commissions are paid one month in arrears, this balance represents commissions owed to the Company’s independent agencies on policies written throughout the months ended September 30, 2017 and December 31, 2016, respectively. Since the commissions that we pay to our independent agencies are based upon a percentage of the premium written by our agencies, the balance due will vary directly with the volume of premium written in the month.

 

Premiums Collected in Advance

 

Premium deposits were $1,887 and $1,128 and represent cash that the Company has received for policies which were not yet in-force as of September 30, 2017 and December 31, 2016, respectively. Upon the effective date of coverage, advance premiums are reclassified to the unearned premium reserve account.

 

Funds held under Reinsurance Treaties

 

Funds held under reinsurance treaties represents collateral that we have received on deposit from our reinsurers under our catastrophe excess of loss treaties and is intended to fund those reinsurers pro-rata portion of reserves that we have established for losses and loss adjustment expenses. As of December 31, 2016, we had received cash deposits of $73 from our reinsurers. This balance was reduced to $48 as of September 30, 2017 as a portion of the balance was applied to reinsurance recoveries due to us on paid losses during the nine months ended September 30, 2017.

 

Accounts Payable and Other Accrued Expenses

 

Accounts payable and other accrued expenses increased $2,418, to $4,483 as of September 30, 2017 from $2,065 as of December 31, 2016. The major components of accrued expenses and other liabilities, as well as the change therein, are shown below.

 

   September 30,
2017
  

December 31,
2016

   Change 
Accrued employee compensation  $128   $95   $33 
Accrued professional fees   763    509    254 
Unearned policy fees   386    204    182 
Accrued premium taxes and assessments   2,108    1,193    915 
Funds due to settle bond trades   1,031        1,031 
Other accounts payable   67    64    3 
Total  $4,483   $2,065   $2,418 

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

Related Party Transactions

 

As a result of the termination of the Management Services Agreement (“MSA”), which occurred on February 24, 2015, the Company has issued the following securities to 1347 Advisors, LLC (“Advisors”), a wholly owned subsidiary of KFSI.

 

100,000 shares of the Company’s common stock issuable pursuant to the Performance Shares Grant Agreement dated February 24, 2015, and subject to the achievement of the Milestone Event;

120,000 shares of Series B Preferred Stock of the Company (the “Preferred Shares”); and

A warrant (the “Warrant”) to purchase 1,500,000 shares of the Company’s common stock at an exercise price of $15.00 per share. The Warrant expires on February 24, 2022.

 

The Performance Shares Grant Agreement grants Advisors 100,000 shares of the Company’s common stock issuable upon the date that the last sales price of the Company’s common stock equals or exceeds $10.00 per share for any 20 trading days within any 30-day trading period (the “Milestone Event”). Advisors will not be entitled to any dividends declared or paid on the Company’s stock prior to the Milestone Event having been achieved.

 

The Preferred Shares have a par value of $25.00 dollars and pay annual cumulative dividends at a rate of eight percent per annum. Cumulative dividends shall accrue, whether or not declared by the Board and irrespective of whether there are funds legally available for the payment of dividends. Accrued dividends shall be paid in cash only when, as, and if declared by the Board out of funds legally available therefor or upon a liquidation or redemption of the Preferred Shares. In the event of any voluntary of involuntary liquidation, dissolution, or winding up of the Company, the holders of the Preferred Shares then outstanding shall be entitled to be paid out of the assets of the Company available for distributions to its shareholders, before any payment shall be made to holders of securities junior in preference to the Preferred Shares. The Preferred Shares rank senior to the Company’s common stock, and the Company is not permitted to issue any other series of preferred stock that ranks equal or senior to the Preferred Shares while the Preferred Shares are outstanding. On both February 24, 2017 and 2016, the Company issued a cash payment of $240 to Advisors representing annual dividend payments due on the Preferred Shares.

 

Unless redeemed earlier by the Company as discussed below, with the written consent of the holders of the majority of the Preferred Shares then outstanding, the Company will be required to redeem the Preferred Shares then outstanding on February 24, 2020 (the “Mandatory Redemption Date”), for a redemption amount equal to $25.00 dollars per share outstanding plus all accrued and unpaid dividends on such shares. The Company has the option to redeem the Preferred Shares prior to the Mandatory Redemption Date immediately prior to the consummation of any change in control of the Company that may occur.

 

Since the Preferred Shares have a mandatory redemption provision requiring redemption on February 24, 2020, the Company was required to classify the Preferred Shares as a liability on the balance sheet instead of recording the value of these shares in equity. The resulting liability was recorded at a discount to the ultimate redemption amount of the Preferred Shares based upon an analysis of the cash payments expected to occur under the terms of the Preferred Shares discounted for the Company’s estimated cost of equity (13.9%). As a result, amortization in the amount of $1,889 will be charged to operations during the period the Preferred Shares are outstanding using the effective interest method. For the nine months ended September 30, 2017 and 2016, amortization of the discount on the Preferred Shares totaled $276 and $263, respectively.

 

Investment in Limited Liability Company

 

On April 21, 2016, KFSI completed the acquisition of Argo Management Group LLC (“Argo”). Argo’s primary business is to act as the Managing Member of Argo Holdings Fund I, LLC, an investment fund in which the Company has committed to invest $500, of which the Company has invested $211 as of September 30, 2017. The managing member of Argo, Mr. John T. Fitzgerald, was also appointed to KFSI’s board of directors on April 21, 2016.

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Contractual Obligations

 

As of September 30, 2017, the Company had the following amounts due under its operating leases for facilities leased in Baton Rouge, Louisiana, and Tampa, Florida.

 

Year ending September 30,     
2018   $303 
2019    298 
2020    25 
2021 and thereafter     
Total   $626 

 

Shareholders’ Equity

 

The primary drivers behind the changes to total shareholders’ equity for the nine months ended September 30, 2017 were the Company’s net loss as well as net unrealized gains on its investment portfolio as shown in the table below. Furthermore, on September 14, 2017, the Company sold 28,000 restricted common shares to its Chief Operating Officer, Mr. Case, at a price of $8.00 per share.

 

   Common Shares Outstanding   Treasury
Shares
  

Total Shareholders’

Equity

 
Balance, January 1, 2017   5,956,766    151,359   $46,357 
Issuance of common shares   28,000        224 
Stock compensation expense           19 
Net loss           (1,096)
Unrealized gains on investment portfolio (net of income taxes)           94 
Balance, September 30, 2017   5,984,766    151,359   $45,598 

 

Results of Operations

 

Three and Nine Months Ended September 30, 2017 Compared with Three and Nine Months Ended September 30, 2016

 

Gross Premiums Written

 

The following table shows our gross premiums written by line of business for the three and nine months ended September 30, 2017 and 2016.

 

   Three months ended September 30,   Nine months ended September 30, 
Line of Business  2017   2016   Change   2017   2016   Change 
Homeowners  $11,275   $9,402   $1,873   $30,474   $25,577   $4,897 
Special Property   5,888    4,564    1,324    18,343    13,907    4,436 
Gross Premium Written  $17,163   $13,966   $3,197   $48,817   $39,484   $9,333 

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Gross premiums written were $17,163 for the quarter ended September 30, 2017, up 22.9% from $13,966 for the quarter ended September 30, 2016. This increase was largely due to organic growth in voluntary production from the Company’s independent agents, particularly in Texas where the Company is reporting solid growth across all of its product lines with homeowner’s policies especially strong.

 

For the nine months ended September 30, 2017, gross premiums written in the State of Louisiana represented approximately 74% of total gross written premiums, with the remaining 26% written in Texas. For the same period in the preceding year, gross premiums written in Louisiana and Texas represented 91% and 9%, respectively, as we continue to expand our network in Texas.

 

Ceded Premiums Written

 

Ceded premiums written increased to $16,426 for the nine months ended September 30, 2017, compared to $15,414 for the same period 2016. The increase in ceded premiums written is primarily due to an increase in the total insured value of the Company’s book of business year over year as well as the change in the geographic mix of coverage that we provide. While the limits purchased under our catastrophe excess of loss reinsurance (“CAT XOL”) and aggregate programs did not change year over year, our treaty years run from June 1st through May 31st of each year, thus the nine month periods ended September 30, 2017 and 2016 are covered by ceded premiums written under three separate reinsurance treaties. Therefore, the increase in ceded premiums written for the nine month period can also be attributed to the increase in limits purchased when comparing our 2015/2016 treaty with the Company’s two most recent treaties. The following table is a summary of the key provisions under each of our treaties.

 

  

2015/2016 CAT XOL Treaty

06/01/15 – 05/31/16

  

2016/2017 CAT XOL Treaty

06/01/16 – 05/31/17

   2017/2018 CAT XOL Treaty 06/01/17 – 05/31/18 
Wind/Hail loss occurrence clause(1)   144 hours    144 hours    144 hours 
Retention on first occurrence  $4,000   $5,000   $5,000 
Retention on second occurrence  $1,000   $2,000   $2,000 
Limit of coverage including first event retention  $140,000   $200,000   $200,000 
Franchise deductible(2)  $   $125   $250 

 

(1)Specifies the time period during which our losses from the same occurrence may be aggregated and applied to our retention and limits. We may pick the date and time when the period of consecutive hours begin in order to maximize our recovery.
(2)Specifies the gross incurred losses by which each 144 hour loss occurrence must exceed before recoveries are generated under our aggregate treaty. Once the franchise deductible is met, all losses under the loss occurrence qualify for recovery, not just those losses which exceed the franchise deductible amount.

 

The total cost of our CAT XOL and aggregate coverage is estimated to be approximately $24,700 for the 2017/2018 treaty year, compared to $21,200 for the 2016/2017 treaty year.

 

Net Premium Earned

 

The following table shows our net premiums earned by line of business.

 

   Three months ended September 30,   Nine months ended September 30, 
Line of Business  2017   2016   Change   2017   2016   Change 
Homeowners  $6,494   $4,996   $1,498   $17,410   $15,792   $1,618 
Special Property   2,138    2,140    (2)   7,622    7,077    545 
Net premium earned  $8,632   $7,136   $1,496   $25,032   $22,869   $2,163 

 

Premium earned on a gross and ceded basis is as shown in the following table.

 

   Three months ended September 30,   Nine months ended September 30, 
   2017   2016   Change   2017   2016   Change 
Gross premium earned  $14,907   $12,546   $2,361   $42,469   $35,822   $6,647 
Ceded premium earned   6,275    5,410    865    17,437    12,953    4,484 
Net premium earned  $8,632   $7,136   $1,496   $25,032   $22,869   $2,163 

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

Other Income

 

Other income increased $400 to $1,262 for the nine months ended September 30, 2017, compared to $862 for the same period in 2016. Comparing the three month periods ended September 30, 2017 and 2016, other income increased $129 to $474 from $345. Other income is comprised of policy fee income charged to our policyholders for property inspections, premium financing fees for those policyholders which elect to pay their premiums on an installment basis, and commission revenue resulting from a brokerage sharing agreement between our insurance subsidiary, Maison, and the intermediary Maison uses to place its CAT XOL reinsurance program. The growth in our book of business is the main driver behind the increase in other income when comparing the three and nine month periods ended September 30, 2017 to 2016.

 

Net losses and loss adjustment expenses

 

Net losses and LAE represent both actual payments made and changes in estimated future payments to be made to our policyholders. The following table sets forth the components of our losses and loss ratios for the three and nine months ended September 30, 2017 and 2016.

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

   Three months ended September 30,   Nine months ended September 30, 
   2017   2016   2017   2016 
  

Losses

($)

  

Loss

Ratio

(%) 

  

Losses

($)

  

Loss

Ratio

(%)

  

Losses

($) 

  

Loss Ratio

(%)

  

Losses

($)

  

Loss Ratio

(%) 

 
Non-catastrophe weather losses  $881    10.2%  $51    0.7%  $2,753    11.0%  $430    1.9%
Non-weather losses   2,836    32.9%   1,648    23.1%   6,500    26.0%   4,876    21.3%
Core loss(1)   3,717    43.1%   1,699    23.8%   9,253    37.0%   5,306    23.2%
Catastrophe loss(2)   5,000    57.9%   4,798    67.2%   6,700    26.7%   9,784    42.8%
Prior period (redundancy)   development(3)   (922)   (10.7)%   (54)   (0.7)%   (2,144)   (8.5)%   (173)   (0.8)%
Net losses and LAE incurred  $7,795    90.3%  $6,443    90.3%  $13,809    55.2%  $14,917    65.2%

(1)We define Core Loss as net losses and LAE less the sum of catastrophe losses and prior period development/redundancy.

(2)Property Claims Services (PCS) defines a catastrophic event as an event where the insurance industry is estimated to incur over $25,000 of insured property damage that also impacts a significant number of insureds. For purposes of the above table, we have defined a catastrophe as a PCS event where the Company’s estimated gross incurred cost (before recovery from reinsurance) exceeds $1,500.

(3)Prior period development is the amount of ultimate actual loss settlement value which is more than the estimated reserves recorded for a particular liability or loss, while redundancy represents the ultimate actual loss settlement value which is less than the estimated and determined reserves recorded for a particular liability or loss.

 

Our net loss ratio (net losses and LAE divided by net premiums earned) for the nine months ended September 30, 2017 was 55.2%, compared to a net loss ratio of 65.2% for the nine months ended September 30, 2016. While we experienced an increase in our core loss ratio, this was offset by a decrease in our catastrophe loss ratio when comparing periods. Although Hurricane Harvey was a significant event for us, as we expect our total gross incurred losses to be approximately $23,000 for this storm, due to our reinsurance program, our net incurred losses from Harvey are limited to $5,000. Furthermore, PCS event 1714 was a series of wind/hail storms which impacted our policyholders in both Louisiana and Texas in early February, 2017, resulting in $1,700 in net incurred catastrophe losses for the nine months ended September 30, 2017. These net losses from event 1714, along with $5,000 in net incurred losses from Hurricane Harvey, represent the extent of our catastrophe losses for the nine months ended September 30, 2017 as shown in the preceding table. In comparison, for the nine months ended September 30, 2016, we experienced three catastrophe events: PCS event 1616 in February, PCS event 1617 in March, and PCS event 1644 in August. These three events resulted in $9,784 in net incurred losses for prior year. Our net loss ratio for the current year was further reduced due to redundancy in the amount of $2,144 due to the release of reserves relating to prior accident years.

 

Our net loss ratio for the three months ended September 30, 2017 was 90.3% and was marked by the impact of Harvey, which resulted in $5,000 in net incurred catastrophe losses for the quarter and accounted for over half of the quarter’s net loss ratio. Non-weather losses also accounted for approximately one-third of the quarter’s net loss ratio as we experienced approximately $1,500 in net losses from fire claims and $1,336 from all other non-weather related causes of loss.

 

Amortization of Deferred Policy Acquisition Costs

 

Amortization of deferred acquisition costs for the three months ended September 30, 2017 were $2,755 compared to $2,095 for the three months ended September 30, 2016, and include items such as commissions earned by our agencies, premium taxes, assessments, and policy processing fees. Expressed as a percentage of gross earned premiums, amortization was 18.5% in the current quarter, compared to 16.7% in the same quarter last year. For the nine month periods ended September 30, amortization as a percentage of gross earned premiums was 18.5% and 16.7% in 2017 and 2016, respectively. The increase in amortization of deferred acquisition costs as a percentage of gross earned premiums can be attributed to an increase in the effective rate of the premium taxes that we pay due to the loss of an investment credit received on our premium taxes in previous years. Effective January 1, 2017, the State of Louisiana amended this credit such that certain assets such as cash and money market funds held in the state of Louisiana would no longer qualify as a tax credit on the Company’s premium taxes.

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

($ amounts in thousands, except share and per share data)

  

General and Administrative Expenses

 

General and administrative expenses were $2,145 for the quarter ended September 30, 2017, compared to $1,658 for the quarter ended September 30, 2016. For the nine month periods ended September 30, 2017 and 2016, general and administrative expenses were $6,535 and $4,982, respectively. Expressed as a percentage of gross premium earned, general and administrative expenses were 15.4% and 13.9%, for the nine month periods of 2017 and 2016, respectively. The largest drivers in the increase in general and administrative expense over both the three and nine month periods include employee costs and professional fees. Employee costs accounted for approximately 35% of the nine month increase as we have increased staffing to support our growth in Texas and Florida while professional fees accounted for approximately 50% of the nine month increase as we have initiated a review of the rates that we charge on our risks in Louisiana and also have initiated filings for the new products that we plan to offer in Florida.

 

Income Tax Benefit

 

Income tax benefit for the three and nine months ended September 30, 2017 was $1,171 and $397, respectively, on pre-tax losses of $3,434 and 1,493, respectively. This resulted in an effective tax rate of 34% and 27%, respectively. For the three and nine month periods ended September 30, 2016, our effective income tax rate was 32% and 28%, respectively. The variances to the effective income tax rate between periods is due, in large, to state income taxes charged to the Company’s subsidiaries.

 

Net Loss

 

As a result of the foregoing, the Company’s net loss for the third quarter 2017 was $2,263, or $0.38 per diluted share, compared to a net loss of $1,806, or $0.30 per diluted share for the third quarter of 2016. For the nine months ended September 30, 2017, the Company’s net loss was $1,096, or $0.18 per diluted share, compared to a net loss of $1,581 or $0.26 per diluted share for the nine months ended September 30, 2016.

 

Liquidity and Capital Resources

 

The purpose of liquidity management is to ensure that there is sufficient cash to meet all financial commitments and obligations as they become due. The liquidity requirements for the Company and its subsidiaries have been met primarily by funds generated from operations, and from the proceeds from the sales of its common and preferred stock. Cash provided from these sources is used primarily for loss and LAE payments as well as other operating expenses. The timing and amount of payments for net losses and loss adjustment expenses may differ materially from the Company’s provisions for loss and loss adjustment expense reserves, which may create increased liquidity requirements.

 

Cash Flows

 

The following table summarizes the Company’s consolidated cash flows for the nine months ended September 30, 2017 and 2016.

 

   Nine months ended September 30, 
Summary of Cash Flows  2017   2016 
Net cash provided by operating activities  $3,832   $1,659 
Net cash used in investing activities   (21,182)   (9,428)
Net cash used in financing activities   (16)   (1,262)
Net decrease in cash and cash equivalents  $(17,366)  $(9,031)

 

Nine months ended September 30, 2017

 

For the nine months ended September 30, 2017, net cash provided by operating activities as reported on our consolidated statement of cash flows was $3,832, driven, in large, by our collection of approximately $34,411 in premiums for the period (net of the amounts that we have ceded to our reinsurers), less the payment of approximately $19,920 in loss and LAE expenses (net of ceded recoveries collected from our reinsurers). We also paid approximately $6,830 in commissions to our agencies, Brotherhood and Citizens (as ceding commissions), as well as cash payments in the approximate amount of $3,829 for taxes, assessments and general and administrative expenses.

 

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1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Net cash used in investing activities as reported on our consolidated statement of cash flows was $21,182, driven primarily by the net purchases of fixed income and equity securities as well as short term investments for our investment portfolio. Net cash used in financing activities was $16, as a result of a dividend payment of $240 made to Advisors as holders of the Preferred Shares issued in the MSA termination transaction, net of $224 in proceeds from the sale of our common stock.

 

As a result of the foregoing, cash and cash equivalents decreased from $43,045 as of December 31, 2016 to $25,679 as of September 30, 2017.

 

Nine months ended September 30, 2016

 

For the nine months ended September 30, 2016, the net cash provided by operating activities as reported on our consolidated statement of cash flows was $1,659, resulting from our collection of approximately $27,500 in premiums for the year (net of the amounts we have ceded to our reinsurers), less the payment of approximately $13,700 in loss and LAE expenses (net of ceded recoveries collected from our reinsurers). We also paid approximately $5,300 in commissions to our agencies, as well as to Brotherhood and Citizens as ceding commissions. Lastly, cash payments in the approximate amount of $6,800 were made for taxes, assessments and general and administrative expenses.

 

The net cash used by investing activities as reported on our consolidated statement of cash flows was $9,428, resulting from the net purchases of fixed income, equity securities and short term investments for our investment portfolio. Net cash used by financing activities was $1,262, which resulted from a dividend payment of $240 to Advisors as holders of the Preferred Shares issued in the MSA termination transaction, as well as the payment of $1,022 for the repurchase of 153,905 shares of our common stock pursuant to our share buyback program.

 

As a result of the foregoing, cash and cash equivalents decreased from $47,957 as of December 31, 2015 to $38,926 as of September 30, 2016.

 

Regulatory Capital

 

In the United States, a risk-based capital (“RBC”) formula is used by the National Association of Insurance Commissioners (“NAIC”) to identify property and casualty insurance companies that may not be adequately capitalized. Most states, including Louisiana, the domiciliary state of our insurance subsidiary, Maison, as well as Texas, where Maison began writing business in June 2015, have adopted the NAIC RBC requirements. In general, insurers reporting surplus with respect to policyholders below 200% of the authorized control level, as defined by the NAIC, on December 31st of the previous year are subject to varying levels of regulatory action, which may include discontinuation of operations. As of September 30, 2017, Maison’s reported surplus was considered to be in the “no action” level by the Louisiana Department of Insurance.

 

43 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

Furthermore, pursuant to the consent order approving Maison’s admission into the State of Texas, Maison has agreed to:

 

Establish a deposit of $2,000 for the benefit of Texas policyholders. The Company has fulfilled this obligation by depositing fixed income securities, having an estimated fair value of $1,998 as of September 30, 2017, with the State of Texas.

Maintain a Risk-Based-Capital (“RBC”) ratio of 300% or more, and provide calculation of such ratio to the TDI on a periodic basis. Maison has fulfilled this obligation by maintaining an RBC ratio over 300% through September 30, 2017.

 

Similarly, although Maison has not yet written any insurance policies in the State of Florida, pursuant to the consent order approving Maison’s admission into the State of Florida, Maison has agreed to:

 

Maintain a Risk-Based-Capital (“RBC”) ratio of 300% or more.

Maintain minimum capital and surplus as to policyholders of $35,000.

Restrict the payment of dividends to only those which have been approved in advance by the FL OIR.

 

As of September 30, 2017, Maison has fulfilled these obligations as its RBC ratio exceeded 300% and its capital surplus was $35,962.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

The Company’s management performed an evaluation under the supervision and with the participation of the Company’s principal executive officer and the principal financial officer, and completed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e), as adopted by the Securities and Exchange Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of September 30, 2017. Disclosure controls and procedures are the controls and other procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to management, including the principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

 

Based on that evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective as of September 30, 2017.

 

During the quarter ended September 30, 2017, there were no changes in internal control over financial reporting that materially affected, or are reasonably likely to materially affect the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. Currently, it is not possible to predict legal outcomes and their impact on the future development of claims. Any such development will be affected by future court decisions and interpretations. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current reserves. In addition, the Company’s estimate of ultimate loss and loss adjustment expenses may change. These additional liabilities, or increases in estimates, or a range of either, cannot be reasonably estimated, and could result in income statement charges that could be material to the Company’s results of operations in future periods.

 

44 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES

($ amounts in thousands, except share and per share data)

 

ITEM 1A. RISK FACTORS

 

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A. “Risk Factors” to our annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 16, 2017.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On May 23, 2017, the Company announced that Dan Case has been appointed to the position of Chief Operating Officer. In connection with Mr. Case’s new employment, Mr. Case has the opportunity to purchase up to 68,027 shares of the Company’s common stock on the open market or in direct purchases from the Company during his first six months of employment with the Company, and at the end of the six-month purchase period, the Company will match any such shares purchased by Mr. Case with a grant of restricted stock units (“RSUs”) of the Company equal to two RSUs for each share purchased by Mr. Case. The RSUs will vest 20% per year over five years following the date granted, subject to continued employment through such vesting date. The aggregate maximum number of shares of the Company’s common stock that may be acquired pursuant to this arrangement, including through open market purchases, purchases from the Company and grants from the Company, is 204,081. Any shares purchased directly from the Company will be made at a price equal to the closing price of the Company’s common stock on the prior trading day, but not less than the latest quarter end published book value per share. This arrangement was entered into outside of the Company’s existing shareholder approved equity plans and was approved by the Compensation Committee of the Company’s Board of Directors as an inducement material to Mr. Case entering into employment with the Company in reliance on Nasdaq Listing Rule 5635(c)(4). As of November 1, 2017, Mr. Case had purchased 50,092 shares of the Company’s common stock pursuant to this arrangement, 28,000 of which shares were purchased directly from the Company at a purchase price of $8.00 per share on September 14, 2017. The shares of the Company’s common stock issued under this arrangement were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

45 

 

1347 PROPERTY INSURANCE HOLDINGS, INC. AND SUBSIDIARIES 

 

ITEM 6. EXHIBITS

 

Exhibit   Description
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished)
32.2   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished)
101.INS   XBRL Instance Document
101.SCH   XBRL Taxonomy Extension Schema
101.CAL   XBRL Taxonomy Extension Calculation Linkbase
101.DEF   XBRL Taxonomy Extension Definition Linkbase
101.LAB   XBRL Taxonomy Extension Label Linkbase
101.PRE   XBRL Taxonomy Extension Presentation Linkbase

 

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.

 

      1347 PROPERTY INSURANCE HOLDINGS, INC.
       
Date: November 13, 2017 By: /s/ Douglas N. Raucy
      Douglas N. Raucy, President, Chief Executive Officer and Director
      (principal executive officer)
       
Date: November 13, 2017 By: /s/ John S. Hill
      John S. Hill, Vice President, Chief Financial Officer, and Secretary
       
      (principal financial and accounting officer)

 

46 

EX-31.1 2 ex31-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
 

1347 Property Insurance Holdings, Inc. 10-Q

 

EXHIBIT 31.1

 

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, Douglas N. Raucy, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of 1347 Property Insurance Holdings, Inc.;

2.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;

3.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;

4.The registrant’s other certifying officer(s) 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 registrant 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 the 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

5.The registrant’s other certifying officers(s) 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 13, 2017

 

By /s/ Douglas N. Raucy  

Douglas N. Raucy, President and Chief Executive Officer

(Principal Executive Officer)

 

 

EX-31.2 3 ex31-2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
 

1347 Property Insurance Holdings, Inc. 10-Q

 

EXHIBIT 31.2

 

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

I, John S. Hill, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of 1347 Property Insurance Holdings, Inc.;

2.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;

3.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;

4.The registrant’s other certifying officer(s) 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 registrant 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 the 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

5.The registrant’s other certifying officers(s) 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 13, 2017

 

By /s/ John S. Hill  

John S. Hill, Vice President, Chief Financial Officer, and Secretary

(Principal Financial Officer)

 

 

 

EX-32.1 4 ex32-1.htm CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
 

1347 Property Insurance Holdings, Inc. 10-Q

 

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 on Form 10-Q (the “Report”) of 1347 Property Insurance Holdings, Inc. (the “Company”) for the period ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof, I, Douglas N. Raucy, the Chief Executive Officer and Principal Executive Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

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

 

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

 

Date: November 13, 2017

 

By /s/ Douglas N. Raucy  

Douglas N. Raucy, President and Chief Executive Officer

(Principal Executive Officer)

 

 

EX-32.2 5 ex32-2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
 

1347 Property Insurance Holdings, Inc. 10-Q

 

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 on Form 10-Q (the “Report”) of 1347 Property Insurance Holdings, Inc. (the “Company”) for the period ended September 30, 2017 as filed with the Securities and Exchange Commission on the date hereof, I, John S. Hill, the Chief Financial Officer and Principal Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

 

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

 

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

 

Date: November 13, 2017

 

By /s/ John S. Hill  

John S. Hill, Vice President, Chief Financial Officer, and Secretary

(Principal Financial Officer)

 

 

 

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Short-term investments, at cost Other investments, at cost Total investments Cash and cash equivalents Deferred policy acquisition costs, net Premiums receivable, net of allowance for credit losses of $39 and $38, respectively Ceded unearned premiums Reinsurance recoverable on paid losses Reinsurance recoverable on loss and loss adjustment expense reserves Funds deposited with reinsured companies Current income taxes recoverable Deferred tax asset, net Property and equipment, net Other assets Total assets LIABILITIES Loss and loss adjustment expense reserves Unearned premium reserves Ceded reinsurance premiums payable Agency commissions payable Premiums collected in advance Funds held under reinsurance treaties Accounts payable and other accrued expenses Series B Preferred Shares, $25.00 par value, 1,000,000 shares authorized, 120,000 shares issued and outstanding for both periods Total liabilities Commitments and contingencies (Note 16) SHAREHOLDERS' EQUITY Common stock, $0.001 par value; 10,000,000 shares authorized; 6,136,125 and 6,108,125 shares issued and 5,984,766 and 5,956,766 shares outstanding as of September 30, 2017 and December 31, 2016, respectively Additional paid-in capital Retained (deficit) earnings Accumulated other comprehensive income (loss) [StockholdersEquityBeforeTreasuryStock] Less: treasury stock at cost; 151,359 shares for both periods Total shareholders' equity Total liabilities and shareholders' equity Statement [Table] Statement [Line Items] Class of Stock [Axis] Fixed income securities, amortized cost Equity investments, cost Premiums receivable, allowance for doubtful accounts Preferred stock, par value (in dollars per share) Preferred stock, authorized shares Preferred stock, issued shares Preferred stock, outstanding shares Common stock, par value (in dollars per share) Common stock, authorized shares Common stock, issued shares Common stock, outstanding shares Treasury stock, shares Income Statement [Abstract] Revenue: Net premiums earned Net investment income Other income Total revenue Expenses: Net losses and loss adjustment expenses Amortization of deferred policy acquisition costs General and administrative expenses Accretion of discount on Series B Preferred Shares Total expenses Loss before income tax benefit Income tax benefit Net loss Net loss per common share: Basic (in dollars per share) Diluted (in dollars per share) Weighted average common shares outstanding: Basic (in shares) Diluted (in shares) Consolidated Statements of Comprehensive Income Net loss Unrealized gains (losses) on investments available for sale, net of income taxes Comprehensive loss Beginning balance Beginning balance (shares) Issuance of common shares Issuance of common shares (in shares) Stock compensation expense Purchase of treasury stock Purchase of treasury stock (in shares) Retirement of treasury shares Retirement of treasury shares (shares) Net income (loss) Other comprehensive income (loss) Ending balance Ending balance (shares) Statement of Cash Flows [Abstract] Cash provided by: Operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Net deferred income taxes Stock compensation expense Depreciation expense Changes in operating assets and liabilities: Premiums receivable Reinsurance recoverable on paid losses and loss reserves Amounts held on deposit with reinsured companies Ceded unearned premiums Deferred policy acquisition costs, net Loss and loss adjustment expense reserves Premiums collected in advance Unearned premium reserves Ceded reinsurance premiums payable Current income taxes recoverable Other, net Net cash provided by operating activities Investing activities: Purchases of furniture and equipment Purchases of fixed income securities Purchase of equity investments Purchase of other investments Net purchases of short-term investments Net cash used in investing activities Financing activities: Payment of dividends on preferred shares Proceeds from sale of common stock Purchases of treasury stock Net cash used in financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosure of cash flow information: Cash paid during the period for: Income taxes Organization, Consolidation and Presentation of Financial Statements [Abstract] Nature of Business Accounting Policies [Abstract] Significant Accounting Policies New Accounting Pronouncements and Changes in Accounting Principles [Abstract] Recently Issued Accounting Standards Investments, Debt and Equity Securities [Abstract] Investments Reinsurance Disclosures [Abstract] Reinsurance Deferred Policy Acquisition Costs Disclosures [Abstract] Deferred Policy Acquisition Costs Insurance Loss Reserves [Abstract] Loss and Loss Adjustment Expense Reserves Income Tax Disclosure [Abstract] Income Taxes Earnings Per Share [Abstract] Net Loss Per Share Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Options, Warrants, and Restricted Stock Units Equity [Abstract] Shareholders' Equity Related Party Transactions [Abstract] Related Party Transactions Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] Accumulated Other Comprehensive Income (Loss) Fair Value Disclosures [Abstract] Fair Value of Financial Instruments Insurance [Abstract] Statutory Requirements Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Basis of Presentation: Principles of Consolidation: The Use of Estimates in the Preparation of Consolidated Financial Statements: Investments: Cash and Cash Equivalents: Premiums Receivable: Reinsurance: Deferred Policy Acquisition Costs: Income Taxes: Property and Equipment: Loss and Loss Adjustment Expense Reserves: Concentration of Credit Risk: Revenue Recognition: Stock-Based Compensation: Fair Value of Financial Instruments: Earnings Per Common Share: Operating Segments: Schedule of amortized cost, gross unrealized gains and losses and estimated fair value of investments Schedule of fixed income securities by contractual maturity Schedule of aggregate unrealized loss position, by security type, of fixed income securities in unrealized loss positions Schedule of net investment income Schedule of impact of reinsurance treaties on financial statements Schedule of components of deferred policy aquisition costs Schedule of cumulative paid losses and LAE, net of reinsurance Summary of income tax expense (benefit) Schedule of deferred income taxes Schedule of numerators and denominators used in calculation of basic and diluted earnings (loss) per share Schedule of potentially dilutive securities excluded from calculation Schedule of common stock options activity Schedule of restricted stock awards activity Schedule of stock warrants issued, exercised and outstanding Schedule of accumulated other comprehensive income (loss) Schedule of financial instruments measured at fair value Schedule of surplus notes Schedule of amounts due under operating leases Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Common stock issued through IPO and follow-on offering Common stock shares held by shareholder (shares) Common stock to be sold by shareholder Common stock sold by shareholder Common stock ownership after completed sales (percent) Capital and surplus to be maintained as to policyholders Capital contribution from parent company Property, Plant and Equipment, Type [Axis] Certificate of deposit maturities Maturity of liquid investments Property plant and equipment useful life Rent expense Cash deposit per institution insured by FDIC Number of parishes - insured Louisiana Number of parishes - total Louisiana Number of counties on direct basis - policy written in Texas Number of counties - total Texas Policy concentration Percentage of policies for concentration in counties Trading Securities [Table] Schedule of Trading Securities and Other Trading Assets [Line Items] Fixed income securities: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity Securities Amortized Cost Basis Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Total Securities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost One year or less More than one to five years More than five to ten years More than ten years Total Estimated Fair Value One year or less More than one to five years More than five to ten years More than ten years Total Less Than 12 Months, fair Value Less Than 12 Months, Unrealized Losses Greater than 12 Months, Fair Value Greater than 12 Months, Unrealized Losses Total Fair Value Total Unrealized Losses Investment Income [Table] Net Investment Income [Line Items] Investment income: Gross investment income Investment expenses Net investment income Schedule of Available-for-sale Securities [Table] Schedule of Available-for-sale Securities [Line Items] Number of investments in unrealized loss positions Pledged securities Amortized cost Estimated fair value Commitment to total investment in partnerships Partners capital draws Certificate of deposit Premium written: Direct Assumed Ceded Net premium written Premium earned: Direct Assumed Ceded Net premium earned Losses and LAE incurred: Direct Assumed Ceded Net losses and LAE incurred Reinsurance Retention Policy [Table] Reinsurance Retention Policy [Line Items] Reinsurance event amount Excess retention amount reinsured Reinsurance recoveries for each risk Ceded written premiums Number of hours in period Aggregate loss retained Number of policies Percentage of quota-share of wind/hail premiums Assumed premiums written Franchise deductible Balance, beginning of period, net Additions Amortization Balance, end of period, net Balance, beginning of period, gross of reinsurance Less reinsurance recoverable on loss and LAE expense reserves Balance, beginning of period, net of reinsurance Incurred related to: Current year Prior years Paid related to: Current year Prior years Balance, September 30, net of reinsurance Plus reinsurance recoverable related to loss and LAE expense reserves Balance, September 30, gross of reinsurance Income tax benefit at statutory income tax rate State income tax (net of federal tax benefit) Other Income tax benefit Components of deferred income tax assets: Deferred income tax assets: Loss and loss adjustment expense reserves Unearned premium reserves Net operating loss carryforwards Share-based compensation Other Deferred income tax assets Deferred income tax liabilities: Deferred policy acquisition costs State deferred taxes Other Deferred income tax liabilities Net deferred income tax assets Statutory federal income tax rate Net deferred income tax assets Basic and Diluted: Weighted average common shares outstanding Loss per common share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table] Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] Potentially dilutive securities outstanding Date of Grant Exercise Price Expiration Date Remaining Contractual Life Number Outstanding Number Exercisable Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] Non-vested units, beginning Granted Vested Forfeited Non-vested units, ending Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] Non-vested units, beginning Granted Vested Forfeited Non-vested units, ending Date of Grant Exercise Price Expiration Date Remaining Contractual Life (Years) Number Outstanding and Exercisable Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] Share-based Compensation Arrangement by Share-based Payment Award [Line Items] Common share options authorized under plan Common share options available for issuance Vesting (percent) Share price Stock based compensation Unrecognized stock based compensation expense Stock issued Number of shares granted Description of vesting rights Vesting period Number of shares authorized for repurchase Purchase price of repurchased shares (in dollars per share) Repurchases of common stock, shares Retirement of treasury shares, shares Repurchases of common stock Retirement of treasury shares - APIC MilestoneAxis [Axis] Cumulative shares to be received per milestone Target price per share Shares to be received per milestone Trading period to achieve milestones Maximum trading period to achieve milestones Payment of preferred dividend Estimated cost of equity Future amortization of discount Prreferred shares issued Warrants issued, shares called Exercise price (in dollars per share) Warrant expiration date Amount pledged for investment with related parties Amount invested with related parties Preferred stock, redemption price per share (in dollars per share) Unrealized gains (losses) on available-for-sale securities: Balance, beginning of period Other comprehensive income (loss) before reclassifications Amounts reclassified from accumulated other comprehensive income (loss) Income taxes Net current-period other comprehensive income (loss) Balance, end of period Fair Value Inputs, Assets, Quantitative Information [Table] Fair Value Inputs, Assets, Quantitative Information [Line Items] Total fixed income securities Total equity securities Total fixed income and equity securities Principal Amount Date of Issuance Maturity Date Minimum capital surplus required Risk based capital ratio Actual current capital surplus Fair value of investment securities in LDI Interest rate of surplus notes Number of surplus notes Year ending June 30, 2018 2019 2020 2021 and thereafter Total Amount, after valuation allowance, recoverable under reinsurance contracts including premium paid under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, premium paid, policy benefits and policy reserves. Represents purchase of treasury stock value. Information related to treasury stock common shares purchase. The cash outflow to reacquire treasury stock during the period. Tabular disclosure of the cumulative paid losses and LAE, net of reinsurance. An arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Although there are variations, normally, after vesting, when an option is exercised, the employee-holder pays the strike value in cash to the issuing employer-entity and receives equity shares. The equity shares can be sold into the market for cash at the current market price without restriction. Options may be used to attract, retain and incentivize employees, in addition to their regular salary and other benefits. Date the equity-based award grants, in CCYY-MM-DD format. An arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Although there are variations, normally, after vesting, when an option is exercised, the employee-holder pays the strike value in cash to the issuing employer-entity and receives equity shares. The equity shares can be sold into the market for cash at the current market price without restriction. Options may be used to attract, retain and incentivize employees, in addition to their regular salary and other benefits. An arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Although there are variations, normally, after vesting, when an option is exercised, the employee-holder pays the strike value in cash to the issuing employer-entity and receives equity shares. The equity shares can be sold into the market for cash at the current market price without restriction. Options may be used to attract, retain and incentivize employees, in addition to their regular salary and other benefits. An arrangement whereby an employee is entitled to receive in the future, subject to vesting and other restrictions, a number of shares in the entity at a specified price, as defined in the agreement. Although there are variations, normally, after vesting, when an option is exercised, the employee-holder pays the strike value in cash to the issuing employer-entity and receives equity shares. The equity shares can be sold into the market for cash at the current market price without restriction. Options may be used to attract, retain and incentivize employees, in addition to their regular salary and other benefits. Date the equity-based award grants, in CCYY-MM-DD format. Date the equity-based award expires, in CCYY-MM-DD format. Refers to number of equity instruments other than options outstanding and exercisable as on date. Portion of share-based compensation award differentiated by a particular vesting feature, including, but not limited to, performance measure or service period. Portion of share-based compensation award differentiated by a particular vesting feature, including, but not limited to, performance measure or service period. Information by title of individual or nature of relationship to individual or group of individuals. Information by title of individual or nature of relationship to individual or group of individuals. Information by title of individual or nature of relationship to individual or group of individuals. Purchase price per share of repurchased shares placed in treasury. Event marking a significant stage in performance agreement. Event marking a significant stage in performance agreement. Event marking a significant stage in performance agreement. Event marking a significant stage in performance agreement. Information relating to subsidiary of common parent. Cummulative milestone shares to be received based upon performance share agreement. The price per share which needs to be reached for each milestone to be achieved. The amount of shares received per each milestone achived. The amount of time over which the target price per share needs to be reached. The maximum trading (in days) in which each milestone need to be completed. Refers to percentage of estimated cost of equity. Amount of amortization expense expected to be recognized during the five years on distingusihing liabilities from equiy. Represent information about warrant expiration date. Amount pledged to be invested in related parties as of the balance sheet date. Amount of investments in related parties as of the balance sheet date. Ownership interest or right to acquire or dispose of ownership interest in corporations and other legal entities for which ownership interest is represented by shares of common or preferred stock, convertible securities, stock rights, or stock warrants. Information by major type of debt and equity security. Information by major type of debt and equity security. Information by type of debt instrument. Information by type of debt instrument. Information by type of debt instrument. Information by type of debt instrument. Information by type of debt instrument. Information by type of debt instrument. Risk based capital considered to be in no action. The number of surplus notes issued. Number of shares held by shareholder. Reflects the percentage that a specified dollar value on the balance sheet or income statement in the period from one or more specified geographic areas is to a corresponding consolidated, segment, or product line amount. Risk is the materially adverse effects of economic decline or antagonistic political actions resulting in loss of assets, sales volume, labor supply, or source of materials and supplies in a US state or a specified country, continent, or region such as EMEA (Europe, Middle East, Africa). Reflects the percentage that a specified dollar value on the balance sheet or income statement in the period from one or more specified geographic areas is to a corresponding consolidated, segment, or product line amount. Risk is the materially adverse effects of economic decline or antagonistic political actions resulting in loss of assets, sales volume, labor supply, or source of materials and supplies in a US state or a specified country, continent, or region such as EMEA (Europe, Middle East, Africa). Reflects the percentage that a specified dollar value on the balance sheet or income statement in the period from one or more specified geographic areas is to a corresponding consolidated, segment, or product line amount. Risk is the materially adverse effects of economic decline or antagonistic political actions resulting in loss of assets, sales volume, labor supply, or source of materials and supplies in a US state or a specified country, continent, or region such as EMEA (Europe, Middle East, Africa). Amount of time for liquid investments to reach full maturity.. The number of parishes the company insures on direct basis personal property in State of Louisiana. Total number of parishes in State of Louisiana. Number of counties that polcies are written by subsidiary on a direct basis in Texas. Total number of counties in State of Texas. Benchmark percentage of policies written in regards to concentration risk. Information by type of investments. Losses and loss adjustmnet incurred. Information pertaining to the company's per-risk treaty reinsurance policy. Information pertaining to the company's excess of loss treaty reinsurance policy. Information pertaining to the additional coverage under the company's excess of loss treaty reinsurance policy. Information pertaining to the additional coverage under the company's excess of loss treaty reinsurance policy. Information pertaining to the additional coverage under the company's excess of loss treaty reinsurance policy. Information pertaining to the additional coverage under the company's excess of loss treaty reinsurance policy. Information by name or description of a single external customer or a group of external customers. Information by name or description of a single external customer or a group of external customers. The minimum amount of an insured event used for additional reinsurance coverage. The amount of reinsurance recoveries per risk. Number of hours in period. Number of policies. Percentage of quota-share of wind/hail premiums. It represent the amount of franchise deductible. Refers to other deferred tax liabilities as on balance sheet date. Number of common shares to be sold by shareholder per purchase agreement. The percent of ownership of the Comapny's outstanding common shares upon completion of share purchase agreement. Number of common shares sold by shareholder per purchase agreement. EquityCommonStockMember EquityWarrantMember Investments [Default Label] Assets Liabilities Stockholders' Equity before Treasury Stock Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Revenues Operating Expenses Comprehensive Income (Loss), Net of Tax, Attributable to Parent Shares, Outstanding Share-based Compensation Increase (Decrease) in Premiums Receivable Increase (Decrease) in Reinsurance Recoverable Increase (Decrease) in Funds Held under Reinsurance Agreements (Increase) Decrease in Unearned Premiums, Net Increase (Decrease) in Deferred Policy Acquisition Costs Increase (Decrease) in Liability for Claims and Claims Adjustment Expense Reserve Increase (Decrease) in Deferred Revenue Increase (Decrease) in Unearned Premiums Increase (Decrease) in Reinsurance Payables Increase (Decrease) in Income Taxes Payable Increase (Decrease) in Other Operating Assets Net Cash Provided by (Used in) Operating Activities Payments to Acquire Furniture and Fixtures Payments to Acquire Marketable Securities Payments to Acquire Equity Method Investments Payments to Acquire Other Investments Payments for (Proceeds from) Short-term Investments Net Cash Provided by (Used in) Investing Activities PaymentsForRepurchaseOfTreasuryStock Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Investment, Policy [Policy Text Block] Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, before Tax Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss Investment Income, Investment Expense Premiums Written, Net Direct Premiums Earned Assumed Premiums Earned Ceded Premiums Earned Policyholder Benefits and Claims Incurred, Direct Policyholder Benefits and Claims Incurred, Assumed Policyholder Benefits and Claims Incurred, Ceded Policyholder Benefits and Claims Incurred, Net Reinsurance Recoverable for Unpaid Claims and Claims Adjustments Liability for Unpaid Claims and Claims Adjustment Expense, Net Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Unearned Premiums Reserve Deferred Tax Assets, Other Deferred Tax Assets, Net of Valuation Allowance DeferredTaxLiabilitiesOtherLiabilities Deferred Tax Liabilities, Gross Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value Date of Grant [Default Label] ShareBasedCompensationArrangementByShareBasedPaymentEquityInstrumentsOtherThanOptionsExpirationDate Stock Repurchased During Period, Shares Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax Other Comprehensive Income (Loss) before Reclassifications, Tax Operating Leases, Future Minimum Payments Due EX-101.PRE 11 pih-20170930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Nov. 06, 2017
Document And Entity Information    
Entity Registrant Name 1347 Property Insurance Holdings, Inc.  
Entity Central Index Key 0001591890  
Document Type 10-Q  
Trading Symbol PIH  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity a Well-known Seasoned Issuer No  
Entity a Voluntary Filer No  
Entity's Reporting Status Current Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,984,766
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Investments:    
Fixed income securities, at fair value (amortized cost of $45,252 and $26,793, respectively) $ 45,207 $ 26,559
Equity investments, at fair value (cost of $1,682 and $1,000, respectively) 1,771 1,136
Short-term investments, at cost 1,779 196
Other investments, at cost 945 505
Total investments 49,702 28,396
Cash and cash equivalents 25,679 43,045
Deferred policy acquisition costs, net 6,192 4,389
Premiums receivable, net of allowance for credit losses of $39 and $38, respectively 2,220 2,923
Ceded unearned premiums 3,836 4,847
Reinsurance recoverable on paid losses 7,767 444
Reinsurance recoverable on loss and loss adjustment expense reserves 17,560 3,652
Funds deposited with reinsured companies 500
Current income taxes recoverable 632 1,195
Deferred tax asset, net 855 420
Property and equipment, net 213 250
Other assets 867 788
Total assets 115,523 90,849
LIABILITIES    
Loss and loss adjustment expense reserves 22,091 6,971
Unearned premium reserves 32,170 25,821
Ceded reinsurance premiums payable 5,786 5,229
Agency commissions payable 716 497
Premiums collected in advance 1,887 1,128
Funds held under reinsurance treaties 48 73
Accounts payable and other accrued expenses 4,483 2,065
Series B Preferred Shares, $25.00 par value, 1,000,000 shares authorized, 120,000 shares issued and outstanding for both periods 2,744 2,708
Total liabilities 69,925 44,492
Commitments and contingencies (Note 16)
SHAREHOLDERS' EQUITY    
Common stock, $0.001 par value; 10,000,000 shares authorized; 6,136,125 and 6,108,125 shares issued and 5,984,766 and 5,956,766 shares outstanding as of September 30, 2017 and December 31, 2016, respectively 6 6
Additional paid-in capital 47,052 46,809
Retained (deficit) earnings (480) 616
Accumulated other comprehensive income (loss) 29 (65)
[StockholdersEquityBeforeTreasuryStock] 46,607 47,366
Less: treasury stock at cost; 151,359 shares for both periods (1,009) (1,009)
Total shareholders' equity 45,598 46,357
Total liabilities and shareholders' equity $ 115,523 $ 90,849
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Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Fixed income securities, amortized cost $ 45,252 $ 26,793
Equity investments, cost 1,682 1,000
Premiums receivable, allowance for doubtful accounts $ 39 $ 38
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized shares 10,000,000 10,000,000
Common stock, issued shares 6,136,125 6,108,125
Common stock, outstanding shares 5,984,766 5,956,766
Treasury stock, shares 151,359 151,359
Series B Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 25.00 $ 25.00
Preferred stock, authorized shares 1,000,000 1,000,000
Preferred stock, issued shares 120,000 120,000
Preferred stock, outstanding shares 120,000 120,000
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Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue:        
Net premiums earned $ 8,632 $ 7,136 $ 25,032 $ 22,869
Net investment income 248 151 700 393
Other income 474 345 1,262 862
Total revenue 9,354 7,632 26,994 24,124
Expenses:        
Net losses and loss adjustment expenses 7,795 6,443 13,809 14,917
Amortization of deferred policy acquisition costs 2,755 2,095 7,867 6,148
General and administrative expenses 2,145 1,658 6,535 4,982
Accretion of discount on Series B Preferred Shares 93 89 276 263
Total expenses 12,788 10,285 28,487 26,310
Loss before income tax benefit (3,434) (2,653) (1,493) (2,186)
Income tax benefit (1,171) (847) (397) (605)
Net loss $ (2,263) $ (1,806) $ (1,096) $ (1,581)
Net loss per common share:        
Basic (in dollars per share) $ (0.38) $ (0.30) $ (0.18) $ (0.26)
Diluted (in dollars per share) $ (0.38) $ (0.30) $ (0.18) $ (0.26)
Weighted average common shares outstanding:        
Basic (in shares) 5,961,636 6,022,983 5,958,407 6,076,838
Diluted (in shares) 5,961,636 6,022,983 5,958,407 6,076,838
Consolidated Statements of Comprehensive Income        
Net loss $ (2,263) $ (1,806) $ (1,096) $ (1,581)
Unrealized gains (losses) on investments available for sale, net of income taxes 25 (11) 94 310
Comprehensive loss $ (2,238) $ (1,817) $ (1,002) $ (1,271)
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Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Treasury Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Income Loss [Member]
Total
Beginning balance at Dec. 31, 2015 $ 6 $ (1,731) $ 48,688 $ 605 $ (62) $ 47,506
Beginning balance (shares) at Dec. 31, 2015 6,134,274 223,851        
Stock compensation expense 38 38
Purchase of treasury stock $ (1,195) (1,195)
Purchase of treasury stock (in shares) (177,508) 177,508        
Retirement of treasury shares $ 1,917 (1,917)
Retirement of treasury shares (shares) (250,000)        
Net income (loss) 11 11
Other comprehensive income (loss) (3) (3)
Ending balance at Dec. 31, 2016 $ 6 $ (1,009) 46,809 616 (65) 46,357
Ending balance (shares) at Dec. 31, 2016 5,956,766 151,359        
Issuance of common shares 224 224
Issuance of common shares (in shares) 28,000        
Stock compensation expense 19 19
Net income (loss) (1,096) (1,096)
Other comprehensive income (loss) 94 94
Ending balance at Sep. 30, 2017 $ 6 $ (1,009) $ 47,052 $ (480) $ 29 $ 45,598
Ending balance (shares) at Sep. 30, 2017 5,984,766 151,359        
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net loss $ (1,096) $ (1,581)
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of discount on Series B Preferred Shares 276 263
Net deferred income taxes (483) (209)
Stock compensation expense 19 30
Depreciation expense 55 49
Changes in operating assets and liabilities:    
Premiums receivable 703 293
Reinsurance recoverable on paid losses and loss reserves (21,231) (7,866)
Amounts held on deposit with reinsured companies 500 725
Ceded unearned premiums 1,011 (1,646)
Deferred policy acquisition costs, net (1,803) (339)
Loss and loss adjustment expense reserves 15,120 6,504
Premiums collected in advance 759 819
Unearned premium reserves 6,349 2,902
Ceded reinsurance premiums payable 557 2,333
Current income taxes recoverable 563 (606)
Other, net 2,533 (12)
Net cash provided by operating activities 3,832 1,659
Investing activities:    
Purchases of furniture and equipment (18) (81)
Purchases of fixed income securities (18,459) (7,424)
Purchase of equity investments (682) (1,000)
Purchase of other investments (440) (139)
Net purchases of short-term investments (1,583) (784)
Net cash used in investing activities (21,182) (9,428)
Financing activities:    
Payment of dividends on preferred shares (240) (240)
Proceeds from sale of common stock 224
Purchases of treasury stock (1,022)
Net cash used in financing activities (16) (1,262)
Net decrease in cash and cash equivalents (17,366) (9,031)
Cash and cash equivalents at beginning of period 43,045 47,957
Cash and cash equivalents at end of period 25,679 38,926
Cash paid during the period for:    
Income taxes $ 35 $ 293
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Business
9 Months Ended
Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

1. Nature of Business

 

Maison Insurance Holdings, Inc. was incorporated on October 2, 2012 in the State of Delaware. On November 19, 2013, its legal name was changed from Maison Insurance Holdings, Inc. to 1347 Property Insurance Holdings, Inc. (“PIH”). PIH is a holding company and is engaged, through its subsidiaries, in the property and casualty insurance business. Unless context denotes otherwise, the terms “Company,” “we,” “us,” and “our” refer to 1347 Property Insurance Holdings, Inc., and its subsidiaries.

 

Prior to March 31, 2014, PIH was a wholly owned subsidiary of Kingsway America Inc. (“KAI”). KAI, in turn, is a wholly owned subsidiary of Kingsway Financial Services Inc. (“KFSI”), a publicly owned holding company based in Toronto, Ontario, Canada. On March 31, 2014, PIH completed an initial public offering (“IPO”) of its common stock. On June 13, 2014, PIH completed a follow-on offering of its common stock to the public. Through the combination of the IPO and follow-on offering, PIH issued approximately five million shares of its common stock, while KAI, and entities affiliated with KAI retained one million shares of PIH. On October 25, 2017, KAI entered into a purchase agreement with Fundamental Global Investors, LLC (“FGI”) pursuant to which KAI agreed to sell 900,000 shares of our common stock to FGI or to one of FGI’s affiliate companies in two separate transactions. The first transaction, for the sale of 475,428 shares of our common stock, occurred on November 1, 2017. The second transaction, for the sale of 424,572 shares of our common stock is conditioned on approval of the transaction by both the LDI and FL OIR by January 23, 2018. FGI is affiliated with D. Kyle Cerminara, where he serves as Chief Executive Officer, Co-Founder and Partner, and Lewis M. Johnson, where he serves as President, Co-Founder and Partner. Messrs. Cerminara and Johnson are also members of our Board of Directors. Should the second transaction be consummated, FGI, and entities affiliated with FGI, would own 43% of our outstanding common shares.

 

PIH has three wholly-owned subsidiaries; Maison Insurance Company (“Maison”), a Louisiana-domiciled property and casualty insurance company, Maison Managers, Inc. (“MMI”), a managing general agent, incorporated in the State of Delaware, and ClaimCor, LLC (“ClaimCor”), a Florida based claims solutions company. Maison processes claims made by its policyholders through ClaimCor, and also through various third-party claims adjusting companies. MMI has ultimate authority over the claims handling process, while the agencies that we appoint have no authority to settle our claims or otherwise exercise control over the claims process.

 

Maison began providing homeowners insurance, manufactured home insurance and dwelling fire insurance to individuals in Louisiana in December 2012. Maison writes both full peril property policies as well as wind/hail only exposures in Louisiana and distributes its policies through a network of independent insurance agencies. Maison began assuming wind/hail only insurance for commercial properties in Texas beginning in June 2015. In September 2015, Maison began writing manufactured home policies in the State of Texas on a direct basis, and in March 2016, Maison began writing homeowner policies in Texas.

 

In addition to the voluntary policies that Maison writes, Maison has participated in the last five rounds of take-outs from Louisiana Citizens Property Insurance Company (“LA Citizens”), occurring on December 1st of each year, as well as the inaugural depopulation of policies from the Texas Windstorm Insurance Association (“TWIA”), which occurred on December 1, 2016. Under these programs, state-approved insurance companies, such as Maison, have the opportunity to assume insurance policies written by both LA Citizens and TWIA. The majority of policies that we have obtained through LA Citizens as well as all of the policies we have obtained through TWIA cover losses arising only from wind and hail. Prior to our takeout, both LA Citizens and TWIA policyholders were not able to obtain such coverage from any other marketplace.

 

On March 1, 2017, Maison received a certificate of authority from the Florida Office of Insurance Regulation (“FL OIR”) which authorizes Maison to write personal lines insurance in the State of Florida. Pursuant to the consent order issued, Maison has agreed to comply with certain requirements as outlined by the FL OIR until Maison can demonstrate three consecutive years of net income following the Company’s admission into Florida as evidenced by its Annual Statement filed with the FL OIR via the National Association of Insurance Commissioners electronic filing system. Among other requirements, the FL OIR requires the following as conditions related to the issuance of Maison’s certificate of authority:

 

  Although domiciled in the State of Louisiana, Maison has agreed to comply with the Florida Insurance Code as if Maison were a domestic insurer within the State of Florida;

 

  Maison has agreed to maintain capital and surplus as to policyholders of no less than $35,000;

 

  Maison has agreed to receive prior approval from the FL OIR prior to the payment of any dividends; and

 

  Maison has agreed to receive written approval from the FL OIR regarding any form of policy issued or rate charged to its policyholders prior to utilizing any such form or rate for policies written in the State of Florida.

 

To comply with the consent order, on March 31, 2017, Maison received a capital contribution from PIH in the amount of $16,000. As of September 30, 2017, Maison has not written any insurance policies covering risks in the State of Florida.

 

On September 29, 2017, Maison received authorization from the FL OIR to assume personal lines policies from Florida Citizens Property Insurance Corporation (“FL Citizens”) pursuant to a proposal of depopulation which Maison filed with FL Citizens on August 18, 2017. Accordingly, Maison plans to enter the Florida market via the assumption of policies from FL Citizens in December, 2017. The order approving Maison’s assumption of policies limits the number of policies which Maison may assume in 2017, and also stipulates that Maison maintain catastrophe reinsurance at such levels as deemed appropriate by the FL OIR.

 

MMI serves as the Company’s management services subsidiary, known as a managing general agency, and provides underwriting, policy administration, claims administration, marketing, accounting, and other management services to Maison. MMI contracts primarily with independent agencies for policy sales and services, and also contracts with an independent third-party for policy administration services. As a managing general agency, MMI is licensed by and subject to the regulatory oversight of the Louisiana Department of Insurance (“LDI”), Texas Department of Insurance (“TDI”) and the FL OIR.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Significant Accounting Policies

2. Significant Accounting Policies

 

Basis of Presentation:

 

These statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

Principles of Consolidation:

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.

 

The Use of Estimates in the Preparation of Consolidated Financial Statements:

 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Changes in estimates are recorded in the accounting period in which the change is determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for loss and loss adjustment expense reserves (as well as the associated reinsurance recoverable on those reserves), the valuation of fixed income and equity securities, the valuation of net deferred income taxes, the valuation of various securities that we have issued in conjunction with the termination of the management services agreement with 1347 Advisors, LLC, and the valuation of deferred policy acquisition costs.

 

Investments:

 

Investments in fixed income and equity securities are classified as available-for-sale and reported at estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss), net of tax, until sold or an other-than-temporary impairment is recognized, at which point the cumulative unrealized gains or losses are transferred to the consolidated statement of operations.

 

Other investments include investments in limited liability companies in which the Company’s interests are deemed minor and, therefore, are accounted for under the cost method of accounting, which approximates their fair value. Also included in other investments is a fixed rate certificate of deposit with an original maturity of 15 months.

 

Short-term investments, which consist of investments with maturities between three months and one year, are reported at cost, which approximates fair value due to their short-term nature.

 

Realized gains and losses on sales of investments are determined on a first-in, first-out basis, and are included in net investment income.

 

Interest income is included in net investment income and is recorded as it accrues.

 

The Company accounts for its investments using trade date accounting.

 

The Company conducts a quarterly review to identify and evaluate investments that show objective indications of possible impairment. Impairment is charged to the statement of operations if the fair value of the instrument falls below its amortized cost and the decline is considered other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects of the issuer, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery.

 

Cash and Cash Equivalents:

 

Cash and cash equivalents include cash and highly liquid investments with original maturities of 90 days or less.

 

Premiums Receivable:

 

Premiums receivable include premium balances due and uncollected as well as installment premiums not yet due from our independent agencies and insureds. Premiums receivable are reported net of an estimated allowance for credit losses.

 

Reinsurance:

 

Reinsurance premiums, losses, and loss adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and losses ceded to other companies have been reported as a reduction of premium revenue and incurred net losses and loss adjustment expenses. A reinsurance recoverable is recorded for that portion of paid and unpaid losses and loss adjustment expenses that are ceded to other companies.

 

Deferred Policy Acquisition Costs:

 

The Company defers commissions, premium taxes, assessments and other underwriting and agency expenses that are directly related to successful efforts to acquire new or existing insurance policies to the extent they are considered recoverable. Costs deferred on insurance products are amortized over the period in which premiums are earned. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred, as opposed to being deferred and amortized as the corresponding premium is earned. The method followed in determining the deferred policy acquisition costs limits the deferral to its realizable value by giving consideration to estimated future loss and loss adjustment expenses to be incurred as revenues are earned. Anticipated investment income is included in determining the realizable value of the deferred policy acquisition costs. Changes in estimates, if any, are recorded in the accounting period in which they are determined.

 

Income Taxes:

 

The Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).

 

Property and Equipment:

 

Property and equipment is reported at historical cost less accumulated depreciation. Depreciation of property and equipment is recorded on a straight-line basis over estimated useful life which range from seven years for furniture, five years for vehicles, three years for computer equipment, and the shorter of estimated useful life or the term of the lease for leasehold improvements. Property and equipment is estimated to have no salvage value at its useful life-end.

 

Rent expense for the Company’s office leases is recognized on a straight-line basis over the term of the lease. Rent expense was $255 and $258 for the nine months ended September 30, 2017 and 2016, respectively.

 

Loss and Loss Adjustment Expense Reserves:

 

Loss and loss adjustment expense reserves represent the estimated liabilities for reported loss events, incurred but not yet reported loss events and the related estimated loss adjustment expenses. The Company performs a continuing review of its loss and loss adjustment expense reserves, including its reserving techniques as well as the impact of reinsurance on our loss reserves. The loss and loss adjustment expense reserves are also reviewed, at minimum, on an annual basis by qualified third party actuaries. Since the loss and loss adjustment expense reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are included in the results of income in the period in which the estimates are changed. Such changes in estimates could occur in a future period and may be material to the Company’s results of operations and financial position in such period.

 

Concentration of Credit Risk:

 

Financial instruments which potentially expose the Company to concentrations of credit risk include investments, cash, premiums receivable, and amounts due from reinsurers on losses incurred. The Company maintains its cash with two major U.S. domestic banking institutions and two regional banks headquartered in the Southeastern United States. Such amounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250 per institution. At September 30, 2017, the Company held funds on deposit at these institutions in excess of these FDIC insured amounts. The terms of these deposits are on demand to mitigate some of the associated risk. The Company has not incurred losses related to these deposits.

 

The Company has not experienced significant losses related to premiums receivable from its policyholders and management believes that amounts provided as an allowance for credit losses is adequate.

 

The Company has not experienced any losses on amounts due from reinsurers. In order to limit the credit risk associated with amounts potentially due from reinsurers, the Company uses several different reinsurers, all of which have an A.M. Best Rating of A- (Excellent) or better. Absent such rating, the Company has required its reinsurers to place collateral on deposit with an independent institution under a trust agreement for the Company’s benefit.

 

The Company also has risk associated with the lack of geographic diversification due to the fact that through September 30, 2017, Maison exclusively underwrote policies in Louisiana and Texas. The Company insures personal property located in 63 of the 64 parishes in the State of Louisiana. As of September 30, 2017, these policies are concentrated within these parishes, presented as a percentage of our total policies in force in all states, as follows: Jefferson Parish 12.6%, Saint Tammany Parish 12.5%, East Baton Rouge Parish 7.2%, and Livingston Parish 5.1%. No other parish individually has over 5.0% of the policies in force as of September 30, 2017. On a direct basis, Maison writes in 150 of the 254 counties that comprise the State of Texas; however, no single county represents over 5.0% of the Company’s total policies in force as of September 30, 2017.

  

Revenue Recognition:

 

Premium revenue is recognized on a pro rata basis over the term of the respective policy contract. Unearned premium reserves represent the portion of premium written that is applicable to the unexpired term of policies in force.

 

Service charges on installment premiums are recognized as income upon receipt of related installment payments and are reflected in other income.

 

Revenue from other policy fees is deferred and recognized over the terms of the respective policy period, with revenue reflected in other income.

 

Any customer payment received is applied first to any service charge or policy fee due, with the remaining amount applied toward any premium due.

 

Ceded premiums are charged to income over the applicable term of the various reinsurance contracts with third party reinsurers. Ceded unearned premiums represent the unexpired portion of premiums ceded to reinsurers and are reported as an asset on the Company’s consolidated balance sheets.

 

Premiums collected in advance occur when the policyholder premium is paid in advance of the effective commencement period of the policy and are recorded as a liability on the Company’s consolidated balance sheets.

 

Stock-Based Compensation:

 

The Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period, which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.

 

The Company has also issued restricted stock units (“RSUs”) to certain of its employees which have been accounted for as equity based awards since, upon vesting, they are required to be settled in the Company’s common shares. The Company used a Monte Carlo valuation model to estimate the fair value of these awards upon grant date as the vesting of these RSUs occurs solely upon market-based conditions. The fair value of each RSU is recorded as compensation expense over the derived service period, as determined by the valuation model. Should the market-based condition be achieved prior to the expiration of the derived service period, any unrecognized cost will be recorded as compensation expense in the period in which the RSUs actually vest.

 

Fair Value of Financial Instruments:

 

The carrying values of certain financial instruments, including cash, short-term investments, premiums receivable and accounts payable, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments in accordance with GAAP, which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability) in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 

Earnings Per Common Share:

 

Basic earnings per common share is computed using the weighted average number of shares outstanding during the respective period.

 

Diluted earnings per common share assumes conversion of all potentially dilutive outstanding stock options, warrants or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings per share if their effect is anti-dilutive.

 

Operating Segments:

 

The Company operates in a single segment – property and casualty insurance.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Recently Issued Accounting Standards
9 Months Ended
Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Recently Issued Accounting Standards

3. Recently Issued Accounting Standards

 

ASU 2014-09: Revenue from Contracts with Customers:

 

The FASB has issued ASU No. 2014-09, “Revenue from Contracts with Customers”, and related amendments ASU 2015-14, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-05 and ASU 2017-13, (collectively, “Topic 606”). Topic 606 creates a new comprehensive revenue recognition standard that will serve as a single source of revenue guidance for all companies that either enter into contracts with customers to transfer goods or services or enter into contracts for the transfer of non-financial assets, unless those contracts are within the scope of other standards, such as insurance contracts. Topic 606 becomes effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years. The Company will adopt Topic 606 on the effective date and since virtually all of the Company’s revenues relate to insurance contracts and investment income, the adoption of Topic 606 is not expected to have a material impact on the Company’s revenues. The Company will continue to monitor and examine transactions that could potentially fall within the scope of Topic 606 as such are consummated.

 

ASU 2016-01: Financial Instruments-Overall:

 

In January 2016, the FASB issued ASU 2016-01: Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 amends various aspects of the recognition, measurement, presentation, and disclosure for financial instruments. Most significantly, ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of an investee) to be measured at fair value with changes in fair value recognized in net income (loss). ASU 2016-01 is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. ASU 2016-01 will be applied using a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. Adoption of ASU 2016-01 is not expected to have a material impact on the Company’s financial position, cash flows, or total comprehensive income, but could impact the Company’s results of operations and earnings per share as changes in fair value will be presented in net income rather than other comprehensive income.

 

ASU 2016-02: Leases:

 

In February 2016, the FASB issued ASU 2016-02: Leases. ASU 2016-02 was issued to improve the financial reporting of leasing transactions. Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the agreement as a capital lease, are met. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to present value, for all leases that extend beyond 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of comprehensive income while the repayment of the principal portion of the lease liability will be classified as a financing activity and the interest component will be included in the operating section of the statement of cash flows. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2019, and interim periods within those fiscal years beginning after December 15, 2020. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. The Company has reviewed its existing lessee obligations and has determined that ASU 2016-02 will apply should the Company renew its existing leases, or enter into any new lease agreements.

 

ASU 2016-09: Stock Compensation:

 

In March 2016, the FASB issued ASU 2016-09: Compensation – Stock Compensation: Improvement to Employee Share-Based Payment Accounting. ASU 2016-09 was issued to simplify the accounting for share-based payment awards. The guidance requires that all tax effects related to share-based payment be made through the statement of operations at the time of settlement as opposed to the current guidance that requires excess tax benefits to be recognized in additional paid-in-capital. ASU 2016-09 also removes the requirement to delay recognition of a tax benefit until it reduces current taxes payable. The change is required to be applied on a modified retrospective basis, with a cumulative effect adjustment to opening accumulated deficit. Additionally, all tax related cash flows resulting from share-based payments are to be reported as operating activities on the statement of cash flows, a departure from the current requirement which presents tax benefits as an inflow from financing activities and an outflow from operating activities. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2017 and interim periods within annual periods beginning after December 15, 2018. Early adoption is permitted with any adjustments reflected as of the beginning of the fiscal year of adoption. The Company does not believe the adoption of ASU 2016-09 will have a material impact on its consolidated financial statements.

 

ASU 2016-13: Financial Instruments – Credit Losses:

 

In June 2016, the FASB issued ASU 2016-13: Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 was issued to provide financial statement users with more useful information regarding the expected credit losses on financial instruments held as assets. Under current GAAP, financial statement recognition for credit losses on financial instruments was generally delayed until the loss was probable of occurring. The amendments of ASU 2016-13 eliminate this probable initial recognition threshold and instead reflect an entity’s current estimate of all expected credit losses. The amendments also broaden the information that an entity must consider in developing its expected credit loss estimates for those assets measured at amortized cost by using forecasted information instead of the current methodology which only considered past events and current conditions. Under ASU 2016-13, credit losses on available-for-sale debt securities will be measured in a manner similar to current GAAP; however, the amendments require that credit losses be presented as an allowance against the investment, rather than as a write-down. The amendments also allow the entity to record reversals of credit losses in current period net income, which is prohibited under current GAAP. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its consolidated financial statements.

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Investments
9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Investments

4. Investments

 

A summary of the amortized cost, estimated fair value, and gross unrealized gains and losses on the Company’s investments in fixed income and equity securities at September 30, 2017 and December 31, 2016 is as follows.

 

As of September 30, 2017   Amortized
Cost
    Gross Unrealized Gains     Gross Unrealized Losses     Estimated Fair Value  
Fixed income securities:                                
U.S. government   $ 2,911     $ 6     $ (18 )   $ 2,899  
State municipalities and political subdivisions     5,379       12       (26 )     5,365  
Asset-backed securities and collateralized mortgage obligations     16,727       26       (119 )     16,635  
Corporate     20,235       113       (40 )     20,308  
Total fixed income securities     45,252       157       (202 )     45,207  
Equity securities:                                
Common stock     1,571       66       (25 )     1,612  
Warrants to purchase common stock     72       79       (29 )     122  
Rights to purchase common stock     39       3       (5 )     37  
Total equity securities     1,682       148       (59 )     1,771  
Total fixed income and equity securities   $ 46,934     $ 305     $ (261 )   $ 46,978  
                                 
As of December 31, 2016                                
Fixed income securities:                                
U.S. government   $ 1,623     $ 1     $ (20 )   $ 1,604  
State municipalities and political subdivisions     2,271       2       (27 )     2,246  
Asset-backed securities and collateralized mortgage obligations     12,095       9       (136 )     11,968  
Corporate     10,804       28       (91 )     10,741  
Total fixed income securities     26,793       40       (274 )     26,559  
Equity securities:                                
Common stock     1,000       136             1,136  
Total equity securities     1,000       136             1,136  
Total fixed income and equity securities   $ 27,793     $ 176     $ (274 )   $ 27,695  

  

The table below summarizes the Company’s fixed income securities at September 30, 2017 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.

 

Matures in:   Amortized
Cost
    Estimated Fair Value  
One year or less   $ 2,416     $ 2,415  
More than one to five years     19,759       19,757  
More than five to ten years     11,780       11,804  
More than ten years     11,297       11,231  
Total   $ 45,252     $ 45,207  

 

The following table highlights, by loss position and security type, those fixed income and equity securities in unrealized loss positions as of September 30, 2017 and December 31, 2016. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions. There were 149 and 122 fixed income investments that were in unrealized loss positions as of September 30, 2017 and December 31, 2016, respectively. The Company held 12 equity investments in unrealized loss positions as of September 30, 2017.

 

    Less than 12 Months     Greater than 12 Months     Total  
As of September 30, 2017   Estimated Fair Value     Unrealized Loss     Estimated Fair Value     Unrealized Loss     Estimated Fair Value     Unrealized Loss  
Fixed income securities:                                                
U.S. government   $ 2,041     $ (18 )   $ 175     $     $ 2,216     $ (18 )
State municipalities and political subdivisions     2,357       (13 )     589       (13 )     2,946       (26 )
Asset-backed securities and collateralized mortgage obligations     11,682       (83 )     1,675       (36 )     13,357       (119 )
Corporate     6,568       (23 )     556       (16 )     7,124       (39 )
Total fixed income securities     22,648       (137 )     2,995       (65 )     25,643       (202 )
Equity securities:                                            
Common stock     237       (25 )                 237       (25 )
Warrants to purchase common stock     23       (29 )                 23       (29 )
Rights to purchase common stock     18       (5 )                 18       (5 )
Total equity securities     278       (59 )                   278       (59 )
Total fixed income and equity securities   $ 22,926     $ (196 )   $ 2,995     $ (65 )   $ 25,921     $ (261 )
                                                 
As of December 31, 2016                                                
Fixed income securities:                                                
U.S. government   $ 1,303     $ (20 )   $     $     $ 1,303     $ (20 )
State municipalities and political subdivisions     1,537       (27 )                 1,537       (27 )
Asset-backed securities and collateralized mortgage obligations     9,552       (133 )     460       (3 )     10,012       (136 )
Corporate     5,952       (91 )                 5,952       (91 )
Total fixed income securities   $ 18,344     $ (271 )   $ 460     $ (3 )   $ 18,804     $ (274 )

 

Under the terms of the certificate of authority granted to Maison by the Texas Department of Insurance, Maison is required to pledge securities totaling at least $2,000 with the State of Texas. Maison deposited the required securities with the State of Texas on May 13, 2015. These securities consist of various fixed income securities listed in the preceding tables which have an amortized cost basis of $2,001 and estimated fair value of $1,998 as of September 30, 2017.

  

The Company’s other investments are comprised of investments in two limited partnerships which seek to provide equity and asset-backed debt investment in a variety of privately-owned companies. The Company has committed to a total investment of $1,000, of which the limited partnerships have drawn down approximately $645 through September 30, 2017. One of these limited partnerships is managed by Argo Management Group, LLC, an entity which, as of April 21, 2016 is wholly owned by KFSI (see Note 12 – Related Party Transactions). The Company has accounted for its investments under the cost method as the instruments do not have readily determinable fair values and the Company does not exercise significant influence over the operations of the limited partnerships or the underlying privately-owned companies.

 

Also included in other investments is a certificate of deposit in the amount of $300 with an original term of 18 months deposited with the State of Florida pursuant to the terms of the certificate of authority issued to Maison from the FL OIR.

 

Other-than-Temporary Impairment:

 

The establishment of an other-than-temporary impairment on an investment requires a number of judgments and estimates. The Company performs a quarterly analysis of the individual investments to determine if declines in market value are other-than-temporary. The analysis includes some or all of the following procedures as deemed appropriate by the Company:

 

  considering the extent and length of time during which the market value has been below cost;

 

  identifying any circumstances which management believes may impact the recoverability of the unrealized loss positions;

 

  obtaining a valuation analysis from a third-party investment manager regarding the intrinsic value of these investments based upon their knowledge and experience combined with market-based valuation techniques;

 

  reviewing the historical trading volatility and trading range of the investment and certain other similar investments;

 

  assessing if declines in market value are other-than-temporary for debt instruments based upon the investment grade credit ratings from third-party credit rating agencies;

 

  assessing the timeliness and completeness of principal and interest payment due from the investee; and

 

  assessing the Company’s ability and intent to hold these investments until the impairment may be recovered.

 

The risks and uncertainties inherent in the assessment methodology used to determine declines in market value that are other-than-temporary include, but may not be limited to, the following:

 

  the opinions of professional investment managers could be incorrect;

 

  the past trading patterns of investments may not reflect their future valuation trends;

 

  the credit ratings assigned by credit rating agencies may be incorrect due to unforeseen events or unknown facts related to the investee company’s financial situation; and

 

  the historical debt service record of an investment may not be indicative of future performance and may not reflect a company’s unknown underlying financial problems.

 

The Company has reviewed currently available information regarding the investments it holds which have estimated fair values that are less than their carrying amounts and believes that these unrealized losses are primarily due to temporary market and sector-related factors rather than to issuer-specific factors. The Company does not intend to sell these investments in the short term, and it is not likely that it will be required to sell these investments before the recovery of their amortized cost.

 

Accordingly, all of the Company’s investments were in good standing and there were no write-downs for other-than-temporary impairments on the Company’s investments for the nine months ended September 30, 2017 and 2016.

  

The Company does not have any exposure to subprime mortgage-backed investments. Net investment income for the three and nine months ended September 30, 2017 and 2016 was as follows:

 

   

Three months ended

September 30,

    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Investment income:                                
Interest on fixed income securities   $ 231     $ 123     $ 548     $ 332  
Interest on cash and cash equivalents     30       34       126       89  
Realized gain upon sale of securities     4             68        
Other           5             7  
Gross investment income     265       162       742       428  
Investment expenses     (17 )     (11 )     (42 )     (35 )
Net investment income   $ 248     $ 151     $ 700     $ 393  
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Reinsurance
9 Months Ended
Sep. 30, 2017
Reinsurance Disclosures [Abstract]  
Reinsurance

5. Reinsurance

 

The Company reinsures, or cedes, a portion of its written premiums on a per risk and excess of loss basis to non-affiliated insurers in order to limit its loss exposure. Although reinsurance is intended to reduce the Company’s exposure risk, the ceding of insurance does not legally discharge the Company from its primary liability for the full amount of coverage under its policies. If our reinsurers fail to meet their obligations under the applicable reinsurance agreements, the Company would still be required to pay the insured for the loss.

 

Under the Company’s per-risk treaty, reinsurance recoveries are received for up to $1,750 in excess of a retention of $250 for each loss occurring prior to June 1, 2017. Effective June 1, 2017, the Company amended its per-risk treaty such that recoveries are received for up to $1,600 in excess of a retention of $400 for each loss occurring on June 1, 2017 or thereafter. The Company has ceded $405 and $438 in written premiums under its per-risk treaties for the nine months ended September 30, 2017 and 2016, respectively.

 

The Company’s excess of loss treaties are based upon a treaty year beginning on June 1st of each year and expiring on May 31st of the following year. Thus, the financial statements for the nine month periods ended September 30, 2017 and 2016 contain premiums ceded under three separate excess of loss treaties. Under the Company’s 2015/2016 excess of loss treaty which expired on May 31, 2016, for each catastrophic event occurring within a 144-hour period, the Company receives reinsurance recoveries of up to $121,000 in excess of a retention of $4,000 per event. The Company had also procured a “top, drop and aggregate” layer of reinsurance protection that may be used for any event above $125,000, up to a maximum recovery of $15,000. This $15,000 second layer of coverage applied in total to all events occurring during the treaty year of June 1, 2015 through May 31, 2016.

 

For both the treaty years beginning June 1, 2016 and June 1, 2017, the Company’s excess of loss treaties cover losses of up to $170,000 in excess of a $5,000 retention per event. For any event above $175,000, the Company again purchased top, drop and aggregate coverage, with an additional limit of $25,000. The $25,000 aggregate coverage applies in total to all events occurring during each of the treaty years.

 

The Company has ceded $16,021 and $14,976 in written premiums under its excess of loss treaties for the nine months ended September 30, 2017 and 2016, respectively.

 

In June 2015, we began writing business through a quota-share agreement with Brotherhood Mutual Insurance Company (“Brotherhood”). Through this agreement, we act as a reinsurer, and have assumed wind/hail only exposures on certain churches and related structures that Brotherhood insures throughout the State of Texas. Our quota-share percentage varies from 25%-100% of the wind/hail premium written by Brotherhood, dependent upon the geographic location (coastal areas versus non-coastal areas) within the State of Texas. For the nine months ended September 30, 2017, we have written $1,427 in assumed premiums through our agreement with Brotherhood, compared to $1,367 in assumed premiums for the same period in 2016.

  

On December 1, 2016, we participated TWIA’s inaugural depopulation program whereby Maison assumed personal lines policies for wind and hail only exposures along the Gulf Coast area of Texas. The depopulation program was structured such that Maison reinsures TWIA under a 100% quota share agreement. For the nine months ended September 30, 2017, we have written $1,401 in assumed premiums through the TWIA quota share agreement.

 

The impact of reinsurance treaties on the Company’s financial statements is as follows:

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Premium written:                                
Direct   $ 16,533     $ 13,457     $ 45,989     $ 38,117  
Assumed     630       509       2,828       1,367  
Ceded     (6,051 )     (5,973 )     (16,426 )     (15,414 )
Net premium written   $ 11,112     $ 7,993     $ 32,391     $ 24,070  
                                 
Premium earned:                                
Direct   $ 14,056     $ 12,037     $ 40,015     $ 34,455  
Assumed     851       509       2,454       1,367  
Ceded     (6,275 )     (5,410 )     (17,437 )     (12,953 )
Net premium earned   $ 8,632     $ 7,136     $ 25,032     $ 22,869  
                                 
Losses and LAE incurred:                                
Direct   $ 20,451     $ 12,529     $ 31,297     $ 25,985  
Assumed     5,734       562       8,937       2,340  
Ceded     (18,390 )     (6,648 )     (26,425 )     (13,408 )
Net losses and LAE incurred   $ 7,795     $ 6,443     $ 13,809     $ 14,917  
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Deferred Policy Acquisition Costs
9 Months Ended
Sep. 30, 2017
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs

6. Deferred Policy Acquisition Costs

 

Deferred policy acquisition costs (“DPAC”) consist primarily of commissions, premium taxes, assessments and other policy processing fees incurred which are related to successful efforts to acquire new or renewal insurance contracts. Acquisition costs deferred on insurance products are amortized over the period in which the related revenues are earned. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred.

 

DPAC as well as the related amortization expense associated with DPAC for the three and nine months ended September 30, 2017 and 2016, is as follows:

 

      Three months ended
September 30,
    Nine months ended
September 30,
 
      2017     2016     2017     2016  
                           
Balance, beginning of period, net     $ 5,545     $ 4,139     $ 4,389     $ 4,030  
Additions       3,402       2,325       9,670       6,487  
Amortization       (2,755 )     (2,095 )     (7,867 )     (6,148 )
Balance, September 30, net     $ 6,192     $ 4,369     $ 6,192     $ 4,369  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loss and Loss Adjustment Expense Reserves
9 Months Ended
Sep. 30, 2017
Insurance Loss Reserves [Abstract]  
Loss and Loss Adjustment Expense Reserves

7. Loss and Loss Adjustment Expense Reserves

 

The Company continually revises its estimates of the ultimate financial impact of claims made. A significant degree of judgment is required to determine amounts recorded in the consolidated financial statements for the provision for loss and loss adjustment expense (“LAE”) reserves. The process for establishing this provision reflects the uncertainties and significant judgmental factors inherent in predicting future results of both known and unknown loss events. The process of establishing the provision for loss and LAE reserves relies on the judgment and opinions of a large number of individuals, including the opinions of the Company’s independent actuaries.

 

 The Company’s evaluation of the adequacy of loss and loss adjustment expense reserves includes a re-estimation of the liability for loss and LAE reserves relating to each preceding financial year compared to the liability that was previously established. The results of this comparison and the changes in the provision, net of amounts recoverable from reinsurers, for the nine months ended September 30, 2017 and 2016 were as follows:

 

   

Three months ended

September 30,

   

Nine months ended 

September 30,

 
    2017     2016     2017     2016  
                         
Balance, beginning of period, gross of reinsurance   $ 9,583     $ 5,884     $ 6,971     $ 2,123  
Less reinsurance recoverable on loss and LAE expense reserves     (6,012 )     (3,431 )     (3,652 )     (120 )
Balance, beginning of period, net of reinsurance     3,571       2,453       3,319       2,003  
Incurred related to:                                
Current year     8,717       6,487       15,953       15,090  
Prior years     (922 )     (44 )     (2,144 )     (173 )
Paid related to:                                
Current year     (7,246 )     (5,671 )     (12,060 )     (12,719 )
Prior years     411       36       (537 )     (940 )
Balance, September 30, net of reinsurance     4,531       3,261       4,531       3,261  
Plus reinsurance recoverable related to loss and LAE expense reserves     17,560       5,366       17,560       5,366  
Balance, September 30, gross of reinsurance   $ 22,091     $ 8,627     $ 22,091     $ 8,627  
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

8. Income Taxes

 

Actual income tax expense for the three and nine months ended September 30, 2017 and 2016 varies from the amount that would result by applying the applicable statutory federal income tax rate of 34% to income before income taxes as summarized in the following table:

 

   

Three months ended

September 30,

   

Nine months ended

September 30,

 
    2017     2016     2017     2016  
Income tax benefit at statutory income tax rate   $ (1,168 )   $ (902 )   $ (508 )   $ (743 )
State income tax (net of federal tax benefit)     (5 )     54       104       131  
Other     2       1       7       7  
Income tax benefit   $ (1,171 )   $ (847 )   $ (397 )   $ (605 )

 

The Company carries a net deferred income tax asset of $855 and $420 as of September 30, 2017 and December 31, 2016, respectively, all of which the Company believes is more likely than not to be fully realized based upon management’s assessment of future taxable income. Significant components of the Company’s net deferred tax assets are as follows:

 

    September 30, 2017     December 31, 2016  
Deferred income tax assets:                
Loss and loss adjustment expense reserves   $ 49     $ 35  
Unearned premium reserves     2,055       1,503  
Net operating loss carryforwards     736       235  
Share-based compensation     335       316  
Other     308       270  
Deferred income tax assets   $ 3,483     $ 2,359  
                 
Deferred income tax liabilities:                
Deferred policy acquisition costs   $ 2,105     $ 1,492  
State deferred taxes     444       397  
Other     79       50  
Deferred income tax liabilities   $ 2,628     $ 1,939  
                 
Net deferred income tax assets   $ 855     $ 420  

 

As of September 30, 2017, the Company had no unrecognized tax benefits. The Company analyzed its tax positions in accordance with the provisions of Accounting Standards Codification Topic 740, Income Taxes, and has determined that there are currently no uncertain tax positions. The Company generally recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Share
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Net Loss Per Share

9. Net Loss Per Share

 

Net loss per share is computed by dividing net loss by the weighted average number of common shares and common share equivalents outstanding during the periods presented. In calculating diluted loss per share, those potential common shares that are found to be anti-dilutive are excluded from the calculation. The table below provides a summary of the numerators and denominators used in determining basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016.

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Basic and Diluted:                                
 Net loss   $ (2,263 )   $ (1,806 )   $ (1,096 )   $ (1,581 )
 Weighted average common shares outstanding     5,961,636       6,022,983       5,958,407       6,076,838  
Loss per common share   $ (0.38 )   $ (0.30 )   $ (0.18 )   $ (0.26 )

 

The following potentially dilutive securities outstanding as of September 30, 2017 and 2016 have been excluded from the computation of diluted weighted-average shares outstanding as their effect would be anti-dilutive.

 

    As of September 30,  
    2017     2016  
Options to purchase common stock     177,456       210,489  
Warrants to purchase common stock     1,906,875       1,906,875  
Restricted stock units     20,500       20,500  
Performance shares     475,000       475,000  
      2,579,831       2,612,864  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Options, Warrants, and Restricted Stock Units

10. Options, Warrants, and Restricted Stock Units

 

The Company has established an equity incentive plan for employees and directors of the Company (the “Plan”). The purpose of the Plan is to create incentives designed to motivate recipients to contribute toward the Company’s growth and success, and also to attract and retain persons of outstanding competence, and provide such persons with an opportunity to acquire an equity interest in the Company.

 

The types of awards available for issuance under the Plan include non-qualified stock options, restricted stock, restricted stock units (“RSUs”), performance shares, performance cash awards, and other stock-based awards. The Plan provides for the issuance of 354,912 shares of common stock. As of September 30, 2017, both stock options and RSUs had been issued to the Company’s employees under the Plan resulting in 156,956 shares available for future issuance under the Plan.

 

There were no grants, exercises, or cancellations of the Company’s stock options for the nine months ended September 30, 2017. The following table summarizes the Company’s stock options outstanding as of September 30, 2017.

 

Stock Options Outstanding as of September 30, 2017  
Date of Grant     Exercise
Price ($)
    Expiration Date   Remaining Contractual Life (Years)     Number Outstanding     Number Exercisable  
03/31/2014       8.00     03/31/2019     1.50       163,301       143,704  
04/04/2014       8.69     04/04/2019     1.51       14,155       12,456  
                    Total       177,456       156,160  

 

On May 29, 2015, the Compensation Committee of the Company’s Board of Directors granted RSUs to certain of its executive officers under the Plan. Each RSU granted entitles the grantee to one share of the Company’s common stock upon the vesting date of the RSU. The RSUs vest as follows: (i) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $10.00 per share; and (ii) 50% upon the date that the closing price of the Company’s common stock equals or exceeds $12.00 per share. Prior to the vesting of the RSUs, the grantee will not be entitled to any dividends declared on the Company’s common stock. The RSUs do not expire; however, should the grantee discontinue employment with the Company for any reason other than death or disability, all unvested RSUs will be deemed forfeited on the date employment is discontinued.

  

On May 23, 2017, the Compensation Committee of the Company’s Board of Directors approved the potential issuance of RSUs to the Company’s Chief Operating Officer, Mr. Case. Mr. Case will be awarded two matching RSUs for each share of the Company’s common stock that he purchases on the open market or directly from the Company during the period beginning May 23, 2017 and ending November 23, 2017, up to a maximum of 136,054 RSUs. Each RSU will entitle Mr. Case to one share of the Company’s common stock upon the vesting date of the RSU, which shall vest 20% per year over a period of five years following the date granted, subject to Mr. Case’s continued employment with the Company. Mr. Case will also be required to maintain ownership of the shares purchased through the full five-year vesting period. The RSUs will be issued to Mr. Case outside of the Plan as an inducement grant material to Mr. Case entering into employment with the Company. Through September 30, 2017, Mr. Case had purchased 50,092 shares of the Company’s common stock, of which 28,000 restricted common shares were purchased directly from the Company.

 

On May 31, 2017, the Compensation Committee of the Company’s Board of Directors approved the potential issuance of additional RSUs to the Company’s Officers and Directors under the Plan. The number of RSUs to be granted will be based upon the number of shares of the Company’s common stock that each participating Officer and Director purchases in open market transactions, independently, and without assistance from the Company, during the period beginning May 31, 2017 and ending November 30, 2017 (the “Purchase Period”). At the end of the Purchase Period, the Company will issue to each participating Officer and Director a total of two RSUs for each share of the Company’s common stock purchased during the Purchase Period, subject to a maximum of 40,000 RSUs for the Company’s Chief Executive Officer, Mr. Raucy, 40,000 RSUs for the Company’s Chief Financial Officer, Mr. Hill, 20,000 RSUs for the Company’s Chief Underwriting Officer, Mr. Stroud, and 6,666 RSUs for each of the Company’s non-employee Directors. Each RSU will entitle the grantee to one share of the Company’s common stock upon the vesting date of the RSU, which shall vest 20% per year over a period of five years following the date granted, subject to each Officer’s continued employment with the Company and each Director’s continued service on the Board, provided that if a Director makes himself available and consents to be nominated by the Company for continued service but is not nominated by the Board for election by the shareholders, other than for good reason as determined by the Board in its discretion, then such director’s RSUs shall vest in full as of his last date of service as a director with the Company. Participating Officers and Directors will be required to maintain ownership of the shares purchased through the full five-year vesting period. Pursuant to the arrangement, a maximum number of 139,996 RSUs may be granted to the Company’s Officers and Directors at the end of the Purchase Period under the Plan. Through September 30, 2017, the Company’s Officers and Directors had purchased 41,565 shares of the Company’s common stock.

 

The following table summarizes RSU activity for the nine months ended September 30, 2017.

 

Restricted Stock Units   Number of Units     Weighted Average Grant Date Fair Value  
Non-vested units, December 31, 2016     20,500     $ 1.34  
 Granted            
 Vested            
 Forfeited            
Non-vested units, September 30, 2017     20,500     $ 1.34  

 

Total stock based compensation expense for the nine months ended September 30, 2017 and 2016 was $19 and $30, respectively. As of September 30, 2017, total unrecognized stock compensation expense of $11 remained, which will be recognized through March 31, 2018.

 

There were no grants, exercises, or cancellations of the Company’s common stock warrants for the nine months ended September 30, 2017. The following table summarizes the Company’s warrants outstanding as of September 30, 2017.

 

Date of Grant     Exercise
Price ($)
    Expiration Date   Remaining Contractual Life (Years)     Number Outstanding and Exercisable  
03/31/2014       9.60     03/31/2019     1.50       312,500  
03/31/2014       10.00     03/31/2019     1.50       94,375  
02/24/2015       15.00     02/24/2022     4.41       1,500,000  
                    Total       1,906,875  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity
9 Months Ended
Sep. 30, 2017
SHAREHOLDERS' EQUITY  
Shareholders' Equity

11. Shareholders’ Equity

 

Treasury Shares

 

On December 1, 2014, the Company’s Board of Directors authorized a share repurchase program for up to 500,000 shares of the Company’s common stock, which expired on December 31, 2016. Through December 31, 2016, the Company has repurchased an aggregate 401,359 shares at an aggregate purchase price of $2,927, or $7.29 per share, including all fees and commissions.

 

On January 29, 2016, the Company retired 250,000 of its treasury shares, resulting in a reclassification of the purchase price of $1,917 to additional paid in capital.

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions

12. Related Party Transactions

 

Related party transactions are carried out in the normal course of operations and are measured in part by the amount of consideration paid or received as established and agreed by the parties. Management believes that consideration paid for such services in each case approximates fair value. Except where disclosed elsewhere in these consolidated financial statements, the following is a summary of related party transactions.

 

Performance Share Grant Agreement

 

On March 26, 2014, the Company entered into a Performance Share Grant Agreement (“PSGA”) with KAI, whereby KAI will be entitled to receive up to an aggregate of 375,000 shares of PIH common stock upon achievement of certain milestones regarding the Company’s stock price. Pursuant to the terms of the PSGA, if at any time the last sales price of the Company’s common stock equals or exceeds: (i) $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock; (ii) $15.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock (in addition to the 125,000 shares of common stock earned pursuant to clause (i) herein); and (iii) $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period, KAI will receive 125,000 shares of the Company’s common stock (in addition to the 250,000 shares of common stock earned pursuant to clauses (i) and (ii) herein). The shares of common stock granted to KAI will have a valuation equal to the last sales price of PIH common stock on the day prior to such grant. As of September 30, 2017, the Company has not issued any shares under the PSGA.

 

Termination of Management Services Agreement

 

As a result of the termination of the Management Services Agreement (“MSA”), which occurred on February 24, 2015, the Company has issued the following securities to 1347 Advisors, LLC (“Advisors”), a wholly owned subsidiary of KFSI:

 

  100,000 shares of the Company’s common stock issuable pursuant to the Performance Shares Grant Agreement dated February 24, 2015, and subject to the achievement of the Milestone Event;

 

  120,000 shares of Series B Preferred Stock of the Company (the “Preferred Shares”); and

 

  A warrant (the “Warrant”) to purchase 1,500,000 shares of the Company’s common stock at an exercise price of $15.00 per share. The Warrant expires on February 24, 2022.

 

The Performance Shares Grant Agreement grants Advisors 100,000 shares of the Company’s common stock issuable upon the date that the last sales price of the Company’s common stock equals or exceeds $10.00 per share for any 20 trading days within any 30-day trading period (the “Milestone Event”). Advisors will not be entitled to any dividends declared or paid on the Company’s stock prior to the Milestone Event having been achieved.

  

The Preferred Shares have a par value of $25.00 and pay annual cumulative dividends at a rate of eight percent per annum. Cumulative dividends shall accrue, whether or not declared by the Board and irrespective of whether there are funds legally available for the payment of dividends. Accrued dividends shall be paid in cash only when, as, and if declared by the Board out of funds legally available therefor or upon a liquidation or redemption of the Preferred Shares. In the event of any voluntary of involuntary liquidation, dissolution, or winding up of the Company, the holders of the Preferred Shares then outstanding shall be entitled to be paid out of the assets of the Company available for distributions to its shareholders, before any payment shall be made to holders of securities junior in preference to the Preferred Shares. The Preferred Shares rank senior to the Company’s common stock, and the Company is not permitted to issue any other series of preferred stock that ranks equal or senior to the Preferred Shares while the Preferred Shares are outstanding. On both February 24, 2017 and 2016, the Company issued a cash payment of $240 to Advisors representing annual dividend payments due on the Preferred Shares.

 

Unless redeemed earlier by the Company as discussed below, with the written consent of the holders of the majority of the Preferred Shares then outstanding, the Company will be required to redeem the Preferred Shares then outstanding on February 24, 2020 (the “Mandatory Redemption Date”), for a redemption amount equal to $25.00 per share plus all accrued and unpaid dividends on such shares. The Company has the option to redeem the Preferred Shares prior to the Mandatory Redemption Date immediately prior to the consummation of any change in control of the Company that may occur.

 

Since the Preferred Shares have a mandatory redemption provision requiring redemption on February 24, 2020, the Company was required to classify the Preferred Shares as a liability on the balance sheet instead of recording the value of these shares in equity. The resulting liability was recorded at a discount to the ultimate redemption amount of the Preferred Shares based upon an analysis of the cash payments expected to occur under the terms of the Preferred Shares discounted for the Company’s estimated cost of equity (13.9%). As a result, amortization in the amount of $1,889 will be charged to operations during the period the Preferred Shares are outstanding using the effective interest method. For the nine months ended September 30, 2017 and 2016, amortization of the discount on the Preferred Shares totaled $276 and $263, respectively.

 

Investment in Limited Liability Company

 

On April 21, 2016, KFSI completed the acquisition of Argo Management Group LLC (“Argo”). Argo’s primary business is to act as the Managing Member of Argo Holdings Fund I, LLC, an investment fund in which the Company has committed to invest $500, of which the Company has invested $211 as of September 30, 2017. The managing member of Argo, Mr. John T. Fitzgerald, was also appointed to KFSI’s board of directors on April 21, 2016.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Income (Loss)
9 Months Ended
Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss)

13. Accumulated Other Comprehensive Income (Loss)

 

The table below details the change in the balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2017 and 2016.

 

    Three months ended
September 30,
    Nine month ended
September 30,
 
    2017     2016     2017     2016  
Unrealized gains (losses) on available-for-sale securities:                                
Balance, beginning of period   $ 4     $ 259     $ (65 )   $ (62 )
Other comprehensive income (loss) before reclassifications     40       (10 )     187       478  
Amounts reclassified from accumulated other comprehensive income (loss)     (3 )     (6 )     (45 )     (8 )
Income taxes     (12 )     5       (48 )     (160 )
Net current-period other comprehensive income (loss)     25       (11 )     94       310  
Balance, September 30   $ 29     $ 248     $ 29     $ 248  
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments

14. Fair Value of Financial Instruments

 

Fair value is best evidenced by quoted bid or ask price, as appropriate, in an active market. Where bid or ask prices are not available, such as in an illiquid or inactive market, the closing price of the most recent transaction of that instrument subject to appropriate adjustments as required is used. Where quoted market prices are not available, the quoted prices of similar financial instruments or valuation models with observable market based inputs are used to estimate the fair value. These valuation models may use multiple observable market inputs, including observable interest rates, foreign exchange rates, index levels, credit spreads, equity prices, counterparty credit quality, corresponding market volatility levels and option volatilities. Minimal management judgment is required for fair values calculated using quoted market prices or observable market inputs for models. Greater subjectivity is required when making valuation adjustments for financial instruments in inactive markets or when using models where observable parameters do not exist. Also, the calculation of estimated fair value is based on market conditions at a specific point in time and may not be reflective of future fair values. For the Company’s financial instruments carried at cost or amortized cost, the book value is not adjusted to reflect increases or decreases in fair value due to market fluctuations, including those due to interest rate changes, as it is the Company’s intention to hold them until there is a recovery of fair value, which may be to maturity.

 

The Company classifies its investments in fixed income and equity securities as available-for-sale and reports these investments at fair value. Fair values of fixed income securities for which no active market exists are derived from quoted market prices of similar instruments or other third-party evidence.

 

The FASB has issued guidance that defines fair value as the exchange price that would be received for and asset (or paid to transfer a liability) in the principal, or most advantageous market in an orderly transaction between market participants. This guidance also establishes a fair value hierarchy that requires and entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance categorizes assets and liabilities at fair value into one of three different levels depending on the observation of the inputs employed in the measurements, as follows:

 

  Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets providing the most reliable measurement of fair value since it is directly observable.

 

  Level 2 – inputs to the valuation methodology which include quoted prices for similar assets or liabilities in active markets. These inputs are observable, either directly or indirectly, for substantially the full-term of the financial instrument.

 

  Level 3 – inputs to the valuation methodology which are unobservable and significant to the measurement of fair value.

 

Financial instruments measured at fair value as of September 30, 2017 and December 31, 2016 in accordance with this guidance are as follows.

 

September 30, 2017   Level 1     Level 2     Level 3     Total  
Fixed income securities:                                
 U.S. government   $     $ 2,899     $     $ 2,899  
 State municipalities and political subdivisions           5,365             5,365  
Asset-backed securities and collateralized mortgage obligations             16,635             16,635  
 Corporate           20,308             20,308  
Total fixed income securities           45,207             45,207  
                                 
Equity securities:                                
 Common stock     1,612                   1,612  
 Warrants to purchase common stock     122                   122  
 Rights to purchase common stock     37                   37  
Total equity securities     1,771                   1,771  
Total fixed income and equity securities   $ 1,771     $ 45,207     $     $ 46,978  
                                 
December 31, 2016                                
Fixed income securities:                                
 U.S. government   $     $ 1,604     $     $ 1,604  
 State municipalities and political subdivisions           2,246             2,246  
Asset-backed securities and collateralized mortgage obligations             11,968             11,968  
 Corporate           10,741             10,741  
Total fixed income securities   $     $ 26,559     $     $ 26,559  
                                 
Equity securities:                                
 Common stock     1,136                   1,136  
Total equity securities     1,136                   1,136  
                                 
Total fixed income and equity securities   $ 1,136     $ 26,559     $     $ 27,695  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statutory Requirements
9 Months Ended
Sep. 30, 2017
Insurance [Abstract]  
Statutory Requirements

15. Statutory Requirements

 

The Company’s insurance subsidiary, Maison, prepares statutory basis financial statements in accordance with accounting practices prescribed or permitted by the LDI. Prescribed statutory accounting practices include state laws, rules and regulations as well as accounting practices and rules as outlined in a variety of publications of the National Association of Insurance Commissioners (“NAIC”). Permitted statutory accounting practices encompass all accounting practices that are not prescribed, but instead have been specifically requested by an insurer and allowed by the state in which the insurer is domiciled (in Maison’s case, Louisiana). Permitted practices may differ from state to state, company to company within a state, and may change in the future. In converting from statutory accounting basis to U.S. GAAP, typical adjustments include the deferral of acquisition costs (which are all charged to operations as incurred on a statutory basis), the inclusion of statutorily non-admitted assets on the balance sheet, the inclusion of net unrealized holding gains or losses related to investments included on the balance sheet, as well as the inclusion of changes in deferred tax assets and liabilities in the statement of operations.

 

Statutory Surplus and Capital Requirements

 

In order to retain its certificate of authority in the States of Louisiana and Florida, Maison is required to maintain a minimum capital surplus of $5,000 and $35,000, respectively. As of September 30, 2017, Maison’s capital surplus was $35,962.

 

The LDI employs risk-based capital (“RBC”) reports to monitor Maison’s financial condition. Risk-based capital is determined in accordance with a formula adopted by the NAIC which takes into consideration the covariance between asset risk, credit risk, underwriting risk, and other business risks. The RBC report determines whether Maison falls into the “no action” level or one of the four action levels set forth in the Louisiana Insurance Code. Furthermore, in order to retain its certificate of authority in the State of Texas, Maison is required to maintain an RBC ratio of 300% or more. As of September 30, 2017, Maison’s RBC ratio was above 300%.

 

States routinely require deposits of assets for the protection of policyholders. As of September 30, 2017, Maison held certificates of deposit with an estimated fair value of approximately $100 and $300 as a deposit with the LDI and FL OIR, respectively. Maison also held investment securities with an estimated fair value of approximately $2,000 as a deposit with the TDI.

 

Surplus Notes

 

PIH, as the parent company of Maison, is subject to the insurance holding company laws of the State of Louisiana, which, among other things, regulate the terms of surplus notes issued by insurers to their parent company. Maison’s capital is comprised of six surplus notes issued to PIH for the total principal amount of $9,000, all of which have been approved by the LDI prior to their issuance. Notes accrue interest at 10% per annum. Interest payments on the notes are due annually, and are also subject to prior approval by the LDI. The Company’s surplus notes, as of September 30, 2017, are as follows.

 

Date of Issuance   Maturity Date   Principal
Amount
 
October 22, 2013   October 22, 2017   $ 650  
December 21, 2015   December 21, 2017     850  
March 31, 2016   March 31, 2018     550  
September 29, 2016   September 29, 2018     3,450  
November 14, 2016   November 14, 2018     550  
September 28, 2017   September 28, 2019     2,950  
        $ 9,000  

 

Dividend Restrictions

 

As a Louisiana domiciled insurer, the payment of dividends from our insurance subsidiary is restricted by the Louisiana Insurance Code. Dividends can only be paid if an insurer’s paid-in capital and surplus exceed the minimum required by the Louisiana Insurance Code. Any dividend or distribution that when aggregated with any other dividends or distributions made within the preceding twelve months exceeds the lesser of (a) ten percent of the insurer’s surplus as regards policyholders as of the thirty-first day of December next preceding; or (b) the net income of the insurer, not including realized capital gains, for the twelve month period ending the thirty-first day of December next preceding; is considered to be extra-ordinary and shall not be paid until thirty days after the LDI has received notice of the declaration thereof and has not within that period disapproved the payment, or until the LDI has approved the payment within the thirty-day period. In determining whether a dividend or distribution is extra-ordinary, an insurer may carry forward net income from the previous two calendar years that has not already been paid out in dividends.

 

Furthermore, pursuant to the consent order issued to Maison by the FL OIR, Maison is restricted from paying dividends which have not been approved in advance by the FL OIR.

 

As of September 30, 2017, Maison had not paid any dividends to its sole shareholder, PIH.

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

16. Commitments and Contingencies

 

Legal Proceedings:

 

From time to time, we are involved in legal proceedings and litigation arising in the ordinary course of business. Currently, it is not possible to predict legal outcomes and their impact on the future development of claims. Any such development will be affected by future court decisions and interpretations. Because of these uncertainties, additional liabilities may arise for amounts in excess of the Company’s current reserves. In addition, the Company’s estimate of ultimate loss and loss adjustment expenses may change. These additional liabilities, or increases in estimates, or a range of either, cannot be reasonably estimated, and could result in income statement charges that could be material to the Company’s results of operations in future periods.

 

Operating Lease Commitments:

 

As of September 30, 2017, the Company had the following amounts due under its operating leases for facilities leased in Baton Rouge, Louisiana, and Tampa, Florida.

 

Year ending September 30,        
2018     $ 303  
2019       298  
2020       25  
2021 and thereafter        
      $ 626  
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2017
Accounting Policies [Abstract]  
Basis of Presentation:

Basis of Presentation:

 

These statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Principles of Consolidation:

Principles of Consolidation:

 

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation.

 

The Use of Estimates in the Preparation of Consolidated Financial Statements:

The Use of Estimates in the Preparation of Consolidated Financial Statements:

 

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures about contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the period reported. Actual results could differ from those estimates. Changes in estimates are recorded in the accounting period in which the change is determined. The critical accounting estimates and assumptions in the accompanying consolidated financial statements include the provision for loss and loss adjustment expense reserves (as well as the associated reinsurance recoverable on those reserves), the valuation of fixed income and equity securities, the valuation of net deferred income taxes, the valuation of various securities that we have issued in conjunction with the termination of the management services agreement with 1347 Advisors, LLC, and the valuation of deferred policy acquisition costs.

Investments:

Investments:

 

Investments in fixed income and equity securities are classified as available-for-sale and reported at estimated fair value. Unrealized gains and losses are included in accumulated other comprehensive income (loss), net of tax, until sold or an other-than-temporary impairment is recognized, at which point the cumulative unrealized gains or losses are transferred to the consolidated statement of operations.

 

Other investments include investments in limited liability companies in which the Company’s interests are deemed minor and, therefore, are accounted for under the cost method of accounting, which approximates their fair value. Also included in other investments is a fixed rate certificate of deposit with an original maturity of 15 months.

 

Short-term investments, which consist of investments with maturities between three months and one year, are reported at cost, which approximates fair value due to their short-term nature.

 

Realized gains and losses on sales of investments are determined on a first-in, first-out basis, and are included in net investment income.

 

Interest income is included in net investment income and is recorded as it accrues.

 

The Company accounts for its investments using trade date accounting.

 

The Company conducts a quarterly review to identify and evaluate investments that show objective indications of possible impairment. Impairment is charged to the statement of operations if the fair value of the instrument falls below its amortized cost and the decline is considered other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been below cost, the financial condition and near-term prospects of the issuer, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery.

Cash and Cash Equivalents:

Cash and Cash Equivalents:

 

Cash and cash equivalents include cash and highly liquid investments with original maturities of 90 days or less.

Premiums Receivable:

Premiums Receivable:

 

Premiums receivable include premium balances due and uncollected as well as installment premiums not yet due from our independent agencies and insureds. Premiums receivable are reported net of an estimated allowance for credit losses.

Reinsurance:

Reinsurance:

 

Reinsurance premiums, losses, and loss adjustment expenses are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums and losses ceded to other companies have been reported as a reduction of premium revenue and incurred net losses and loss adjustment expenses. A reinsurance recoverable is recorded for that portion of paid and unpaid losses and loss adjustment expenses that are ceded to other companies.

Deferred Policy Acquisition Costs:

Deferred Policy Acquisition Costs:

 

The Company defers commissions, premium taxes, assessments and other underwriting and agency expenses that are directly related to successful efforts to acquire new or existing insurance policies to the extent they are considered recoverable. Costs deferred on insurance products are amortized over the period in which premiums are earned. Costs associated with unsuccessful efforts or costs that cannot be tied directly to a successful policy acquisition are expensed as incurred, as opposed to being deferred and amortized as the corresponding premium is earned. The method followed in determining the deferred policy acquisition costs limits the deferral to its realizable value by giving consideration to estimated future loss and loss adjustment expenses to be incurred as revenues are earned. Anticipated investment income is included in determining the realizable value of the deferred policy acquisition costs. Changes in estimates, if any, are recorded in the accounting period in which they are determined.

 

Income Taxes:

Income Taxes:

 

The Company follows the asset and liability method of accounting for income taxes, whereby deferred income tax assets and liabilities are recognized for (i) the differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases and (ii) loss and tax credit carry-forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not and a valuation allowance is established for any portion of a deferred tax asset that management believes will not be realized. Current federal income taxes are charged or credited to operations based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense (benefit).

Property and Equipment:

Property and Equipment:

 

Property and equipment is reported at historical cost less accumulated depreciation. Depreciation of property and equipment is recorded on a straight-line basis over estimated useful life which range from seven years for furniture, five years for vehicles, three years for computer equipment, and the shorter of estimated useful life or the term of the lease for leasehold improvements. Property and equipment is estimated to have no salvage value at its useful life-end.

 

Rent expense for the Company’s office leases is recognized on a straight-line basis over the term of the lease. Rent expense was $255 and $258 for the nine months ended September 30, 2017 and 2016, respectively. 

Loss and Loss Adjustment Expense Reserves:

Loss and Loss Adjustment Expense Reserves:

 

Loss and loss adjustment expense reserves represent the estimated liabilities for reported loss events, incurred but not yet reported loss events and the related estimated loss adjustment expenses. The Company performs a continuing review of its loss and loss adjustment expense reserves, including its reserving techniques as well as the impact of reinsurance on our loss reserves. The loss and loss adjustment expense reserves are also reviewed, at minimum, on an annual basis by qualified third party actuaries. Since the loss and loss adjustment expense reserves are based on estimates, the ultimate liability may be more or less than such reserves. The effects of changes in such estimated reserves are included in the results of income in the period in which the estimates are changed. Such changes in estimates could occur in a future period and may be material to the Company’s results of operations and financial position in such period.

 

Concentration of Credit Risk:

Concentration of Credit Risk:

 

Financial instruments which potentially expose the Company to concentrations of credit risk include investments, cash, premiums receivable, and amounts due from reinsurers on losses incurred. The Company maintains its cash with two major U.S. domestic banking institutions and two regional banks headquartered in the Southeastern United States. Such amounts are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250 per institution. At September 30, 2017, the Company held funds on deposit at these institutions in excess of these FDIC insured amounts. The terms of these deposits are on demand to mitigate some of the associated risk. The Company has not incurred losses related to these deposits.

 

The Company has not experienced significant losses related to premiums receivable from its policyholders and management believes that amounts provided as an allowance for credit losses is adequate.

 

The Company has not experienced any losses on amounts due from reinsurers. In order to limit the credit risk associated with amounts potentially due from reinsurers, the Company uses several different reinsurers, all of which have an A.M. Best Rating of A- (Excellent) or better. Absent such rating, the Company has required its reinsurers to place collateral on deposit with an independent institution under a trust agreement for the Company’s benefit.

 

The Company also has risk associated with the lack of geographic diversification due to the fact that through September 30, 2017, Maison exclusively underwrote policies in Louisiana and Texas. The Company insures personal property located in 63 of the 64 parishes in the State of Louisiana. As of September 30, 2017, these policies are concentrated within these parishes, presented as a percentage of our total policies in force in all states, as follows: Jefferson Parish 12.6%, Saint Tammany Parish 12.5%, East Baton Rouge Parish 7.2%, and Livingston Parish 5.1%. No other parish individually has over 5.0% of the policies in force as of September 30, 2017. On a direct basis, Maison writes in 150 of the 254 counties that comprise the State of Texas; however, no single county represents over 5.0% of the Company’s total policies in force as of September 30, 2017.

Revenue Recognition:

Revenue Recognition:

 

Premium revenue is recognized on a pro rata basis over the term of the respective policy contract. Unearned premium reserves represent the portion of premium written that is applicable to the unexpired term of policies in force.

 

Service charges on installment premiums are recognized as income upon receipt of related installment payments and are reflected in other income.

 

Revenue from other policy fees is deferred and recognized over the terms of the respective policy period, with revenue reflected in other income.

 

Any customer payment received is applied first to any service charge or policy fee due, with the remaining amount applied toward any premium due.

 

Ceded premiums are charged to income over the applicable term of the various reinsurance contracts with third party reinsurers. Ceded unearned premiums represent the unexpired portion of premiums ceded to reinsurers and are reported as an asset on the Company’s consolidated balance sheets.

 

Premiums collected in advance occur when the policyholder premium is paid in advance of the effective commencement period of the policy and are recorded as a liability on the Company’s consolidated balance sheets.

 

Stock-Based Compensation:

Stock-Based Compensation:

 

The Company has accounted for stock-based compensation under the provisions of ASC Topic 718 – Stock Compensation, which requires the use of the fair-value based method to determine compensation for all arrangements under which employees and others receive shares of stock or equity instruments (stock options and common stock purchase warrants). The fair value of each stock option award is estimated on the date of grant using the Black-Scholes valuation model using assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. The fair value of each stock option award is recorded as compensation expense on a straight-line basis over the requisite service period, which is generally the period in which the stock options vest, with a corresponding increase to additional paid-in capital.

 

The Company has also issued restricted stock units (“RSUs”) to certain of its employees which have been accounted for as equity based awards since, upon vesting, they are required to be settled in the Company’s common shares. The Company used a Monte Carlo valuation model to estimate the fair value of these awards upon grant date as the vesting of these RSUs occurs solely upon market-based conditions. The fair value of each RSU is recorded as compensation expense over the derived service period, as determined by the valuation model. Should the market-based condition be achieved prior to the expiration of the derived service period, any unrecognized cost will be recorded as compensation expense in the period in which the RSUs actually vest.

Fair Value of Financial Instruments:

Fair Value of Financial Instruments:

 

The carrying values of certain financial instruments, including cash, short-term investments, premiums receivable and accounts payable, approximate fair value due to their short-term nature. The Company measures the fair value of financial instruments in accordance with GAAP, which defines fair value as the exchange price that would be received for an asset (or paid to transfer a liability) in the principal or most advantageous market for the asset (or liability) in an orderly transaction between market participants on the measurement date. GAAP also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Earnings Per Common Share:

Earnings Per Common Share:

 

Basic earnings per common share is computed using the weighted average number of shares outstanding during the respective period.

 

Diluted earnings per common share assumes conversion of all potentially dilutive outstanding stock options, warrants or other convertible financial instruments. Potential common shares outstanding are excluded from the calculation of diluted earnings per share if their effect is anti-dilutive.

 

Operating Segments:

Operating Segments:

 

The Company operates in a single segment – property and casualty insurance.

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Tables)
9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses and estimated fair value of investments

A summary of the amortized cost, estimated fair value, and gross unrealized gains and losses on the Company’s investments in fixed income and equity securities at September 30, 2017 and December 31, 2016 is as follows.

 

As of September 30, 2017   Amortized
Cost
    Gross Unrealized Gains     Gross Unrealized Losses     Estimated Fair Value  
Fixed income securities:                                
U.S. government   $ 2,911     $ 6     $ (18 )   $ 2,899  
State municipalities and political subdivisions     5,379       12       (26 )     5,365  
Asset-backed securities and collateralized mortgage obligations     16,727       26       (119 )     16,635  
Corporate     20,235       113       (40 )     20,308  
Total fixed income securities     45,252       157       (202 )     45,207  
Equity securities:                                
Common stock     1,571       66       (25 )     1,612  
Warrants to purchase common stock     72       79       (29 )     122  
Rights to purchase common stock     39       3       (5 )     37  
Total equity securities     1,682       148       (59 )     1,771  
Total fixed income and equity securities   $ 46,934     $ 305     $ (261 )   $ 46,978  
                                 
As of December 31, 2016                                
Fixed income securities:                                
U.S. government   $ 1,623     $ 1     $ (20 )   $ 1,604  
State municipalities and political subdivisions     2,271       2       (27 )     2,246  
Asset-backed securities and collateralized mortgage obligations     12,095       9       (136 )     11,968  
Corporate     10,804       28       (91 )     10,741  
Total fixed income securities     26,793       40       (274 )     26,559  
Equity securities:                                
Common stock     1,000       136             1,136  
Total equity securities     1,000       136             1,136  
Total fixed income and equity securities   $ 27,793     $ 176     $ (274 )   $ 27,695
Schedule of fixed income securities by contractual maturity

The table below summarizes the Company’s fixed income securities at September 30, 2017 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturity of these obligations.

 

Matures in:   Amortized
Cost
    Estimated Fair Value  
One year or less   $ 2,416     $ 2,415  
More than one to five years     19,759       19,757  
More than five to ten years     11,780       11,804  
More than ten years     11,297       11,231  
Total   $ 45,252     $ 45,207  
Schedule of aggregate unrealized loss position, by security type, of fixed income securities in unrealized loss positions

The following table highlights, by loss position and security type, those fixed income and equity securities in unrealized loss positions as of September 30, 2017 and December 31, 2016. The tables segregate the holdings based on the period of time the investments have been continuously held in unrealized loss positions. There were 149 and 122 fixed income investments that were in unrealized loss positions as of September 30, 2017 and December 31, 2016, respectively. The Company held 12 equity investments in unrealized loss positions as of September 30, 2017.

 

    Less than 12 Months     Greater than 12 Months     Total  
As of September 30, 2017   Estimated Fair Value     Unrealized Loss     Estimated Fair Value     Unrealized Loss     Estimated Fair Value     Unrealized Loss  
Fixed income securities:                                                
U.S. government   $ 2,041     $ (18 )   $ 175     $     $ 2,216     $ (18 )
State municipalities and political subdivisions     2,357       (13 )     589       (13 )     2,946       (26 )
Asset-backed securities and collateralized mortgage obligations     11,682       (83 )     1,675       (36 )     13,357       (119 )
Corporate     6,568       (23 )     556       (16 )     7,124       (39 )
Total fixed income securities     22,648       (137 )     2,995       (65 )     25,643       (202 )
Equity securities:                                            
Common stock     237       (25 )                 237       (25 )
Warrants to purchase common stock     23       (29 )                 23       (29 )
Rights to purchase common stock     18       (5 )                 18       (5 )
Total equity securities     278       (59 )                   278       (59 )
Total fixed income and equity securities   $ 22,926     $ (196 )   $ 2,995     $ (65 )   $ 25,921     $ (261 )
                                                 
As of December 31, 2016                                                
Fixed income securities:                                                
U.S. government   $ 1,303     $ (20 )   $     $     $ 1,303     $ (20 )
State municipalities and political subdivisions     1,537       (27 )                 1,537       (27 )
Asset-backed securities and collateralized mortgage obligations     9,552       (133 )     460       (3 )     10,012       (136 )
Corporate     5,952       (91 )                 5,952       (91 )
Total fixed income securities   $ 18,344     $ (271 )   $ 460     $ (3 )   $ 18,804     $ (274 )
Schedule of net investment income

Net investment income for the three and nine months ended September 30, 2017 and 2016 was as follows:

 

   

Three months ended

September 30,

    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Investment income:                                
Interest on fixed income securities   $ 231     $ 123     $ 548     $ 332  
Interest on cash and cash equivalents     30       34       126       89  
Realized gain upon sale of securities     4             68        
Other           5             7  
Gross investment income     265       162       742       428  
Investment expenses     (17 )     (11 )     (42 )     (35 )
Net investment income   $ 248     $ 151     $ 700     $ 393  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Reinsurance (Tables)
9 Months Ended
Sep. 30, 2017
Reinsurance Disclosures [Abstract]  
Schedule of impact of reinsurance treaties on financial statements

The impact of reinsurance treaties on the Company’s financial statements is as follows:

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Premium written:                                
Direct   $ 16,533     $ 13,457     $ 45,989     $ 38,117  
Assumed     630       509       2,828       1,367  
Ceded     (6,051 )     (5,973 )     (16,426 )     (15,414 )
Net premium written   $ 11,112     $ 7,993     $ 32,391     $ 24,070  
                                 
Premium earned:                                
Direct   $ 14,056     $ 12,037     $ 40,015     $ 34,455  
Assumed     851       509       2,454       1,367  
Ceded     (6,275 )     (5,410 )     (17,437 )     (12,953 )
Net premium earned   $ 8,632     $ 7,136     $ 25,032     $ 22,869  
                                 
Losses and LAE incurred:                                
Direct   $ 20,451     $ 12,529     $ 31,297     $ 25,985  
Assumed     5,734       562       8,937       2,340  
Ceded     (18,390 )     (6,648 )     (26,425 )     (13,408 )
Net losses and LAE incurred   $ 7,795     $ 6,443     $ 13,809     $ 14,917
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Deferred Policy Acquisition Costs (Tables)
9 Months Ended
Sep. 30, 2017
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Schedule of components of deferred policy aquisition costs

DPAC as well as the related amortization expense associated with DPAC for the three and nine months ended September 30, 2017 and 2016, is as follows:

 

      Three months ended
September 30,
    Nine months ended
September 30,
 
      2017     2016     2017     2016  
                           
Balance, beginning of period, net     $ 5,545     $ 4,139     $ 4,389     $ 4,030  
Additions       3,402       2,325       9,670       6,487  
Amortization       (2,755 )     (2,095 )     (7,867 )     (6,148 )
Balance, September 30, net     $ 6,192     $ 4,369     $ 6,192     $ 4,369  
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loss and Loss Adjustment Expense Reserves (Tables)
9 Months Ended
Sep. 30, 2017
Insurance Loss Reserves [Abstract]  
Schedule of cumulative paid losses and LAE, net of reinsurance

The results of this comparison and the changes in the provision, net of amounts recoverable from reinsurers, for the nine months ended September 30, 2017 and 2016 were as follows:

 

   

Three months ended

September 30,

   

Nine months ended 

September 30,

 
    2017     2016     2017     2016  
                         
Balance, beginning of period, gross of reinsurance   $ 9,583     $ 5,884     $ 6,971     $ 2,123  
Less reinsurance recoverable on loss and LAE expense reserves     (6,012 )     (3,431 )     (3,652 )     (120 )
Balance, beginning of period, net of reinsurance     3,571       2,453       3,319       2,003  
Incurred related to:                                
Current year     8,717       6,487       15,953       15,090  
Prior years     (922 )     (44 )     (2,144 )     (173 )
Paid related to:                                
Current year     (7,246 )     (5,671 )     (12,060 )     (12,719 )
Prior years     411       36       (537 )     (940 )
Balance, September 30, net of reinsurance     4,531       3,261       4,531       3,261  
Plus reinsurance recoverable related to loss and LAE expense reserves     17,560       5,366       17,560       5,366  
Balance, September 30, gross of reinsurance   $ 22,091     $ 8,627     $ 22,091     $ 8,627  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Tables)
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Summary of income tax expense (benefit)

Actual income tax expense for the three and nine months ended September 30, 2017 and 2016 varies from the amount that would result by applying the applicable statutory federal income tax rate of 34% to income before income taxes as summarized in the following table:

 

   

Three months ended

September 30,

   

Nine months ended

September 30,

 
    2017     2016     2017     2016  
Income tax benefit at statutory income tax rate   $ (1,168 )   $ (902 )   $ (508 )   $ (743 )
State income tax (net of federal tax benefit)     (5 )     54       104       131  
Other     2       1       7       7  
Income tax benefit   $ (1,171 )   $ (847 )   $ (397 )   $ (605 )
Schedule of deferred income taxes

The Company carries a net deferred income tax asset of $855 and $420 as of September 30, 2017 and December 31, 2016, respectively, all of which the Company believes is more likely than not to be fully realized based upon management’s assessment of future taxable income. Significant components of the Company’s net deferred tax assets are as follows:

 

    September 30, 2017     December 31, 2016  
Deferred income tax assets:                
Loss and loss adjustment expense reserves   $ 49     $ 35  
Unearned premium reserves     2,055       1,503  
Net operating loss carryforwards     736       235  
Share-based compensation     335       316  
Other     308       270  
Deferred income tax assets   $ 3,483     $ 2,359  
                 
Deferred income tax liabilities:                
Deferred policy acquisition costs   $ 2,105     $ 1,492  
State deferred taxes     444       397  
Other     79       50  
Deferred income tax liabilities   $ 2,628     $ 1,939  
                 
Net deferred income tax assets   $ 855     $ 420  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Share (Tables)
9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Schedule of numerators and denominators used in calculation of basic and diluted earnings (loss) per share

The table below provides a summary of the numerators and denominators used in determining basic and diluted loss per share for the three and nine months ended September 30, 2017 and 2016.

 

    Three months ended
September 30,
    Nine months ended
September 30,
 
    2017     2016     2017     2016  
Basic and Diluted:                                
 Net loss   $ (2,263 )   $ (1,806 )   $ (1,096 )   $ (1,581 )
 Weighted average common shares outstanding     5,961,636       6,022,983       5,958,407       6,076,838  
Loss per common share   $ (0.38 )   $ (0.30 )   $ (0.18 )   $ (0.26 )
Schedule of potentially dilutive securities excluded from calculation

The following potentially dilutive securities outstanding as of September 30, 2017 and 2016 have been excluded from the computation of diluted weighted-average shares outstanding as their effect would be anti-dilutive.

 

    As of September 30,  
    2017     2016  
Options to purchase common stock     177,456       210,489  
Warrants to purchase common stock     1,906,875       1,906,875  
Restricted stock units     20,500       20,500  
Performance shares     475,000       475,000  
      2,579,831       2,612,864  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units (Tables)
9 Months Ended
Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of common stock options activity

The following table summarizes the Company’s stock options outstanding as of September 30, 2017.

 

Stock Options Outstanding as of September 30, 2017  
Date of Grant     Exercise
Price ($)
    Expiration Date   Remaining Contractual Life (Years)     Number Outstanding     Number Exercisable  
03/31/2014       8.00     03/31/2019     1.50       163,301       143,704  
04/04/2014       8.69     04/04/2019     1.51       14,155       12,456  
                    Total       177,456       156,160  
Schedule of restricted stock awards activity

The following table summarizes RSU activity for the nine months ended September 30, 2017.

 

Restricted Stock Units   Number of Units     Weighted Average Grant Date Fair Value  
Non-vested units, December 31, 2016     20,500     $ 1.34  
 Granted            
 Vested            
 Forfeited            
Non-vested units, September 30, 2017     20,500     $ 1.34  
Schedule of stock warrants issued, exercised and outstanding

The following table summarizes the Company’s warrants outstanding as of September 30, 2017.

 

Date of Grant     Exercise
Price ($)
    Expiration Date   Remaining Contractual Life (Years)     Number Outstanding and Exercisable  
03/31/2014       9.60     03/31/2019     1.50       312,500  
03/31/2014       10.00     03/31/2019     1.50       94,375  
02/24/2015       15.00     02/24/2022     4.41       1,500,000  
                    Total       1,906,875  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Income (Loss) (Tables)
9 Months Ended
Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of accumulated other comprehensive income (loss)

The table below details the change in the balance of each component of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2017 and 2016.

 

    Three months ended
September 30,
    Nine month ended
September 30,
 
    2017     2016     2017     2016  
Unrealized gains (losses) on available-for-sale securities:                                
Balance, beginning of period   $ 4     $ 259     $ (65 )   $ (62 )
Other comprehensive income (loss) before reclassifications     40       (10 )     187       478  
Amounts reclassified from accumulated other comprehensive income (loss)     (3 )     (6 )     (45 )     (8 )
Income taxes     (12 )     5       (48 )     (160 )
Net current-period other comprehensive income (loss)     25       (11 )     94       310  
Balance, September 30   $ 29     $ 248     $ 29     $ 248  
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Schedule of financial instruments measured at fair value

Financial instruments measured at fair value as of September 30, 2017 and December 31, 2016 in accordance with this guidance are as follows.

 

September 30, 2017   Level 1     Level 2     Level 3     Total  
Fixed income securities:                                
 U.S. government   $     $ 2,899     $     $ 2,899  
 State municipalities and political subdivisions           5,365             5,365  
Asset-backed securities and collateralized mortgage obligations             16,635             16,635  
 Corporate           20,308             20,308  
Total fixed income securities           45,207             45,207  
                                 
Equity securities:                                
 Common stock     1,612                   1,612  
 Warrants to purchase common stock     122                   122  
 Rights to purchase common stock     37                   37  
Total equity securities     1,771                   1,771  
Total fixed income and equity securities   $ 1,771     $ 45,207     $     $ 46,978  
                                 
December 31, 2016                                
Fixed income securities:                                
 U.S. government   $     $ 1,604     $     $ 1,604  
 State municipalities and political subdivisions           2,246             2,246  
Asset-backed securities and collateralized mortgage obligations             11,968             11,968  
 Corporate           10,741             10,741  
Total fixed income securities   $     $ 26,559     $     $ 26,559  
                                 
Equity securities:                                
 Common stock     1,136                   1,136  
Total equity securities     1,136                   1,136  
                                 
Total fixed income and equity securities   $ 1,136     $ 26,559     $     $ 27,695
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statutory Requirements (Tables)
9 Months Ended
Sep. 30, 2017
Insurance [Abstract]  
Schedule of surplus notes

Maison’s capital is comprised of six surplus notes issued to PIH for the total principal amount of $9,000, all of which have been approved by the LDI prior to their issuance. Notes accrue interest at 10% per annum. Interest payments on the notes are due annually, and are also subject to prior approval by the LDI. The Company’s surplus notes, as of September 30, 2017, are as follows.

 

Date of Issuance   Maturity Date   Principal
Amount
 
October 22, 2013   October 22, 2017   $ 650  
December 21, 2015   December 21, 2017     850  
March 31, 2016   March 31, 2018     550  
September 29, 2016   September 29, 2018     3,450  
November 14, 2016   November 14, 2018     550  
September 28, 2017   September 28, 2019     2,950  
        $ 9,000  
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of amounts due under operating leases

As of September 30, 2017, the Company had the following amounts due under its operating leases for facilities leased in Baton Rouge, Louisiana, and Tampa, Florida.

 

Year ending September 30,        
2018     $ 303  
2019       298  
2020       25  
2021 and thereafter        
      $ 626  
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Business (Details Narrative) - USD ($)
$ in Thousands
2 Months Ended 3 Months Ended
Nov. 01, 2017
Jun. 13, 2014
Mar. 31, 2017
Sep. 30, 2017
Related Party Transaction [Line Items]        
Common stock issued through IPO and follow-on offering   5,000,000    
Maison [Member]        
Related Party Transaction [Line Items]        
Capital contribution from parent company     $ 16,000  
Maison [Member] | Minimum [Member]        
Related Party Transaction [Line Items]        
Capital and surplus to be maintained as to policyholders       $ 35,000
Fundamental Global Investors, LLC [Member]        
Related Party Transaction [Line Items]        
Common stock to be sold by shareholder       900,000
Fundamental Global Investors, LLC [Member] | Subsequent Event [Member]        
Related Party Transaction [Line Items]        
Common stock to be sold by shareholder       424,572
Common stock sold by shareholder 475,428      
Common stock ownership after completed sales (percent)       43.00%
KAI [Member]        
Related Party Transaction [Line Items]        
Common stock shares held by shareholder (shares)   1,000,000    
XML 47 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Significant Accounting Policies (Details Narrative)
$ in Thousands
9 Months Ended
Sep. 30, 2017
USD ($)
County
Parish
Sep. 30, 2016
USD ($)
Certificate of deposit maturities 18 months  
Rent expense | $ $ 255 $ 258
Cash deposit per institution insured by FDIC | $ $ 250  
Saint Tammany Parish [Member]    
Policy concentration 12.50%  
Jefferson Parish [Member]    
Policy concentration 12.60%  
East Baton Rouge Parish [Member]    
Policy concentration 7.20%  
Livingston Parish [Member]    
Policy concentration 5.10%  
LOUISIANA [Member]    
Number of parishes - insured Louisiana | Parish 63  
Number of parishes - total Louisiana | Parish 64  
TEXAS [Member]    
Number of counties - total Texas | County 254  
TEXAS [Member] | Maison [Member]    
Number of counties on direct basis - policy written in Texas | County 150  
Furniture and Fixtures [Member]    
Property plant and equipment useful life 7 years  
Vehicles [Member]    
Property plant and equipment useful life 5 years  
Computer Equipment [Member]    
Property plant and equipment useful life 3 years  
Minimum [Member]    
Maturity of liquid investments 3 months  
Maximum [Member]    
Maturity of liquid investments 1 year  
Maximum [Member] | LOUISIANA [Member]    
Percentage of policies for concentration in counties 5.00%  
Maximum [Member] | TEXAS [Member]    
Percentage of policies for concentration in counties 5.00%  
XML 48 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Fixed income securities:    
Amortized Cost $ 45,252 $ 26,793
Gross Unrealized Gains 157 40
Gross Unrealized Losses (202) (274)
Estimated Fair Value 45,207 26,559
Equity Securities    
Amortized Cost Basis 1,682 1,000
Gross Unrealized Gains 148 136
Gross Unrealized Losses (59)  
Estimated Fair Value 1,771 1,136
Total Securities    
Amortized Cost 46,934 27,793
Gross Unrealized Gains 305 176
Gross Unrealized Losses (261) (274)
Estimated Fair Value 46,978 27,695
Common Stock [Member]    
Equity Securities    
Amortized Cost Basis 1,571 1,000
Gross Unrealized Gains 66 136
Gross Unrealized Losses (25)  
Estimated Fair Value 1,612 1,136
Warrants to Purchase Common Stock [Member]    
Equity Securities    
Amortized Cost Basis 72  
Gross Unrealized Gains 79  
Gross Unrealized Losses (29)  
Estimated Fair Value 122  
Rights to Purchase Common Stock [Member]    
Equity Securities    
Amortized Cost Basis 39  
Gross Unrealized Gains 3  
Gross Unrealized Losses (5)  
Estimated Fair Value 37  
U.S. government [Member]    
Fixed income securities:    
Amortized Cost 2,911 1,623
Gross Unrealized Gains 6 1
Gross Unrealized Losses (18) (20)
Estimated Fair Value 2,899 1,604
States, Municipalities and Political Subdivisions [Member]    
Fixed income securities:    
Amortized Cost 5,379 2,271
Gross Unrealized Gains 12 2
Gross Unrealized Losses (26) (27)
Estimated Fair Value 5,365 2,246
Asset-backed Securities and Collateralized Mortgage Backed Obligations [Member]    
Fixed income securities:    
Amortized Cost 16,727 12,095
Gross Unrealized Gains 26 9
Gross Unrealized Losses (119) (136)
Estimated Fair Value 16,635 11,968
Corporate [Member]    
Fixed income securities:    
Amortized Cost 20,235 10,804
Gross Unrealized Gains 113 28
Gross Unrealized Losses (40) (91)
Estimated Fair Value $ 20,308 $ 10,741
XML 49 R38.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Amortized Cost    
One year or less $ 2,416  
More than one to five years 19,759  
More than five to ten years 11,780  
More than ten years 11,297  
Total 45,252 $ 26,793
Estimated Fair Value    
One year or less 2,415  
More than one to five years 19,757  
More than five to ten years 11,804  
More than ten years 11,231  
Total $ 45,207 $ 26,559
XML 50 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Details 2) - USD ($)
$ in Thousands
9 Months Ended 12 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Less Than 12 Months, fair Value $ 22,926  
Less Than 12 Months, Unrealized Losses (196)  
Greater than 12 Months, Fair Value 2,995  
Greater than 12 Months, Unrealized Losses (65)  
Total Fair Value 25,921  
Total Unrealized Losses (261)  
Fixed Income Securities [Member]    
Less Than 12 Months, fair Value 22,648 $ 18,344
Less Than 12 Months, Unrealized Losses (137) (271)
Greater than 12 Months, Fair Value 2,995 460
Greater than 12 Months, Unrealized Losses (65) (3)
Total Fair Value 25,643 18,804
Total Unrealized Losses (202) (274)
Fixed Income Securities [Member] | U.S. government [Member]    
Less Than 12 Months, fair Value 2,041 1,303
Less Than 12 Months, Unrealized Losses (18) (20)
Greater than 12 Months, Fair Value 175  
Total Fair Value 2,216 1,303
Total Unrealized Losses (18) (20)
Fixed Income Securities [Member] | States, Municipalities and Political Subdivisions [Member]    
Less Than 12 Months, fair Value 2,357 1,537
Less Than 12 Months, Unrealized Losses (13) (27)
Greater than 12 Months, Fair Value 589  
Greater than 12 Months, Unrealized Losses (13)  
Total Fair Value 2,946 1,537
Total Unrealized Losses (26) (27)
Fixed Income Securities [Member] | Asset-backed Securities and Collateralized Mortgage Backed Obligations [Member]    
Less Than 12 Months, fair Value 11,682 9,552
Less Than 12 Months, Unrealized Losses (83) (133)
Greater than 12 Months, Fair Value 1,675 460
Greater than 12 Months, Unrealized Losses (36) (3)
Total Fair Value 13,357 10,012
Total Unrealized Losses (119) (136)
Fixed Income Securities [Member] | Corporate [Member]    
Less Than 12 Months, fair Value 6,568 5,952
Less Than 12 Months, Unrealized Losses (23) (91)
Greater than 12 Months, Fair Value 556  
Greater than 12 Months, Unrealized Losses (16)  
Total Fair Value 7,124 5,952
Total Unrealized Losses (39) $ (91)
Equity Securities [Member]    
Less Than 12 Months, fair Value 278  
Less Than 12 Months, Unrealized Losses (59)  
Total Fair Value 278  
Total Unrealized Losses (59)  
Equity Securities [Member] | Common Stock [Member]    
Less Than 12 Months, fair Value 237  
Less Than 12 Months, Unrealized Losses (25)  
Total Fair Value 237  
Total Unrealized Losses (25)  
Equity Securities [Member] | Warrants to Purchase Common Stock [Member]    
Less Than 12 Months, fair Value 23  
Less Than 12 Months, Unrealized Losses (29)  
Total Fair Value 23  
Total Unrealized Losses (29)  
Equity Securities [Member] | Rights to Purchase Common Stock [Member]    
Less Than 12 Months, fair Value 18  
Less Than 12 Months, Unrealized Losses (5)  
Total Fair Value 18  
Total Unrealized Losses $ (5)  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Details 3) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Investment income:        
Gross investment income $ 265 $ 162 $ 742 $ 428
Investment expenses (17) (11) (42) (35)
Net investment income 248 151 700 393
Fixed Income Securities [Member]        
Investment income:        
Gross investment income 231 123 548 332
Cash and Cash Equivalents [Member]        
Investment income:        
Gross investment income 30 34 126 89
Realized Gain Upon Sale of Securities [Member]        
Investment income:        
Gross investment income $ 4   $ 68  
Other [Member]        
Investment income:        
Gross investment income   $ 5   $ 7
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.8.0.1
Investments (Details Narrative)
$ in Thousands
9 Months Ended
Sep. 30, 2017
USD ($)
Investment
Dec. 31, 2016
USD ($)
Investment
Schedule of Available-for-sale Securities [Line Items]    
Amortized cost $ 46,934 $ 27,793
Estimated fair value 46,978 $ 27,695
Commitment to total investment in partnerships 1,000  
Partners capital draws 645  
Certificate of deposit $ 300  
Certificate of deposit maturities 18 months  
Fixed Income Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of investments in unrealized loss positions | Investment 149 122
Equity Securities [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Number of investments in unrealized loss positions | Investment 12  
TEXAS [Member]    
Schedule of Available-for-sale Securities [Line Items]    
Pledged securities $ 2,000  
Amortized cost 2,001  
Estimated fair value $ 1,998  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.8.0.1
Reinsurance (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Premium written:        
Direct $ 16,533 $ 13,457 $ 45,989 $ 38,117
Assumed 630 509 2,828 1,367
Ceded (6,051) (5,973) (16,426) (15,414)
Net premium written 11,112 7,993 32,391 24,070
Premium earned:        
Direct 14,056 12,037 40,015 34,455
Assumed 851 509 2,454 1,367
Ceded (6,275) (5,410) (17,437) (12,953)
Net premium earned 8,632 7,136 25,032 22,869
Losses and LAE incurred:        
Direct 20,451 12,529 31,297 25,985
Assumed 5,734 562 8,937 2,340
Ceded (18,390) (6,648) (26,425) (13,408)
Net losses and LAE incurred $ 7,795 $ 6,443 $ 13,809 $ 14,917
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.8.0.1
Reinsurance (Details Narrative)
$ in Thousands
1 Months Ended 3 Months Ended 5 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
May 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Sep. 30, 2016
USD ($)
May 31, 2017
USD ($)
May 31, 2016
USD ($)
Hour
Reinsurance Retention Policy [Line Items]                
Ceded written premiums   $ 6,051 $ 5,973   $ 16,426 $ 15,414    
Assumed premiums written   $ 630 $ 509   2,828 1,367    
Brotherhood Mutual Insurance Company [Member]                
Reinsurance Retention Policy [Line Items]                
Assumed premiums written         $ 1,427 1,367    
Texas Windstorm Insurance Association [Member]                
Reinsurance Retention Policy [Line Items]                
Percentage of quota-share of wind/hail premiums         100.00%      
Assumed premiums written         $ 1,401      
Minimum [Member] | Brotherhood Mutual Insurance Company [Member]                
Reinsurance Retention Policy [Line Items]                
Percentage of quota-share of wind/hail premiums         25.00%      
Maximum [Member] | Brotherhood Mutual Insurance Company [Member]                
Reinsurance Retention Policy [Line Items]                
Percentage of quota-share of wind/hail premiums         100.00%      
Per-Risk Treaty [Member]                
Reinsurance Retention Policy [Line Items]                
Excess retention amount reinsured $ 400     $ 250        
Reinsurance recoveries for each risk $ 1,600     $ 1,750        
Ceded written premiums         $ 405 438    
Excess of Loss Treaty 2015/2016 [Member]                
Reinsurance Retention Policy [Line Items]                
Excess retention amount reinsured               $ 4,000
Reinsurance recoveries for each risk               $ 121,000
Number of hours in period | Hour               144
Excess of Loss Treaty 2015/2016 [Member] | Minimum [Member]                
Reinsurance Retention Policy [Line Items]                
Reinsurance event amount               $ 125,000
Excess of Loss Treaty 2015/2016 Additional Coverage [Member]                
Reinsurance Retention Policy [Line Items]                
Excess retention amount reinsured               $ 15,000
Excess of Loss Treaties Years 2016 and 2017 [Member]                
Reinsurance Retention Policy [Line Items]                
Excess retention amount reinsured             $ 5,000  
Reinsurance recoveries for each risk             170,000  
Excess of Loss Treaties Years 2016 and 2017 [Member] | Minimum [Member]                
Reinsurance Retention Policy [Line Items]                
Reinsurance event amount             175,000  
Excess of Loss Treaty 2016/2017 Additional Coverage [Member]                
Reinsurance Retention Policy [Line Items]                
Excess retention amount reinsured             $ 25,000  
Excess of Loss Treaties (Combined) [Member]                
Reinsurance Retention Policy [Line Items]                
Ceded written premiums         $ 16,021 $ 14,976    
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.8.0.1
Deferred Policy Acquisition Costs (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Deferred Policy Acquisition Costs Disclosures [Abstract]        
Balance, beginning of period, net $ 5,545 $ 4,139 $ 4,389 $ 4,030
Additions 3,402 2,325 9,670 6,487
Amortization (2,755) (2,095) (7,867) (6,148)
Balance, end of period, net $ 6,192 $ 4,369 $ 6,192 $ 4,369
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.8.0.1
Loss and Loss Adjustment Expense Reserves (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Insurance Loss Reserves [Abstract]        
Balance, beginning of period, gross of reinsurance $ 9,583 $ 5,884 $ 6,971 $ 2,123
Less reinsurance recoverable on loss and LAE expense reserves (6,012) (3,431) (3,652) (120)
Balance, beginning of period, net of reinsurance 3,571 2,453 3,319 2,003
Incurred related to:        
Current year 8,717 6,487 15,953 15,090
Prior years (922) (44) (2,144) (173)
Paid related to:        
Current year (7,246) (5,671) (12,060) (12,719)
Prior years 411 36 (537) (940)
Balance, September 30, net of reinsurance 4,531 3,261 4,531 3,261
Plus reinsurance recoverable related to loss and LAE expense reserves 17,560 5,366 17,560 5,366
Balance, September 30, gross of reinsurance $ 22,091 $ 8,627 $ 22,091 $ 8,627
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Tax Disclosure [Abstract]        
Income tax benefit at statutory income tax rate $ (1,168) $ (902) $ (508) $ (743)
State income tax (net of federal tax benefit) (5) 54 104 131
Other 2 1 7 7
Income tax benefit $ (1,171) $ (847) $ (397) $ (605)
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details 1) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Deferred income tax assets:    
Loss and loss adjustment expense reserves $ 49 $ 35
Unearned premium reserves 2,055 1,503
Net operating loss carryforwards 736 235
Share-based compensation 335 316
Other 308 270
Deferred income tax assets 3,483 2,359
Deferred income tax liabilities:    
Deferred policy acquisition costs 2,105 1,492
State deferred taxes 444 397
Other 79 50
Deferred income tax liabilities 2,628 1,939
Net deferred income tax assets $ 855 $ 420
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Narrative) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Dec. 31, 2016
Income Tax Disclosure [Abstract]    
Statutory federal income tax rate 34.00%  
Net deferred income tax assets $ 855 $ 420
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Basic and Diluted:          
Net loss $ (2,263) $ (1,806) $ (1,096) $ (1,581) $ 11
Weighted average common shares outstanding 5,961,636 6,022,983 5,958,407 6,076,838  
Loss per common share $ (0.38) $ (0.30) $ (0.18) $ (0.26)  
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.8.0.1
Net Loss Per Share (Details 1) - shares
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities outstanding 2,579,831 2,612,864
Options to Purchase Common Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities outstanding 177,456 210,489
Warrants to Purchase Common Stock [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities outstanding 1,906,875 1,906,875
Restricted Stock Units [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities outstanding 20,500 20,500
Performance Shares [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities outstanding 475,000 475,000
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units (Details)
9 Months Ended
Sep. 30, 2017
$ / shares
shares
Number Outstanding 177,456
Number Exercisable 156,160
Stock Options #1 [Member]  
Date of Grant Mar. 31, 2014
Exercise Price | $ / shares $ 8.00
Expiration Date Mar. 31, 2019
Remaining Contractual Life 1 year 6 months
Number Outstanding 163,301
Number Exercisable 143,704
Stock Options #2 [Member]  
Date of Grant Apr. 04, 2014
Exercise Price | $ / shares $ 8.69
Expiration Date Apr. 04, 2019
Remaining Contractual Life 1 year 6 months 4 days
Number Outstanding 14,155
Number Exercisable 12,456
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units (Details 1) - Restricted Stock Units [Member]
9 Months Ended
Sep. 30, 2017
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Non-vested units, beginning | shares 20,500
Granted | shares
Non-vested units, ending | shares 20,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]  
Non-vested units, beginning | $ / shares $ 1.34
Granted | $ / shares
Non-vested units, ending | $ / shares $ 1.34
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units (Details 2)
9 Months Ended
Sep. 30, 2017
$ / shares
shares
Number Outstanding and Exercisable 1,906,875
Warrants to Purchase Common Stock #1 [Member]  
Date of Grant Mar. 31, 2014
Exercise Price | $ / shares $ 9.60
Expiration Date Mar. 31, 2019
Remaining Contractual Life (Years) 1 year 6 months
Number Outstanding and Exercisable 312,500
Warrants to Purchase Common Stock #2 [Member]  
Date of Grant Mar. 31, 2014
Exercise Price | $ / shares $ 10.00
Expiration Date Mar. 31, 2019
Remaining Contractual Life (Years) 1 year 6 months
Number Outstanding and Exercisable 94,375
Warrants to Purchase Common Stock #3 [Member]  
Date of Grant Feb. 24, 2015
Exercise Price | $ / shares $ 15.00
Expiration Date Feb. 24, 2022
Remaining Contractual Life (Years) 4 years 4 months 27 days
Number Outstanding and Exercisable 1,500,000
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.8.0.1
Options, Warrants, and Restricted Stock Units (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
2 Months Ended 6 Months Ended 9 Months Ended
May 29, 2015
Jun. 13, 2014
Nov. 30, 2017
Nov. 23, 2017
Sep. 30, 2017
Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common share options authorized under plan         354,912  
Common share options available for issuance         156,956  
Stock based compensation         $ 19 $ 30
Unrecognized stock based compensation expense         $ 11  
Stock issued   5,000,000        
Restricted Stock Units [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted          
Restricted Stock Units [Member] | Mr. Case [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting (percent)       20.00%    
Stock issued         28,000  
Number of shares granted       136,054    
Description of vesting rights      

vest 20% per year over a period of five years following the date granted, subject to Mr. Case’s continued employment with the Company.

   
Vesting period       5 years    
Restricted Stock Units [Member] | Mr. Raucy [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     40,000      
Restricted Stock Units [Member] | Mr. Hill [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     40,000      
Restricted Stock Units [Member] | Mr. Stroud [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     20,000      
Restricted Stock Units [Member] | Non-Employee Directors [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     6,666      
Restricted Stock Units [Member] | Officers and Directors [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting (percent)     20.00%      
Description of vesting rights    

shall vest 20% per year over a period of five years following the date granted, subject to each Officer’s continued employment with the Company and each Director’s continued service on the Board, provided that if a Director makes himself available and consents to be nominated by the Company for continued service but is not nominated by the Board for election by the shareholders, other than for good reason as determined by the Board in its discretion, then such director’s RSUs shall vest in full as of his last date of service as a director

     
Vesting period     5 years      
Restricted Stock Units [Member] | Officers and Directors [Member] | Maximum [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares granted     139,996      
Restricted Stock Units [Member] | Closing Price $10 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting (percent) 50.00%          
Share price $ 10.00          
Restricted Stock Units [Member] | Closing Price $12 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting (percent) 50.00%          
Share price $ 12.00          
Common Stock [Member] | Mr. Case [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock issued         50,092  
Common Stock [Member] | Officers and Directors [Member]            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock issued         41,565  
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholders' Equity (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
12 Months Ended 25 Months Ended
Jan. 29, 2016
Dec. 31, 2016
Dec. 31, 2016
Dec. 01, 2014
Retirement of treasury shares - APIC      
Treasury Stock [Member]        
Number of shares authorized for repurchase       500,000
Purchase price of repurchased shares (in dollars per share)   $ 7.29 $ 7.29  
Repurchases of common stock, shares     401,359  
Retirement of treasury shares, shares 250,000 250,000    
Repurchases of common stock     $ 2,927  
Retirement of treasury shares - APIC $ 1,917 $ 1,917    
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details Narrative) - USD ($)
$ / shares in Units, $ in Thousands
9 Months Ended
Feb. 24, 2017
Feb. 24, 2016
Feb. 24, 2015
Mar. 26, 2014
Sep. 30, 2017
Sep. 30, 2016
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Payment of preferred dividend         $ 240 $ 240  
Series B Preferred Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Estimated cost of equity     13.90%        
Preferred stock, par value (in dollars per share)         $ 25.00   $ 25.00
1347 Advisors, LLC [Member] | Series B Preferred Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Payment of preferred dividend $ 240 $ 240          
Argo Management Group LLC [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Amount pledged for investment with related parties         $ 500    
Amount invested with related parties         211    
Performance Shares [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Cumulative shares to be received per milestone       375,000      
Trading period to achieve milestones       20 days      
Maximum trading period to achieve milestones       30 days      
Performance Shares [Member] | 1347 Advisors, LLC [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target price per share     $ 10.00        
Shares to be received per milestone     100,000        
Future amortization of discount     $ 1,889   $ 276 $ 263  
Performance Shares [Member] | 1347 Advisors, LLC [Member] | Warrants to Purchase Common Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Warrants issued, shares called     1,500,000        
Exercise price (in dollars per share)     $ 15.00        
Warrant expiration date     Feb. 24, 2015        
Preferred stock, par value (in dollars per share)     $ 25.00        
Preferred stock, redemption price per share (in dollars per share)     $ 25.00        
Performance Shares [Member] | 1347 Advisors, LLC [Member] | Series B Preferred Stock [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Prreferred shares issued     120,000        
Performance Shares [Member] | Milestone $12.00 [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target price per share       $ 12.00      
Shares to be received per milestone       125,000      
Performance Shares [Member] | Milestone $15.00 [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target price per share       $ 15.00      
Shares to be received per milestone       125,000      
Performance Shares [Member] | Milestone $18.00 [Member]              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target price per share       $ 18.00      
Shares to be received per milestone       125,000      
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Unrealized gains (losses) on available-for-sale securities:        
Balance, beginning of period $ 4 $ 259 $ (65) $ (62)
Other comprehensive income (loss) before reclassifications 40 (10) 187 478
Amounts reclassified from accumulated other comprehensive income (loss) (3) (6) (45) (8)
Income taxes (12) 5 (48) (160)
Net current-period other comprehensive income (loss) 25 (11) 94 310
Balance, end of period $ 29 $ 248 $ 29 $ 248
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities $ 45,207 $ 26,559
Total equity securities 1,771 1,136
Total fixed income and equity securities 46,978 27,695
U.S. government [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 2,899 1,604
States, Municipalities and Political Subdivisions [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 5,365 2,246
Asset-backed Securities and Collateralized Mortgage Backed Obligations [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 16,635 11,968
Corporate [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 20,308 10,741
Level 1 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 1,771 1,136
Total fixed income and equity securities 1,771 1,136
Level 2 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 45,207 26,559
Total fixed income and equity securities 45,207 26,559
Level 2 [Member] | U.S. government [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 2,899 1,604
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 5,365 2,246
Level 2 [Member] | Asset-backed Securities and Collateralized Mortgage Backed Obligations [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 16,635 11,968
Level 2 [Member] | Corporate [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total fixed income securities 20,308 10,741
Common Stock [Member] | Level 1 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 1,612 1,136
Common Stock [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 1,612 $ 1,136
Warrants to Purchase Common Stock [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 122  
Warrants to Purchase Common Stock [Member] | Level 1 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 122  
Rights to Purchase Common Stock [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities 37  
Rights to Purchase Common Stock [Member] | Level 1 [Member]    
Fair Value Inputs, Assets, Quantitative Information [Line Items]    
Total equity securities $ 37  
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statutory Requirements (Details) - Maison [Member]
$ in Thousands
9 Months Ended
Sep. 30, 2017
USD ($)
Principal Amount $ 9,000
Surplus Note One [Member]  
Principal Amount $ 650
Date of Issuance Oct. 22, 2013
Maturity Date Oct. 22, 2017
Surplus Note Two [Member]  
Principal Amount $ 850
Date of Issuance Dec. 21, 2015
Maturity Date Dec. 21, 2017
Surplus Note Three [Member]  
Principal Amount $ 550
Date of Issuance Mar. 31, 2016
Maturity Date Mar. 31, 2018
Surplus Note Four [Member]  
Principal Amount $ 3,450
Date of Issuance Sep. 29, 2016
Maturity Date Sep. 29, 2018
Surplus Note Five [Member]  
Principal Amount $ 550
Date of Issuance Nov. 14, 2016
Maturity Date Nov. 14, 2018
Surplus Note Six [Member]  
Principal Amount $ 2,950
Date of Issuance Sep. 28, 2017
Maturity Date Sep. 28, 2019
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.8.0.1
Statutory Requirements (Details Narrative) - Maison [Member]
$ in Thousands
Sep. 30, 2017
USD ($)
Note
Risk based capital ratio 300.00%
Actual current capital surplus $ 35,962
Interest rate of surplus notes 10.00%
Number of surplus notes | Note 6
LOUISIANA [Member]  
Minimum capital surplus required $ 5,000
Fair value of investment securities in LDI 100
FLORIDA [Member]  
Minimum capital surplus required 35,000
Fair value of investment securities in LDI $ 300
TEXAS [Member]  
Risk based capital ratio 300.00%
Fair value of investment securities in LDI $ 2,000
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details)
$ in Thousands
Sep. 30, 2017
USD ($)
Year ending June 30,  
2018 $ 303
2019 298
2020 25
2021 and thereafter
Total $ 626
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