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Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues    
Net premiums earned $ 26,941,450 $ 29,595,889
Ceding commission revenue 3,831,099 1,277,683
Net investment income 1,665,844 1,623,712
Net (losses) gains on investments (6,444,418) 2,035,363
Other income 629,619 365,901
Total revenues 26,623,594 34,898,548
Expenses    
Loss and loss adjustment expenses 16,385,821 29,134,224
Commission expense 7,899,191 6,853,416
Other underwriting expenses 6,761,792 6,135,991
Other operating expenses 1,563,620 971,172
Depreciation and amortization 687,094 602,332
Interest expense 456,545 456,545
Total expenses 33,754,063 44,153,680
Loss from operations before income taxes (7,130,469) (9,255,132)
Income tax benefit (1,686,266) (1,919,942)
Net loss (5,444,203) (7,335,190)
Other comprehensive income (loss), net of tax    
Gross change in unrealized (losses) gains on available-for-sale-securities (6,727,489) 4,188,716
Reclassification adjustment for (gains) losses included in net income (102,222) 22,431
Net change in unrealized (losses) gains (6,829,711) 4,211,147
Income tax benefit (expense) related to items of other comprehensive (loss) income 1,434,240 (884,341)
Other comprehensive (loss) income, net of tax (5,395,471) 3,326,806
Comprehensive loss $ (10,839,674) $ (4,008,384)
Loss per common share:    
Basic $ (0.50) $ (0.68)
Diluted $ (0.50) $ (0.68)
Weighted average common shares outstanding    
Basic 10,807,841 10,757,843
Diluted 10,807,841 10,757,843
Dividends declared and paid per common share $ 0.0625 $ 0.1000