CORRECTING and REPLACING Kingstone Announces 2018 First Quarter Financial Results and 2018 Guidance
Company to Host Conference Call on
Headline of release should read: "Kingstone Announces 2018 First Quarter Financial Results and 2018 Guidance" (The release incorrectly referred to "2019 Guidance").
The corrected release reads:
KINGSTONE ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS AND 2018 GUIDANCE
Company to Host Conference Call on
Financial and Operational Highlights
2018 First Quarter
(All results are compared to prior year period unless otherwise noted)
- Direct written premiums1 increased 20.7%; Personal lines grew by 27.6%.
- Net premiums earned increased 39.5% to
$22.8 million . - Net investment income increased 61.3% to
$1.4 million . - First quarter net catastrophe losses, including associated loss adjustment expenses and decrease in contingent ceding commissions, are now estimated at
$4.6 million after taxes. - Net loss ratio of 75.6% compared to 50.7%. Net loss ratio, excluding Q1 2018 catastrophe losses1, of 51.3% compared to 50.7%.
- Net operating income1 decreased to a loss of (
$2.3 million ) or ($0.22 ) per diluted share from a gain of$1.5 million or$0.15 per diluted share. - Net income decreased to a loss of (
$2.7 million ) or ($0.25 ) per diluted share from a gain of$1.5 million or$0.15 per diluted share. - Net combined ratio of 114.3% compared to 85.2%. Net combined ratio, excluding Q1 2018 catastrophe losses1, of 88.7% compared to 85.2%.
- Book value per share of
$8.27 , down$.02 fromMarch 31, 2017 and down$.63 fromDecember 31, 2017 .
Quarterly Dividend of
The Company announced that its Board of Directors declared a quarterly dividend of
Annual Meeting of Stockholders
The Company also announced that the 2018 Annual Meeting of Stockholders will be held on
Management Commentary
__________________________ |
(1) This measure is not based on GAAP and is defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures” below.
Excluding the catastrophe losses which added 25.6 points, our first quarter underlying combined ratio was a very solid 88.7%. Catastrophe losses reduced Net Operating Income by
Premiums continued to grow in the first quarter, with Direct Written Premium growth of 20.7%, driven by growth in Personal Lines of 27.6%. Recall that we signed a two year quota share treaty effective
Kingstone’s initial estimate of the net after-tax impact from the three winter catastrophe events was conservatively stated at between
Apart from the winter catastrophe events, underlying results remained solid. Kingstone continued to observe favorable prior year claim emergence with 0.4 points of favorable loss development recorded during the quarter.”
Financial Highlights Table
Financial Highlights | Three Months Ended |
||||||||||||
($ in thousands except per share data) |
2018 |
2017 |
% Change |
||||||||||
Direct written premiums* | $ | 31,526 | $ | 26,125 | 20.7 | % | |||||||
Net written premiums* | $ | 23,700 | $ | 16,734 | 41.6 | % | |||||||
Net premiums earned | $ | 22,838 | $ | 16,370 | 39.5 | % | |||||||
Total ceding commission revenue | $ | 1,695 | $ | 3,184 | -46.8 | % | |||||||
Net investment income | $ | 1,384 | $ | 858 | 61.3 | % | |||||||
|
$ | (2,718 | ) | $ | 1,471 | -284.8 | % | ||||||
|
$ | (0.25 | ) | $ | 0.15 | -266.7 | % | ||||||
Comprehensive income (loss) | $ | (4,795 | ) | $ | 1,853 | -358.8 | % | ||||||
Net operating income (loss)* | $ | (2,305 | ) | $ | 1,507 | -253.0 | % | ||||||
Net operating income (loss) per diluted share* |
$ | (0.22 | ) | $ | 0.15 | -246.7 | % | ||||||
Return on average equity (annualized) | -11.9 | % | 8.1 | % | -20 pts | ||||||||
Net loss ratio | 75.6 | % | 50.7 | % | 24.9 pts | ||||||||
Net underwriting expense ratio | 38.7 | % | 34.5 | % | 4.2 pts | ||||||||
Net combined ratio | 114.3 | % | 85.2 | % | 29.1 pts | ||||||||
Effect of catastrophes on net combined ratio | 25.6 pts | 0 pts | 25.6 pts | ||||||||||
Net combined ratio excluding the effect | |||||||||||||
of catastrophes* | 88.7 | % | 85.2 | % | 3.5 pts | ||||||||
* These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in "Information Regarding Non-GAAP Measures." |
2018 First Quarter Financial Review
Net Income:
Net income decreased 284.8% to a net loss of
Earnings per share:
Kingstone reported a loss of
Direct Written Premiums1, Net Written Premiums1 and Net Premiums Earned:
Direct written premiums1 for the first quarter of 2018 were
(1) These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measures in “Information Regarding Non-GAAP Measures” below.
Net written premiums1 increased 41.6% to
Net premiums earned for the quarter ended
Net Loss Ratio:
For the quarter ended
Net Underwriting Expense Ratio:
For the quarter ended
The change in quota share rates results in a significant decrease in ceding commission revenue and an increase in net premiums earned. We refer to our
The table below details the ratio of Core other underwriting expenses to Core direct written premiums:
Three months ended | $ or | |||||||||||||
|
Point | |||||||||||||
2018 | 2017 | Change | ||||||||||||
Core direct written premiums(1) | $ | 30,629 | $ | 26,125 | $ | 4,504 | ||||||||
Core other underwriting expenses(1) as a percentage | ||||||||||||||
of Core direct written premiums | ||||||||||||||
Employment costs | 6.47 | % | 6.61 | % | -0.14 | % | ||||||||
IT expenses | 1.22 | % | 1.22 | % | 0.00 | % | ||||||||
Underwriting expenses | 1.66 | % | 1.59 | % | 0.07 | % | ||||||||
State premium taxes | 2.36 | % | 2.38 | % | -0.02 | % | ||||||||
Professional fees | 0.89 | % | 0.80 | % | 0.09 | % | ||||||||
Other expenses | 1.76 | % | 2.09 | % | -0.33 | % | ||||||||
State regulatory fees | 0.80 | % | 0.55 | % | 0.25 | % | ||||||||
Total | 15.16 | % | 15.24 | % | -0.08 | % | ||||||||
(1) This measure is not based on GAAP and is defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures” below.
Net Combined Ratio:
Kingstone’s net combined ratio was 114.3% for the three month period ended
Balance Sheet / Investment Portfolio
Kingstone’s cash and investment holdings were
Net investment income increased 61.3% to
Accumulated Other Comprehensive Income/Loss (AOCI), net of tax
As of
__________________________________________________________________________________________
Book Value
The Company’s book value per share at
|
|
|
|
|
|||||||||||||||||
Book Value Per Share | $ | 8.27 | $ | 8.90 | $ | 8.83 | $ | 8.50 | $ | 8.29 | |||||||||||
% Decrease from specified period to |
-7.1 | % | -6.3 | % | -2.7 | % | -0.2 | % | |||||||||||||
__________________________________________________________________________________________
Conference Call Details
Management will discuss the Company’s operations and financial results in a conference call on
The dial-in numbers are:
(877) 407-3105 (
(201) 493-6794 (International)
Accompanying Webcast
The call will be simultaneously webcast over the Internet via the Kingstone website or by clicking on the conference call link: https://78449.themediaframe.com/dataconf/productusers/kins/mediaframe/23936/indexl.html
The webcast will be archived and accessible for approximately 30 days.
__________________________________________________________________________________________
Information Regarding Non-GAAP Measures
Direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period.
Core direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period from its business located in
Expansion direct written premiums - represents the total premiums charged on policies issued by the Company during the respective fiscal period from its business located in newly licensed states (i.e., outside
Net written premiums - represents direct written premiums less premiums ceded to reinsurers.
Net premiums earned - is the GAAP measure most closely comparable to direct written premiums and net written premiums. Management uses direct written premiums and net written premiums, along with other measures, to gauge the Company’s performance and evaluate results. Direct written premiums and net written premiums are provided as supplemental information, are not a substitute for net premiums earned and do not reflect the Company’s net premiums earned.
Core other underwriting expenses - represents the total other underwriting expenses incurred by the Company during the respective fiscal period from its business located in
Expansion other underwriting expenses - represents the total other underwriting expenses incurred by the Company during the respective fiscal period from its business located in newly licensed states (i.e., outside
The table below details the direct written premiums, net written premiums, and net premiums earned for the periods indicated:
For the Three Months Ended |
||||||||||||||||||
2018 | 2017 |
$ Change |
% Change | |||||||||||||||
(000’s except percentages) | ||||||||||||||||||
Direct and Net Written Premiums Reconciliation: | ||||||||||||||||||
Direct written premiums | $ | 31,526 | $ | 26,125 | $ | 5,401 | 20.7 | % | ||||||||||
Assumed written premiums | - | 4 | (4 | ) | (100.0 | ) | % | |||||||||||
Ceded written premiums | (7,826 | ) | (9,395 | ) | 1,569 | (16.7 | ) | % | ||||||||||
Net written premiums | 23,700 | 16,734 | 6,966 | 41.6 | % | |||||||||||||
Change in unearned premiums | (862 | ) | (364 | ) | (498 | ) | 136.8 | % | ||||||||||
Net premiums earned | $ | 22,838 | $ | 16,370 | $ | 6,468 | 39.5 | % | ||||||||||
The table below details the Core direct written premiums, Expansion direct written premiums, and direct written premiums for the periods indicated:
For the Three Months Ended |
||||||||||||||
2018 | 2017 |
$ Change |
% Change | |||||||||||
(000’s except percentages) | ||||||||||||||
Core and Expansion Direct Written Premiums Reconciliation: | ||||||||||||||
Core direct written premiums | $ | 30,629 | $ | 26,125 | $ | 4,504 | 17.2 | % | ||||||
Expansion direct written premiums | 897 | - | 897 | na | % | |||||||||
Direct written premiums | $ | 31,526 | $ | 26,125 | $ | 5,401 | 20.7 | % | ||||||
The tables below detail the Core other underwriting expenses, Expansion other underwriting expenses, and other underwriting expenses, and the ratio of Core other underwriting expenses to Core direct written premiums, for the periods indicated:
For the Three Months Ended |
|||||||||||||||||
2018 | 2017 |
$ Change |
% Change | ||||||||||||||
(000’s except percentages) | |||||||||||||||||
Core and Expansion Other Underwriting Expenses Reconciliation: | |||||||||||||||||
Core other underwriting expenses | $ | 4,642 | $ | 3,982 | $ | 660 | 16.6 | % | |||||||||
Expansion other underwriting expenses | 390 | 230 | 160 | 69.6 | % | ||||||||||||
Other underwriting expenses | $ | 5,032 | $ | 4,212 | $ | 820 | 19.5 | % | |||||||||
Ratio of Core other underwriting expenses to Core direct written premiums reconciliation: | |||||||||||||||||
Other underwriting expenses | $ | 5,032 | $ | 4,212 | $ | 820 | 19.5 | % | |||||||||
Direct written premiums | $ | 31,526 | $ | 26,125 | $ | 5,401 | 20.7 | % | |||||||||
Ratio of other underwriting expenses to direct written premiums | 15.96 | % | 16.12 | % | -0.16 | % | (1.0 | )% | |||||||||
Other underwriting expenses | $ | 5,032 | $ | 4,212 | $ | 820 | 19.5 | % | |||||||||
Expansion other underwriting expenses | 390 | 230 | 160 | 69.6 | % | ||||||||||||
Core other underwriting expenses | $ | 4,642 | $ | 3,982 | $ | 660 | 16.6 | % | |||||||||
Direct written premiums | $ | 31,526 | $ | 26,125 | $ | 5,401 | 20.7 | % | |||||||||
Expansion direct written premiums | 897 | - | 897 |
na |
% |
||||||||||||
Core direct written premiums | $ | 30,629 | $ | 26,125 | $ | 4,504 | 17.2 | % | |||||||||
Ratio of Core other underwriting expenses to Core direct written premiums | 15.16 | % | 15.24 | % | -0.08 | % | (0.5 | )% | |||||||||
__________________________________________________________________________________________
Net operating income - is net income exclusive of realized investment gains, net of tax. Net income is the GAAP measure most closely comparable to net operating income.
Operating return on average common equity - is net operating income divided by average common equity. Return on average common equity is the GAAP measure most closely comparable to operating return on average common equity.
Management uses net operating income and operating return on average common equity, along with other measures, to gauge the Company’s performance and evaluate results, which can be skewed when including realized investment gains, which may vary significantly between periods. Net operating income and operating return on average common equity are provided as supplemental information, are not a substitute for net income or return on average common equity and do not reflect the Company’s overall profitability or return on average common equity.
The following table reconciles the net operating income to net income and the operating return on average common equity to return on average common equity for the periods indicated:
Three Months Ended | Three Months Ended | ||||||||||||||||
|
|
||||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
||||||||||||||
(000’s except per common share amounts and percentages) | |||||||||||||||||
Net Operating Income and Diluted Earnings per Common Share Reconciliation: |
|||||||||||||||||
Net income (loss) | $ | (2,718 | ) | $ | (0.25 | ) | $ | 1,471 | $ | 0.15 | |||||||
Net realized loss on investments | 523 | 55 | |||||||||||||||
Less tax benefit on net realized loss | 110 | 19 | |||||||||||||||
Net realized loss on investments, net of taxes | 413 | $ | 0.04 | 36 | $ | - | |||||||||||
Net operating income (loss) | $ | (2,305 | ) | $ | (0.22 | ) | $ | 1,507 | $ | 0.15 | |||||||
Weighted average diluted shares outstanding | 10,669,992 | 9,848,494 | |||||||||||||||
Operating Return on Average Common Equity (Annualized for Quarterly Periods) Reconciliation: | |||||||||||||||||
Net income (loss) | $ | (2,718 | ) | $ | 1,471 | ||||||||||||
Average common equity | $ | 91,369 | $ | 72,389 | |||||||||||||
Return on average common equity (annualized for quarterly periods) | -11.9 | % | 8.1 | % | |||||||||||||
Net realized loss on investments, net of taxes | $ | 413 | $ | 36 | |||||||||||||
Average common equity | $ | 91,369 | $ | 72,389 | |||||||||||||
Effect of net realized loss on investments, net of taxes, on return on average common equity (annualized for quarterly periods) | 1.8 | % | 0.2 | % | |||||||||||||
Net operating income (loss) | $ | (2,305 | ) | $ | 1,507 | ||||||||||||
Average common equity | $ | 91,369 | $ | 72,389 | |||||||||||||
Operating return on average common equity (annualized for quarterly periods) | -10.1 | % | 8.3 | % | |||||||||||||
Net combined ratio excluding the effect of catastrophes - is a non-GAAP ratio, which is computed as the difference between GAAP net combined ratio and the effect of catastrophes on the net combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our business that may be obscured by catastrophe losses. Catastrophe losses can cause our results to vary significantly between periods depending on their frequency and magnitude, and can have a significant impact on the net combined ratio. We believe it is useful for investors to evaluate this component separately and in the aggregate when reviewing our underwriting performance. The most directly comparable GAAP measure is the net combined ratio. The net combined ratio excluding the effect of catastrophes should not be considered a substitute for the net combined ratio and does not reflect the Company’s net combined ratio.
The following table reconciles the net combined ratio excluding the effects of catastrophes to the net combined ratio for the periods indicated:
For the Three Months Ended | ||||||||||||
|
||||||||||||
2018 | 2017 |
Percentage |
||||||||||
Net Combined Ratio Excluding the Effect of Catastrophes Reconciliation: | ||||||||||||
Net combined ratio excluding the effect of catastrophes | 88.7 | % | 85.2 | % | 3.5 | pts | ||||||
Effect of catastrophe losses | ||||||||||||
Net loss and loss adjustment expenses | 24.3 | % | 0.0 | % | 24.3 | pts | ||||||
Net underwriting expense ratio | 1.3 | % | 0.0 | % | 1.3 | pts | ||||||
Total effect of catastrophe losses | 25.6 | % | 0.0 | % | 25.6 | pts | ||||||
Net combined ratio | 114.3 | % | 85.2 | % | 29.1 | pts | ||||||
__________________________________________________________________________________________
The following table reconciles net operating income and diluted operating earnings per share exclusive of catastrophe financial impact to net operating income (loss) and diluted operating earnings per share for the periods indicated:
For the Three Months Ended |
||||||||||||||||
2018 | 2017 | |||||||||||||||
Amount |
Diluted |
Amount |
Diluted |
|||||||||||||
(000’s except per common share amounts) | ||||||||||||||||
Net Operating Income and Diluted Operating Earnings per Share Exclusive of Catastrophe Financial Impact: | ||||||||||||||||
Net operating income (loss) | $ | (2,305 | ) | $ | (0.22 | ) | $ | 1,507 | $ | 0.15 | ||||||
Catastrophe financial impact | ||||||||||||||||
Ceding commission revenue | 334 | - | ||||||||||||||
Total expenses | 4,872 | - | ||||||||||||||
Income from operations before taxes | 5,206 | - | ||||||||||||||
Income tax expense | 1,093 | - | ||||||||||||||
Total catastrophe financial impact | 4,113 | $ | 0.39 | - | $ | - | ||||||||||
Net operating income exclusive of catastrophe financial impact | $ | 1,808 | $ | 0.17 | $ | 1,507 | $ | 0.15 | ||||||||
Weighted average diluted shares outstanding | 10,669,992 | 9,848,494 | ||||||||||||||
__________________________________________________________________________________________
About
Kingstone is a property and casualty insurance holding company whose principal operating subsidiary,
Forward-Looking Statement
Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Kingstone’s filings with the
The following table summarizes gross and net written premiums1, net premiums earned, and loss and loss adjustment expenses by major product type, which were determined based primarily on similar economic characteristics and risks of loss.
For the Three Months Ended | ||||||||||
|
||||||||||
2018 | 2017 | |||||||||
Gross premiums written(1): | ||||||||||
Personal lines | $ | 24,825,452 | $ | 19,461,972 | ||||||
Commercial lines | 4,286,391 | 3,584,054 | ||||||||
Livery physical damage | 2,354,070 | 3,026,483 | ||||||||
Other(2) | 60,706 | 57,386 | ||||||||
Total | $ | 31,526,619 | $ | 26,129,895 | ||||||
Net premiums written (1): | ||||||||||
Personal lines | $ | 17,443,911 | $ | 10,466,368 | ||||||
Commercial lines | 3,852,371 | 3,202,565 | ||||||||
Livery physical damage | 2,354,070 | 3,026,483 | ||||||||
Other(2) | 50,032 | 38,889 | ||||||||
Total | $ | 23,700,384 | $ | 16,734,305 | ||||||
Net premiums earned: | ||||||||||
Personal lines | $ | 17,040,256 | $ | 10,690,583 | ||||||
Commercial lines | 3,229,970 | 2,842,580 | ||||||||
Livery physical damage | 2,520,684 | 2,792,347 | ||||||||
Other(2) | 46,707 | 44,238 | ||||||||
Total | $ | 22,837,617 | $ | 16,369,748 | ||||||
Net loss and loss adjustment expenses: | ||||||||||
Personal lines | $ | 12,961,206 | $ | 5,352,112 | ||||||
Commercial lines | 2,449,598 | 1,528,796 | ||||||||
Livery physical damage | 1,164,081 | 965,522 | ||||||||
Other(2) | 58,674 | (52,074 | ) | |||||||
Unallocated loss adjustment expenses | 632,771 | 498,640 | ||||||||
Total | $ | 17,266,330 | $ | 8,292,996 | ||||||
Net loss ratio: | ||||||||||
Personal lines | 76.1 | % | 50.1 | % | ||||||
Commercial lines | 75.8 | % | 53.8 | % | ||||||
Livery physical damage | 46.2 | % | 34.6 | % | ||||||
Other(2) | 125.6 | % | -117.7 | % | ||||||
Total | 75.6 | % | 50.7 | % | ||||||
1. | These measures are not based on GAAP and are defined and reconciled to the most directly comparable GAAP measure in “Information Regarding Non-GAAP Measures” above. | |||||
2. | “Other” includes, among other things, premiums and loss and loss adjustment expenses from our participation in a mandatory state joint underwriting association and loss and loss adjustment expenses from commercial auto. | |||||
|
||||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | ||||||||||
Three months ended |
2018 | 2017 | ||||||||
Revenues |
||||||||||
Net premiums earned | $ | 22,837,617 | $ | 16,369,748 | ||||||
Ceding commission revenue | 1,695,158 | 3,184,452 | ||||||||
Net investment income | 1,383,989 | 857,800 | ||||||||
Net losses on investments | (523,127 | ) | (54,506 | ) | ||||||
Other income | 308,233 | 289,700 | ||||||||
Total revenues | 25,701,870 | 20,647,194 | ||||||||
Expenses |
||||||||||
Loss and loss adjustment expenses | 17,266,330 | 8,292,996 | ||||||||
Commission expense | 5,799,948 | 4,888,978 | ||||||||
Other underwriting expenses | 5,031,503 | 4,212,417 | ||||||||
Other operating expenses | 246,858 | 755,804 | ||||||||
Depreciation and amortization | 409,431 | 318,698 | ||||||||
Interest expense | 456,545 | - | ||||||||
Total expenses | 29,210,615 | 18,468,893 | ||||||||
(Loss) income from operations before taxes | (3,508,745 | ) | 2,178,301 | |||||||
Income tax (benefit) expense | (790,811 | ) | 707,721 | |||||||
Net (loss) income | (2,717,934 | ) | 1,470,580 | |||||||
Other comprehensive (loss) income, net of tax | ||||||||||
Gross change in unrealized (losses) gains | ||||||||||
on available-for-sale-securities | (2,873,479 | ) | 524,822 | |||||||
Reclassification adjustment for losses | ||||||||||
included in net income | 243,773 | 54,506 | ||||||||
Net change in unrealized (losses) gains | (2,629,706 | ) | 579,328 | |||||||
Income tax benefit (expense) related to items | ||||||||||
of other comprehensive (loss) income | 552,238 | (196,972 | ) | |||||||
Other comprehensive (loss) income, net of tax | (2,077,468 | ) | 382,356 | |||||||
Comprehensive (loss) income | $ | (4,795,402 | ) | $ | 1,852,936 | |||||
(Loss) earnings per common share: | ||||||||||
Basic | $ | (0.25 | ) | $ | 0.15 | |||||
Diluted | $ | (0.25 | ) | $ | 0.15 | |||||
Weighted average common shares outstanding | ||||||||||
Basic | 10,669,992 | 9,663,751 | ||||||||
Diluted | 10,669,992 | 9,848,494 | ||||||||
Dividends declared and paid per common share | $ | 0.1000 | $ | 0.0625 | ||||||
|
||||||||||
Condensed Consolidated Balance Sheets | ||||||||||
|
|
|||||||||
2018 | 2017 | |||||||||
(unaudited) | ||||||||||
Assets |
||||||||||
Fixed-maturity securities, held-to-maturity, at amortized cost (fair value of | ||||||||||
|
$ | 4,870,271 | $ | 4,869,808 | ||||||
Fixed-maturity securities, available-for-sale, at fair value (amortized cost of | ||||||||||
|
129,149,201 | 119,988,256 | ||||||||
Equity securities, at fair value (cost of |
||||||||||
|
16,600,485 | 14,286,198 | ||||||||
Other investments | 2,027,860 | - | ||||||||
Total investments | 152,647,817 | 139,144,262 | ||||||||
Cash and cash equivalents | 31,594,167 | 48,381,633 | ||||||||
Investment subscription receivable | - | 2,000,000 | ||||||||
Premiums receivable, net | 13,065,874 | 13,217,698 | ||||||||
Reinsurance receivables, net | 31,895,480 | 28,519,130 | ||||||||
Deferred policy acquisition costs | 15,130,213 | 14,847,236 | ||||||||
Intangible assets, net | 925,000 | 1,010,000 | ||||||||
Property and equipment, net | 5,132,755 | 4,772,577 | ||||||||
Other assets | 4,020,365 | 2,655,527 | ||||||||
Total assets |
$ | 254,411,671 | $ | 254,548,063 | ||||||
Liabilities |
||||||||||
Loss and loss adjustment expense reserves | $ | 56,272,113 | $ | 48,799,622 | ||||||
Unearned premiums | 66,654,632 | 65,647,663 | ||||||||
Advance premiums | 2,216,603 | 1,477,693 | ||||||||
Reinsurance balances payable | 3,017,734 | 2,563,966 | ||||||||
Deferred ceding commission revenue | 4,347,812 | 4,266,412 | ||||||||
Accounts payable, accrued expenses and other liabilities | 4,501,593 | 7,487,654 | ||||||||
Deferred income taxes | 77,031 | 600,342 | ||||||||
Long-term debt, net | 29,163,116 | 29,126,965 | ||||||||
Total liabilities |
166,250,634 | 159,970,317 | ||||||||
Commitments and Contingencies | ||||||||||
Stockholders' Equity | ||||||||||
Preferred stock, |
- | - | ||||||||
Common stock, |
||||||||||
at |
||||||||||
10,666,665 shares at |
116,793 | 116,186 | ||||||||
Capital in excess of par | 68,163,744 | 68,380,390 | ||||||||
Accumulated other comprehensive (loss) income | (1,391,063 | ) | 1,100,647 | |||||||
Retained earnings | 23,780,756 | 27,152,822 | ||||||||
90,670,230 | 96,750,045 | |||||||||
|
||||||||||
and 986,809 shares at |
(2,509,193 | ) | (2,172,299 | ) | ||||||
Total stockholders' equity | 88,161,037 | 94,577,746 | ||||||||
Total liabilities and stockholders' equity | $ | 254,411,671 | $ | 254,548,063 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20180509006388/en/
Investor Relations Director
Source:
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