SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Management has evaluated subsequent events and their potential effects on these consolidated financial statements through the filing date of this Form 10-Q.

Subsequent event not recognized due to Hurricane Michael losses - In October of 2018 the Company incurred losses in its property and casualty insurance subsidiary from Hurricane Michael. Loss estimates associated with Hurricane Michael are not recognized in these consolidated financial statements as the event occurred after the date of the consolidated balance sheet presented herein. Managements estimates that gross losses (before reinsurance recoveries) from Hurricane Michael will be in the range of $11,000,000 to $14,000,000. Net of reinsurance recoveries, management estimates that pretax losses from Hurricane Michael will reduce fourth quarter 2018 pre-tax income by $4,000,000. Net of tax, it is estimated that net income for the three months and year ended December 31, 2018 will be reduced by $3,160,000. Since Hurricane Michael occurred subsequent to the date of these financial statements, the financial impact will be recognized in the financial statements presented in the Company's Form 10-K for the fiscal period ended December 31, 2018.