Note 5 - Investments in Securities

12 Months Ended

Mar. 31, 2019

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

5. INVESTMENTS IN SECURITIES

The Company adopted ASU 

2016

-

01

 as of 

April 1, 2018. 

As a result of adoption of this guidance, the Company now recognizes changes in fair value of these securities in the Consolidated Statements of Income.

During the year ended 

March 31, 2019, 

the Company had gross unrealized gains aggregating to 

$71,000

 and gross unrealized losses aggregating to 

$617,000,

 which are included in the Consolidated Statements of Income.

All investments in marketable securities are priced using publicly quoted market prices and are considered Level 

1

 fair value measurements.

In

June 2018,

the Company invested

$2,000,000

in a quota share reinsurance program in the form of participating notes. The investment period is

three

years; subject to early redemption if applicable. Due to an accumulation of severe and costly wildfires, tropical storms and earthquakes that took place globally in the

second

half of

2018,

the underlying contracts of our investment were adversely affected. The Company recorded an impairment of

$2,000,000

during the year ended

March 31, 2019.