Cover [Abstract]
Entity Registrant Name
Entity Central Index Key
Document Type
Amendment Flag
Current Fiscal Year End Date
Entity Small Business
Entity Shell Company
Entity Emerging Growth Company
Entity Current Reporting Status
Document Period End Date
Entity Filer Category
Document Fiscal Period Focus
Document Fiscal Year Focus
Entity Common Stock Shares Outstanding
Document Quarterly Report
Document Transition Report
Entity Interactive Data Current
Entity File Number
Entity Incorporation State Country Code
Entity Tax Identification Number
Entity Address Address Line 1
Entity Address City Or Town
Entity Address State Or Province
Entity Address Postal Zip Code
City Area Code
Local Phone Number
Security 12b Title
Trading Symbol
Security Exchange Name
Condensed Consolidated Balance Sheets
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $7,899,304 at September 30, 2020 and $4,124,767 at December 31, 2019)
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $145,126,859 at September 30, 2020 and $162,202,355 at December 31, 2019)
Equity securities, at fair value (cost of $30,300,839 at September 30, 2020 and $22,624,668 at December 31, 2019)
Other investments
Total investments
[Investments]
Cash and cash equivalents
Premiums receivable, net
Reinsurance receivables, net
Deferred policy acquisition costs
Intangible assets
Property and equipment, net
Deferred income taxes, net
Other assets
Total assets
[Assets]
Liabilities
Loss and loss adjustment expense reserves
Unearned premiums
Advance premiums
Reinsurance balances payable
Deferred ceding commission revenue
Accounts payable, accrued expenses and other liabilities
Deferred income taxes, net
[Deferred income taxes, net]
Long-term debt, net
Total liabilities
[Liabilities]
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares
Common stock, $.01 par value; authorized 20,000,000 shares; issued 11,871,307 shares at September 30, 2020 and 11,824,889 at December 31, 2019; outstanding 10,675,198 shares at September 30, 2020 and 10,797,450 shares at December 31, 2019
Capital in excess of par
Accumulated other comprehensive income
Retained earnings
Stockholders' Equity before Treasury Stock
Treasury stock, at cost, 1,196,109 shares at September 30, 2020 and 1,027,439 shares at December 31, 2019
Total stockholders' equity
Total liabilities and stockholders' equity
[Liabilities and Equity]
Fixed-maturity securities, held-to-maturity, fair value
Fixed-maturity securities, available-for-sale, amortized cost
Equity securities, available-for-sale, cost
Stockholders' Equity
Preferred stock, par value
Preferred stock, authorized shares
Common stock, par value
Common stock, authorized shares
Common stock, issued shares
Common stock, outstanding shares
Treasury stock, shares
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited)
Revenues
Net premiums earned
Ceding commission revenue
Net investment income
Net gains (losses) on investments
Other income
Total revenues
[Revenues]
Expenses
Loss and loss adjustment expenses
Commission expense
Other underwriting expenses
Other operating expenses
Depreciation and amortization
Interest expense
Total expenses
[Operating Expenses]
Income (loss) from operations before income taxes
[Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest]
Income tax expense (benefit)
[Income Tax Expense (Benefit)]
Net income (loss)
Other comprehensive income, net of tax
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Gross change in unrealized gains on available-for-sale-securities
Reclassification adjustment for gains included in net income (loss)
Net change in unrealized gains
Income tax expense related to items of other comprehensive income
Other comprehensive income, net of tax
Comprehensive income
Earnings (loss) per share :
Basic
Diluted
Weighted average common shares outstanding
Basic
[Weighted Average Number of Shares Outstanding, Basic]
Diluted
[Weighted Average Number of Shares Outstanding, Diluted]
Dividends declared and paid per common share
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Statement [Table]
Statement [Line Items]
Statement Equity Components [Axis]
Common Stock
Treasury Stock
Preferred Stock
Capital in Excess of Par
Accumulated other comprehensive Income
Retained Earnings
Balance, shares
[Shares, Issued]
Balance, amount
Stock-based compensation
Vesting of restricted stock awards, shares
Vesting of restricted stock awards, amount
Shares deducted from restricted stock awards for payment of withholding taxes, shares
Shares deducted from restricted stock awards for payment of withholding taxes, amount
Exercise of stock options, shares
Exercise of stock options, amount
Dividends
Net loss
Change in unrealized gains on available- for-sale securities, net of tax
Acquisition of treasury stock, shares
Acquisition of treasury stock, amount
Balance, shares
Balance, amount
Condensed Consolidated Statements of Cash Flows (Unaudited)
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:
Net (gains) losses on sale of investments
Net unrealized losses (gains) of equity investments
Net unrealized gains on other investments
[Net unrealized gains on other investments]
Depreciation and amortization
Bad debts
Amortization of bond premium, net
Amortization of discount and issuance costs on long-term debt
Stock-based compensation
Deferred income tax expense (benefit)
(Increase) decrease in operating assets:
Premiums receivable, net
[Increase (Decrease) in Premiums Receivable]
Reinsurance receivables, net
[Increase (Decrease) in Reinsurance Recoverable]
Deferred policy acquisition costs
[Increase (Decrease) in Deferred Policy Acquisition Costs]
Other assets
[Increase (Decrease) in Other Operating Assets]
Increase (decrease) in operating liabilities:
Loss and loss adjustment expense reserves
[Increase (Decrease) in Future Policy Benefit Reserves]
Unearned premiums
[Increase (Decrease) in Unearned Premiums]
Advance premiums
[Advance premiums]
Reinsurance balances payable
[Increase (Decrease) in Reinsurance Payables]
Deferred ceding commission revenue
[Increase (Decrease) in Deferred Revenue]
Accounts payable, accrued expenses and other liabilities
[Increase (Decrease) in Accounts Payable and Accrued Liabilities]
Net cash flows (used in) provided by operating activities
[Net Cash Provided by (Used in) Operating Activities]
Cash flows from investing activities:
Purchase - fixed-maturity securities held-to-maturity
[Payments to Acquire Held-to-maturity Securities]
Purchase - fixed-maturity securities available-for-sale
[Payments to Acquire Available-for-sale Securities, Equity]
Purchase - equity securities
[Payments to Acquire Debt Securities, Available-for-sale]
Sale and redemption - fixed-maturity securities held-to-maturity
Sale or maturity - fixed-maturity securities available-for-sale
Sale - equity securities
Acquisition of property and equipment
[Payments to Acquire Property, Plant, and Equipment]
Net cash flows provided by (used in) investing activities
[Net Cash Provided by (Used in) Investing Activities]
Cash flows from financing activities:
Proceeds from exercise of stock options
Withholding taxes paid on vested retricted stock awards
[Withholding taxes paid on vested retricted stock awards]
Purchase of treasury stock
[Payments for Repurchase of Common Stock]
Dividends paid
[Payments of Dividends]
Net cash flows used in financing activities
[Net Cash Provided by (Used in) Financing Activities]
(Decrease) increase in cash and cash equivalents
[Cash and Cash Equivalents, Period Increase (Decrease)]
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental disclosures of cash flow information:
Cash paid for income taxes
Cash paid for interest
Nature of Business and Basis of Presentation
1. Nature of Business and Basis of Presentation
Accounting Policies
2. Accounting Policies
Investments
3. Investments
Fair Value Measurements
4. Fair Value Measurements
Fair Value of Financial Instruments and Real Estate
5. Fair Value of Financial Instruments and Real Estate
Property and Casualty Insurance Activity
6. Property and Casualty Insurance Activity
Debt
7. Debt
Stockholders Equity
8. Stockholders' Equity
Income Taxes
9. Income Taxes
10. Earnings/(Loss) Per Common Share
Commitments and Contingencies
11. Commitments and Contingencies
Deferred Compensation Plan
12. Deferred Compensation Plan
Subsequent Events
13. Subsequent Events
Use of Estimates
Principles of Consolidation
Accounting Changes
Accounting Pronouncements
Schedule of available for sale securities
Schedule of available for sale securities by contractual maturity
Schedule of equity securities
Schedule of other investments
Schedule of held to maturity securities
Schedule of held to maturity securities by contractual maturity
Schedule of investment income
Schedule of securities with realized gains and losses on investments
Schedule of securities with unrealized losses
Schedule of fair value measurements
Schedule of hedge fund investments
Schedule of Fair value hierarchy of long-term debt
Schedule of fair value of financial instruments
Schedule of earned premiums
Schedule of loss and loss adjustment expenses
Schedule of allocated claim adjustment expenses
Schedule of reconciliation of the net incurred and paid claims
Schedule of line of business
Schedule of ceding commission revenue
Schedule of debt
Schedule of weighted average assumptions
Schedule of stock options activity
Schedule of deferrred tax assets and liabilities
Schedule of losses subject to annual limitation
Schedule of net earnings/(loss) per common share
Schedule of lease cost
Schedule of lease liability maturities
Direct written premiums, percentage
Information By Category Of Debt Security Axis
U.S. Treasury Securities and Obligations of U.S. Government [Member]
Fixed-Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Fixed-Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Fixed Maturity Securities Residential Mortgage and other asset backed securities [Member]
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Cost or amortized cost
Gross unrealized gains
Gross unrealized losses - less than 12 months
Gross unrealized loss - more than 12 months
Estimated fair value
Net unrealized gains/(losses)
Investment Type Axis
More Than 10 Years [Member]
Residential mortgage-backed securities [Member]
Less Than One Year [Member]
One To Five Years [Member]
Five To Ten Years [Member]
Amortized cost
Estimated fair value
[Estimated fair value]
Derivative Instrument [Axis]
Fair Value By Asset Class Axis
Class of Stock [Axis]
Equity Securities [Member]
Other Investments [Member]
Hedge Fund [Member]
Preferred Stock [Member]
Common stock, mutual fund and exchange traded funds [Member]
Cost
Unrealised gains
Unrealised losses
Estimated fair value
Held-to-Maturity Securities US Treasury Securities [Member]
Cost or amortized cost
[Cost or amortized cost]
Gross unrealized gains
[Gross unrealized gains]
Gross unrealized losses - less than 12 months
[Gross unrealized losses - less than 12 months]
Gross unrealized loss - more than 12 months
[Gross unrealized loss - more than 12 months]
Estimated fair value
[Estimated fair value 1]
Net unrealized gains
Amortized cost
[Amortized cost]
Estimated fair value
[Estimated fair value 2]
Income:
Fixed-maturity securities
Equity securities
Cash and cash equivalents
[Cash and cash equivalents]
Total
[Total]
Expenses:
Investment expenses
Net investment income
[Investment Income, Net]
Fixed-maturity securities:
Gross realized gains
Gross realized losses
Total fixed-maturity securities
Equity securities:
Gross realized gains
[Available-for-sale Securities, Gross Realized Gains]
Gross realized losses
[Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments]
Total equity securities
Net realized gains (losses)
Equity securities
[Equity securities]
Gross gains
Gross losses
Total equity securities
[Total equity securities]
Other investments:
Gross gains
[Gross gains]
Gross losses
[Gross losses]
Total other investments
Net unrealized gains (losses)
Net gains (losses) on investments
Estimated fair value - less than 12 months
Unrealized losses - less than 12 months
Number of positions held - less than 12 months
Estimated fair value - 12 months or more
Unrealized losses - 12 months or more
Number of positions held - 12 months or more
Estimated fair value - total
Unrealized losses - total
Proceeds from the sale and redemption of fixed-maturity securities held-to-maturity
Proceeds from the sale or maturity of fixed-maturity securities available-for-sale
Proceeds from the sale of equity securities
Fair Value By Fair Value Hierarchy Level Axis
Level 1 [Member]
Level 2 [Member]
Level 3 [Member]
Political subdivisions of states, territories and possessions
U.S. Treasury securities and obligations of U.S. government corporations and agencies
Corporate and other bonds industrial and miscellaneous
Residential mortgage and other asset backed securities
Total fixed maturities
Equity securities
[Equity securities 1]
Total investments
[Assets, Fair Value Disclosure]
Hedge fund investments
Senior Notes due 2022
Carrying Value [Member]
Fair Value [Member]
Reinsurance balances payable
Fixed-maturity securities held-to-maturity
Cash and cash equivalents
[Cash and Cash Equivalents, Fair Value Disclosure]
Premiums receivable, net
[Premiums Receivable, Gross]
Reinsurance receivables, net
[Reinsurance Recoverables, Case Basis]
Real estate, net of accumulated depreciation
Reinsurance Policy Type Axis
Premiums Written [Member]
Changes In Unearned Premiums [Member]
Premiums Earned [Member]
Direct
Assumed
Ceded
Net
Balance at beginning of period
Less reinsurance recoverables
Net balance, beginning of period
Incurred related to:
Current year
Prior years
Total incurred
Paid related to:
Current year
[Current year]
Prior years
[Prior years]
Net balance at end of period
Total paid
Add reinsurance recoverables
Balance at end of period
Range Axis
2011 [Member]
2012 [Member]
2013 [Member]
2014 [Member]
2015 [Member]
2016 [Member]
2017 [Member]
2018 [Member]
2019 [Member]
2020 [Member]
2011
IBNR
Cumulative number of reported claims
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total
[Policyholder Benefits and Claims Incurred, Net, Property, Casualty and Liability]
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented
All outstanding liabilities before 2011, net of reinsurance
Liabilities for claims and claim adjustment expenses, net of reinsurance
2011
[2011]
2012
[2012]
2013
[2013]
2014
[2014]
2015
[2015]
2016
[2016]
2017
[2017]
2018
[2018]
2019
[2019]
2020
[2020]
Total
[Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net]
Liabilities for allocated loss and loss adjustment expenses, net of reinsurance
Total reinsurance recoverable on unpaid losses
Unallocated loss adjustment expenses
Total gross liability for loss and LAE reserves
Concentration Risk By Type Axis
Personal Lines [Member]
Catastrophe [Member]
Percent ceded
Risk retained on initial $1,000,000 of losses
Losses per occurrence subject to quota share reinsurance coverage
Expiration date
Losses per occurrence subject to reinsurance coverage
Excess of loss coverage and facultative facility coverage
In excess of
Total reinsurance coverage per occurrence
Expiration date
[Expiration date]
Initial loss subject to personal lines quota share treaty
Risk retained per catastrophe occurrence
Catastrophe loss coverage in excess of quota share coverage
Reinstatement premium protection
Personal Umbrella [Member]
Commercial Lines [Member]
Commercial Umbrella [Member]
Risk retained on initial $1,000,000 of losses
Losses per occurrence subject to quota share reinsurance coverage
Total reinsurance coverage per occurrence
Expiration date
Percent ceded - first $1000000 of coverage
Percent ceded - excess of $1000000 of coverage
Excess of loss coverage and facultative facility coverage
In excess of
Provisional ceding commissions earned
Contingent ceding commissions earned
Total commissions earned
Advance premiums
Incurred losses and loss adjustment expenses are net of reinsurance recoveries under reinsurance contracts
Prior year loss development
Net contingent ceding commissions payable
Longterm Debt Type Axis
Variable Rate Axis
5.50% Senior Unsecured Notes [Member]
Discount [Member]
Issuance costs [Member]
Long-term debt, net
Federal Home Loan Bank Advances Branch Of F H L B Bank Axis
Federal Home Loan Bank of New York [Member]
Advances limit, description
Maximum allowable advances
Investment fair value
Debt instrument, face amount
Debt instrument, maturity date
Debt instrument, interest rate
Proceeds from issuance of unsecured notes
Debt instrument, unamortized discount
Debt instrument, transaction cost
Debt instrument, yield percentage
Amount used by company
Dividend Yield
Volatility
Risk-Free Interest Rate
Expected Life
Stock option [Member]
Aggregate Intrinsic value, granted
Number of options outstanding, beginning
[Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number]
Number of options outstanding, granted
Number of options outstanding, exercised
Number of options outstanding, forfeited
Number of options outstanding, ending
Weighted Average Remaining Contractual, Beginning balance
Number of options outstanding, vested and exercisable
Weighted Average Remaining Contractual term Granted
Weighted Average Remaining Contractual term, Ending balance
Weighted Average Remaining Contractual life, vested and exercisable
Weighted Average Exercise Price per Share
Weighted average exercise price, Beginning balance
Weighted average exercise price, granted
Weighted average exercise price, Forfeited
Weighted average exercise price, Exercised
Weighted average exercise price, Ending balance
Weighted Average Price per share outstanding, vested and exercisable
Aggregate Intrinsic value
Aggregate Intrinsic value, begining balance
Aggregate Intrinsic value, granted
Aggregate Intrinsic value, Exercised
Aggregate Intrinsic value, forfeited
Aggregate Intrinsic Value , vested and exercisable
Granted shares
Vested shares
Forfeited shares
Weighted Average Grant Date Fair Value per Share
Weighted Average Grant Date Fair Value per Share, beginning balance
[Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price]
Weighted Average Grant Date Fair Value per Share, granted
Weighted Average Grant Date Fair Value per Share, vested
Weighted Average Grant Date Fair Value per Share, forfeited
Weighted Average Grant Date Fair Value per Share, ending balance
Aggregate Fair Value
Aggregate Fair Value, beginning balance
[Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value]
Aggregate Fair Value, granted
Aggregate Fair Value, vested
Aggregate Fair Value, Forfeited
Aggregate Fair Value, ending balance
Class of Warrant or Right [Axis]
Plan Name Axis
Title of Individual [Axis]
Black - Scholes Option Pricing Model [Member]
2014 Plan
Board Of Directors [Member]
Dividends declared
stock based compensation
Stock-based compensation expense related to stock options is net of estimated forfeitures
Stock-based compensation expense related to stock options is net of estimated forfeitures, rate
Weighted-average vesting period
Closing price of common stock
Stock option net forfeited
Stock-based compensation, restricted stock awards
Dividend per share
Common stock shares authorized
Shares reserved
Deferred tax asset:
Net operating loss carryovers
Claims reserve discount
Unearned premium
Deferred ceding commission revenue
[Deferred ceding commission revenue]
Other
Total deferred tax assets
Deferred tax Liabilities :
Investment in KICO
Deferred acquisition costs
Intangibles
Depreciation and amortization
[Accumulated Amortization, Debt Issuance Costs, Noncurrent]
Net unrealized (losses) gains of securities - available for sale
Total deferred tax liabilities
Net deferred income tax asset
Federal only, current year
State only
Valuation allowance
State only, net of valuation allowance
Total deferred tax asset from net operating loss carryovers
State only expiration date
Award Date Axis
KICO [Member]
July1, 2009 [Member]
From 2014 and 2015 [Member]
Net operating loss carryover
Deferred tax liability
Corporate Tax rate
principal amount
Acquisition of common stock
Untaxed Interest
Discount on the original purchase
Weighted average number of shares outstanding
Effect of dilutive securities, common share equivalents, stock options
Effect of dilutive securities, common share equivalents, restricted stock awards
Weighted average number of shares outstanding, used for computing diluted earnings per share
Lease cost
Operating lease
Short-term leases
Total lease cost
Other information on operating leases
Cash payments included in the measurement of lease liability in operating cash flows
Discount rate
Remaining lease term in years
Remainder of 2020
2021
2022
2023
2024
Thereafter
Total undiscounted lease payments
Less: present value adjustment
Operating lease liability
Related Party Transaction [Axis]
Restatement [Axis]
Barry Goldstein, President, Chief Executive Officer and Executive Chairman of the Board [Member]
Employment Agreement [Member]
Mr. Goldstein [Member]
Amended Employment Agreement [Member]
January, 2020 [Member]
2020, 2021, 2022 [Member]
Second Anniversary [Member]
January, 2020 [Member]
[January, 2020 [Member]]
Dale A. Thatcher [Member]
Meryl Golden, Chief Operating Officer [Member]
Golden Emloyment Agreement [Member]
Rent expenses
Description of payments and benefits
Salary
Employment agreement description
Description Annual Bonus
Restricted stock issued value
Restricted stock issued
Severance payments
Option purchase
KICO [Member]
Deferred compensation liability
Deferred compensation percent
Bonus and other compensation
Subsequent Event Type [Axis]
Subsequent Event [Member]
Board OF Directors [Member]
Dividend