Common Stock
Equity Components [Axis]
Preferred Stock
Capital in Excess of Par
Accumulated Other Comprehensive Income
Retained Earnings
Treasury Stock
Fixed Maturity Securities Political Subdivisions Of States Territories And Possessions [Member]
Debt Security Category [Axis]
Fixed Maturity Securities Corporate And Other Bonds Industrial And Miscellaneous [Member]
Fixed Maturity Securities Total Fixed Maturity Securities [Member]
Equity Securities Preferred Stocks [Member]
Equity Securities Common Stocks [Member]
Equity Securities Total Equity Securities [Member]
Less Than One Year [Member]
Investment Type [Axis]
One To Five Years [Member]
Five To Ten Years [Member]
More Than 10 Years [Member]
US Treasury Securities [Member]
Level 1
Investments by Category [Axis]
Level 2
Level 3
Carrying Value [Member]
Fair Value [Member]
Total Note
Schedule of Receivables with Imputed Interest, Name of Receivable with Imputed Interest [Axis]
Current Maturities
Long Term
Premiums Written [Member]
Insurance Policy [Axis]
Changes In Unearned Premiums [Member]
Premiums Earned [Member]
Total Debt
Long-term Debt, Type [Axis]
Less Current Maturities
LongTermDebt
Capital in Excess of Par
As Previously Filed
Balance Sheet Location [Axis]
Restated
Effect of Adjustments
As Previously Stated
Income Statement Location [Axis]
Effect of Adjustment
Personal Lines [Member]
Concentration Risk Type [Axis]
Initial $1,200,000 [Member]
Range [Axis]
1,200,000 - $2,900,000 [Member]
Over $2,900,000 [Member]
Personal Umbrella [Member]
Initial 1,000,000 [Member]
1,000,000 - 2,000,000 [Member]
Over 2,000,000 [Member]
Commercial Lines [Member]
Initial 400,000 [Member]
400,000 - 2,900,000 [Member]
Over 2,900,000 [Member]
Commercial Auto [Member]
Initial 300,000 [Member]
300,000 - 2,000,000 [Member]
Over 2,000,000 [Member]
Catastrophe [Member]
Initial 4,000,000 [Member]
4,000,000 - 90,000,000 [Member]
Over 90,000,000 [Member]
Initial 800,000 [Member]
$800,000 - $4,000,000 [Member]
Over $4,000,000 [Member]
Initial 1,000,000 [Member]
1,000,000 - 3,000,000 [Member]
Over 3,000,000 [Member]
Initial $400,000 [Member]
$400,000 - $4,000,000 [Member]
Over $4,000,000 [Member]
Initial 300,000 [Member]
300,000 - 2,000,000 [Member]
Over 2,000,000 [Member]
Initial 4,000,000 [Member]
$4,000,000 - $141,000,000 [Member]
Over $141,000,000 [Member]
Fixed Maturity Securities Residential Mortgage-backed securities [Member]
Residential mortgage-backed securities [Member]
2005 Plan [Member]
Plan Name [Axis]
2014 Plan [Member]
Initial $750,000 [Member]
Subsequent Event [Member]
Subsequent Event Type [Axis]
Initial 750,000 [Member]
750,000 - 4,500,000 [Member]
Over 4,500,000 [Member]
Initial 1,000,000 [Member]
1,000,000 - 3,000,000 [Member]
Over $3,000,000 [Member]
Initial 425,000 [Member]
425,000 - 4,500,000 [Member]
Over 4,500,000 [Member]
Initial 300,000 [Member]
300,000 - 2,000,000 [Member]
Over 2,000,000 [Member]
Initial 4,000,000 [Member]
4,000,000 - 180,000,000 [Member]
Over 180,000,000 [Member]
RangeNinteenMember
RangeTwentyFourMember
RangeTwentyFiveMember
RangeTwentySixMember
RangeTwentySevenMember
RangeTwentyEightMember
RangeTwelveMember
RangeThirtyFourMember
RangeThirtyFiveMember
RangeThirtyNineMember
RangeFourtyMember
RangeFourtyOneMember
RangeFourtyTwoMember
RangeFourtyThreeMember
Document And Entity Information
Entity Registrant Name
Entity Central Index Key
Document Type
Document Period End Date
Amendment Flag
Amendment Description
Current Fiscal Year End Date
Is Entity a Well-known Seasoned Issuer?
Is Entity a Voluntary Filer?
Is Entity's Reporting Status Current?
Entity Filer Category
Entity Public Float
Entity Common Stock, Shares Outstanding
Document Fiscal Period Focus
Document Fiscal Year Focus
Statement of Financial Position [Abstract]
Assets
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of $5,273,419 at September 30, 2015 and $5,395,054 at December 31, 2014)
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of $61,211,677 at September 30, 2015 and $50,083,441 at December 31, 2014)
Equity securities, available-for-sale, at fair value (cost of $9,536,987 at September 30, 2015 and $7,621,309 at December 31, 2014)
Total investments
Cash and cash equivalents
Premiums receivable, net of provision for uncollectible amounts
Receivables - reinsurance contracts
Reinsurance receivables, net of provision for uncollectible amounts
Deferred policy acquisition costs
Intangible assets, net
Property and equipment, net of accumulated depreciation
Other assets
Total 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
Income taxes payable
Deferred income taxes
Total liabilities
Commitments and Contingencies
Stockholders' Equity
Preferred stock, $.01 par value; authorized 2,500,000 shares
Common stock, $.01 par value; authorized 20,000,000 shares; issued 8,287,898 shares at September 30, 2015 and 8,235,095 shares at December 31, 2014; outstanding 7,335,110 shares at September 30, 2015 and 7,308,757 shares at December 31, 2014
Capital in excess of par
Accumulated other comprehensive income
Retained earnings
Total
Treasury stock, at cost, 952,788 shares at September 30, 2015 and 926,338 shares at December 31, 2014
Total stockholders' equity
Total liabilities and stockholders' equity
Condensed Consolidated Balance Sheets Parenthetical
Fixed-maturity securities, held-to-maturity, fair value
Fixed-maturity securities, available-for-sale, amortized cost
Equity securities, available-for-sale, cost
Common stock, par value
Common stock, authorized shares
Common stock, issued shares
Common stock, outstanding shares
Preferred stock, par value
Preferred stock, authorized shares
Treasury stock, Shares
Income Statement [Abstract]
Revenues
Net premiums earned
Ceding commission revenue
Net investment income
Net realized (losses) gains on sales of investments
Other income
Total revenues
Expenses
Loss and loss adjustment expenses
Commission expense
Other underwriting expenses
Other operating expenses
Depreciation and amortization
Total expenses
Income from operations before taxes
Income tax expense
Net income
Other comprehensive income (loss), net of tax
Gross change in unrealized gains (losses) on available-for-sale-securities
Reclassification adjustment for gains included in net income
Net change in unrealized gains (losses)
Income tax benefit (expense) related to items of other comprehensive income (loss)
Other comprehensive income (loss), net of tax
Comprehensive income
Earnings per common share:
Basic
Diluted
Weighted average common shares outstanding
Basic
Diluted
Dividends declared and paid per common share
Statement [Table]
Statement [Line Items]
Beginning Balance, Shares
Beginning Balance, Amount
Stock-based compensation
Shares deducted from exercise of stock options for payment of withholding taxes, Shares
Shares deducted from exercise of stock options for payment of withholding taxes, Amount
Excess tax benefit from exercise of stock options
Exercise of stock options, Shares
Exercise of stock options, Amount
Acquisition of treasury stock, Shares
Acquisition of treasury stock, Amount
Dividends
Net income
Change in unrealized gains on available-for-sale securities, net of tax
Ending Balance, Shares
Ending Balance, Amount
Statement of Cash Flows [Abstract]
Cash flows provided by operating activities:
Adjustments to reconcile net income to net cash flows provided by operating activities:
Net realized losses (gains) on sale of investments
Amortization of bond premium, net
Excess tax benefit from exercise of stock options
Deferred income tax expense
(Increase) decrease in operating assets:
Premiums receivable, net
Receivables - reinsurance contracts
Reinsurance receivables, net
Deferred policy acquisition costs
Other assets
Increase (decrease) in operating 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
Net cash flows provided by operating activities
Cash flows used in investing activities:
Purchase - fixed-maturity securities held-to-maturity
Purchase - fixed-maturity securities available-for-sale
Purchase - equity securities available-for-sale
Sale or maturity - fixed-maturity securities available-for-sale
Sale - equity securities available-for-sale
Acquisition of fixed assets
Recovery of loss from failed bank
Other investing activities
Net cash flows used in investing activities
Cash flows used in financing activities:
Proceeds from exercise of stock options
Withholding taxes paid on net exercise of stock options
Excess tax benefit from exercise of stock options
Purchase of treasury stock
Dividends paid
Net cash flows used in financing activities
Decrease in cash and cash equivalents
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
Supplemental schedule of non-cash investing and financing activities:
Value of shares deducted from exercise of stock options for payment of withholding taxes
Notes to Financial Statements
1. Nature of Business and Basis of Presentation
2. Accounting Policies
3. Investments
4. Fair Value Measurements
5. Fair Value of Financial Instruments
6. Property and Casualty Insurance Activity
7. Bank Line of Credit
8. Stockholders' Equity
9. Income Taxes
10. Net Income Per Common Share
11. Commitments and Contingencies
12. Premium Finance Placement Fees
13. Subsequent Events
Use of Estimates
Principles of Consolidation
Accounting Pronouncements
Schedule of Availalbe for Sale Securities
Schedule of Availalbe for Sale Securities by contractual maturity
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 Fair Value of Financial Instruments
Schedule of Earned Premiums
Schedule of Loss and Loss Adjustment Expenses
Schedule of line of business
Schedule of Single maximum risks under treaties
Schedule of Ceding Commission Revenue
Weighted average assumptions
Schedule of Stock Options Activity
Schedule of Deferrred Tax Assets and Liabilities
Losses subject to Annual Limitation
Earnings Per Share [Abstract]
Schedule of Net Income Per Common Share
Commitments And Contingencies Tables
Schedule of future minimum rental commitments
Premium Finance Placement Fees Tables
Schedule of premium finance placement fees
Cost or Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses-Less than 12 Months
Gross Unrealized Loss-More than 12 Months
Fair Value
Net Unrealized Gains/(Losses)
Amortized Cost
Fair Value
Cost or Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses-Less than 12 Months
Gross Unrealized Loss-More than 12 Months
Fair Value
Net Unrealized Gains/(Losses)
Amortized Cost
Fair Value
Investments Details 4
Income:
Fixed-maturity securities
Equity securities
Cash and cash equivalents
Other
Total
Expenses:
Investment expenses
Net investment income
Investments Details 5
Fixed-maturity securities:
Gross realized gains
Gross realized losses
Total
Equity securities:
Gross realized gains
Gross realized losses
Total equity securities
Cash and short term investments (1)
Net realized gains (losses)
Fair Value-Less than 12 months
Unrealized Losses-Less than 12 Months
No. of Positions Held-Less than 12 Months
Fair Value-12 months or more
Unrealized Losses-12 months or more
No. of Positions Held-12 months or more
Aggregate Fair Value-Total
Unrealized Losses-Total
Investments Details Narrative
Proceeds from the sale and maturity of fixed-maturity securities
Proceeds from the sale of equity securities
Political subdivisions of States, Territories and Possessions
Corporate and other bonds industrial and miscellaneous
Residential mortgage-backed securities
Total fixed maturities
Equity securities
Total investments
Fixed-maturity securities held-to-maturity
Cash and cash equivalents
Premiums receivable
Receivables - reinsurance contracts
Reinsurance receivables
Real estate, net of accumulated depreciation
Insurance Product Line [Axis]
Direct
Assumed
Ceded
Net
Property And Casualty Insurance Activity Details 1
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
Prior years
Total paid
Net balance at end of period
Add reinsurance recoverables
Balance at end of period
Percent ceded
Percent ceded - first million dollars of coverage
Percent ceded - excess of one million dollars of coverage
Percent ceded (terminated effective July 1, 2014)
Risk retained
Losses per occurrence subject to quota share reinsurance coverage
In excess of
Excess of loss coverage above quota share coverage
Per occurrence loss limit
Total reinsurance coverage per occurrence
Losses per occurrence subject to reinsurance coverage
Expiration date
Initial loss subject to personal lines quota share treaty
Risk retained per catastrophe occurrence (1)
Catastrophe loss coverage in excess of quota share coverage (2) (3)
Severe winter weather aggregate
Reinstatement premium protection
Risk Retained
Property And Casualty Insurance Activity Details 4
Provisional ceding commissions earned
Contingent ceding commissions earned
Total commissions earned
Property And Casualty Insurance Activity Details Narrative
Advance premiums
Incurred Losses and Loss Adjustment Expenses are net of reinsurance recoveries under reinsurance contracts
Prior year loss development
Commercial auto policies in force
Bank Line Of Credit Details Narrative
Line of credit
Interest Rate
Dividend Yield
Volatility
Risk-Free Interest Rate
Expected Life
Stockholders Equity Details 1
Number of Options Outstanding, Beginning
Number of Options Granted
Number of Options Exercised
Number of Options Forfeited
Number of Options Outstanding, Ending
Number of Options Vested and Exercisable
Weighted Average Exercise Price Outstanding, Beginning
Weighted Average Exercise Price Granted
Weighted Average Exercise Price Exercised
Weighted Average Exercise Price Forfeited
Weighted Average Exercise Price Outstanding, Ending
Weighted Average Exercise Price Vested and Exercisable
Weighted Average Remaining Contractual Life (in years) Outstanding Beginning
Weighted Average Remaining Contractual Life (in years) Outstanding Ending
Weighted Average Remaining Contractual Life (in years) Vested and Exercisable
Aggregate Intrinsic Value Outstanding, Beginning
Aggregate Intrinsic Value Granted
Aggregate Intrinsic Value Exercised
Aggregate Intrinsic Value Forfeited/canceled
Aggregate Intrinsic Value Outstanding, Ending
Aggregate Intrinsic Value Vested and Exercisable
Dividends Declared
Compensation Expense
Stock-based compensation expense related to stock options is net of estimated forfeitures
Closing price of common stock
Total intrinsic value of options exercised
Stock Options exercised
Unamortized compensation cost related to unvested stock option awards
Unamortized compensation cost vesting period
Shares reserved
Weighted average estimated fair value of stock options granted
Income Taxes Details
Deferred tax asset:
Net operating loss carryovers (1)
Claims reserve discount
Unearned premium
Deferred ceding commission revenue
Other
Total deferred tax assets
Deferred tax liability:
Investment in KICO (2)
Deferred acquisition costs
Intangibles
Depreciation and amortization
Net unrealized appreciation of securities - available for sale
Total deferred tax liabilities
Net deferred income tax liability
Income Taxes Details 1
State only (A)
Valuation allowance
State only, net of valuation allowance
Amount subject to Annual Limitation, Federal only (B)
Total deferred tax asset from net operating loss carryovers
State only (A) expiration date
Amount subject to Annual Limitation, Federal only (B) expiration date
Income Taxes Details Narrative
Effective Tax Rate-Continuing Operations
Net operating loss carryover
Net Income Per Common Share Details
Weighted average number of shares outstanding
Effect of dilutive securities, common share equivalents
Weighted average number of shares outstanding, used for computing diluted earnings per share
Net Income Per Common Share Details Narrative
Options computation of diluted earnings per share
2015
2016
2017
2018
2019
Thereafter
Total
Lease and rental expenses
Premium Finance Placement Fees Details
Placement fee revenue
Early termination fee
Direct expenses
Net income before taxes from placement fees
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CapitalInExcessOfParMember
Investments
Assets [Default Label]
AdvancePremiums
Deferred Tax Assets, Net of Valuation Allowance, Current
Liabilities [Default Label]
Stockholders' Equity before Treasury Stock
Liabilities and Equity
Revenues [Default Label]
Benefits, Losses and Expenses
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax
Other Comprehensive Income (Loss), Net of Tax
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Shares, Issued
Adjustments Related to Tax Withholding for Share-based Compensation
Gain (Loss) on Sale of Investments
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options
Increase (Decrease) in Premiums Receivable
ReceivablesReinsuranceContract
Increase (Decrease) in Reinsurance Recoverable
Increase (Decrease) in Deferred Policy Acquisition Costs
Increase (Decrease) in Other Operating Assets
Increase (Decrease) in Future Policy Benefit Reserves
Increase (Decrease) in Unearned Premiums
IncreseDecreseInAdvancePremiums
Increase (Decrease) in Reinsurance Payables
Increase (Decrease) in Deferred Revenue
Increase (Decrease) in Accounts Payable and Accrued Liabilities
Net Cash Provided by (Used in) Operating Activities
PurchaseFixedmaturitySecuritiesHeldtomaturity
Payments to Acquire Available-for-sale Securities, Debt
Payments to Acquire Available-for-sale Securities, Equity
Payments to Acquire Other Property, Plant, and Equipment
Payments for (Proceeds from) Other Investing Activities
Net Cash Provided by (Used in) Investing Activities
Proceeds and Excess Tax Benefit from Share-based Compensation
Payments for Repurchase of Common Stock
Payments of Dividends
Net Cash Provided by (Used in) Financing Activities
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss
FairValue
CostOrAmortizedCost
GrossUnrealizedGains
FairValue1
NetUnrealizedGainslosses1
AmortizedCostHeldToMaturitySecurities
FairValueHeldToMaturitySecurities
CashAndCashEquivalents
Investment Income, Net
TotalFixedMaturitySecurities
Available-for-sale Securities, Gross Realized Gains
Available-for-sale Securities, Gross Realized Gain (Loss), Excluding Other than Temporary Impairments
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss
EquityInvestments
Cash and Cash Equivalents, Fair Value Disclosure
ReceivablesReinsuranceContracts1
PaidRelatedToCurrentYear
PaidRelatedToPriorYears
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number
NumberOfOptionsExercised
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value
DeferredCedingCommissionRevenue
Deferred Tax Assets, Other
Accumulated Amortization of Noncurrent Deferred Finance Costs
Deferred Tax Assets, Valuation Allowance
Operating Leases, Future Minimum Payments Due
Noninterest Expense Offering Cost