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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/13/19 Atlantic American Corp 10-Q 6/30/19 59:5.9M Broadridge Fin’l So… Inc |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 495K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 20K 11: R1 Document and Entity Information HTML 52K 12: R2 Condensed Consolidated Balance Sheets (Unaudited) HTML 121K 13: R3 Condensed Consolidated Balance Sheets (Unaudited) HTML 55K (Parenthetical) 14: R4 Condensed Consolidated Statements of Operations HTML 79K (Unaudited) 15: R5 Condensed Consolidated Statements of Comprehensive HTML 53K Income (Loss) (Unaudited) 16: R6 Condensed Consolidated Statements of Shareholders' HTML 89K Equity (Unaudited) 17: R7 Condensed Consolidated Statements of Cash Flows HTML 98K (Unaudited) 18: R8 Basis of Presentation HTML 25K 19: R9 Recently Issued Accounting Standards HTML 25K 20: R10 Investments HTML 186K 21: R11 Fair Values of Financial Instruments HTML 87K 22: R12 Liabilities for Unpaid Losses, Claims and Loss HTML 44K Adjustment Expenses 23: R13 Junior Subordinated Debentures HTML 43K 24: R14 Earnings (Loss) Per Common Share HTML 53K 25: R15 Income Taxes HTML 39K 26: R16 Leases HTML 32K 27: R17 Commitments and Contingencies HTML 21K 28: R18 Segment Information HTML 50K 29: R19 Related Party Transactions HTML 20K 30: R20 Recently Issued Accounting Standards (Policies) HTML 24K 31: R21 Investments (Tables) HTML 185K 32: R22 Fair Values of Financial Instruments (Tables) HTML 87K 33: R23 Liabilities for Unpaid Losses, Claims and Loss HTML 46K Adjustment Expenses (Tables) 34: R24 Junior Subordinated Debentures (Tables) HTML 41K 35: R25 Earnings (Loss) Per Common Share (Tables) HTML 53K 36: R26 Income Taxes (Tables) HTML 42K 37: R27 Leases (Tables) HTML 32K 38: R28 Segment Information (Tables) HTML 51K 39: R29 Basis of Presentation (Details) HTML 20K 40: R30 Recently Issued Accounting Standards (Details) HTML 37K 41: R31 Investments, Aggregated by Type and Industry HTML 99K (Details) 42: R32 Investments, Fixed Maturities by Contractual HTML 56K Maturities (Details) 43: R33 Investments, Securities with Continuous Unrealized HTML 47K Loss Position (Details) 44: R34 Investments, Summary of Realized Investment Gains HTML 33K (Losses) (Details) 45: R35 Investments, Unrealized Gains (Losses) Related to HTML 25K Equity Securities (Details) 46: R36 Investments, Variable Interest Entities (Details) HTML 32K 47: R37 Fair Values of Financial Instruments, Measured on HTML 42K a Recurring Basis (Details) 48: R38 Fair Values of Financial Instruments, Roll-forward HTML 26K of Financial Instruments Measured at Fair Value (Details) 49: R39 Fair Values of Financial Instruments, Estimated HTML 56K Fair Value and Level (Details) 50: R40 Liabilities for Unpaid Losses, Claims and Loss HTML 60K Adjustment Expenses (Details) 51: R41 Junior Subordinated Debentures (Details) HTML 76K 52: R42 Earnings (Loss) Per Common Share (Details) HTML 63K 53: R43 Income Taxes (Details) HTML 43K 54: R44 Leases (Details) HTML 62K 55: R45 Segment Information (Details) HTML 48K 56: R46 Related Party Transactions (Details) HTML 22K 58: XML IDEA XML File -- Filing Summary XML 103K 57: EXCEL IDEA Workbook of Financial Reports XLSX 57K 5: EX-101.INS XBRL Instance -- aame-20190630 XML 2.01M 7: EX-101.CAL XBRL Calculations -- aame-20190630_cal XML 215K 8: EX-101.DEF XBRL Definitions -- aame-20190630_def XML 426K 9: EX-101.LAB XBRL Labels -- aame-20190630_lab XML 1.44M 10: EX-101.PRE XBRL Presentations -- aame-20190630_pre XML 800K 6: EX-101.SCH XBRL Schema -- aame-20190630 XSD 119K 59: ZIP XBRL Zipped Folder -- 0001140361-19-014926-xbrl Zip 174K
Georgia
|
58-1027114
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
4370 Peachtree Road, N.E.,
|
||
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock, par value $1.00 per share
|
AAME
|
NASDAQ Global Market
|
Part I.
|
Financial Information
|
|
Item 1.
|
2
|
|
2
|
||
3
|
||
4
|
||
5
|
||
6
|
||
7
|
||
Item 2.
|
22
|
|
Item 4.
|
29
|
|
Part II.
|
Other Information
|
|
Item 2.
|
30
|
|
Item 6.
|
30
|
|
31
|
Unaudited
|
||||||||
Cash and cash equivalents
|
$
|
11,450
|
$
|
12,630
|
||||
Investments:
|
||||||||
Fixed maturities, available-for-sale, at fair value (amortized cost: $217,291 and $219,924)
|
223,275
|
210,386
|
||||||
Equity securities, at fair value (cost: $9,060 and $10,515)
|
20,455
|
20,758
|
||||||
Other invested assets (cost: $7,005 and $6,905)
|
7,380
|
7,424
|
||||||
Policy loans
|
2,007
|
2,085
|
||||||
Real estate
|
38
|
38
|
||||||
Investment in unconsolidated trusts
|
1,238
|
1,238
|
||||||
Total investments
|
254,393
|
241,929
|
||||||
Receivables:
|
||||||||
Reinsurance
|
30,253
|
26,110
|
||||||
Insurance premiums and other (net of allowance for doubtful accounts: $187 and $207)
|
23,891
|
15,223
|
||||||
Deferred income taxes, net
|
1,537
|
4,184
|
||||||
Deferred acquisition costs
|
38,144
|
37,094
|
||||||
Other assets
|
9,518
|
4,560
|
||||||
Intangibles
|
2,544
|
2,544
|
||||||
Total assets
|
$
|
371,730
|
$
|
344,274
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Insurance reserves and policyholder funds:
|
||||||||
Future policy benefits
|
$
|
92,108
|
$
|
90,257
|
||||
Unearned premiums
|
33,947
|
24,206
|
||||||
Losses and claims
|
75,155
|
72,612
|
||||||
Other policy liabilities
|
1,331
|
1,973
|
||||||
Total insurance reserves and policyholder funds
|
202,541
|
189,048
|
||||||
Other liabilities
|
22,681
|
20,116
|
||||||
Junior subordinated debenture obligations, net
|
33,738
|
33,738
|
||||||
Total liabilities
|
258,960
|
242,902
|
||||||
Commitments and contingencies (Note 10)
|
||||||||
Shareholders’ equity:
|
||||||||
Preferred stock, $1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $5,500 redemption value
|
55
|
55
|
||||||
Common stock, $1 par, 50,000,000 shares authorized; shares issued: 22,400,894; shares outstanding: 20,160,859 and 20,170,360
|
22,401
|
22,401
|
||||||
Additional paid-in capital
|
57,444
|
57,414
|
||||||
Retained earnings
|
36,342
|
37,208
|
||||||
Accumulated other comprehensive income (loss)
|
4,727
|
(7,535
|
)
|
|||||
Unearned stock grant compensation
|
(150
|
)
|
(186
|
)
|
||||
Treasury stock, at cost: 2,240,035 and 2,230,534 shares
|
(8,049
|
)
|
(7,985
|
)
|
||||
Total shareholders’ equity
|
112,770
|
101,372
|
||||||
Total liabilities and shareholders’ equity
|
$
|
371,730
|
$
|
344,274
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Revenue:
|
||||||||||||||||
Insurance premiums, net
|
$
|
45,469
|
$
|
42,845
|
$
|
90,251
|
$
|
85,047
|
||||||||
Net investment income
|
2,313
|
2,537
|
4,647
|
4,896
|
||||||||||||
Realized investment gains (losses), net
|
610
|
(57
|
)
|
1,995
|
313
|
|||||||||||
Unrealized gains (losses) on equity securities, net
|
(5,337
|
)
|
4,089
|
1,152
|
(330
|
)
|
||||||||||
Other income
|
72
|
29
|
100
|
57
|
||||||||||||
Total revenue
|
43,127
|
49,443
|
98,145
|
89,983
|
||||||||||||
Benefits and expenses:
|
||||||||||||||||
Insurance benefits and losses incurred
|
34,151
|
32,219
|
69,458
|
65,391
|
||||||||||||
Commissions and underwriting expenses
|
11,509
|
9,715
|
22,524
|
19,734
|
||||||||||||
Interest expense
|
545
|
506
|
1,091
|
968
|
||||||||||||
Other expense
|
2,511
|
2,970
|
5,376
|
6,208
|
||||||||||||
Total benefits and expenses
|
48,716
|
45,410
|
98,449
|
92,301
|
||||||||||||
Income (loss) before income taxes
|
(5,589
|
)
|
4,033
|
(304
|
)
|
(2,318
|
)
|
|||||||||
Income tax expense (benefit)
|
(1,163
|
)
|
848
|
(40
|
)
|
(479
|
)
|
|||||||||
Net income (loss)
|
(4,426
|
)
|
3,185
|
(264
|
)
|
(1,839
|
)
|
|||||||||
Preferred stock dividends
|
(100
|
)
|
(100
|
)
|
(199
|
)
|
(199
|
)
|
||||||||
Net income (loss) applicable to common shareholders
|
$
|
(4,526
|
)
|
$
|
3,085
|
$
|
(463
|
)
|
$
|
(2,038
|
)
|
|||||
Earnings (loss) per common share (basic)
|
$
|
(.22
|
)
|
$
|
.15
|
$
|
(.02
|
)
|
$
|
(.10
|
)
|
|||||
Earnings (loss) per common share (diluted)
|
$
|
(.22
|
)
|
$
|
.15
|
$
|
(.02
|
)
|
$
|
(.10
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Net income (loss)
|
$
|
(4,426
|
)
|
$
|
3,185
|
$
|
(264
|
)
|
$
|
(1,839
|
)
|
|||||
Other comprehensive income (loss):
|
||||||||||||||||
Available-for-sale fixed maturity securities:
|
||||||||||||||||
Gross unrealized holding gain (loss) arising in the period
|
7,964
|
(3,616
|
)
|
16,404
|
(10,390
|
)
|
||||||||||
Related income tax effect
|
(1,673
|
)
|
760
|
(3,445
|
)
|
2,182
|
||||||||||
Subtotal
|
6,291
|
(2,856
|
)
|
12,959
|
(8,208
|
)
|
||||||||||
Less: reclassification adjustment for net realized (gains) losses included in net income (loss)
|
(610
|
)
|
57
|
(882
|
)
|
(313
|
)
|
|||||||||
Related income tax effect
|
128
|
(12
|
)
|
185
|
66
|
|||||||||||
Subtotal
|
(482
|
)
|
45
|
(697
|
)
|
(247
|
)
|
|||||||||
Total other comprehensive income (loss), net of tax
|
5,809
|
(2,811
|
)
|
12,262
|
(8,455
|
)
|
||||||||||
Total comprehensive income (loss)
|
$
|
1,383
|
$
|
374
|
$
|
11,998
|
$
|
(10,294
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Preferred stock:
|
||||||||||||||||
Balance, beginning of period
|
$
|
55
|
$
|
55
|
$
|
55
|
$
|
55
|
||||||||
Repurchases of preferred stock
|
-
|
-
|
-
|
-
|
||||||||||||
Net issuance of preferred stock
|
-
|
-
|
-
|
-
|
||||||||||||
Balance, end of period
|
55
|
55
|
55
|
55
|
||||||||||||
Common stock:
|
||||||||||||||||
Balance, beginning of period
|
22,401
|
22,401
|
22,401
|
22,401
|
||||||||||||
Repurchases of common stock
|
-
|
-
|
-
|
-
|
||||||||||||
Net issuance of common stock
|
-
|
-
|
-
|
-
|
||||||||||||
Balance, end of period
|
22,401
|
22,401
|
22,401
|
22,401
|
||||||||||||
Additional paid-in capital:
|
||||||||||||||||
Balance, beginning of period
|
57,417
|
57,431
|
57,414
|
57,495
|
||||||||||||
Restricted stock grants, net of forfeitures
|
24
|
(20
|
)
|
24
|
(88
|
)
|
||||||||||
Issuance of shares under stock plans
|
3
|
5
|
6
|
9
|
||||||||||||
Balance, end of period
|
57,444
|
57,416
|
57,444
|
57,416
|
||||||||||||
Retained earnings:
|
||||||||||||||||
Balance, beginning of period
|
40,868
|
33,188
|
37,208
|
30,993
|
||||||||||||
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018
|
-
|
-
|
-
|
9,825
|
||||||||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
|
-
|
-
|
-
|
(2,100
|
)
|
|||||||||||
Net income (loss)
|
(4,426
|
)
|
3,185
|
(264
|
)
|
(1,839
|
)
|
|||||||||
Dividends on common stock
|
-
|
-
|
(403
|
)
|
(407
|
)
|
||||||||||
Dividends accrued on preferred stock
|
(100
|
)
|
(100
|
)
|
(199
|
)
|
(199
|
)
|
||||||||
Balance, end of period
|
36,342
|
36,273
|
36,342
|
36,273
|
||||||||||||
Accumulated other comprehensive income (loss):
|
||||||||||||||||
Balance, beginning of period
|
(1,082
|
)
|
(3,618
|
)
|
(7,535
|
)
|
9,751
|
|||||||||
Cumulative effect of adoption of updated accounting guidance for equity financial instruments at January 1, 2018
|
-
|
-
|
-
|
(9,825
|
)
|
|||||||||||
Reclassification of certain tax effects from accumulated other comprehensive income at January 1, 2018
|
-
|
-
|
-
|
2,100
|
||||||||||||
Other comprehensive income (loss), net of tax
|
5,809
|
(2,811
|
)
|
12,262
|
(8,455
|
)
|
||||||||||
Balance, end of period
|
4,727
|
(6,429
|
)
|
4,727
|
(6,429
|
)
|
||||||||||
Unearned Stock Grant Compensation:
|
||||||||||||||||
Balance, beginning of period
|
(128
|
)
|
(387
|
)
|
(186
|
)
|
(579
|
)
|
||||||||
Restricted stock grants, net of forfeitures
|
(71
|
)
|
20
|
(71
|
)
|
135
|
||||||||||
Amortization of unearned compensation
|
49
|
45
|
107
|
122
|
||||||||||||
Balance, end of period
|
(150
|
)
|
(322
|
)
|
(150
|
)
|
(322
|
)
|
||||||||
Treasury Stock:
|
||||||||||||||||
Balance, beginning of period
|
(8,044
|
)
|
(7,346
|
)
|
(7,985
|
)
|
(7,133
|
)
|
||||||||
Restricted stock grants, net of forfeitures
|
47
|
-
|
47
|
(47
|
)
|
|||||||||||
Purchase of shares for treasury
|
(22
|
)
|
(281
|
)
|
(71
|
)
|
(360
|
)
|
||||||||
Net shares acquired related to employee share-based compensation plans
|
(35
|
)
|
(107
|
)
|
(49
|
)
|
(197
|
)
|
||||||||
Issuance of shares under stock plans
|
5
|
7
|
9
|
10
|
||||||||||||
Balance, end of period
|
(8,049
|
)
|
(7,727
|
)
|
(8,049
|
)
|
(7,727
|
)
|
||||||||
Total shareholders’ equity
|
$
|
112,770
|
$
|
101,667
|
$
|
112,770
|
$
|
101,667
|
||||||||
Dividends declared on common stock per share
|
$
|
-
|
$
|
-
|
$
|
(.02
|
)
|
$
|
(.02
|
)
|
Six Months Ended
|
||||||||
2018
|
||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(264
|
)
|
$
|
(1,839
|
)
|
||
Adjustments to reconcile loss to net cash used in operating activities:
|
||||||||
Acquisition costs deferred, net
|
(1,050
|
)
|
(1,499
|
)
|
||||
Realized investment gains, net
|
(1,995
|
)
|
(313
|
)
|
||||
Unrealized (gains) losses on equity securities, net
|
(1,152
|
)
|
330
|
|||||
Distributions received from equity method investees
|
106
|
202
|
||||||
Compensation expense related to share awards
|
107
|
122
|
||||||
Depreciation and amortization
|
337
|
532
|
||||||
Deferred income tax benefit
|
(612
|
)
|
(1,218
|
)
|
||||
Increase in receivables, net
|
(13,393
|
)
|
(12,691
|
)
|
||||
Increase in insurance reserves and policyholder funds
|
13,493
|
17,837
|
||||||
Increase (decrease) in other liabilities
|
2,366
|
(7,712
|
)
|
|||||
Other, net
|
(5,162
|
)
|
(147
|
)
|
||||
Net cash used in operating activities
|
(7,219
|
)
|
(6,396
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Proceeds from investments sold
|
70,171
|
25,849
|
||||||
Proceeds from investments matured, called or redeemed
|
3,628
|
3,985
|
||||||
Investments purchased
|
(67,220
|
)
|
(39,329
|
)
|
||||
Additions to property and equipment
|
(32
|
)
|
(224
|
)
|
||||
Net cash provided by (used in) investing activities
|
6,547
|
(9,719
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Payment of dividends on common stock
|
(403
|
)
|
(407
|
)
|
||||
Proceeds from shares issued under stock plans
|
15
|
19
|
||||||
Treasury stock acquired — share repurchase authorization
|
(71
|
)
|
(360
|
)
|
||||
Treasury stock acquired — net employee share-based compensation
|
(49
|
)
|
(197
|
)
|
||||
Net cash used in financing activities
|
(508
|
)
|
(945
|
)
|
||||
Net decrease in cash and cash equivalents
|
(1,180
|
)
|
(17,060
|
)
|
||||
Cash and cash equivalents at beginning of period
|
12,630
|
24,547
|
||||||
Cash and cash equivalents at end of period
|
$
|
11,450
|
$
|
7,487
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid for interest
|
$
|
1,100
|
$
|
941
|
||||
Cash paid for income taxes
|
$
|
850
|
$
|
1,412
|
Estimated
Fair Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Cost or
Amortized
Cost
|
|||||||||||||
Fixed maturities:
|
||||||||||||||||
Bonds:
|
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
$
|
27,929
|
$
|
560
|
$
|
329
|
$
|
27,698
|
||||||||
Obligations of states and political subdivisions
|
4,999
|
420
|
-
|
4,579
|
||||||||||||
Corporate securities:
|
||||||||||||||||
Utilities and telecom
|
17,482
|
1,654
|
-
|
15,828
|
||||||||||||
Financial services
|
61,103
|
2,506
|
474
|
59,071
|
||||||||||||
Other business – diversified
|
43,516
|
1,667
|
658
|
42,507
|
||||||||||||
Other consumer – diversified
|
68,054
|
1,889
|
1,251
|
67,416
|
||||||||||||
Total corporate securities
|
190,155
|
7,716
|
2,383
|
184,822
|
||||||||||||
Redeemable preferred stocks:
|
||||||||||||||||
Other consumer – diversified
|
192
|
—
|
—
|
192
|
||||||||||||
Total redeemable preferred stocks
|
192
|
—
|
—
|
192
|
||||||||||||
Total fixed maturities
|
$
|
223,275
|
$
|
8,696
|
$
|
2,712
|
$
|
217,291
|
Estimated
Fair Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Cost or
Amortized
Cost
|
|||||||||||||
Fixed maturities:
|
||||||||||||||||
Bonds:
|
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
$
|
27,422
|
$
|
36
|
$
|
1,061
|
$
|
28,447
|
||||||||
Obligations of states and political subdivisions
|
8,364
|
347
|
72
|
8,089
|
||||||||||||
Corporate securities:
|
||||||||||||||||
Utilities and telecom
|
19,642
|
873
|
431
|
19,200
|
||||||||||||
Financial services
|
49,477
|
747
|
2,942
|
51,672
|
||||||||||||
Other business – diversified
|
49,196
|
226
|
2,844
|
51,814
|
||||||||||||
Other consumer – diversified
|
56,093
|
84
|
4,501
|
60,510
|
||||||||||||
Total corporate securities
|
174,408
|
1,930
|
10,718
|
183,196
|
||||||||||||
Redeemable preferred stocks:
|
||||||||||||||||
Other consumer – diversified
|
192
|
—
|
—
|
192
|
||||||||||||
Total redeemable preferred stocks
|
192
|
—
|
—
|
192
|
||||||||||||
Total fixed maturities
|
$
|
210,386
|
$
|
2,313
|
$
|
11,851
|
$
|
219,924
|
Estimated
Fair Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Cost or
Amortized
Cost
|
|||||||||||||
Equity securities:
|
||||||||||||||||
Common and non-redeemable preferred stocks:
|
||||||||||||||||
Financial services
|
$
|
4,799
|
$
|
419
|
$
|
—
|
$
|
4,380
|
||||||||
Other business – diversified
|
318
|
271
|
—
|
47
|
||||||||||||
Other consumer – diversified
|
15,338
|
10,705
|
—
|
4,633
|
||||||||||||
Total equity securities
|
$
|
20,455
|
$
|
11,395
|
$
|
—
|
$
|
9,060
|
Estimated
Fair Value
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Cost or
Amortized
Cost
|
|||||||||||||
Equity securities:
|
||||||||||||||||
Common and non-redeemable preferred stocks:
|
||||||||||||||||
Utilities and telecom
|
$
|
1,686
|
$
|
722
|
$
|
—
|
$
|
964
|
||||||||
Financial services
|
4,552
|
172
|
—
|
4,380
|
||||||||||||
Other business – diversified
|
306
|
259
|
—
|
47
|
||||||||||||
Other consumer – diversified
|
14,214
|
9,090
|
—
|
5,124
|
||||||||||||
Total equity securities
|
$
|
20,758
|
$
|
10,243
|
$
|
—
|
$
|
10,515
|
Carrying
Value
|
Amortized
Cost
|
Carrying
Value
|
Amortized
Cost
|
|||||||||||||
Due in one year or less
|
$
|
-
|
$
|
-
|
$
|
3,150
|
$
|
3,150
|
||||||||
Due after one year through five years
|
16,262
|
16,345
|
19,787
|
19,699
|
||||||||||||
Due after five years through ten years
|
93,243
|
91,052
|
127,617
|
133,863
|
||||||||||||
Due after ten years
|
97,444
|
93,488
|
43,823
|
46,338
|
||||||||||||
Asset backed securities
|
16,326
|
16,406
|
16,009
|
16,874
|
||||||||||||
Totals
|
$
|
223,275
|
$
|
217,291
|
$
|
210,386
|
$
|
219,924
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
$
|
—
|
$
|
—
|
$
|
10,865
|
$
|
329
|
$
|
10,865
|
$
|
329
|
||||||||||||
Corporate securities
|
2,051
|
5
|
32,070
|
2,378
|
34,121
|
2,383
|
||||||||||||||||||
Total temporarily impaired securities
|
$
|
2,051
|
$
|
5
|
$
|
42,935
|
$
|
2,707
|
$
|
44,986
|
$
|
2,712
|
Less than 12 months
|
12 months or longer
|
Total
|
||||||||||||||||||||||
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
|||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government agencies and authorities
|
$
|
—
|
$
|
—
|
$
|
24,786
|
$
|
1,061
|
$
|
24,786
|
$
|
1,061
|
||||||||||||
Obligations of states and political subdivisions
|
—
|
—
|
3,980
|
72
|
3,980
|
72
|
||||||||||||||||||
Corporate securities
|
49,633
|
1,592
|
97,012
|
9,126
|
146,645
|
10,718
|
||||||||||||||||||
Total temporarily impaired securities
|
$
|
49,633
|
$
|
1,592
|
$
|
125,778
|
$
|
10,259
|
$
|
175,411
|
$
|
11,851
|
Three Months Ended
|
||||||||||||||||
Fixed
Maturities
|
Equity
Securities
|
Other
Invested
Assets
|
Total
|
|||||||||||||
Gains
|
$
|
610
|
$
|
—
|
$
|
—
|
$
|
610
|
||||||||
Losses
|
—
|
—
|
—
|
—
|
||||||||||||
Realized investment gains (losses), net
|
$
|
610
|
$
|
—
|
$
|
—
|
$
|
610
|
Three Months Ended
|
||||||||||||||||
Fixed
Maturities
|
Equity
Securities
|
Other
Invested
Assets
|
Total
|
|||||||||||||
Gains
|
$
|
247
|
$
|
—
|
$
|
—
|
$
|
247
|
||||||||
Losses
|
(304
|
)
|
—
|
—
|
(304
|
)
|
||||||||||
Realized investment gains (losses), net
|
$
|
(57
|
)
|
$
|
—
|
$
|
—
|
$
|
(57
|
)
|
Six Months Ended
|
||||||||||||||||
Fixed
Maturities
|
Equity
Securities
|
Other
Invested
Assets
|
Total
|
|||||||||||||
Gains
|
$
|
882
|
$
|
1,113
|
$
|
—
|
$
|
1,995
|
||||||||
Losses
|
—
|
—
|
—
|
—
|
||||||||||||
Realized investment gains (losses), net
|
$
|
882
|
$
|
1,113
|
$
|
—
|
$
|
1,995
|
Six Months Ended
|
||||||||||||||||
Fixed
Maturities
|
Equity
Securities
|
Other
Invested
Assets
|
Total
|
|||||||||||||
Gains
|
$
|
617
|
$
|
—
|
$
|
—
|
$
|
617
|
||||||||
Losses
|
(304
|
)
|
—
|
—
|
(304
|
)
|
||||||||||
Realized investment gains (losses), net
|
$
|
313
|
$
|
—
|
$
|
—
|
$
|
313
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Net gains (losses) recognized during the period on equity securities
|
$
|
(5,337
|
)
|
$
|
4,089
|
$
|
2,265
|
$
|
(330
|
)
|
||||||
Less: Net gains (losses) recognized during the period on equity securities sold during the period
|
-
|
-
|
1,113
|
-
|
||||||||||||
Unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date
|
$
|
(5,337
|
)
|
$
|
4,089
|
$
|
1,152
|
$
|
(330
|
)
|
Level 1 |
Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. The Company’s financial instruments valued using Level 1 criteria
include cash equivalents, U.S. Treasury securities and exchange traded common stocks.
|
Level 2 |
Observable inputs, other than quoted prices included in Level 1, for an asset or liability or prices for similar assets or liabilities. The Company’s financial instruments valued using Level 2 criteria include significantly most of its
fixed maturities, which consist of U.S. Government securities, obligations of states and political subdivisions, and certain corporate fixed maturities, as well as its non-redeemable preferred stocks. In determining fair value
measurements of its fixed maturities and non-redeemable preferred stocks using Level 2 criteria, the Company utilizes data from outside sources, including nationally recognized pricing services and broker/dealers. Prices for the majority
of the Company’s Level 2 fixed maturities and non-redeemable preferred stocks were determined using unadjusted prices received from pricing services that utilize a matrix pricing concept, which is a mathematical technique used widely in
the industry to value debt securities based on various relationships to other benchmark quoted prices.
|
Level 3 |
Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Fair value is based on criteria that use assumptions or other data that are not readily
observable from objective sources. The Company’s financial instruments valued using Level 3 criteria consist of a limited number of fixed maturities. As of June 30, 2019 and December 31, 2018, the value of the Company’s fixed maturities
valued using Level 3 criteria was $1,174 and $1,066, respectively. The use of different criteria or assumptions regarding data may have yielded materially different valuations.
|
Quoted Prices
in Active
Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Assets:
|
|||||||||||||||
Fixed maturities
|
$
|
11,603
|
$
|
210,498
|
$
|
1,174
|
(1)
|
$
|
223,275
|
||||||
Equity securities
|
15,855
|
4,600
|
(1)
|
—
|
20,455
|
||||||||||
Cash equivalents
|
6,925
|
—
|
—
|
6,925
|
|||||||||||
Total
|
$
|
34,383
|
$
|
215,098
|
$
|
1,174
|
$
|
250,655
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
Significant
Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Total
|
||||||||||||
Assets:
|
|||||||||||||||
Fixed maturities
|
$
|
11,413
|
$
|
197,907
|
$
|
1,066
|
(1)
|
$
|
210,386
|
||||||
Equity securities
|
16,398
|
4,360
|
(1)
|
—
|
20,758
|
||||||||||
Cash equivalents
|
8,250
|
—
|
—
|
8,250
|
|||||||||||
Total
|
$
|
36,061
|
$
|
202,267
|
$
|
1,066
|
$
|
239,394
|
Fixed
Maturities
|
||||
Balance, December 31, 2018
|
$
|
1,066
|
||
Total unrealized gains included in other comprehensive loss
|
49
|
|||
Balance, March 31, 2019
|
1,115
|
|||
Total unrealized gains included in other comprehensive income
|
59
|
|||
Balance, June 30, 2019
|
$
|
1,174
|
Fixed
Maturities
|
||||
Balance, December 31, 2017
|
$
|
1,369
|
||
Total unrealized losses included in other comprehensive loss
|
(30
|
)
|
||
Balance, March 31, 2018
|
1,339
|
|||
Total unrealized gains included in other comprehensive loss
|
7
|
|||
Balance, June 30, 2018
|
$
|
1,346
|
Level in Fair
Value
Hierarchy (1)
|
Carrying
Amount
|
Estimated
Fair Value
|
Carrying
Amount
|
Estimated
Fair Value
|
|||||||||||||||
Assets:
|
|||||||||||||||||||
Cash and cash equivalents
|
Level 1
|
$
|
11,450
|
$
|
11,450
|
$
|
12,630
|
$
|
12,630
|
||||||||||
Fixed maturities
|
(1 |
)
|
223,275
|
223,275
|
210,386
|
210,386
|
|||||||||||||
Equity securities
|
(1 |
)
|
20,455
|
20,455
|
20,758
|
20,758
|
|||||||||||||
Other invested assets
|
Level 3
|
7,380
|
7,380
|
7,424
|
7,424
|
||||||||||||||
Policy loans
|
Level 2
|
2,007
|
2,007
|
2,085
|
2,085
|
||||||||||||||
Real estate
|
Level 2
|
38
|
38
|
38
|
38
|
||||||||||||||
Investment in unconsolidated trusts
|
Level 2
|
1,238
|
1,238
|
1,238
|
1,238
|
||||||||||||||
Liabilities:
|
|||||||||||||||||||
Junior subordinated debentures, net
|
Level 2
|
33,738
|
33,738
|
33,738
|
33,738
|
Six Months Ended
|
||||||||
2018
|
||||||||
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, gross
|
$
|
72,612
|
$
|
65,689
|
||||
Less: Reinsurance recoverable on unpaid losses
|
(14,354
|
)
|
(11,968
|
)
|
||||
Beginning liabilities for unpaid losses, claims and loss adjustment expenses, net
|
58,258
|
53,721
|
||||||
Incurred related to:
|
||||||||
Current accident year
|
68,157
|
63,230
|
||||||
Prior accident year development
|
103
|
(163
|
)
|
|||||
Total incurred
|
68,260
|
63,067
|
||||||
Paid related to:
|
||||||||
Current accident year
|
38,875
|
36,508
|
||||||
Prior accident years
|
28,576
|
22,872
|
||||||
Total paid
|
67,451
|
59,380
|
||||||
Ending liabilities for unpaid losses, claims and loss adjustment expenses, net
|
59,067
|
57,408
|
||||||
Plus: Reinsurance recoverable on unpaid losses
|
16,088
|
14,667
|
||||||
Ending liabilities for unpaid losses, claims and loss adjustment expenses, gross
|
$
|
75,155
|
$
|
72,075
|
Six Months Ended
|
||||||||
2018
|
||||||||
Total incurred losses
|
$
|
68,260
|
$
|
63,067
|
||||
Cash surrender value and matured endowments
|
588
|
707
|
||||||
Benefit reserve changes
|
610
|
1,617
|
||||||
Total insurance benefits and losses incurred
|
$
|
69,458
|
$
|
65,391
|
Atlantic American
Statutory Trust I
|
Atlantic American
Statutory Trust II
|
|||||||
JUNIOR SUBORDINATED DEBENTURES (1) (2)
|
||||||||
Principal amount owed June 30, 2019
|
$
|
18,042
|
$
|
23,196
|
||||
Less: Treasury debt (3)
|
—
|
(7,500
|
)
|
|||||
Net balance June 30, 2019
|
$
|
18,042
|
$
|
15,696
|
||||
Net balance December 31, 2018
|
$
|
18,042
|
$
|
15,696
|
||||
Coupon rate
|
LIBOR + 4.00
|
% |
LIBOR + 4.10
|
% | ||||
Interest payable
|
Quarterly
|
Quarterly
|
||||||
Maturity date
|
||||||||
Redeemable by issuer
|
Yes
|
Yes
|
||||||
TRUST PREFERRED SECURITIES
|
||||||||
Issuance date
|
||||||||
Securities issued
|
17,500
|
22,500
|
||||||
Liquidation preference per security
|
$
|
1
|
$
|
1
|
||||
Liquidation value
|
$
|
17,500
|
$
|
22,500
|
||||
Coupon rate
|
LIBOR + 4.00
|
% |
LIBOR + 4.10
|
% | ||||
Distribution payable
|
Quarterly
|
Quarterly
|
||||||
Distribution guaranteed by (4)
|
Atlantic American
Corporation
|
Atlantic American
Corporation
|
(1) |
For each of the respective debentures, the Company has the right at any time, and from time to time, to defer payments of interest on the Junior Subordinated Debentures for a period not exceeding 20 consecutive quarters up to the
debentures’ respective maturity dates. During any such period, interest will continue to accrue and the Company may not declare or pay any cash dividends or distributions on, or purchase, the Company’s common stock nor make any principal,
interest or premium payments on or repurchase any debt securities that rank equally with or junior to the Junior Subordinated Debentures. The Company has the right at any time to dissolve each of the trusts and cause the Junior
Subordinated Debentures to be distributed to the holders of the Trust Preferred Securities.
|
(2) |
The Junior Subordinated Debentures are unsecured and rank junior and subordinate in right of payment to all senior debt of the Parent and are effectively subordinated to all existing and future liabilities of its subsidiaries.
|
(4) |
The Parent has guaranteed, on a subordinated basis, all of the obligations under the Trust Preferred Securities, including payment of the redemption price and any accumulated and unpaid distributions to the extent of available funds
and upon dissolution, winding up or liquidation.
|
Three Months Ended
|
|||||||||||
Loss
|
Weighted
Average
Shares
(In thousands)
|
Per Share
Amount
|
|||||||||
Basic and Diluted Loss Per Common Share:
|
|||||||||||
Net loss
|
$
|
(4,426
|
)
|
20,146
|
|||||||
Less preferred stock dividends
|
(100
|
)
|
—
|
||||||||
Net loss applicable to common shareholders
|
$
|
(4,526
|
)
|
20,146
|
$
|
(.22 |
)
|
Three Months Ended
|
||||||||||||
Income
|
Weighted
Average
Shares
(In thousands)
|
Per Share
Amount
|
||||||||||
Basic Earnings Per Common Share:
|
||||||||||||
Net income
|
$
|
3,185
|
20,286
|
|||||||||
Less preferred stock dividends
|
(100
|
)
|
||||||||||
Net income applicable to common shareholders
|
3,085
|
20,286
|
$
|
.15
|
||||||||
Diluted Earnings Per Common Share:
|
||||||||||||
Effect of Series D preferred stock
|
100
|
1,378
|
||||||||||
Net income applicable to common shareholders
|
$
|
3,185
|
21,664
|
$
|
.15
|
Six Months Ended
|
|||||||||||
Loss
|
Weighted
Average
Shares
(In thousands)
|
Per Share
Amount
|
|||||||||
Basic and Diluted Loss Per Common Share:
|
|||||||||||
Net loss
|
$
|
(264
|
)
|
20,152
|
|||||||
Less preferred stock dividends
|
(199
|
)
|
—
|
||||||||
Net loss applicable to common shareholders
|
$
|
(463
|
)
|
20,152
|
$
|
(.02 |
)
|
Six Months Ended
|
|||||||||||
Loss
|
Weighted
Average
Shares
(In thousands)
|
Per Share
Amount
|
|||||||||
Basic and Diluted Loss Per Common Share:
|
|||||||||||
Net loss
|
$
|
(1,839
|
)
|
20,352
|
|||||||
Less preferred stock dividends
|
(199
|
)
|
—
|
||||||||
Net loss applicable to common shareholders
|
$
|
(2,038
|
)
|
20,352
|
$
|
(.10 |
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Federal income tax provision at statutory rate of 21%
|
$
|
(1,174
|
)
|
$
|
847
|
$
|
(64
|
)
|
$
|
(487
|
)
|
|||||
Dividends-received deduction
|
(5
|
)
|
(10
|
)
|
(14
|
)
|
(20
|
)
|
||||||||
Other permanent differences
|
16
|
11
|
38
|
28
|
||||||||||||
Income tax expense (benefit)
|
$
|
(1,163
|
)
|
$
|
848
|
$
|
(40
|
)
|
$
|
(479
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
Current - Federal
|
$
|
572
|
$
|
703
|
$
|
572
|
$
|
739
|
||||||||
Deferred - Federal
|
(1,735
|
)
|
145
|
(612
|
)
|
(1,218
|
)
|
|||||||||
Total
|
$
|
(1,163
|
)
|
$
|
848
|
$
|
(40
|
)
|
$
|
(479
|
)
|
Six Months
Ended
|
||||
Other information on operating leases:
|
||||
Cash payments included in the measurement of lease liabilities reported in operating cash flows
|
$
|
450
|
||
Right-of-use assets included in other assets on the condensed consolidated balance sheet
|
5,785
|
|||
Weighted average discount rate
|
6.8
|
%
|
||
Weighted average remaining lease term in years
|
7.4 years
|
Lease Liability
|
||||
Remainder of 2019
|
$
|
365
|
||
2020
|
978
|
|||
2021
|
1,015
|
|||
2022
|
1,031
|
|||
2023
|
1,048
|
|||
Thereafter
|
3,091
|
|||
Total undiscounted lease payments
|
7,528
|
|||
Less: present value adjustment
|
1,685
|
|||
Operating lease liability included in other liabilities on the condensed consolidated balance sheet
|
$
|
5,843
|
Assets
|
||||||||
American Southern
|
$
|
142,059
|
$
|
122,724
|
||||
Bankers Fidelity
|
206,513
|
195,663
|
||||||
Corporate and Other
|
148,424
|
134,643
|
||||||
Adjustments & Eliminations
|
(125,266
|
)
|
(108,756
|
)
|
||||
Total assets
|
$
|
371,730
|
$
|
344,274
|
Revenues
|
Three Months Ended
June 30,
|
Six Months Ended
|
||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
American Southern
|
$
|
15,740
|
$
|
14,643
|
$
|
30,975
|
$
|
28,176
|
||||||||
Bankers Fidelity
|
31,244
|
31,641
|
65,620
|
61,754
|
||||||||||||
Corporate and Other
|
(1,261
|
)
|
5,939
|
6,617
|
5,419
|
|||||||||||
Adjustments & Eliminations
|
(2,596
|
)
|
(2,780
|
)
|
(5,067
|
)
|
(5,366
|
)
|
||||||||
Total revenue
|
$
|
43,127
|
$
|
49,443
|
$
|
98,145
|
$
|
89,983
|
Income (Loss) Before Income Taxes
|
Three Months Ended
June 30,
|
Six Months Ended
|
||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
American Southern
|
$
|
1,396
|
$
|
1,929
|
$
|
3,378
|
$
|
2,897
|
||||||||
Bankers Fidelity
|
(1,998
|
)
|
261
|
(2,494
|
)
|
(2,274
|
)
|
|||||||||
Corporate and Other
|
(4,987
|
)
|
1,843
|
(1,188
|
)
|
(2,941
|
)
|
|||||||||
Income (loss) before income taxes
|
$
|
(5,589
|
)
|
$
|
4,033
|
$
|
(304
|
)
|
$
|
(2,318
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Insurance premiums, net
|
$
|
45,469
|
$
|
42,845
|
$
|
90,251
|
$
|
85,047
|
||||||||
Net investment income
|
2,313
|
2,537
|
4,647
|
4,896
|
||||||||||||
Realized investment gains (losses), net
|
610
|
(57
|
)
|
1,995
|
313
|
|||||||||||
Unrealized gains (losses) on equity securities, net
|
(5,337
|
)
|
4,089
|
1,152
|
(330
|
)
|
||||||||||
Other income
|
72
|
29
|
100
|
57
|
||||||||||||
Total revenue
|
43,127
|
49,443
|
98,145
|
89,983
|
||||||||||||
Insurance benefits and losses incurred
|
34,151
|
32,219
|
69,458
|
65,391
|
||||||||||||
Commissions and underwriting expenses
|
11,509
|
9,715
|
22,524
|
19,734
|
||||||||||||
Interest expense
|
545
|
506
|
1,091
|
968
|
||||||||||||
Other expense
|
2,511
|
2,970
|
5,376
|
6,208
|
||||||||||||
Total benefits and expenses
|
48,716
|
45,410
|
98,449
|
92,301
|
||||||||||||
Income (loss) before income taxes
|
$
|
(5,589
|
)
|
$
|
4,033
|
$
|
(304
|
)
|
$
|
(2,318
|
)
|
|||||
Net income (loss)
|
$
|
(4,426
|
)
|
$
|
3,185
|
$
|
(264
|
)
|
$
|
(1,839
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
Reconciliation of Non-GAAP Financial Measure
|
2019
|
2018
|
2019
|
2018
|
||||||||||||
(In thousands)
|
||||||||||||||||
Net income (loss)
|
$
|
(4,426
|
)
|
$
|
3,185
|
$
|
(264
|
)
|
$
|
(1,839
|
)
|
|||||
Income tax expense (benefit)
|
(1,163
|
)
|
848
|
(40
|
)
|
(479
|
)
|
|||||||||
Realized investment (gains) losses, net
|
(610
|
)
|
57
|
(1,995
|
)
|
(313
|
)
|
|||||||||
Unrealized (gains) losses on equity securities, net
|
5,337
|
(4,089
|
)
|
(1,152
|
)
|
330
|
||||||||||
Non-GAAP operating income (loss)
|
$
|
(862
|
)
|
$
|
1
|
$
|
(3,451
|
)
|
$
|
(2,301
|
)
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Gross written premiums
|
$
|
32,581
|
$
|
28,501
|
$
|
40,275
|
$
|
35,342
|
||||||||
Ceded premiums
|
(1,313
|
)
|
(1,228
|
)
|
(2,688
|
)
|
(2,431
|
)
|
||||||||
Net written premiums
|
$
|
31,268
|
$
|
27,273
|
$
|
37,587
|
$
|
32,911
|
||||||||
Net earned premiums
|
$
|
14,754
|
$
|
13,542
|
$
|
28,560
|
$
|
26,249
|
||||||||
Net loss and loss adjustment expenses
|
9,863
|
8,695
|
18,906
|
17,872
|
||||||||||||
Underwriting expenses
|
4,480
|
4,019
|
8,690
|
7,406
|
||||||||||||
Underwriting income
|
$
|
411
|
$
|
828
|
$
|
964
|
$
|
971
|
||||||||
Loss ratio
|
66.8
|
%
|
64.2
|
%
|
66.2
|
%
|
68.1
|
%
|
||||||||
Expense ratio
|
30.4
|
29.7
|
30.4
|
28.2
|
||||||||||||
Combined ratio
|
97.2
|
%
|
93.9
|
%
|
96.6
|
%
|
96.3
|
%
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
(In thousands)
|
||||||||||||||||
Automobile liability
|
$
|
7,813
|
$
|
7,380
|
$
|
14,837
|
$
|
14,245
|
||||||||
Automobile physical damage
|
3,799
|
2,897
|
7,401
|
5,352
|
||||||||||||
General liability
|
819
|
715
|
1,603
|
1,453
|
||||||||||||
Surety
|
1,608
|
1,778
|
3,295
|
3,712
|
||||||||||||
Other lines
|
715
|
772
|
1,424
|
1,487
|
||||||||||||
Total
|
$
|
14,754
|
$
|
13,542
|
$
|
28,560
|
$
|
26,249
|
Three Months Ended
June 30,
|
Six Months Ended
|
|||||||||||||||
2018
|
2019
|
2018
|
||||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Medicare supplement
|
$
|
44,541
|
$
|
40,264
|
$
|
88,870
|
$
|
79,427
|
||||||||
Other health products
|
1,896
|
1,745
|
3,886
|
3,590
|
||||||||||||
Life insurance
|
2,154
|
2,271
|
4,296
|
4,573
|
||||||||||||
Gross earned premiums
|
48,591
|
44,280
|
97,052
|
87,590
|
||||||||||||
Ceded premiums
|
(17,876
|
)
|
(14,977
|
)
|
(35,361
|
)
|
(28,792
|
)
|
||||||||
Net earned premiums
|
30,715
|
29,303
|
61,691
|
58,798
|
||||||||||||
Insurance benefits and losses
|
24,288
|
23,524
|
50,552
|
47,519
|
||||||||||||
Underwriting expenses
|
8,954
|
7,857
|
17,562
|
16,509
|
||||||||||||
Total expenses
|
33,242
|
31,381
|
68,114
|
64,028
|
||||||||||||
Underwriting loss
|
$
|
(2,527
|
)
|
$
|
(2,078
|
)
|
$
|
(6,423
|
)
|
$
|
(5,230
|
)
|
||||
Loss ratio
|
79.1
|
%
|
80.3
|
%
|
81.9
|
%
|
80.8
|
%
|
||||||||
Expense ratio
|
29.2
|
26.8
|
28.5
|
28.1
|
||||||||||||
Combined ratio
|
108.3
|
%
|
107.1
|
%
|
110.4
|
%
|
108.9
|
%
|
Period
|
Total Number
of Shares
Purchased
|
Average
Price Paid
per Share
|
Total Number of
Shares Purchased
as Part of
Publicly
Announced Plans
or Programs
|
Maximum
Number of
Shares that
May Yet be
Purchased
Under the
Plans or
Programs
|
||||||||||||
April 1 – April 30, 2019
|
6,400
|
$
|
2.56
|
6,400
|
327,074
|
|||||||||||
May 1 – May 31, 2019
|
1,945
|
2.55
|
1,945
|
325,129
|
||||||||||||
June 1 – June 30, 2019
|
-
|
-
|
-
|
325,129
|
||||||||||||
Total
|
8,345
|
$
|
2.56
|
8,345
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase.
|
ATLANTIC AMERICAN CORPORATION
|
||
(Registrant)
|
||
Date: August 13, 2019
|
By:
|
/s/ J. Ross Franklin
|
Vice President and Chief Financial Officer
|
||
(Principal Financial and Accounting Officer)
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
5/15/33 | ||||
12/4/32 | ||||
9/30/26 | ||||
12/31/19 | 10-K, 11-K | |||
Filed on: | 8/13/19 | 8-K | ||
7/26/19 | ||||
For Period end: | 6/30/19 | |||
5/31/19 | ||||
4/30/19 | ||||
3/31/19 | 10-Q | |||
1/1/19 | ||||
12/31/18 | 10-K, 11-K, 5 | |||
6/30/18 | 10-Q | |||
3/31/18 | 10-Q | |||
1/1/18 | ||||
12/31/17 | 10-K, 11-K | |||
10/31/16 | ||||
8/4/14 | ||||
5/15/03 | ||||
12/4/02 | ||||
List all Filings |