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As Of Filer Filing For·On·As Docs:Size Issuer Agent 11/16/17 Advantage Insurance Inc. S-1 12:8.2M Toppan Vite NY Inc./FA |
Document/Exhibit Description Pages Size 1: S-1 Registration Statement (General Form) HTML 2.62M 2: EX-3.1 Articles of Incorporation/Organization or By-Laws HTML 178K 3: EX-3.2 Articles of Incorporation/Organization or By-Laws HTML 40K 4: EX-10.1 Material Contract HTML 99K 5: EX-10.3 Material Contract HTML 45K 6: EX-10.4 Material Contract HTML 194K 7: EX-10.5 Material Contract HTML 36K 8: EX-14.1 Code of Ethics HTML 38K 10: EX-21.1 Subsidiaries HTML 14K 11: EX-23.1 Consent of Experts or Counsel HTML 7K 12: EX-23.2 Consent of Experts or Counsel HTML 7K 9: EX-16.1 Letter re: Change in Certifying Accountant HTML 9K
t1702844_s1 - none - 17.3084625s |
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Puerto Rico
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6311
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66-0840765
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|
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(State or other jurisdiction of
incorporation or organization) |
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(Primary Standard Industrial
Classification Code Number) |
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(I.R.S. Employer
Identification Number) |
|
| | |
Pedro I. Vidal-Cordero, Esq.
Vidal, Nieves & Bauzá, LLC T-Mobile Center B7 Tabonuco Street, Suite 1108 Guaynabo, Puerto Rico 00968 (787) 413-8880 (787) 625-0889 Facsimile |
| | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☐ | | | Smaller reporting company ☒ | |
| (Do not check if a smaller reporting company) | | | Emerging growth company ☒ | |
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Title of Each Class of Securities to be Registered
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Proposed Maximum
Aggregate Offering Price |
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Amount of
Registration Fee |
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Shares of common stock, par value $0.01 per share
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| | | $ | 150,000,000 (1) | | | | | $ | 18,675 | | |
| | |
Per Share
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Total
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| ||||||
Public offering price
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| | | $ | | | | | $ | | | ||
Underwriting discount(1)
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| | | $ | | | | | | $ | | | |
Proceeds to us (before expenses)
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| | | $ | | | | | | $ | | | |
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RAYMOND JAMES
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JMP Securities
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B. Riley | FBR
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| ABIC | | |
Advantage Business Insurance Company I.I.
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| ACAMS | | |
Association of Certified Anti-Money Laundering Specialists
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| ADCP | | |
Advantage DCP Ltd
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AIBC
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| | Advantage International Bank Corp. | |
| AIMCL | | |
Advantage International Management (Cayman) Ltd.
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| AIMUSA | | |
Advantage Insurance Management (USA) LLC
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| AIS | | |
Advantage Insurance Services LLC
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| ALAC | | |
Advantage Life & Annuity Company SPC
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| ALAI | | |
Advantage Life Assurance I.I.
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| ALIF | | |
Advantage Life Investment Fund SPC
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| ALPR | | |
Advantage Life Puerto Rico A.I.
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| ALSCF | | |
Advantage Life Small Cap Fund SPC
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| A.M. Best | | |
A.M. Best Company, Inc.
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| AML | | |
Anti-Money Laundering
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| APCC | | |
Advantage Property & Casualty Company SPC
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ASU
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| | Accounting Standards Update | |
| AVI | | |
Advantage Insurance Inc.
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| BEPS | | |
Base Erosion and Profit Shifting
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| Blackstone | | |
The Blackstone Group L.P.
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BSA
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| | Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act | |
| BVPS | | |
Book Value Per Common Share
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| CAMS | | |
Certified Anti-Money Laundering Specialist
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| CDD | | |
Customer Due Diligence
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| CFC | | |
Controlled Foreign Corporation
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| CFT | | |
Combating the Financing of Terrorism
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| CIMA | | |
Cayman Islands Monetary Authority
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| CIP | | |
Customer Identification Program
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| CLO | | |
Collateralized Loan Obligation
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| The Code | | |
Internal Revenue Code of 1986
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| CRS | | |
Common Reporting Standard for the Automatic Exchange of Information
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|
| CSU | | |
Common Share Unit
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| CTR | | |
Currency Transaction Report
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|
| Exchange Act | | |
Securities Exchange Act of 1934
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|
| EY | | |
Ernst & Young Ltd.
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| FASB | | |
Financial Accounting Standards Board
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FATCA
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| | Foreign Account Tax Compliance Act of the U.S. Internal Revenue Code of 2010 | |
| FATF | | |
Financial Action Task Force
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|
| FCA | | |
Financial Conduct Authority of the United Kingdom
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| FFI | | |
Foreign Financial Institution
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FinCEN
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| | Financial Crimes Enforcement Network of the U.S. Department of the Treasury | |
| FIO | | |
Federal Insurance Office of the U.S. Department of the Treasury
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| GAAP | | |
Generally Accepted Accounting Principles in the United States of America
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| GSO | | |
GSO Capital Partners International LLP
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HNWI
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| | High Net Worth Individual (an individual owning net investable financial wealth in excess of $1 million) | |
| HRPA | | |
Harbor Risk Pool Association
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| IDF | | |
Insurance-Dedicated Fund
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| IFE Act | | |
Puerto Rico International Financial Center Regulatory Act of 2012
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| IRS | | |
United States Internal Revenue Service
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| JOBS Act | | |
Jumpstart Our Business Startups Act of 2012
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| KBRA | | |
Kroll Bond Rating Agency, Inc.
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| KPMG | | |
KPMG in the Cayman Islands
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| KYC | | |
Know Your Customer
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| MCAA | | |
Multilateral Competent Authority Agreement
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| NAIC | | |
The National Association of Insurance Commissioners of the United States
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| NAV | | |
Net Asset Value
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| NYSE | | |
The New York Stock Exchange
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OCIF
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| | Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (Oficina del Comisionado de Instituciones Financieras) | |
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OCS
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| | Office of the Commissioner of Insurance of the Commonwealth of Puerto Rico (Oficina del Comisionado de Seguros) | |
| OECD | | |
Organisation for Economic Co-Operation and Development
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| OFAC | | |
Office of Foreign Asset Control of the U.S. Department of the Treasury
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| OTTI | | |
Other Than Temporary Impairment
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| PAS | | |
Policy Administration System
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| P&C | | |
Property and Casualty
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| PFIC | | |
Passive Foreign Investment Company
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| PPLI | | |
Private Placement Life Insurance
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| PRA | | |
Prudential Regulation Authority of the United Kingdom
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| PROMESA | | |
Puerto Rico Oversight, Management, and Economic Stability Act of 2016
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| QEF | | |
Qualified Electing Fund
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| REEFS | | |
Regulatory Enhanced Electronic Forms Submission
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| RPG | | |
Risk Purchasing Group
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| RPII | | |
Related Person Insurance Income
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| RRG | | |
Risk Retention Group
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| SAR | | |
Suspicious Activity Report
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| SEC | | |
U.S. Securities and Exchange Commission
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| Sarbanes-Oxley | | |
Sarbanes-Oxley Act of 2002
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| Securities Act | | |
Securities Act of 1933
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USA PATRIOT Act
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| | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act | |
| USCL | | |
U.S. Commonwealth Life, A.I.
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| VIE | | |
Variable Interest Entity
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| VOBA | | |
Value of Business Acquired
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| VUL | | |
Variable Universal Life
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Nine months ending September 30,
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Year ending December 31,
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2016
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2016
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2015
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2014
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Revenue | | | | | | | |||||||||||||||||||||||||
Policy charges, premiums and fee income
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| | | $ | 12,672 | | | | | $ | 9,149 | | | | | $ | 14,478 | | | | | $ | 9,356 | | | | | $ | 7,650 | | |
Reinsurance, net
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| | | | (1,683) | | | | | | (722) | | | | | | (1,054) | | | | | | (759) | | | | | | (691) | | |
Investment & other income
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| | | | 5,686 | | | | | | 7,383 | | | | | | 11,115 | | | | | | 9,140 | | | | | | 3,168 | | |
Total revenue
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| | | | 16,675 | | | | | | 15,810 | | | | | | 24,539 | | | | | | 17,737 | | | | | | 10,127 | | |
Expenses | | | | | | | |||||||||||||||||||||||||
Underwriting, general & administrative expense
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| | | | 10,333 | | | | | | 10,589 | | | | | | 14,491 | | | | | | 10,354 | | | | | | 8,966 | | |
Loss and loss adjustment expenses
|
| | | | 2,976 | | | | | | 1,256 | | | | | | 1,986 | | | | | | 689 | | | | | | — | | |
Amortization and finance charges
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| | | | 1,753 | | | | | | 150 | | | | | | 1,434 | | | | | | 235 | | | | | | 365 | | |
Total expenses
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| | | | 15,062 | | | | | | 11,995 | | | | | | 17,911 | | | | | | 11,278 | | | | | | 9,331 | | |
Operating income (before tax)
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| | | | 1,613 | | | | | | 3,815 | | | | | | 6,628 | | | | | | 6,459 | | | | | | 796 | | |
Net income
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| | | $ | 1,192 | | | | | $ | 3,924 | | | | | $ | 6,482 | | | | | $ | 6,866 | | | | | $ | 951 | | |
Diluted earnings per share
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| | | $ | 0.11 | | | | | $ | 0.40 | | | | | $ | 0.66 | | | | | $ | 0.73 | | | | | $ | 0.11 | | |
| | |
September 30,
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2016
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2016
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2015
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2014
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(unaudited)
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| | | | ||||||||||||||||||||||||
Assets | | | | | | | |||||||||||||||||||||||||
Separate account assets
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| | | $ | 1,345,892 | | | | | $ | 446,516 | | | | | $ | 1,114,849 | | | | | $ | 337,803 | | | | | $ | 330,681 | | |
Investments and cash
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| | | | 77,683 | | | | | | 78,305 | | | | | | 83,723 | | | | | | 78,234 | | | | | | 79,776 | | |
Restricted cash and regulatory deposits
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| | | | 8,869 | | | | | | 4,858 | | | | | | 15,007 | | | | | | 2,050 | | | | | | 1,750 | | |
Receivables and other
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| | | | 21,982 | | | | | | 17,524 | | | | | | 16,567 | | | | | | 12,878 | | | | | | 8,577 | | |
Deferred acquisition costs and VOBA
|
| | | | 21,761 | | | | | | 2,636 | | | | | | 21,022 | | | | | | 1,374 | | | | | | 986 | | |
Deferred income taxes
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| | | | 126 | | | | | | 789 | | | | | | 526 | | | | | | 716 | | | | | | 295 | | |
Intangible assets
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| | | | 1,965 | | | | | | 2,122 | | | | | | 2,043 | | | | | | 2,220 | | | | | | 362 | | |
Total assets
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| | | $ | 1,478,278 | | | | | $ | 552,750 | | | | | $ | 1,253,737 | | | | | $ | 435,275 | | | | | $ | 422,297 | | |
| | |
September 30,
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2016
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2016
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2015
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2014
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(unaudited)
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| | | | ||||||||||||||||||||||||
Liabilities | | | | | | | |||||||||||||||||||||||||
Separate account liabilities
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| | | | 1,345,892 | | | | | | 446,516 | | | | | | 1,114,849 | | | | | | 337,803 | | | | | | 330,681 | | |
Reserves for insurance liabilities
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| | | | 6,640 | | | | | | 3,001 | | | | | | 3,536 | | | | | | 1,221 | | | | | | 560 | | |
Note payable and surplus debenture
|
| | | | 12,133 | | | | | | 940 | | | | | | 16,188 | | | | | | 940 | | | | | | 4,000 | | |
Other liabilities
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| | | | 20,352 | | | | | | 13,229 | | | | | | 25,651 | | | | | | 9,271 | | | | | | 5,270 | | |
Total liabilities
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| | | | 1,385,017 | | | | | | 463,686 | | | | | | 1,160,224 | | | | | | 349,235 | | | | | | 340,511 | | |
Shareholders’ equity
|
| | | $ | 93,261 | | | | | $ | 89,064 | | | | | $ | 93,513 | | | | | $ | 86,040 | | | | | $ | 81,922 | | |
Total liabilities and shareholders’ equity
|
| | | $ |
1,478,278 |
| | | | $ |
552,750 |
| | | | $ | 1,253,737 | | | | | $ | 435,275 | | | | | $ | 422,297 | | |
| | |
At or For the Nine Months
Ended September 30, |
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At or For the Years
Ended December 31, |
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2016
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2016
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2015
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2014
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| ||||||||||||||||
Summary Pro Forma Capitalization Statistics (unaudited) | | ||||||||||||||||||||||||||||||
Pro Forma Capitalization (1) | | | | | | | |||||||||||||||||||||||||
Pro forma shareholders’ equity (2)
|
| | | $ | 93,261 | | | | | $ | 89,064 | | | | | $ | 93,513 | | | | | $ | 86,040 | | | | | $ | 81,922 | | |
Pro forma diluted common shares outstanding
|
| | | | 10,340,294 | | | | | | 10,211,560 | | | | | | 10,406,539 | | | | | | 10,569,286 | | | | | | 10,518,443 | | |
Pro forma book value per diluted share
|
| | | $ | 9.02 | | | | | $ | 8.72 | | | | | $ | 8.99 | | | | | $ | 8.14 | | | | | $ | 7.79 | | |
Summary Operating Statistics (unaudited) | | ||||||||||||||||||||||||||||||
Operating Statistics (at period
end): |
| | | | | | |||||||||||||||||||||||||
Number of office locations
|
| | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | 3 | | |
Number of full-time equivalent employees
|
| | | | 43 | | | | | | 38 | | | | | | 41 | | | | | | 34 | | | | | | 32 | | |
Number of life insurance policies in force
|
| | | | 329 | | | | | | 194 | | | | | | 319 | | | | | | 187 | | | | | | 156 | | |
| | |
Actual
|
| |
As adjusted,
giving effect to the offering |
| ||||||
| | |
(dollars in thousands )
(unaudited) |
| |||||||||
Cash and cash equivalents:
|
| | | $ | 3,985 | | | | | $ | — | | |
Note payable:
|
| | | $ | 11,282 | | | | | $ | — | | |
Surplus debenture:
|
| | | | 851 | | | | | | — | | |
Total debt
|
| | | $ | 12,133 | | | | | $ | — | | |
Stockholders’ equity: | | | | | | | | | | | | | |
Common shares, par value $0.01 per share; authorized – 73,253,158 shares; issued and outstanding – 323,386 shares (actual) and 10,340,294 (as adjusted) (1)
|
| | | $ | 2 | | | | | $ | — | | |
Preferred shares, par value $0.01 per share; authorized – 50,000,000 shares; issued and outstanding – 7,560,444 shares (actual) and none (as adjusted)
|
| | | | 75 | | | | | | — | | |
Additional paid-in capital
|
| | | | 79,581 | | | | | | — | | |
Accumulated other comprehensive income (loss)
|
| | | | (786) | | | | | | — | | |
Retained earnings
|
| | | | 14,389 | | | | | | — | | |
Total shareholders’ equity
|
| | | $ | 93,261 | | | | | $ | — | | |
Total capitalization
|
| | | $ | 105,394 | | | | | $ | — | | |
|
| | |
Common Shares
Purchased or to be Purchased |
| |
Total Consideration
Paid or to be Paid |
| |
Average Price
Per Share (2) |
| |||||||||
Existing holders of common shares (1)
|
| | | | 12,500,189 | | | | | $ | 97,444 | | | | | $ | 7.80 | | |
New investors
|
| |
|
| | | $ | | | | | $ | | |
| | |
As of December 31, 2016
|
| |||||||||||||||||||||||||||
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Advantage
Insurance Inc. Actual |
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U.S.
Commonwealth Life, A.I. Actual |
| |
Pro Forma
Adjustments |
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Notes
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Pro Forma
Combined |
| |||||||||||||||
| | |
(dollars in thousands)
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| |||||||||||||||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Policy charges, premiums and fee income
|
| | | $ | 7,313 | | | | | $ | 3,258 | | | | | $ | 62 | | | | | | (a) | | | | | $ | 10,633 | | |
Reinsurance, net
|
| | | | (1,158) | | | | | | (6) | | | | | | — | | | | | | | | | | | | (1,164) | | |
Investment & Other income
|
| | | | 17,339 | | | | | | 64 | | | | | | (62) | | | | | | (a) | | | | | | 17,341 | | |
Total revenue
|
| | | | 23,494 | | | | | | 3,316 | | | | | | — | | | | | | | | | | | | 26,810 | | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Underwriting, general & administrative
|
| | | | 14,408 | | | | | | 449 | | | | | | — | | | | | | | | | | | | 14,857 | | |
Loss and loss adjustment expenses
|
| | | | 1,986 | | | | | | 1 | | | | | | (1) | | | | | | | | | | | | 1,986 | | |
Amortization and finance charges
|
| | | | 1,017 | | | | | | 1,419 | | | | | | 952 | | | | | | (b) | | | | | | 3,388 | | |
Total expenses
|
| | | | 17,411 | | | | | | 1,869 | | | | | | 951 | | | | | | | | | | | | 20,231 | | |
Operating income (before tax)
|
| | | $ | 6,083 | | | | | $ | 1,447 | | | | | $ | (951) | | | | | | | | | | | $ | 6,579 | | |
|
| Advantage Insurance Inc. common share units | | | | | | | | | | | | | |
|
Common shares issued by Advantage
|
| | | | 8,511 | | | | | | | | |
|
Value per common share unit as of October 1, 2016
|
| | | $ | 11.75 | | | | | | | | |
| | | | | | | | | | | $ | 100 | | |
| Advantage Insurance Inc. preferred shares | | | | | | | | | | | | | |
|
Preferred shares issued by Advantage
|
| | | | 178,723 | | | | | | | | |
|
Value per preferred share as of October 1, 2016
|
| | | $ | 11.75 | | | | | | | | |
| | | | | | | | | | | | 2,100 | | |
|
Contingent consideration payable
|
| | | | | | | | | | 1,361 | | |
|
Note payable
|
| | | | | | | | | | 11,394 | | |
|
Total purchase price
|
| | | | | | | | | $ | 14,955 | | |
|
|
Shareholder’s equity of USCL at October 1, 2016
|
| | | $ | 3,019 | | |
| Adjustments for fair value | | | | | | | |
|
Deferred acquistion costs
|
| | | | (690) | | |
|
Reinsurance recoverable
|
| | | | (1,398) | | |
|
Unearned revenue
|
| | | | 952 | | |
|
Value of business acquired
|
| | | | 14,478 | | |
|
Bargain purchase gain
|
| | | | (1,406) | | |
|
Shareholder’s equity of USCL at fair value
|
| | | | 14,955 | | |
|
Total net purchase price paid by Advantage
|
| | | $ | 14,955 | | |
|
| | |
At or For the Nine Months
Ended September 30, |
| |
At or For the Years Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
Shareholders’ equity (A)
|
| | | $ | 93,261 | | | | | $ | 89,064 | | | | | $ | 93,513 | | | | | $ | 86,040 | | | | | $ | 81,922 | | |
Diluted shares outstanding: | | | | | | | |||||||||||||||||||||||||
Number of common shares outstanding (B)
|
| | | | 323,386 | | | | | | 365,199 | | | | | | 323,386 | | | | | | 365,199 | | | | | | 449,127 | | |
Number of preferred shares
outstanding |
| | | | 7,560,444 | | | | | | 7,431,721 | | | | | | 7,610,444 | | | | | | 7,701,721 | | | | | | 7,600,000 | | |
Conversion Ratio applied (1)
|
| | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | |
Pro forma number of
common shares issued for preferred shares (C) |
| | | | 10,016,908 | | | | | | 9,846,361 | | | | | | 10,083,153 | | | | | | 10,204,087 | | | | | | 10,069,316 | | |
Pro forma total diluted shares (B) + (C)
|
| | | | 10,340,294 | | | | | | 10,211,560 | | | | | | 10,406,539 | | | | | | 10,569,286 | | | | | | 10,518,443 | | |
Pro forma book value per diluted share
|
| | | $ | 9.02 | | | | | $ | 8.72 | | | | | $ | 8.99 | | | | | $ | 8.14 | | | | | $ | 7.79 | | |
Fully diluted shares outstanding:
|
| | | | | | |||||||||||||||||||||||||
Number of warrants outstanding
|
| | | | 1,630,220 | | | | | | 1,520,000 | | | | | | 1,630,220 | | | | | | 1,520,000 | | | | | | 1,520,000 | | |
Warrant preferred shares
|
| | | | 1,630,220 | | | | | | 1,520,000 | | | | | | 1,630,220 | | | | | | 1,520,000 | | | | | | 1,520,000 | | |
Conversion Ratio applied (1)
|
| | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | | | | | 1.32491x | | |
Pro forma number of
common shares issued for warrant preferred shares (D) |
| | | | 2,159,895 | | | | | | 2,013,863 | | | | | | 2,159,895 | | | | | | 2,013,863 | | | | | | 2,013,863 | | |
Warrant exercise price
|
| | | $ | 10.34 | | | | | $ | 10.17 | | | | | $ | 10.34 | | | | | $ | 10.17 | | | | | $ | 10.17 | | |
Pro forma warrant proceeds
(E) |
| | | | 16,856 | | | | | | 15,458 | | | | | | 16,856 | | | | | | 15,458 | | | | | | 15,458 | | |
Pro forma shareholders equity (A) + (E)
|
| | | $ | 110,117 | | | | | $ | 104,522 | | | | | $ | 110,369 | | | | | $ | 101,498 | | | | | $ | 97,380 | | |
Pro forma total fully diluted
shares (B) + (C) + (D) |
| | | | 12,500,189 | | | | | | 12,225,424 | | | | | | 12,566,434 | | | | | | 12,583,149 | | | | | | 12,532,306 | | |
Pro forma book value per fully diluted share
|
| | | $ | 8.81 | | | | | $ | 8.55 | | | | | $ | 8.78 | | | | | $ | 8.07 | | | | | $ | 7.77 | | |
| | |
At or For the Nine Months
Ended September 30, |
| |
At or For the Years Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
Income Statement Data: | | | | | | | |||||||||||||||||||||||||
Revenue
|
| | | $ | 16,675 | | | | | $ | 15,810 | | | | | $ | 24,539 | | | | | $ | 17,737 | | | | | $ | 10,127 | | |
Investment income
|
| | | | 5,686 | | | | | | 7,383 | | | | | | 9,709 | | | | | | 9,140 | | | | | | 3,168 | | |
Net income
|
| | | | 1,192 | | | | | | 3,924 | | | | | | 6,482 | | | | | | 6,866 | | | | | | 951 | | |
Other comprehensive (loss)/income
|
| | | | (875) | | | | | | 2,051 | | | | | | 2,125 | | | | | | (2,882) | | | | | | 294 | | |
Total comprehensive income
|
| | | | 317 | | | | | | 5,975 | | | | | | 8,607 | | | | | | 3,984 | | | | | | 1,245 | | |
Balance Sheet Data: | | | | | | | |||||||||||||||||||||||||
Total assets
|
| | | $ | 1,478,278 | | | | | $ | 552,750 | | | | | $ | 1,253,737 | | | | | $ | 435,275 | | | | | $ | 422,297 | | |
Separate account assets
|
| | | | 1,345,892 | | | | | | 446,516 | | | | | | 1,114,849 | | | | | | 337,803 | | | | | | 330,681 | | |
Other assets
|
| | | | 54,703 | | | | | | 27,929 | | | | | | 55,165 | | | | | | 19,238 | | | | | | 11,970 | | |
Investments and cash
|
| | | | 77,683 | | | | | | 78,305 | | | | | | 83,723 | | | | | | 78,234 | | | | | | 79,776 | | |
Total shareholders’ equity
|
| | | | 93,261 | | | | | | 89,064 | | | | | | 93,513 | | | | | | 86,040 | | | | | | 81,922 | | |
Per Share Data: | | | | | | | |||||||||||||||||||||||||
Basic earnings per common
share |
| | | $ | 3.69 | | | | | $ | 10.74 | | | | | $ | 18.18 | | | | | $ | 16.89 | | | | | $ | 1.99 | | |
Diluted earnings per common share
|
| | | | 0.11 | | | | | | 0.40 | | | | | | 0.66 | | | | | | 0.73 | | | | | | 0.11 | | |
Weighted average common shares outstanding
|
| | | | 323,386 | | | | | | 365,199 | | | | | | 356,467 | | | | | | 406,428 | | | | | | 478,316 | | |
Diluted average common shares outstanding
|
| | | | 10,405,326 | | | | | | 9,704,885 | | | | | | 9,867,467 | | | | | | 9,352,747 | | | | | | 8,686,316 | | |
| | |
At or For the Nine Months
Ended September 30, |
| |
At or For the Years Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
Selected Performance Ratios:
|
| | | | | | |||||||||||||||||||||||||
Investment income as % of
Investments |
| | | | 7.7% | | | | | | 9.6% | | | | | | 12.6% | | | | | | 12.1% | | | | | | 4.1% | | |
Ratio of net investment income to net income
|
| | | | 4.77 | | | | | | 1.88 | | | | | | 1.50 | | | | | | 1.33 | | | | | | 3.33 | | |
Corporate expense as % of revenue
|
| | | | 14.2% | | | | | | 14.8% | | | | | | 12.3% | | | | | | 12.7% | | | | | | 21.1% | | |
Change in pro forma book value per diluted share
|
| | | $ | 0.30 | | | | | $ | 0.54 | | | | | $ | 0.85 | | | | | $ | 0.35 | | | | | $ | — | | |
Percent change in pro forma
book value per diluted share |
| | | | 3.4% | | | | | | 6.7% | | | | | | 10.4% | | | | | | 4.5% | | | | | | — | | |
Other: | | | | | | | |||||||||||||||||||||||||
Number of offices
|
| | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | 4 | | | | | | 3 | | |
Number of full-time equivalent employees
|
| | | | 43 | | | | | | 38 | | | | | | 41 | | | | | | 34 | | | | | | 32 | | |
Number of life insurance policies in force
|
| | | | 329 | | | | | | 194 | | | | | | 319 | | | | | | 187 | | | | | | 156 | | |
Investment
|
| |
CUSIP
|
| |
ISIN
|
| |
Bloomberg
|
| |
Amortized
Cost |
| |
Fair Market
Value |
| |
FMV as % of
Amortized Cost |
| |||||||||||||||
Jamestown II
|
| | | | 47047NAC9 | | | | | | US47047NAD75 | | | |
JTWN 2013- 2A SUB
|
| | | $ | 2,559,272 | | | | | $ | 2,398,889 | | | | | | 94% | | |
Ares XXVIII | | | | | 00214DAE3 | | | | | | USG33025AC42 | | | |
ARES 2013-3A SUB
|
| | | | 4,524,300 | | | | | | 4,446,793 | | | | | | 98% | | |
Tryon Park | | | | | 89852UAC9 | | | | | | USG91086AB70 | | | |
TPCLO 2013-1A SUB
|
| | | | 3,828,414 | | | | | | 3,745,272 | | | | | | 98% | | |
Seneca Park | | | | | 817174AE5 | | | | | | USG8027VAC03 | | | |
SPARK 2014-1A SUB
|
| | | | 2,203,491 | | | | | | 1,675,738 | | | | | | 76% | | |
Stewart Park
|
| | | | 860443AC4 | | | | | | USG77759AB75 | | | |
STWRT 2015-1A SUB
|
| | | | 24,609,596 | | | | | | 24,033,057 | | | | | | 98% | | |
Webster Park
|
| | | | 948210AC3 | | | | | | USG95136AB63 | | | |
WPARK 2015-1A SUB
|
| | | | 2,732,735 | | | | | | 2,895,718 | | | | | | 106% | | |
Westcott Park
|
| | | | 95753VAB6 | | | | | | USG95521AB90 | | | |
WSTCT 2016-1A SUB
|
| | | | 27,753,603 | | | | | | 24,990,161 | | | | | | 90% | | |
Grippen Park
|
| | | | 39862DAB2 | | | | | | USG4133EAB05 | | | |
GRIPP 2017-1A SUB
|
| | | | 3,548,309 | | | | | | 3,505,426 | | | | | | 99% | | |
| | | | | | | | | | | | | | | | | | | $ | 71,759,720 | | | | | $ | 67,691,054 | | | | | | | | |
|
| | |
For the Nine Months
Ended September 30, |
| |
For the Years Ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
Income/(loss) before income tax, by segment | | | | | | | |||||||||||||||||||||||||
Life Insurance
|
| | | $ | 4,572 | | | | | $ | 6,293 | | | | | $ | 9,839 | | | | | $ | 9,084 | | | | | $ | 2,652 | | |
Business Insurance
|
| | | | (593) | | | | | | (133) | | | | | | (186) | | | | | | (376) | | | | | | (120) | | |
Corporate
|
| | | | (2,366) | | | | | | (2,345) | | | | | | (3,025) | | | | | | (2,249) | | | | | | (1,736) | | |
Income/(loss) before income tax
|
| | | | 1,613 | | | | | | 3,815 | | | | | | 6,628 | | | | | | 6,459 | | | | | | 796 | | |
Net income
|
| | | $ | 1,192 | | | | | $ | 3,924 | | | | | $ | 6,482 | | | | | $ | 6,866 | | | | | $ | 951 | | |
|
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |||||||||||||||||||||||||||||||||
Portfolio Face Value
|
| | | $ | 96.4 | | | | | $ | 96.4 | | | | | $ | 96.4 | | | | | $ | 92.4 | | | | | $ | 92.4 | | | | | $ | 61.6 | | | | | $ | 61.6 | | | | | $ | 58.2 | | | | | $ | 58.2 | | | | | $ | 58.2 | | | | | $ | 27.5 | | |
Cash Distributions
|
| | | $ | 2.8 | | | | | $ | 3.7 | | | | | $ | 4.1 | | | | | $ | 3.8 | | | | | $ | 3.4 | | | | | $ | 2.7 | | | | | $ | 3.2 | | | | | $ | 3.9 | | | | | $ | 1.6 | | | | | $ | 1.6 | | | | | $ | 1.7 | | |
% of Face Value
|
| | | | 2.9% | | | | | | 3.8% | | | | | | 4.3% | | | | | | 4.1% | | | | | | 3.7% | | | | | | 4.4% | | | | | | 5.2% | | | | | | 6.7% | | | | | | 2.7% | | | | | | 2.7% | | | | | | 6.2% | | |
| | |
Nine months ending
September 30, |
| |
Year ending December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
| | |
(unaudited)
|
| | | | ||||||||||||||||||||||||
Net cash provided by/(used in) operating activities
|
| | | $ | 1,556 | | | | | $ | 95 | | | | | $ | 4,607 | | | | | $ | 1,805 | | | | | $ | (8,807) | | |
Net cash (used in)/provided by investing activities
|
| | | | (4,219) | | | | | | 1,805 | | | | | | 2,527 | | | | | | 3,609 | | | | | | (30,061) | | |
Net cash (used in)/provided by financing activities
|
| | | | (2) | | | | | | (2,951) | | | | | | 3,273 | | | | | | (4,755) | | | | | | 21,213 | | |
Net change in cash and cash equivalents
|
| | | | (2,665) | | | | | | (1,051) | | | | | | 3,861 | | | | | | 659 | | | | | | (18,195) | | |
Cash and cash equivalents, end of period
|
| | | $ | 3,985 | | | | | $ | 1,738 | | | | | | 6,650 | | | | | | 2,789 | | | | | | 2,130 | | |
| | |
Total
|
| |
Less than 1
year |
| |
1 – 3 years
|
| |
3 – 5 years
|
| |
More than
5 years |
| |||||||||||||||
Operating lease obligations
|
| | | $ | 1,092 | | | | | $ | 449 | | | | | $ | 523 | | | | | $ | 120 | | | | | $ | — | | |
Note payable (1)
|
| | | | 16,980 | | | | | | 5,660 | | | | | | 11,320 | | | | | | — | | | | | | — | | |
Surplus debenture
|
| | | | 780 | | | | | | — | | | | | | 780 | | | | | | — | | | | | | — | | |
Reserves for future policy benefits
|
| | | | 861 | | | | | | 36 | | | | | | 825 | | | | | | — | | | | | | — | | |
Reserves for loss and loss adjustment expenses
|
| | | | 2,675 | | | | | | — | | | | | | 2,675 | | | | | | — | | | | | | — | | |
| | | | $ | 22,388 | | | | | $ | 6,145 | | | | | $ | 16,123 | | | | | $ | 120 | | | | | $ | — | | |
|
| | |
Lloyd’s Year of Account
|
| |||||||||||||||
| | |
2017 (2)
|
| |
2016 (3)
|
| |
2015 (4)
|
| |||||||||
Funds at Lloyd’s
|
| | | $ | 4.0 | | | | | $ | 3.9 | | | | | $ | 3.8 | | |
Underwriting Capacity (1)
|
| | | $ | 3.9 | | | | | $ | 4.9 | | | | | $ | 5.2 | | |
Number of Syndicate Participations
|
| | | | 5 | | | | | | 7 | | | | | | 7 | | |
| | |
2017
|
| |
2016
|
| |
2015
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
||||||||||||||||||||||||||||||||
Revenue
|
| | | $ | 1,566 | | | | | $ | 1,397 | | | | | $ | 1,477 | | | | | $ | 2,081 | | | | | $ | 1,305 | | | | | $ | 1,848 | | | | | $ | 1,444 | | | | | $ | 1,092 | | | | | $ | 728 | | | | | $ | 500 | | | | | $ | 431 |
Expenses
|
| | | $ | 1,826 | | | | | $ | 1,590 | | | | | $ | 1,617 | | | | | | 2,218 | | | | | | 1,373 | | | | | | 1,822 | | | | | | 1,451 | | | | | | 1,042 | | | | | | 715 | | | | | | 778 | | | | | | 592 |
Pretax income (loss)
|
| | | $ | (260) | | | | | $ | (193) | | | | | $ | (140) | | | | | $ | (137) | | | | | $ | (68) | | | | | $ | 26 | | | | | $ | (7) | | | | | $ | 50 | | | | | $ | 13 | | | | | $ | (278) | | | | | $ | (161) |
Profit (loss) margin
|
| | | | -16.6% | | | | | | -13.8% | | | | | | -9.5% | | | | | | -6.6% | | | | | | -5.2% | | | | | | 1.4% | | | | | | -0.5% | | | | | | 4.6% | | | | | | 1.8% | | | | | | -55.6% | | | | | | -37.4% |
| | |
Nine months ended September 30,
|
| |
Years ended December 31,
|
| ||||||||||||||||||||||||
| | | | |
2016
|
| |
2016
|
| |
2015
|
| |
2014
|
| ||||||||||||||||
| | |
(unaudited)
|
| | | | ||||||||||||||||||||||||
Revenue | | | | | | | |||||||||||||||||||||||||
Policy charges, premiums and fee income
|
| | | $ | 8,196 | | | | | $ | 5,042 | | | | | $ | 8,253 | | | | | $ | 6,627 | | | | | $ | 5,981 | | |
Reinsurance, net
|
| | | | (1,683) | | | | | | (1,176) | | | | | | (1,549) | | | | | | (769) | | | | | | (691) | | |
Investment income
|
| | | | 5,664 | | | | | | 7,431 | | | | | | 9,751 | | | | | | 9,128 | | | | | | 2,746 | | |
Other income
|
| | | | 58 | | | | | | — | | | | | | 1,406 | | | | | | — | | | | | | — | | |
Total revenue
|
| | | | 12,235 | | | | | | 11,297 | | | | | | 17,861 | | | | | | 14,986 | | | | | | 8,036 | | |
Expenses | | | | | | | |||||||||||||||||||||||||
Underwriting, general & administrative
|
| | | | 5,910 | | | | | | 4,854 | | | | | | 6,588 | | | | | | 5,667 | | | | | | 5,019 | | |
Amortization and finance charges
|
| | | | 1,753 | | | | | | 150 | | | | | | 1,434 | | | | | | 235 | | | | | | 365 | | |
Total expenses
|
| | | | 7,663 | | | | | | 5,004 | | | | | | 8,022 | | | | | | 5,902 | | | | | | 5,384 | | |
Operating income (before tax)
|
| | | $ | 4,572 | | | | | $ | 6,293 | | | | | $ | 9,839 | | | | | $ | 9,084 | | | | | $ | 2,652 | | |
Separate Account Assets | | | | | | | |||||||||||||||||||||||||
Separate account investments
|
| | | $ | 1,282,298 | | | | | $ | 406,734 | | | | | $ | 1,051,664 | | | | | $ | 293,881 | | | | | $ | 294,298 | | |
Separate account loans
|
| | | | 63,594 | | | | | | 39,782 | | | | | | 63,185 | | | | | | 43,922 | | | | | | 36,383 | | |
Total separate account assets
|
| | | $ | 1,345,892 | | | | | $ | 446,516 | | | | | $ | 1,114,849 | | | | | $ | 337,803 | | | | | $ | 330,681 | | |
Number of Life Insurance Contracts in Force
|
| |
329 (1)
|
| |
194
|
| |
319 (1)
|
| |
187
|
| |
156
|
|
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |||||||||||||||||||||||||||||||||
| | |
(unaudited)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate Expenses
|
| | | $ | 1,238 | | | | | $ | 574 | | | | | $ | 554 | | | | | $ | 680 | | | | | $ | 507 | | | | | $ | 1,334 | | | | | $ | 504 | | | | | $ | 414 | | | | | $ | 566 | | | | | $ | 780 | | | | | $ | 489 | | |
Total revenue
|
| | | | 4,950 | | | | | | 6,019 | | | | | | 5,706 | | | | | | 8,729 | | | | | | 5,167 | | | | | | 6,726 | | | | | | 3,917 | | | | | | 4,356 | | | | | | 3,627 | | | | | | 7,885 | | | | | | 1,869 | | |
Corporate Expenses as % of Total revenue
|
| | | | 25% | | | | | | 10% | | | | | | 10% | | | | | | 8% | | | | | | 10% | | | | | | 20% | | | | | | 13% | | | | | | 10% | | | | | | 16% | | | | | | 10% | | | | | | 26% | | |
CLO Equity Investment |
| |
Bloomberg
|
| |
Collateral
Manager |
| |
Date
Acquired |
| |
Face
Amount |
| |
Amortized
Cost |
| |
Fair
Market Value |
| |||||||||
Jamestown II | | |
JTWN 2013-2A SUB
|
| |
Investcorp
|
| |
9/20/2013
|
| | | $ | 3,978,659 | | | | | $ | 2,559,272 | | | | | $ | 2,398,889 | | |
Ares XXVIII | | |
ARES 2013-3A SUB
|
| |
Ares
|
| |
10/10/2013
|
| | | | 10,000,000 | | | | | | 4,524,300 | | | | | | 4,446,793 | | |
Tryon Park | | |
TPCLO 2013-1A SUB
|
| |
GSO
|
| |
1/17/2014
|
| | | | 10,000,000 | | | | | | 3,828,414 | | | | | | 3,745,272 | | |
Seneca Park | | |
SPARK 2014-1A SUB
|
| |
GSO
|
| |
6/19/2014
|
| | | | 3,500,000 | | | | | | 2,203,491 | | | | | | 1,675,738 | | |
Stewart Park | | |
STWRT 2015-1A SUB
|
| |
GSO
|
| |
5/7/2015
|
| | | | 30,759,000 | | | | | | 24,609,596 | | | | | | 24,033,057 | | |
Webster Park | | |
WPARK 2015-1A SUB
|
| |
GSO
|
| |
1/20/2016
|
| | | | 3,400,000 | | | | | | 2,732,735 | | | | | | 2,895,718 | | |
Westcott Park
|
| |
WSTCT 2016-1A SUB
|
| |
GSO
|
| |
6/30/2016
|
| | | | 30,720,000 | | | | | | 27,753,603 | | | | | | 24,990,161 | | |
Grippen Park | | |
GRIPP 2017-1A SUB
|
| |
GSO
|
| |
3/15/2017
|
| | | | 4,000,000 | | | | | | 3,548,309 | | | | | | 3,505,426 | | |
| | | | | | | | | | | | | $ | 96,357,659 | | | | | $ | 71,759,720 | | | | | $ | 67,691,054 | | |
|
| | |
2017
|
| |
2016
|
| |
2015
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |
31-Dec
|
| |
30-Sep
|
| |
30-Jun
|
| |
31-Mar
|
| |||||||||||||||||||||||||||||||||
Number of CLO Investments
|
| | | | 8 | | | | | | 8 | | | | | | 8 | | | | | | 7 | | | | | | 7 | | | | | | 7 | | | | | | 6 | | | | | | 5 | | | | | | 5 | | | | | | 5 | | | | | | 4 | | |
Aggregate Amortized Cost
|
| | | $ | 71.8 | | | | | $ | 74.2 | | | | | $ | 75.7 | | | | | $ | 73.4 | | | | | $ | 74.8 | | | | | $ | 76.5 | | | | | $ | 49.2 | | | | | $ | 47.8 | | | | | $ | 48.6 | | | | | $ | 50.0 | | | | | $ | 22.3 | | |
Aggregate Fair Market Value
|
| | | $ | 67.7 | | | | | $ | 70.4 | | | | | $ | 75.1 | | | | | $ | 76.8 | | | | | $ | 76.0 | | | | | $ | 74.6 | | | | | $ | 40.3 | | | | | $ | 42.9 | | | | | $ | 50.3 | | | | | $ | 51.4 | | | | | $ | 22.5 | | |
FMV as % of Amortized Cost
|
| | | | 94% | | | | | | 95% | | | | | | 99% | | | | | | 105% | | | | | | 102% | | | | | | 98% | | | | | | 82% | | | | | | 90% | | | | | | 103% | | | | | | 103% | | | | | | 101% | | |
Company
|
| |
Location
|
| |
Minimum
Capital Required |
|
Advantage Business Insurance Company I.I. | | |
Puerto Rico
|
| |
$1,500,000
|
|
Advantage International Bank Corp. | | |
Puerto Rico
|
| |
$600,000
|
|
Advantage Life & Annuity Company SPC | | |
Cayman Islands
|
| |
$400,000
|
|
Advantage Life Assurance I.I. | | |
Puerto Rico
|
| |
$750,000
|
|
Advantage Life Puerto Rico A.I. | | |
Puerto Rico
|
| |
$750,000
|
|
Advantage Property & Casualty Company SPC | | |
Cayman Islands
|
| |
$200,000
|
|
U.S. Commonwealth Life, A.I. | | |
Puerto Rico
|
| |
$750,000
|
|
Location
|
| |
Rentable Area in
Square Feet |
| |
Lease Renewal or
Expiration Date |
| |
Estimated
Remaining Payments |
|
| | | | | | | | |
(dollars in
thousands) |
|
American International Plaza 250 Muñoz Rivera Avenue San Juan, Puerto Rico 00918 |
| |
5,500
|
| |
October 2021
|
| |
$556
|
|
18 Forum Lane, 3rd Floor Camana Bay, Cayman Islands |
| |
3,033
|
| |
October 2022
|
| |
$1,124
|
|
Name
|
| |
Position(s)
|
| |
Age at
September 30, 2017 |
| |
Director Since
|
|
Walter C. Keenan | | | Director, President and Chief Executive Officer | | |
50
|
| |
2013
|
|
Mark Moffat | | | Director and Chief Investment Officer | | |
51
|
| |
2015
|
|
Colin W. Devine | | | Director | | |
57
|
| |
2017
|
|
Scot H. Fischer | | | Director | | |
57
|
| |
2017
|
|
David A. Whitefield | | | Director | | |
70
|
| |
2012
|
|
Gary D. Witherspoon | | | Director | | |
62
|
| |
2014
|
|
Leslie C. Boughner | | | Chairman, Business Insurance | | |
65
|
| |
—
|
|
Eduardo Colón | | | Chief Banking Officer | | |
60
|
| |
—
|
|
Stuart N. Jessop | | | Chief Underwriting Officer | | |
50
|
| |
—
|
|
Tamara K. Kravec | | | Chief Financial Officer | | |
47
|
| |
—
|
|
Matthew I. Lawson | | | Chief Accounting Officer | | |
44
|
| |
—
|
|
Eric A. Miller | | | Chief Information Officer | | |
65
|
| |
—
|
|
|
Audit
Committee |
| |
Compensation
Committee |
| |
Investment
Committee |
| |
Nominating and
Governance Committee |
|
| David A. Whitefield (Chair)* | | |
Gary D. Witherspoon (Chair)*
|
| | Mark Moffat (Chair) | | |
Gary D. Witherspoon (Chair)*
|
|
| Colin W. Devine*† | | | Colin W. Devine*† | | | Scot H. Fischer* | | | Colin W. Devine*† | |
| Gary D. Witherspoon* | | | Scot H. Fischer* | | | | | Scot H. Fischer* | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
|
| |
Bonus ($)
|
| |
Stock
Awards ($) |
| |
Option
Awards ($) |
| |
All Other
Compensation ($) (1) |
| |
Total ($)
|
| |||||||||||||||||||||
Walter C. Keenan
President and Chief Executive Officer |
| | | | 2016 | | | | | $ | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 525,000 | | | | | $ | 675,000 | | |
| | | 2015 | | | | | $ | 400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 60,000 | | | | | $ | 460,000 | | | ||
Leslie C. Boughner
Chairman, Business Insurance |
| | | | 2016 | | | | | $ | 200,000 | | | | | $ | 75,000 | | | | | $ | 25,000 | | | | | | — | | | | | $ | 28,000 | | | | | $ | 328,000 | | |
| | | 2015 | | | | | $ | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 100,000 | | | ||
Matthew I. Lawson
Chief Accounting Officer |
| | | | 2016 | | | | | $ | 200,000 | | | | | $ | 25,000 | | | | | $ | 25,000 | | | | | | — | | | | | $ | 13,000 | | | | | $ | 263,000 | | |
| | | 2015 | | | | | $ | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 11,000 | | | | | $ | 211,000 | | | ||
Eric A. Miller
Chief Information Officer |
| | | | 2016 | | | | | $ | 100,000 | | | | | | — | | | | | $ | 25,000 | | | | | | — | | | | | $ | 141,000 | | | | | $ | 266,000 | | |
| | | 2015 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 200,000 | | | | | $ | 200,000 | | |
Name
|
| |
Award Date
|
| |
Number of
Common Shares |
| |
Vesting Date
|
| |||||||||
Leslie C. Boughner
|
| | | | 02/06/2017 | | | | | | 2,638 | | | | | | 01/15/2019 | | |
Eduardo Colón
|
| | | | 02/06/2017 | | | | | | 2,638 | | | | | | 01/15/2019 | | |
| | | | 08/01/2017 | | | | | | 1,000 | | | | | | 01/15/2019 | | | |
| | | | 08/01/2017 | | | | | | 1,000 | | | | | | 01/15/2019 | | | |
Matthew I. Lawson
|
| | | | 02/06/2017 | | | | | | 2,638 | | | | | | 01/15/2019 | | |
Eric A. Miller
|
| | | | 02/06/2017 | | | | | | 2,638 | | | | | | 01/15/2019 | | |
Others
|
| | | | 02/06/2017 | | | | | | 12,662 | | | | | | 01/15/2019 | | |
Total Restricted Stock Awards
|
| | | | | | | | | | 25,214 | | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Stock Awards ($)
|
| |
Total ($)
|
| |||||||||
Mark Moffat (1)
|
| | | | 27,750 | | | | | | — | | | | | | 27,750 | | |
| | | | 30,000 | | | | | | — | | | | | | 30,000 | | | |
| | | | 45,500 | | | | | | — | | | | | | 45,500 | | |
| | |
Shares Beneficially Owned
|
| |||||||||||||||||||||||||||||||||||||||
| | |
As of September 30, 2017
|
| |
Pro Forma for
the offering |
| ||||||||||||||||||||||||||||||||||||
Name and Address of
Beneficial Owner |
| |
Shares
|
| |
Percent
|
| |
Preferred
Shares |
| |
Percent
|
| |
Shares after
giving effect to conversion of Preferred Shares (8) |
| |
Percent
|
| |
Shares
|
| |
Percent
|
| ||||||||||||||||||
Directors: | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Colin Devine
|
| | | | 1,000 | | | | | | 0.3% | | | | | | | | | | | | | | | | | | 1,000 | | | | | | * | | | | | ||||
| | | | 1,000 | | | | | | 0.3% | | | | | | | | | | | | | | | | | | 1,000 | | | | | | * | | | | | |||||
Walter C. Keenan (1)
|
| | | | 34,800 | | | | | | 10.0% | | | | | | 50,000 | | | | | | 0.7% | | | | | | 101,046 | | | | | | 1.0% | | | | | ||||
Mark Moffat (*)
|
| | | | 10,400 | | | | | | 3.0% | | | | | | | | | | | | | | | | | | 10,400 | | | | | | 0.1% | | | | | ||||
| | | | 1,750 | | | | | | 0.5% | | | | | | 4,761 | | | | | | 0.1% | | | | | | 8,058 | | | | | | 0.1% | | | | | |||||
| | | | 12,993 | | | | | | 3.7% | | | | | | 1,243,476 | | | | | | 16.4% | | | | | | 1,660,487 | | | | | | 16.0% | | | | | |||||
Executive Officers
(not identified above): |
| | | | | | | | | ||||||||||||||||||||||||||||||||||
Leslie C. Boughner
|
| | | | 2,638 | | | | | | 0.8% | | | | | | | | | | | | | | | | | | 2,638 | | | | | | * | | | | | ||||
Eduardo Colón
|
| | | | 2,638 | | | | | | 0.8% | | | | | | | | | | | | | | | | | | 2,638 | | | | | | * | | | | | ||||
Stuart N. Jessop
|
| | | | 66,780 | | | | | | 19.2% | | | | | | | | | | | | | | | | | | 66,780 | | | | | | 0.6% | | | | | ||||
Tamara K. Kravec
|
| | | | 0 | | | | | | * | | | | | | | | | ||||||||||||||||||||||||
Matthew I. Lawson
|
| | | | 2,638 | | | | | | 0.8% | | | | | | | | | | | | | | | | | | 2,638 | | | | | | * | | | | | ||||
Eric A. Miller
|
| | | | 2,638 | | | | | | 0.8% | | | | | | | | | | | | | | | | | | 2,638 | | | | | | * | | | | | | | | |
All directors and executive
officers as a group: |
| | | | 139,275 | | | | | | 40.0% | | | | | | 1,298,237 | | | | | | 17.2% | | | | | | 1,859,322 | | | | | | 17.9% | | | | |
| | |
Shares Beneficially Owned
|
| |||||||||||||||||||||||||||||||||||||||
| | |
As of September 30, 2017
|
| |
Pro Forma for
the offering |
| ||||||||||||||||||||||||||||||||||||
Name and Address of
Beneficial Owner |
| |
Shares
|
| |
Percent
|
| |
Preferred
Shares |
| |
Percent
|
| |
Shares after
giving effect to conversion of Preferred Shares (8) |
| |
Percent
|
| |
Shares
|
| |
Percent
|
| ||||||||||||||||||
5% Stockholders: | | | | | | | | | | ||||||||||||||||||||||||||||||||||
Copper Beech Capital LLC (3)
|
| | | | 12,993 | | | | | | 3.7% | | | | | | 1,243,476 | | | | | | 16.4% | | | | | | 1,660,487 | | | | | | 16.0% | | | | | ||||
BlackRock Capital Investment Corporation (4)
|
| | | | | | | | | | | | | | | | 750,000 | | | | | | 9.9% | | | | | | 993,683 | | | | | | 9.6% | | | | | ||||
MVC Capital, Inc. (5)
|
| | | | | | | | | | | | | | | | 750,000 | | | | | | 9.9% | | | | | | 993,683 | | | | | | 9.6% | | | | | ||||
BKB Growth Investments LLC (6)
|
| | | | | | | | | | | | | | | | 490,477 | | | | | | 6.5% | | | | | | 649,838 | | | | | | 6.3% | | | | | ||||
Amzak Capital Management LLC (7)
|
| | | | | | | | | | | | | | | | 476,191 | | | | | | 6.3% | | | | | | 630,910 | | | | | | 6.1% | | | | |
| | |
Warrants Beneficially Owned
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
As of September 30, 2017
|
| |
Pro Forma for
the offering |
| ||||||||||||||||||||||||||||||||||||||||||
Beneficial Owner
|
| |
Number of
Warrants Beneficially Owned (3) |
| |
Shares
Issuable Upon Exercise (4) |
| |
Average
Exercise Cost Per Share |
| |
Shares
Owned Prior to Warrant Exercise (5) |
| |
Percent
of Total |
| |
Shares Owned
After Warrant Exercise |
| |
Percent
of Total |
| |
Shares
|
| |
Percent
of Total |
| |||||||||||||||||||||
Walter C. Keenan (1)
|
| | | | 696,000 | | | | | | 922,137 | | | | | $ | 7.67 | | | | | | 101,046 | | | | | | 1.0% | | | | | | 1,023,183 | | | | | | 8.2% | | | | | ||||
Copper Beech Capital LLC (2)
|
| | | | 259,860 | | | | | | 344,291 | | | | | $ | 7.66 | | | | | | 1,660,487 | | | | | | 16.0% | | | | | | 2,004,778 | | | | | | 16.0% | | | | | ||||
Stuart N. Jessop
|
| | | | 39,500 | | | | | | 52,334 | | | | | $ | 7.61 | | | | | | 66,780 | | | | | | 0.6% | | | | | | 119,114 | | | | | | 1.0% | | | | | ||||
| | | | 35,000 | | | | | | 46,372 | | | | | $ | 7.71 | | | | | | 8,058 | | | | | | 0.1% | | | | | | 54,530 | | | | | | 0.4% | | | | | |||||
| | | | 8,000 | | | | | | 10,599 | | | | | $ | 7.55 | | | | | | 10,400 | | | | | | 0.1% | | | | | | 20,999 | | | | | | 0.2% | | | | | |||||
All others
|
| | | | 591,860 | | | | | | 784,161 | | | | | $ | 8.05 | | | | | | 8,518,738 | | | | | | 82.2% | | | | | | 9,302,899 | | | | | | 74.3% | | | | | ||||
Total
|
| | | | 1,630,220 | | | | | | 2,159,895 | | | | | $ | 7.80 | | | | | | 10,356,508 | | | | | | 100.0% | | | | | | 12,525,403 | | | | | | 100.0% | | | | |
Underwriters
|
| |
Number of
Shares |
| |||
Raymond James & Associates, Inc.
|
| | | | | | |
JMP Securities LLC
|
| |
|
| |||
B. Riley FBR, Inc.
|
| | | | | | |
Total | | | | | | | |
|
| | |
Per Share
|
| |
Without Over-
allotment Option |
| |
With Over-
Allotment Option |
| |||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | |||
Underwriting discount (1)
|
| | | $ | | | | | | $ | | | | | | $ | | | |
Proceeds to us (before expenses) (1)
|
| | | $ | | | | | | $ | | | | | | $ | | | |
|
Audited consolidated financial statements of Advantage Insurance Inc. for the years ended December 31, 2016 and December 31, 2015
|
| | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
Unaudited consolidated financial statements of Advantage Insurance Inc. for the nine months ended September 30, 2017
|
| | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
|
Audited financial statements of U.S. Commonwealth Life, A.I. for the nine months ended September 30, 2016
|
| | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | |
2016
|
| |
2015
|
| ||||||
Assets | | | | | | | | | |||||
Cash and cash equivalents
|
| | | $ | 6,650 | | | | | $ | 2,789 | | |
Regulatory deposits (Note 28)
|
| | | | 4,350 | | | | | | 2,050 | | |
Restricted cash
|
| | | | 10,657 | | | | | | — | | |
Investments, available-for-sale, at fair value (cost: 2016 – $3,552; 2015 – $29,652)
(Note 4) |
| | | | 3,641 | | | | | | 27,616 | | |
Other investments, held-to-maturity, at amortized cost (fair value: 2016 – $76,745;
2015 – $42,755) (Note 4) |
| | | | 73,432 | | | | | | 47,829 | | |
Accrued investment income
|
| | | | 2,352 | | | | | | 1,308 | | |
Premiums receivable
|
| | | | 2,730 | | | | | | 3,129 | | |
Income tax receivable
|
| | | | 26 | | | | | | — | | |
Other assets (Note 7)
|
| | | | 4,488 | | | | | | 2,282 | | |
Reinsurance collateral deposit (Note 8)
|
| | | | 3,890 | | | | | | 3,758 | | |
Deferred policy acquisition costs (Note 9)
|
| | | | 6,698 | | | | | | 1,374 | | |
Value of business acquired (Note 10)
|
| | | | 14,324 | | | | | | — | | |
Reinsurance recoverable (Note 17)
|
| | | | 3,081 | | | | | | 2,401 | | |
Deferred income taxes (Note 23)
|
| | | | 526 | | | | | | 716 | | |
Intangible assets (Note 6)
|
| | | | 2,043 | | | | | | 2,220 | | |
Separate account policy loans (Note 11)
|
| | | | 63,185 | | | | | | 43,922 | | |
Separate account assets (Note 20)
|
| | | | 1,051,664 | | | | | | 293,881 | | |
Total assets
|
| | | | 1,253,737 | | | | | | 435,275 | | |
Liabilities and shareholders’ equity | | | | ||||||||||
Liabilities | | | | | | | | | | | | | |
Other liabilities (Note 12)
|
| | | | 17,908 | | | | | | 3,821 | | |
Income taxes payable (Note 23)
|
| | | | 26 | | | | | | 44 | | |
Earn out payments (Note 13)
|
| | | | 694 | | | | | | 1,082 | | |
Note payable (Note 14)
|
| | | | 15,408 | | | | | | — | | |
Unearned revenue (Note 15)
|
| | | | 7,023 | | | | | | 4,324 | | |
Surplus debenture (Note 16)
|
| | | | 780 | | | | | | 940 | | |
Reserves for future policy benefits (Note 17)
|
| | | | 861 | | | | | | 532 | | |
Reserves for loss and loss adjustment expenses (Note 18)
|
| | | | 2,675 | | | | | | 689 | | |
Separate account liabilities
|
| | | | 1,114,849 | | | | | | 337,803 | | |
Total liabilities
|
| | | | 1,160,224 | | | | | | 349,235 | | |
Shareholders’ equity | | | | | | | | | | | | | |
Common shares: par value $0.01 per share – 323,386 and 365,199 shares issued and outstanding, respectively (Note 19)
|
| | | | 2 | | | | | | 2 | | |
Preferred shares: par value $0.01 per share – 7,610,444 and 7,701,721 shares issued and outstanding, respectively (Note 19)
|
| | | | 76 | | | | | | 77 | | |
Additional paid-in capital (Note 19)
|
| | | | 80,149 | | | | | | 81,282 | | |
Accumulated other comprehensive income/(loss)
|
| | | | 89 | | | | | | (2,036) | | |
Retained earnings
|
| | | | 13,197 | | | | | | 6,715 | | |
Total shareholders’ equity
|
| | | | 93,513 | | | | | | 86,040 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 1,253,737 | | | | | $ | 435,275 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Revenues | | | | ||||||||||
Policy charges and fee income
|
| | | $ | 8,253 | | | | | $ | 6,627 | | |
Reinsurance ceded
|
| | | | (1,734) | | | | | | (1,518) | | |
Change in reinsurance recoverable
|
| | | | 680 | | | | | | 759 | | |
Net premiums earned (Note 21)
|
| | | | 3,584 | | | | | | 1,076 | | |
Management and administration fees
|
| | | | 2,641 | | | | | | 1,653 | | |
Net investment income (Note 4)
|
| | | | 9,709 | | | | | | 9,140 | | |
Bargain purchase gain (Note 3)
|
| | | | 1,406 | | | | | | — | | |
Total revenues
|
| | | | 24,539 | | | | | | 17,737 | | |
Expenses | | | | | | | | | | | | | |
Net loss and loss adjustment expenses
|
| | | | 1,986 | | | | | | 689 | | |
Amortization of deferred policy acquisition costs (Note 9)
|
| | | | 1,059 | | | | | | 235 | | |
Amortization of value of business acquired (Note 10)
|
| | | | 154 | | | | | | — | | |
Finance charge
|
| | | | 221 | | | | | | — | | |
Underwriting, general and administrative expenses
|
| | | | 14,491 | | | | | | 10,354 | | |
Total expenses
|
| | | | 17,911 | | | | | | 11,278 | | |
Income before income tax
|
| | | | 6,628 | | | | | | 6,459 | | |
Current income tax benefit (Note 23)
|
| | | | 44 | | | | | | 9 | | |
Deferred income tax (expense)/benefit (Note 23)
|
| | | | (190) | | | | | | 398 | | |
Net income
|
| | | | 6,482 | | | | | | 6,866 | | |
Other comprehensive income/(loss), net of tax | | | | | | | | | | | | | |
Change in unrealized gain on investments, available-for-sale
|
| | | | 4,293 | | | | | | 1,760 | | |
Less: realized gains included in net investment income
|
| | | | (2,168) | | | | | | (4,642) | | |
Other comprehensive income/(loss), net of tax
|
| | | | 2,125 | | | | | | (2,882) | | |
Total comprehensive income
|
| | | $ | 8,607 | | | | | $ | 3,984 | | |
Earnings per share | | | | | | | | | |||||
Basic and diluted earnings per common share:
|
| | | | | | | | | | | | |
Basic earnings per common share
|
| | | $ | 18.18 | | | | | $ | 16.89 | | |
Diluted earnings per common share
|
| | | $ | 0.66 | | | | | $ | 0.73 | | |
Weighted average common shares outstanding
|
| | | | 356,467 | | | | | | 406,428 | | |
Diluted average common shares outstanding
|
| | | | 9,867,467 | | | | | | 9,352,747 | | |
|
| | |
Common
shares |
| |
Preferred
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Accumulated
other comprehensive income/(loss) |
| |
Total
shareholders’ equity |
| ||||||||||||||||||
Balance at December 31, 2014
|
| | | $ | 3 | | | | | $ | 76 | | | | | $ | 81,148 | | | | | $ | (151) | | | | | $ | 846 | | | | | $ | 81,922 | | |
Issuance of shares
|
| | | | — | | | | | | 2 | | | | | | 1,827 | | | | | | — | | | | | | — | | | | | | 1,829 | | |
Repurchase of shares
|
| | | | (1) | | | | | | (1) | | | | | | (1,551) | | | | | | — | | | | | | — | | | | | | (1,553) | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | (142) | | | | | | — | | | | | | — | | | | | | (142) | | |
Net income and other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,866 | | | | | | (2,882) | | | | | | 3,984 | | |
Balance at December 31, 2015
|
| | | | 2 | | | | | | 77 | | | | | | 81,282 | | | | | | 6,715 | | | | | | (2,036) | | | | | | 86,040 | | |
Issuance of shares
|
| | | | — | | | | | | 2 | | | | | | 2,198 | | | | | | — | | | | | | — | | | | | | 2,200 | | |
Repurchase of shares
|
| | | | — | | | | | | (3) | | | | | | (3,331) | | | | | | — | | | | | | — | | | | | | (3,334) | | |
Net income and other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,482 | | | | | | 2,125 | | | | | | 8,607 | | |
Balance at December 31, 2016
|
| | | $ | 2 | | | | | $ | 76 | | | | | $ | 80,149 | | | | | $ | 13,197 | | | | | $ | 89 | | | | | $ | 93,513 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Cash flows from operating activities | | | | ||||||||||
Net income
|
| | | $ | 6,482 | | | | | $ | 6,866 | | |
Adjustments to reconcile net cash provided by operating activities:
|
| | | ||||||||||
Amoritzation and depreciation expenses
|
| | | | 565 | | | | | | 133 | | |
Amortization of value of business acquired
|
| | | | 154 | | | | | | — | | |
Amortization of deferred policy acquisition costs
|
| | | | 1,059 | | | | | | 235 | | |
Bad debt (recovery)/expense
|
| | | | (166) | | | | | | 252 | | |
Net realized gains on investments, available-for-sale
|
| | | | (2,168) | | | | | | (4,642) | | |
Bargain purchase gain
|
| | | | (1,406) | | | | | | — | | |
Changes in operating assets and liabilities (Note 25)
|
| | | | 87 | | | | | | (1,039) | | |
Net cash provided by operating activities
|
| | | | 4,607 | | | | | | 1,805 | | |
Cash flows from investing activities | | | | ||||||||||
Dividends reinvested
|
| | | | (2) | | | | | | (14) | | |
Purchase of fixed assets
|
| | | | (580) | | | | | | (56) | | |
Purchase of intangible assets
|
| | | | (286) | | | | | | (1,906) | | |
Purchase of captive management contracts
|
| | | | — | | | | | | (167) | | |
Purchase of investments, available-for-sale
|
| | | | (3,448) | | | | | | (27,758) | | |
Purchase of investments, held-to-maturity
|
| | | | (2,971) | | | | | | (26,728) | | |
Proceeds from sale of investments, available-for-sale
|
| | | | 2,471 | | | | | | 54,503 | | |
Principal repayments from investments, held-to-maturity
|
| | | | 5,938 | | | | | | 4,198 | | |
Return of capital from investments, available-for-sale
|
| | | | 677 | | | | | | 1,594 | | |
Payment of earn out payments
|
| | | | (602) | | | | | | (57) | | |
Acquisition, net of cash acquired
|
| | | | 1,330 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 2,527 | | | | | | 3,609 | | |
Cash flows from financing activities | | | | | | | | | |||||
Finance charge
|
| | | | 221 | | | | | | — | | |
Foreign exchange on surplus debenture
|
| | | | (160) | | | | | | (60) | | |
Repurchase of common share units
|
| | | | (33) | | | | |||||
Repurchase of common shares
|
| | | | (350) | | | | | | (822) | | |
Repurchase of preferred shares
|
| | | | (2,951) | | | | | | (731) | | |
Payment of offering costs
|
| | | | — | | | | | | (142) | | |
Payment of note payable
|
| | | | — | | | | | | (3,000) | | |
Net cash used in financing activities
|
| | | | (3,273) | | | | | | (4,755) | | |
Net increase in cash and cash equivalents
|
| | | | 3,861 | | | | | | 659 | | |
Cash and cash equivalents, beginning of year
|
| | | | 2,789 | | | | | | 2,130 | | |
Cash and cash equivalents, end of year
|
| | | $ | 6,650 | | | | | $ | 2,789 | | |
Non-cash transactions during the year | | | | | | | | | | | | | |
Purchase of investments, held-to-maturity
|
| | | $ | (28,570) | | | | | $ | (2,185) | | |
Proceeds from sale of investments, available-for-sale
|
| | | | 28,570 | | | | | | 2,185 | | |
Issuance of common share units for the acquisition of USCL
|
| | | | 100 | | | | | | — | | |
Issuance of preferred shares for the acquisition of USCL
|
| | | | 2,100 | | | | | | — | | |
Note payable issued for contingent consideration
|
| | | | 3,793 | | | | | | — | | |
Increase in deferred acquisition costs due to contingent consideration
|
| | | | (3,793) | | | | | | — | | |
Receipt from the issuance of preferred shares; investments, available-for-sale
|
| | | | — | | | | | | (1,829) | | |
| | | | $ | 2,200 | | | | | $ | (1,829) | | |
|
| Advantage Insurance Inc. common share units | | | | | | | | | | | | | |
|
Common shares issued by Advantage
|
| | | | 8,511 | | | | | | | | |
|
Value per common share unit as of October 1, 2016
|
| | | $ | 11.75 | | | | |||||
| | | | | | | | | | | $ | 100 | | |
| Advantage Insurance Inc. preferred shares | | | | | | | | | | | | | |
|
Preferred shares issued by Advantage
|
| | | | 178,723 | | | | | | | | |
|
Value per preferred share as of October 1, 2016
|
| | | $ | 11.75 | | | | | | | | |
| | | | | | | | | | | | 2,100 | | |
|
Contingent consideration payable
|
| | | | | | | | | | 1,361 | | |
|
Note payable
|
| | | | | | | | | | 11,394 | | |
|
Total purchase price
|
| | | | | | | | | $ | 14,955 | | |
|
|
Shareholder’s equity of USCL at October 1, 2016
|
| | | $ | 3,019 | | | | ||
| Adjustments for fair value | | | | | | | | | | |
|
Deferred acquistion costs
|
| | | | (690) | | | | ||
|
Reinsurance recoverable
|
| | | | (1,398) | | | | ||
|
Unearned revenue
|
| | | | 952 | | | | ||
|
Value of business acquired
|
| | | | 14,478 | | | | ||
|
Bargain purchase gain
|
| | | | (1,406) | | | | ||
|
Shareholder’s equity of USCL at fair value
|
| | | | 14,955 | | | | ||
|
Total net purchase price paid by Advantage
|
| | | $ | 14,955 | | | | ||
|
| | |
2016
|
| |
2015
|
| ||||||
Total revenues
|
| | | $ | 26,810 | | | | | $ | 21,843 | | |
Net income
|
| | | $ | 7,074 | | | | | $ | 10,168 | | |
| |
Amortized
cost or cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
CLO loan accumulation facility
|
| | | $ | 1,607 | | | | | $ | 96 | | | | | $ | — | | | | | $ | 1,703 | | |
Equity securities held by Lloyd’s syndicates
|
| | | | 575 | | | | | | 1 | | | | | | — | | | | | | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 1,370 | | | | | | — | | | | | | (8) | | | | | | 1,362 | | |
| | | | $ | 3,552 | | | | | $ | 97 | | | | | $ | (8) | | | | | $ | 3,641 | | |
|
| |
Amortized
cost or cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
CLO loan accumulation facility
|
| | | $ | 27,061 | | | | | $ | — | | | | | $ | (1,954) | | | | | $ | 25,107 | | |
Investment funds and other
|
| | | | 2,591 | | | | | | — | | | | | | (82) | | | | | | 2,509 | | |
| | | | $ | 29,652 | | | | | | — | | | | | $ | (2,036) | | | | | $ | 27,616 | | |
|
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||||||||
Fixed maturities held by Lloyd’s syndicates
|
| | | $ | (8) | | | | | $ | 1,362 | | | | | $ | — | | | | | $ | — | | | | | $ | (8) | | | | | $ | 1,362 | | |
|
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||||||||
CLO loan accumulation facilities
|
| | | $ | (1,954) | | | | | $ | 25,107 | | | | | $ | — | | | | | $ | — | | | | | $ | (1,954) | | | | | $ | 25,107 | | |
Investment funds and other
|
| | | | (82) | | | | | | 2,509 | | | | | | — | | | | | | — | | | | | | (82) | | | | | | 2,509 | | |
| | | | $ | (2,036) | | | | | $ | 27,616 | | | | | $ | — | | | | | $ | — | | | | | $ | (2,036) | | | | | $ | 27,616 | | |
|
| |
Amortized
cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
Collateralized loan obligations
|
| | | $ | 73,432 | | | | | $ | 3,213 | | | | | $ | — | | | | | $ | 76,645 | | |
|
| |
Amortized
cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
Collateralized loan obligations
|
| | | $ | 47,829 | | | | | $ | — | | | | | $ | (5,074) | | | | | $ | 42,755 | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 4,890 | | | | | $ | 3,873 | | |
1 to 5 years
|
| | | | 51,912 | | | | | | 26,302 | | |
Over 5 years
|
| | | | 16,630 | | | | | | 17,654 | | |
| | | | $ | 73,432 | | | | | $ | 47,829 | | |
|
| |
Interest
income |
| |
Dividend
income |
| |
Realized
gains (losses) |
| |
Fees and
expenses |
| |
Interest
expense |
| |
Net
investment income |
| |||||||||||||||||||
Collateralized loan obligations
|
| | | $ | 8,104 | | | | | $ | — | | | | | $ | — | | | | | $ | (443) | | | | | $ | — | | | | | $ | 7,661 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | — | | | | | | 2,352 | | | | | | (164) | | | | | | — | | | | | | 2,188 | | |
Equity securities held by Lloyd’s syndicates
|
| | | | 8 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 18 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18 | | |
Investment funds and other
|
| | | | 16 | | | | | | 2 | | | | | | (184) | | | | | | — | | | | | | — | | | | | | (166) | | |
| | | | $ | 8,146 | | | | | $ | 2 | | | | | $ | 2,168 | | | | | $ | (607) | | | | | $ | — | | | | | $ | 9,709 | | |
|
| |
Interest
income |
| |
Dividend
income |
| |
Realized
gains (losses) |
| |
Fees and
expenses |
| |
Interest
expense |
| |
Net
investment income |
| |||||||||||||||||||
Collateralized loan obligations
|
| | | $ | 5,357 | | | | | $ | — | | | | | $ | — | | | | | $ | (358) | | | | | $ | — | | | | | $ | 4,999 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | — | | | | | | 4,741 | | | | | | (418) | | | | | | — | | | | | | 4,323 | | |
Investment funds and other
|
| | | | 4 | | | | | | 15 | | | | | | (99) | | | | | | (12) | | | | | | — | | | | | | (92) | | |
Note payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (90) | | | | | | (90) | | |
| | | | $ | 5,361 | | | | | $ | 15 | | | | | $ | 4,642 | | | | | $ | (788) | | | | | $ | (90) | | | | | $ | 9,140 | | |
|
| | |
Policy
administration software system |
| | | |
Purchased
syndicate capacity |
| |
Total
|
| |||||||||||||
Cost | | | | | | ||||||||||||||||||||
Balance at December 31, 2014
|
| | | $ | — | | | | | $ | — | | | | | $ | 362 | | | | | $ | 362 | | |
Additions | | | | | 1,270 | | | | | | 636 | | | | | | — | | | | | | 1,906 | | |
Balance at December 31, 2015
|
| | | | 1,270 | | | | | | 636 | | | | | | 362 | | | | | | 2,268 | | |
Additions | | | | | 36 | | | | | | 250 | | | | | | — | | | | | | 286 | | |
Fair value adjustment
|
| | | | — | | | | | | — | | | | | | 13 | | | | | | 13 | | |
Balance at December 31, 2016
|
| | | $ | 1,306 | | | | | $ | 886 | | | | | $ | 375 | | | | | $ | 2,567 | | |
Accumulated amortization | | | | | | ||||||||||||||||||||
Balance at December 31, 2014
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Amortization | | | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
Balance at December 31, 2015
|
| | | | 48 | | | | | | — | | | | | | — | | | | | | 48 | | |
Amortization | | | | | 238 | | | | | | 177 | | | | | | 61 | | | | | | 476 | | |
Balance at December 31, 2016
|
| | | $ | 286 | | | | | $ | 177 | | | | | $ | 61 | | | | | $ | 524 | | |
Carrying values | | | | | | ||||||||||||||||||||
| | | $ | 1,222 | | | | | $ | 636 | | | | | $ | 362 | | | | | $ | 2,220 | | | |
| | | $ | 1,020 | | | | | $ | 709 | | | | | $ | 314 | | | | | $ | 2,043 | | |
| | | | | | ||||||||||||||||||||||||||||||||
| | |
Enterprise
software system |
| | | |
Purchased
syndicate capacity |
| |
Enterprise
software system |
| | | |
Purchased
syndicate capacity |
| ||||||||||||||||||||
Within 1 year
|
| | | $ | 204 | | | | | $ | 177 | | | | | $ | 78 | | | | | $ | 237 | | | | | $ | 177 | | | | | $ | 61 | | |
1 to 5 years
|
| | | | 816 | | | | | | 532 | | | | | | 236 | | | | | | 985 | | | | | | 459 | | | | | | 301 | | |
| | | | $ | 1,020 | | | | | $ | 709 | | | | | $ | 314 | | | | | $ | 1,222 | | | | | $ | 636 | | | | | $ | 362 | | |
|
| | | | | | ||||||||
Accounts receivable
|
| | | $ | 2,159 | | | | | $ | 1,257 | | |
Prepayments and other assets
|
| | | | 1,340 | | | | | | 913 | | |
Fixed assets, net of depreciation
|
| | | | 602 | | | | | | 112 | | |
Promissory notes
|
| | | | 313 | | | | | | — | | |
Deferred offering costs
|
| | | | 74 | | | | | | — | | |
| | | | $ | 4,488 | | | | | $ | 2,282 | | |
|
| | | | | | ||||||||
Beginning of year
|
| | | $ | 1,374 | | | | | $ | 973 | | |
Capitalization of policy acquisition costs
|
| | | | 6,383 | | | | | | 636 | | |
Amortization
|
| | | | (1,059) | | | | | | (235) | | |
End of year
|
| | | $ | 6,698 | | | | | $ | 1,374 | | |
|
| | | | | | ||||||||
Beginning of year
|
| | | $ | — | | | | | $ | — | | |
Acquisition
|
| | | | 14,478 | | | | | | — | | |
Amortization
|
| | | | (154) | | | | | | — | | |
End of year
|
| | | $ | 14,324 | | | | | $ | — | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 110 | | | | | $ | — | | |
1 to 5 years
|
| | | | 749 | | | | | | — | | |
Over 5 years
|
| | | | 13,465 | | | | | | — | | |
| | | | $ | 14,324 | | | | | $ | — | | |
|
| | | | | | ||||||||
Funds held on behalf of third parties
|
| | | $ | 10,943 | | | | | $ | 53 | | |
Accounts payable and accruals
|
| | | | 4,644 | | | | | | 2,792 | | |
Bank deposits
|
| | | | 1,500 | | | | | | — | | |
Reinsurance payable
|
| | | | 821 | | | | | | 976 | | |
| | | | $ | 17,908 | | | | | $ | 3,821 | | |
|
| | | | | | ||||||||
Unearned premium revenue – life segment
|
| | | $ | 3,884 | | | | | $ | 2,900 | | |
Unearned premium revenue – business segment
|
| | | | 3,099 | | | | | | 1,385 | | |
Unearned revenue – business segment
|
| | | | 40 | | | | | | 39 | | |
| | | | $ | 7,023 | | | | | $ | 4,324 | | |
|
| | | | | | ||||||||
Fixed annuity obligations | | | | ||||||||||
Beginning of year
|
| | | $ | 532 | | | | | $ | 560 | | |
Issued
|
| | | | 700 | | | | | | — | | |
Interest expense
|
| | | | 33 | | | | | | 17 | | |
Recovery of future policy benefits
|
| | | | (349) | | | | | | — | | |
Payments
|
| | | | (55) | | | | | | (45) | | |
End of year
|
| | | $ | 861 | | | | | $ | 532 | | |
|
| | | | | | ||||||||
Net reserves, beginning of year
|
| | | $ | 679 | | | | | $ | — | | |
Incurred related to: | | | | ||||||||||
Current year
|
| | | | 1,321 | | | | | | 801 | | |
Prior year
|
| | | | 960 | | | | | | — | | |
Total net incurred
|
| | | | 2,281 | | | | | | 801 | | |
Paid related to: | | | | ||||||||||
Current year
|
| | | | (205) | | | | | | (122) | | |
Prior year
|
| | | | (585) | | | | | | — | | |
Total net paid
|
| | | | (790) | | | | | | (122) | | |
Net reserves, end of year
|
| | | | 2,170 | | | | | | 679 | | |
Reinsurance recoverable, end of year
|
| | | | 505 | | | | | | 10 | | |
Total reserves for loss and loss adjustment expenses
|
| | | $ | 2,675 | | | | | $ | 689 | | |
|
| | |
Common
shares |
| |
Common
share units |
| |
Total
|
| |
Par
value |
| |
Additional
paid-in capital |
| |
Total
|
| ||||||||||||||||||
Balance at December 31, 2014
|
| | | | 373,127 | | | | | | 76,000 | | | | | | 449,127 | | | | | $ | 3 | | | | | $ | 5,503 | | | | | $ | 5,506 | | |
Repurchase of shares
|
| | | | (83,928) | | | | | | — | | | | | | (83,928) | | | | | | (1) | | | | | | (821) | | | | | | (822) | | |
Balance at December 31, 2015
|
| | | | 289,199 | | | | | | 76,000 | | | | | | 365,199 | | | | | | 2 | | | | | | 4,682 | | | | | | 4,684 | | |
Issuance of shares/share units
|
| | | | — | | | | | | 8,511 | | | | | | 8,511 | | | | | | — | | | | | | 100 | | | | | | 100 | | |
Repurchase of shares/share units
|
| | | | (47,324) | | | | | | (3,000) | | | | | | (50,324) | | | | | | — | | | | | | (383) | | | | | | (383) | | |
Balance at December 31, 2016
|
| | | | 241,875 | | | | | | 81,511 | | | | | | 323,386 | | | | | $ | 2 | | | | | $ | 4,399 | | | | | $ | 4,401 | | |
|
| | |
Preferred
shares |
| |
Par
value |
| |
Additional
paid-in capital |
| |
Total
|
| ||||||||||||
Balance at December 31, 2014
|
| | | | 7,600,000 | | | | | $ | 76 | | | | | $ | 75,645 | | | | | $ | 75,721 | | |
Issuance of shares
|
| | | | 169,372 | | | | | | 2 | | | | | | 1,827 | | | | | | 1,829 | | |
Repurchase of shares
|
| | | | (67,651) | | | | | | (1) | | | | | | (730) | | | | | | (731) | | |
Offering costs
|
| | | | — | | | | | | — | | | | | | (142) | | | | | | (142) | | |
Balance at December 31, 2015
|
| | | | 7,701,721 | | | | | | 77 | | | | | | 76,600 | | | | | | 76,677 | | |
Issuance of shares
|
| | | | 178,723 | | | | | | 2 | | | | | | 2,098 | | | | | | 2,100 | | |
Repurchase of shares
|
| | | | (270,000) | | | | | | (3) | | | | | | (2,948) | | | | | | (2,951) | | |
Balance at December 31, 2016
|
| | | | 7,610,444 | | | | | $ | 76 | | | | | $ | 75,750 | | | | | $ | 75,826 | | |
|
| | |
Warrants
outstanding |
| |
Weighed
average exercise price |
| |
Weighed
average remaining contractual life |
| ||||||
Balance at December 31, 2015 and 2014
|
| | | | 1,520,000 | | | | | $ | 10.17 | | | |
8.01 years
|
|
Issued
|
| | | | 170,220 | | | | | | 11.75 | | | |
9.76 years
|
|
Repurchase of ordinary units
|
| | | | (60,000) | | | | | | 10.00 | | | |
—
|
|
Balance at December 31, 2016
|
| | | | 1,630,220 | | | | | $ | 10.34 | | | |
7.31 years
|
|
|
| | |
2016
|
| |
2015
|
| ||||||
Basic weighted average number of common shares outstanding
|
| | | | 356,467 | | | | | | 406,428 | | |
Effect of dilutive securities preferred shares
|
| | | | 9,511,000 | | | | | | 8,946,319 | | |
Diluted weighted average number of shares outstanding
|
| | | | 9,867,467 | | | | | | 9,352,747 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
Regulatory deposits
|
| | | $ | 4,350 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,350 | | |
Restricted cash
|
| | | | 10,657 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,657 | | |
Investments – available-for-sale | | | | | | | |||||||||||||||||||||||||
CLO loan accumulation facility
|
| | | | — | | | | | | 1,703 | | | | | | — | | | | | | — | | | | | | 1,703 | | |
Equity securities held by Lloyd’s syndicates
|
| | | | 377 | | | | | | 199 | | | | | | — | | | | | | — | | | | | | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 731 | | | | | | 631 | | | | | | — | | | | | | — | | | | | | 1,362 | | |
Subtotal excluding separate account assets
|
| | | | 16,115 | | | | | | 2,533 | | | | | | — | | | | | | — | | | | | | 18,648 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 63,185 | | | | | | — | | | | | | 63,185 | | |
Separate account assets
|
| | | | 404,314 | | | | | | 109,039 | | | | | | 105,177 | | | | | | 404,667 | | | | | | 1,023,197 | | |
| | | | $ | 420,429 | | | | | $ | 111,572 | | | | | $ | 168,362 | | | | | $ | 404,667 | | | | | $ | 1,105,030 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
Regulatory deposits
|
| | | $ | 2,050 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 2,050 | | |
Investments, available-for-sale | | | | | | | |||||||||||||||||||||||||
CLO loan accumulation facility
|
| | | | — | | | | | | 25,107 | | | | | | — | | | | | | — | | | | | | 25,107 | | |
Investment funds and other
|
| | | | — | | | | | | 1,786 | | | | | | — | | | | | | 723 | | | | | | 2,509 | | |
Subtotal excluding separate account assets
|
| | | | 2,050 | | | | | | 26,893 | | | | | | — | | | | | | 723 | | | | | | 29,666 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 43,922 | | | | | | — | | | | | | 43,922 | | |
Separate account assets
|
| | | | 25,740 | | | | | | 38,802 | | | | | | — | | | | | | 229,339 | | | | | | 293,881 | | |
| | | | $ | 27,790 | | | | | $ | 65,695 | | | | | $ | 43,922 | | | | | $ | 230,062 | | | | | $ | 367,469 | | |
|
| |
Separate account
policy loans |
| |
Separate account
assets |
| |
Total
|
| ||||||||||
Beginning of year
|
| | | $ | 43,922 | | | | | $ | — | | | | | $ | 43,922 | | |
Acquired from acquisition
|
| | | | 18,765 | | | | | | (1,478) | | | | | | 17,287 | | |
Issuances
|
| | | | 8,580 | | | | | | 106,606 | | | | | | 115,186 | | |
Principal repayment
|
| | | | (9,326) | | | | | | — | | | | | | (9,326) | | |
Interest
|
| | | | 1,244 | | | | | | — | | | | | | 1,244 | | |
Fair value adjustment
|
| | | | — | | | | | | 49 | | | | | | 49 | | |
End of year
|
| | | $ | 63,185 | | | | | $ | 105,177 | | | | | $ | 168,362 | | |
|
| |
Separate account
policy loans |
| |
Separate account
assets |
| |
Total
|
| ||||||||||
Beginning of year
|
| | | $ | 36,383 | | | | | $ | — | | | | | $ | 36,383 | | |
Issuances
|
| | | | 10,913 | | | | | | — | | | | | | 10,913 | | |
Principal repayment
|
| | | | (5,994) | | | | | | — | | | | | | (5,994) | | |
Interest
|
| | | | 2,620 | | | | | | — | | | | | | 2,620 | | |
End of year
|
| | | $ | 43,922 | | | | | $ | — | | | | | $ | 43,922 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
fair value |
| |
Total
carrying value |
| ||||||||||||||||
Assets | | | | | | | |||||||||||||||||||||||||
Investments, held-to-maturity
|
| | | $ | — | | | | | $ | — | | | | | $ | 76,645 | | | | | $ | 76,645 | | | | | $ | 73,432 | | |
Accrued investment income
|
| | | | — | | | | | | 2,352 | | | | | | — | | | | | | 2,352 | | | | | | 2,352 | | |
Premiums receivable
|
| | | | — | | | | | | 2,730 | | | | | | — | | | | | | 2,730 | | | | | | 2,730 | | |
Accounts receivable
|
| | | | — | | | | | | 2,159 | | | | | | — | | | | | | 2,159 | | | | | | 2,159 | | |
Promissory notes
|
| | | | — | | | | | | 313 | | | | | | — | | | | | | 313 | | | | | | 313 | | |
Reinsurance collateral deposit
|
| | | | — | | | | | | 3,890 | | | | | | — | | | | | | 3,890 | | | | | | 3,890 | | |
Separate account asset
|
| | | | — | | | | | | — | | | | | | 29,461 | | | | | | 29,461 | | | | | | 28,467 | | |
| | | | | — | | | | | | 11,444 | | | | | | 106,106 | | | | | | 117,550 | | | | | | 113,343 | | |
Liabilities | | | | | | | |||||||||||||||||||||||||
Other liabilities
|
| | | | — | | | | | | 17,908 | | | | | | — | | | | | | 17,908 | | | | | | 17,908 | | |
Earn out payments
|
| | | | — | | | | | | — | | | | | | 694 | | | | | | 694 | | | | | | 694 | | |
Note payable
|
| | | | — | | | | | | — | | | | | | 15,408 | | | | | | 15,408 | | | | | | 15,408 | | |
Surplus debenture
|
| | | | — | | | | | | — | | | | | | 780 | | | | | | 780 | | | | | | 780 | | |
Separate account liability
|
| | | | — | | | | | | — | | | | | | 29,461 | | | | | | 29,461 | | | | | | 28,467 | | |
| | | | $ | — | | | | | $ | 17,908 | | | | | $ | 46,343 | | | | | $ | 64,251 | | | | | $ | 63,257 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
fair value |
| |
Total
carrying value |
| ||||||||||||||||
Assets | | | | | | | |||||||||||||||||||||||||
Investments, held-to-maturity
|
| | | $ | — | | | | | $ | — | | | | | $ | 42,755 | | | | | $ | 42,755 | | | | | $ | 47,829 | | |
Accrued investment income
|
| | | | — | | | | | | 1,308 | | | | | | — | | | | | | 1,308 | | | | | | 1,308 | | |
Premiums receivable
|
| | | | — | | | | | | 3,129 | | | | | | — | | | | | | 3,129 | | | | | | 3,129 | | |
Accounts receivable
|
| | | | — | | | | | | 1,257 | | | | | | — | | | | | | 1,257 | | | | | | 1,257 | | |
Reinsurance collateral deposit
|
| | | | — | | | | | | 3,758 | | | | | | — | | | | | | 3,758 | | | | | | 3,758 | | |
| | | | | — | | | | | | 9,452 | | | | | | 42,755 | | | | | | 52,207 | | | | | | 57,281 | | |
Liabilities | | | | | | | |||||||||||||||||||||||||
Other liabilities
|
| | | | — | | | | | | 3,821 | | | | | | — | | | | | | 3,821 | | | | | | 3,821 | | |
Earn out payments
|
| | | | — | | | | | | — | | | | | | 1,082 | | | | | | 1,082 | | | | | | 1,082 | | |
Surplus debenture
|
| | | | — | | | | | | — | | | | | | 940 | | | | | | 940 | | | | | | 940 | | |
| | | | $ | — | | | | | $ | 3,821 | | | | | $ | 2,022 | | | | | $ | 5,843 | | | | | $ | 5,843 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Gross written premium
|
| | | $ | 5,967 | | | | | $ | 3,129 | | |
Reinsurance ceded
|
| | | | (930) | | | | | | (668) | | |
Change in unearned premiums
|
| | | | (1,714) | | | | | | (1,385) | | |
Other changes in premium
|
| | | | 261 | | | | | | — | | |
Net premiums earned
|
| | | $ | 3,584 | | | | | $ | 1,076 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Current tax (benefit)/expense | | | | ||||||||||
Federal
|
| | | $ | (44) | | | | | $ | (9) | | |
Deferred tax expense/(benefit) | | | | ||||||||||
Federal
|
| | | | 190 | | | | | | (398) | | |
Total income tax expense (benefit)
|
| | | $ | 146 | | | | | $ | (407) | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Pre-tax income per financial statements
|
| | | $ | 6,628 | | | | | $ | 6,459 | | |
Exclusion of income not subject to US tax
|
| | | | (6,225) | | | | | | (7,591) | | |
Pre-tax income taxes in the US
|
| | | | 403 | | | | | | (1,132) | | |
Tax rate
|
| | | | 34% | | | | | | 34% | | |
Tax-effected pre-tax income
|
| | | | 137 | | | | | | (385) | | |
Provision to return and loss carryback
|
| | | | — | | | | | | 12 | | |
Rate differential
|
| | | | (162) | | | | | | — | | |
Write-off tax balances
|
| | | | — | | | | | | 42 | | |
Valuation allowance
|
| | | | 195 | | | | | | — | | |
Other
|
| | | | (24) | | | | | | (76) | | |
Total effective tax expense (benefit)
|
| | | $ | 146 | | | | | $ | (407) | | |
|
| | | | | | ||||||||
Deferred income tax assets | | | | ||||||||||
Net operating loss
|
| | | $ | 562 | | | | | $ | 455 | | |
Intangible asset amortization
|
| | | | 35 | | | | | | — | | |
Deferred acquistion costs – tax
|
| | | | 246 | | | | | | 307 | | |
Loss reserves
|
| | | | 167 | | | | | | 148 | | |
Unrealized gains
|
| | | | — | | | | | | 4 | | |
Alternative minimium tax credit carryforward
|
| | | | 10 | | | | | | 23 | | |
Net deferred income tax assets before valuation allowance
|
| | | | 1,020 | | | | | | 937 | | |
Valuation allowance
|
| | | | (195) | | | | | | — | | |
Net deferred income tax assets after valuation allowance
|
| | | | 825 | | | | | | 937 | | |
Deferred income tax liabilities | | | | ||||||||||
Deferred acquistion costs – book
|
| | | | 139 | | | | | | 41 | | |
IRC Section 807(f) spread
|
| | | | 160 | | | | | | 180 | | |
Total net deferred income tax liabilities
|
| | | | 299 | | | | | | 221 | | |
Net deferred income tax asset
|
| | | $ | 526 | | | | | $ | 716 | | |
|
Year of Expiration
|
| | | | | ||||||||
2032 | | | | $ | 4 | | | | | $ | 4 | | |
2033 | | | | | 108 | | | | | | 108 | | |
2034 | | | | | 545 | | | | | | 550 | | |
2035 | | | | | 701 | | | | | | 686 | | |
2036 | | | | | 526 | | | | | | — | | |
Total net operating losses
|
| | | | 1,884 | | | | | | 1,348 | | |
Tax valuation allowance
|
| | | | (572) | | | | | | — | | |
Total net operating losses recognized as a deferred tax asset
|
| | | $ | 1,312 | | | | | $ | 1,348 | | |
|
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 8,253 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,253 | | |
Reinsurance ceded
|
| | | | (1,734) | | | | | | — | | | | | | — | | | | | | (1,734) | | |
Change in reinsurance recoverable
|
| | | | 185 | | | | | | 495 | | | | | | — | | | | | | 680 | | |
Net premiums earned
|
| | | | — | | | | | | 3,584 | | | | | | — | | | | | | 3,584 | | |
Management and administration fees
|
| | | | — | | | | | | 2,641 | | | | | | — | | | | | | 2,641 | | |
Net investment income
|
| | | | 9,751 | | | | | | (42) | | | | | | — | | | | | | 9,709 | | |
Bargain purchase gain
|
| | | | 1,406 | | | | | | — | | | | | | — | | | | | | 1,406 | | |
Total revenues
|
| | | | 17,861 | | | | | | 6,678 | | | | | | — | | | | | | 24,539 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 1,986 | | | | | | — | | | | | | 1,986 | | |
Amortization of deferred policy acquisition costs
|
| | | | 1,059 | | | | | | — | | | | | | — | | | | | | 1,059 | | |
Amortization of value of business acquired
|
| | | | 154 | | | | | | — | | | | | | — | | | | | | 154 | | |
Finance charge
|
| | | | 221 | | | | | | — | | | | | | — | | | | | | 221 | | |
Underwriting, general and administrative expenses
|
| | | | 6,588 | | | | | | 4,878 | | | | | | 3,025 | | | | | | 14,491 | | |
Total expenses
|
| | | | 8,022 | | | | | | 6,864 | | | | | | 3,025 | | | | | | 17,911 | | |
Income/(loss) before income tax
|
| | | | 9,839 | | | | | | (186) | | | | | | (3,025) | | | | | | 6,628 | | |
Current income tax benefit
|
| | | | 44 | | | | | | — | | | | | | — | | | | | | 44 | | |
Deferred income tax benefit/(expense)
|
| | | | (123) | | | | | | (67) | | | | | | — | | | | | | (190) | | |
Net income/(loss)
|
| | | $ | 9,760 | | | | | $ | (253) | | | | | $ | (3,025) | | | | | $ | 6,482 | | |
Total assets
|
| | | $ | 1,219,931 | | | | | $ | 14,780 | | | | | $ | 19,026 | | | | | $ | 1,253,737 | | |
Total liabilities
|
| | | $ | 1,134,537 | | | | | $ | 8,316 | | | | | $ | 17,371 | | | | | $ | 1,160,224 | | |
|
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 6,627 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,627 | | |
Reinsurance ceded
|
| | | | (1,518) | | | | | | — | | | | | | — | | | | | | (1,518) | | |
Change in reinsurance recoverable
|
| | | | 749 | | | | | | 10 | | | | | | — | | | | | | 759 | | |
Net premiums earned
|
| | | | — | | | | | | 1,076 | | | | | | — | | | | | | 1,076 | | |
Management and administration fees
|
| | | | — | | | | | | 1,653 | | | | | | — | | | | | | 1,653 | | |
Net investment income
|
| | | | 9,128 | | | | | | 12 | | | | | | — | | | | | | 9,140 | | |
Total revenues
|
| | | | 14,986 | | | | | | 2,751 | | | | | | — | | | | | | 17,737 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 689 | | | | | | — | | | | | | 689 | | |
Amortization of deferred policy acquisition costs
|
| | | | 235 | | | | | | — | | | | | | — | | | | | | 235 | | |
Underwriting, general and administrative
expenses |
| | | | 5,667 | | | | | | 2,438 | | | | | | 2,249 | | | | | | 10,354 | | |
Total expenses
|
| | | | 5,902 | | | | | | 3,127 | | | | | | 2,249 | | | | | | 11,278 | | |
Income/(loss) before income tax
|
| | | | 9,084 | | | | | | (376) | | | | | | (2,249) | | | | | | 6,459 | | |
Current income tax expense
|
| | | | 9 | | | | | | — | | | | | | — | | | | | | 9 | | |
Deferred income benefit
|
| | | | 43 | | | | | | 355 | | | | | | — | | | | | | 398 | | |
Net income/(loss)
|
| | | $ | 9,136 | | | | | $ | (21) | | | | | $ | (2,249) | | | | | $ | 6,866 | | |
Total assets
|
| | | $ | 425,135 | | | | | $ | 10,138 | | | | | $ | 2 | | | | | $ | 435,275 | | |
Total liabilities
|
| | | $ | 343,609 | | | | | $ | 5,545 | | | | | $ | 81 | | | | | $ | 349,235 | | |
|
| |
Cayman
Islands |
| |
Puerto
Rico |
| |
United
States |
| |
United
Kingdom |
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 4,318 | | | | | $ | 3,935 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,253 | | |
Reinsurance ceded
|
| | | | (556) | | | | | | (1,178) | | | | | | — | | | | | | — | | | | | | (1,734) | | |
Change in reinsurance recoverable
|
| | | | 5 | | | | | | 180 | | | | | | — | | | | | | 495 | | | | | | 680 | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,584 | | | | | | 3,584 | | |
Management and administration fees
|
| | | | 818 | | | | | | 87 | | | | | | 1,736 | | | | | | — | | | | | | 2,641 | | |
Net investment income
|
| | | | 9,673 | | | | | | 10 | | | | | | — | | | | | | 26 | | | | | | 9,709 | | |
Bargain purchase gain
|
| | | | — | | | | | | 1,406 | | | | | | — | | | | | | — | | | | | | 1,406 | | |
Total revenues
|
| | | $ | 14,258 | | | | | $ | 4,440 | | | | | $ | 1,736 | | | | | $ | 4,105 | | | | | $ | 24,539 | | |
|
| |
Cayman
Islands |
| |
Puerto
Rico |
| |
United
States |
| |
United
Kingdom |
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 4,298 | | | | | $ | 2,329 | | | | | $ | — | | | | | $ | — | | | | | $ | 6,627 | | |
Reinsurance ceded
|
| | | | (503) | | | | | | (1,015) | | | | | | — | | | | | | — | | | | | | (1,518) | | |
Change in reinsurance recoverable
|
| | | | 235 | | | | | | 514 | | | | | | — | | | | | | 10 | | | | | | 759 | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,076 | | | | | | 1,076 | | |
Management and administration fees
|
| | | | 723 | | | | | | 21 | | | | | | 909 | | | | | | — | | | | | | 1,653 | | |
Net investment income
|
| | | | 9,136 | | | | | | 3 | | | | | | 1 | | | | | | — | | | | | | 9,140 | | |
Total revenues
|
| | | $ | 13,889 | | | | | $ | 1,852 | | | | | $ | 910 | | | | | $ | 1,086 | | | | | $ | 17,737 | | |
|
| |
Cayman
Islands |
| |
Puerto
Rico |
| |
United
States |
| |
United
Kingdom |
| |
Total
|
|||||||||||||||
Total assets
|
| | | $ | 182,741 | | | | | $ | 1,058,703 | | | | | $ | 1,369 | | | | | $ | 10,924 | | | | | $ | 1,253,737 |
Total liabilities
|
| | | | 104,629 | | | | | | 1,048,555 | | | | | | 353 | | | | | | 6,687 | | | | | | 1,160,224 |
| | | | $ | 78,112 | | | | | $ | 10,147 | | | | | $ | 1,016 | | | | | $ | 4,237 | | | | | $ | 93,513 |
|
| |
Cayman
Islands |
| |
Puerto
Rico |
| |
United
States |
| |
United
Kingdom |
| |
Total
|
| ||||||||||||||||
Total assets
|
| | | $ | 185,296 | | | | | $ | 240,801 | | | | | $ | 1,419 | | | | | $ | 7,759 | | | | | $ | 435,275 | | |
Total liabilities
|
| | | | 107,833 | | | | | | 237,150 | | | | | | 619 | | | | | | 3,633 | | | | | | 349,235 | | |
| | | | $ | 77,463 | | | | | $ | 3,651 | | | | | $ | 800 | | | | | $ | 4,126 | | | | | $ | 86,040 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Changes in operating assets and liabilities: | | | | ||||||||||
Regulatory deposits
|
| | | $ | (1,550) | | | | | $ | (300) | | |
Restricted cash
|
| | | | (10,657) | | | | | | — | | |
Accrued investment income
|
| | | | (1,044) | | | | | | 464 | | |
Premiums receivable
|
| | | | 399 | | | | | | (3,129) | | |
Income tax receivable
|
| | | | (26) | | | | | | — | | |
Other assets
|
| | | | (1,022) | | | | | | (5) | | |
Reinsurance collateral deposit
|
| | | | (132) | | | | | | (907) | | |
Deferred policy acquisition costs
|
| | | | (2,363) | | | | | | (636) | | |
Reinsurance recoverable
|
| | | | (680) | | | | | | (762) | | |
Deferred income taxes
|
| | | | 190 | | | | | | (397) | | |
Intangible assets
|
| | | | (13) | | | | | | — | | |
Other liabilities
|
| | | | 12,346 | | | | | | 1,554 | | |
Income taxes payable
|
| | | | (18) | | | | | | (48) | | |
Earn out payments due
|
| | | | 214 | | | | | | 712 | | |
Unearned revenue
|
| | | | 2,128 | | | | | | 1,754 | | |
Reserves for future policy benefits
|
| | | | 329 | | | | | | (28) | | |
Reserves for loss and loss adjustment expenses
|
| | | | 1,986 | | | | | | 689 | | |
| | | | $ | 87 | | | | | $ | (1,039) | | |
Supplemental disclosure of cash flow information: | | | | ||||||||||
Cash interest expense, included in net investment income
|
| | | $ | — | | | | | $ | 90 | | |
Net cash paid for income tax
|
| | | | — | | | | | | 25 | | |
| | | | $ | — | | | | | $ | 115 | | |
Cash interest income received, included in net investment income
|
| | | $ | 7,102 | | | | | $ | 5,821 | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 449 | | | | | $ | 580 | | |
1 to 5 years
|
| | | | 643 | | | | | | 610 | | |
| | | | $ | 1,092 | | | | | $ | 1,190 | | |
|
| | | | | | ||||||||
Assets | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 3,985 | | | | | $ | 6,650 | | |
Regulatory deposits (Note 29)
|
| | | | 4,350 | | | | | | 4,350 | | |
Restricted cash
|
| | | | 4,519 | | | | | | 10,657 | | |
Investments, available-for-sale, at fair value (cost 2017: $1,945; 2016: $3,552) (Note 4)
|
| | | | 1,938 | | | | | | 3,641 | | |
Investments, held-to-maturity, at amortized cost (fair value: 2017: $67,691; 2016: $76,745) (Note 4)
|
| | | | 71,760 | | | | | | 73,432 | | |
Accrued investment income
|
| | | | 2,036 | | | | | | 2,352 | | |
Premiums receivable
|
| | | | 8,389 | | | | | | 2,730 | | |
Income tax receivable
|
| | | | 26 | | | | | | 26 | | |
Other assets (Note 7)
|
| | | | 4,554 | | | | | | 4,488 | | |
Reinsurance collateral deposit (Note 8)
|
| | | | 4,029 | | | | | | 3,890 | | |
Deferred policy acquisition costs (Note 9)
|
| | | | 7,520 | | | | | | 6,698 | | |
Value of business acquired (Note 10)
|
| | | | 14,241 | | | | | | 14,324 | | |
Reinsurance recoverable (Note 17)
|
| | | | 2,948 | | | | | | 3,081 | | |
Deferred income taxes
|
| | | | 126 | | | | | | 526 | | |
Intangible assets (Note 6)
|
| | | | 1,965 | | | | | | 2,043 | | |
Separate account policy loans (Note 11)
|
| | | | 63,594 | | | | | | 63,185 | | |
Separate account assets (Note 21)
|
| | | | 1,282,298 | | | | | | 1,051,664 | | |
Total assets
|
| | | | 1,478,278 | | | | | | 1,253,737 | | |
Liabilities and shareholders’ equity | | | | ||||||||||
Liabilities | | | | ||||||||||
Other liabilities (Note 12)
|
| | | | 11,260 | | | | | | 17,908 | | |
Income taxes payable
|
| | | | 5 | | | | | | 26 | | |
Earn out payments (Note 13)
|
| | | | 211 | | | | | | 694 | | |
Note payable (Note 14)
|
| | | | 11,282 | | | | | | 15,408 | | |
Unearned revenue (Note 15)
|
| | | | 8,876 | | | | | | 7,023 | | |
Surplus debenture (Note 16)
|
| | | | 851 | | | | | | 780 | | |
Reserves for future policy benefits (Note 17)
|
| | | | 988 | | | | | | 861 | | |
Reserves for loss and loss adjustment expenses (Note 18)
|
| | | | 5,652 | | | | | | 2,675 | | |
Separate account liabilities
|
| | | | 1,345,892 | | | | | | 1,114,849 | | |
Total liabilities
|
| | | | 1,385,017 | | | | | | 1,160,224 | | |
Shareholders’ equity | | | | ||||||||||
Common shares: par value $0.01 per share – 323,386 and 323,386 shares
issued and outstanding, respectively (Note 19) |
| | | | 2 | | | | | | 2 | | |
Preferred shares: par value $0.01 per share – 7,560,444 and 7,610,444 shares issued and outstanding, respectively (Note 19)
|
| | | | 75 | | | | | | 76 | | |
Additional paid-in capital (Note 19)
|
| | | | 79,581 | | | | | | 80,149 | | |
Accumulated other comprehensive (loss)/income
|
| | | | (786) | | | | | | 89 | | |
Retained earnings
|
| | | | 14,389 | | | | | | 13,197 | | |
Total shareholders’ equity
|
| | | | 93,261 | | | | | | 93,513 | | |
Total liabilities and shareholders’ equity
|
| | | $ | 1,478,278 | | | | | $ | 1,253,737 | | |
COMMITMENTS AND CONTINGENCIES (Note 27) SUBSEQUENT EVENTS (Note 30) |
| | | ||||||||||
Approved on behalf of the Board on November 7, 2017 | | | | ||||||||||
Director David Whitefield Director Walter Keenan
|
|
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | | | |
2016
|
| |
2017
|
| |
2016
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 2,673 | | | | | $ | 2,017 | | | | | $ | 8,196 | | | | | $ | 5,042 | | |
Reinsurance ceded
|
| | | | (417) | | | | | | (373) | | | | | | (1,550) | | | | | | (1,105) | | |
Change in reinsurance recoverable
|
| | | | (39) | | | | | | 412 | | | | | | (133) | | | | | | 383 | | |
Net premiums earned (Note 22)
|
| | | | 870 | | | | | | 247 | | | | | | 2,483 | | | | | | 2,280 | | |
Management and administration fees
|
| | | | 689 | | | | | | 583 | | | | | | 1,993 | | | | | | 1,827 | | |
Net investment income (Note 4)
|
| | | | 2,096 | | | | | | 2,281 | | | | | | 6,608 | | | | | | 7,383 | | |
Total other-than-temporary impairment losses (Note 4)
|
| | | | (1,701) | | | | | | — | | | | | | (1,701) | | | | | | — | | |
Portion of other-than-temporary impairment
losses recognized in other comprehensive (loss)/income |
| | | | 779 | | | | | | — | | | | | | 779 | | | | | | — | | |
Total revenues
|
| | | | 4,950 | | | | | | 5,167 | | | | | | 16,675 | | | | | | 15,810 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | 1,123 | | | | | | 94 | | | | | | 2,976 | | | | | | 1,256 | | |
Amortization of deferred policy acquisition costs (Note 9)
|
| | | | 301 | | | | | | 68 | | | | | | 1,134 | | | | | | 150 | | |
Amortization of value of business
acquired |
| | | | 28 | | | | | | — | | | | | | 83 | | | | | | — | | |
Finance charge
|
| | | | 153 | | | | | | — | | | | | | 536 | | | | | | — | | |
Underwriting, general and administrative expenses
|
| | | | 4,046 | | | | | | 3,459 | | | | | | 10,333 | | | | | | 10,589 | | |
Total expenses
|
| | | | 5,651 | | | | | | 3,621 | | | | | | 15,062 | | | | | | 11,995 | | |
Income before income tax
|
| | | | (701) | | | | | | 1,546 | | | | | | 1,613 | | | | | | 3,815 | | |
Current income tax (expense)/benefit
|
| | | | (7) | | | | | | 35 | | | | | | (21) | | | | | | 44 | | |
Deferred income tax (expense)/benefit
|
| | | | (384) | | | | | | — | | | | | | (400) | | | | | | 65 | | |
Net income
|
| | | | (1,092) | | | | | | 1,581 | | | | | | 1,192 | | | | | | 3,924 | | |
Other comprehensive (loss)/income, net of tax
|
| | | | | ||||||||||||||||||||
Change in unrealized gain on investments, available-for-sale
|
| | | | — | | | | | | 22 | | | | | | (141) | | | | | | 4,219 | | |
Realized (gains)/losses included in net investment income
|
| | | | — | | | | | | 22 | | | | | | 45 | | | | | | (2,168) | | |
Other-than-temporary impairment losses
|
| | | | (779) | | | | | | — | | | | | | (779) | | | | | | — | | |
Other comprehensive (loss)/income, net of
tax |
| | | | (779) | | | | | | 44 | | | | | | (875) | | | | | | 2,051 | | |
Total comprehensive income/(loss)
|
| | | $ | (1,871) | | | | | $ | 1,625 | | | | | $ | 317 | | | | | $ | 5,975 | | |
Earnings per share | | | | | | ||||||||||||||||||||
Basic and diluted earnings per common share:
|
| | | | | ||||||||||||||||||||
Basic earnings per common share
|
| | | $ | (3.38) | | | | | $ | 4.33 | | | | | $ | 3.69 | | | | | $ | 10.74 | | |
Diluted earnings per common share
|
| | | $ | (0.10) | | | | | $ | 0.17 | | | | | $ | 0.11 | | | | | $ | 0.40 | | |
Weighted average common shares
outstanding |
| | | | 323,386 | | | | | | 365,199 | | | | | | 323,386 | | | | | | 365,199 | | |
Diluted average common shares outstanding
|
| | | | 10,402,939 | | | | | | 9,504,209 | | | | | | 10,405,326 | | | | | | 9,704,885 | | |
|
| | |
Common
shares |
| |
Preferred
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Accumulated
other comprehensive income/(loss) |
| |
Total
shareholders’ equity |
| ||||||||||||||||||
Balance at December 31, 2015
|
| | | $ | 2 | | | | | $ | 77 | | | | | $ | 81,282 | | | | | $ | 6,715 | | | | | $ | (2,036) | | | | | $ | 86,040 | | |
Repurchase of shares
|
| | | | — | | | | | | (3) | | | | | | (2,948) | | | | | | — | | | | | | — | | | | | | (2,951) | | |
Net income and other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,924 | | | | | | 2,051 | | | | | | 5,975 | | |
Balance at September 30, 2016
|
| | | | 2 | | | | | | 74 | | | | | | 78,334 | | | | | | 10,639 | | | | | | 15 | | | | | | 89,064 | | |
Balance at December 31, 2016
|
| | | $ | 2 | | | | | $ | 76 | | | | | $ | 80,149 | | | | | $ | 13,197 | | | | | $ | 89 | | | | | $ | 93,513 | | |
Repurchase of shares
|
| | | | — | | | | | | (1) | | | | | | (608) | | | | | | — | | | | | | — | | | | | | (609) | | |
Net income and other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,192 | | | | | | (875) | | | | | | 317 | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | 40 | | | | | | — | | | | | | — | | | | | | 40 | | |
Balance at September 30, 2017
|
| | | $ | 2 | | | | | $ | 75 | | | | | $ | 79,581 | | | | | $ | 14,389 | | | | | $ | (786) | | | | | $ | 93,261 | | |
|
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | | | |
2016
|
| |
2017
|
| |
2016
|
| |||||||||||||
Cash flows from operating activities | | | | | | ||||||||||||||||||||
Net income/(loss)
|
| | | $ | (1,092) | | | | | $ | 1,581 | | | | | $ | 1,192 | | | | | $ | 3,924 | | |
Adjustments to reconcile net cash (used in) provided by operating activities:
|
| | | | | ||||||||||||||||||||
Amortization and depreciation expenses
|
| | | | 195 | | | | | | 187 | | | | | | 521 | | | | | | 416 | | |
Amortization of value of business acquired
|
| | | | 28 | | | | | | — | | | | | | 83 | | | | | | — | | |
Amortization of deferred policy acquisition costs
|
| | | | 301 | | | | | | 68 | | | | | | 1,134 | | | | | | 150 | | |
Other-than-temporary impairment losses
|
| | | | 922 | | | | | | — | | | | | | 922 | | | | | | — | | |
Stock-based compensation
|
| | | | 40 | | | | | | — | | | | | | 40 | | | | | | — | | |
Net realized gains on investments, available-for-sale
|
| | | | — | | | | | | 22 | | | | | | (45) | | | | | | (2,168) | | |
Changes in operating assets and liabilities (Note 26)
|
| | | | (555) | | | | | | (1,359) | | | | | | (2,291) | | | | | | (2,227) | | |
Net cash (used in)/provided by operating activities
|
| | | | (161) | | | | | | 499 | | | | | | 1,556 | | | | | | 95 | | |
Cash flows from investing activities | | | | | | ||||||||||||||||||||
Dividends reinvested
|
| | | | — | | | | | | — | | | | | | — | | | | | | (2) | | |
Purchase of fixed assets
|
| | | | (183) | | | | | | (50) | | | | | | (359) | | | | | | (66) | | |
Purchase of intangible assets
|
| | | | (330) | | | | | | (420) | | | | | | (338) | | | | | | (620) | | |
Purchase of investments, available-for-sale
|
| | | | — | | | | | | (1,604) | | | | | | (200) | | | | | | (1,611) | | |
Purchase of investments, held-to-maturity
|
| | | | — | | | | | | — | | | | | | (3,548) | | | | | | (2,971) | | |
Proceeds from sale of investments, available-for-sale
|
| | | | 200 | | | | | | 281 | | | | | | 1,852 | | | | | | 2,474 | | |
Principal repayments from investments, held-to-maturity
|
| | | | 714 | | | | | | 1,680 | | | | | | 3,519 | | | | | | 4,526 | | |
Return of capital from investments, available-for-sale
|
| | | | — | | | | | | — | | | | | | — | | | | | | 677 | | |
Payment of earn out payments
|
| | | | (8) | | | | | | (174) | | | | | | (483) | | | | | | (602) | | |
Note payable
|
| | | | (1,662) | | | | | | — | | | | | | (4,662) | | | | | | — | | |
Net cash (used in)/provided by investing activities
|
| | | | (1,269) | | | | | | (287) | | | | | | (4,219) | | | | | | 1,805 | | |
Cash flows from financing activities | | | | | | ||||||||||||||||||||
Finance charge
|
| | | | 153 | | | | | | — | | | | | | 536 | | | | | | — | | |
Foreign exchange on surplus debenture
|
| | | | 28 | | | | | | — | | | | | | 71 | | | | | | — | | |
Repurchase of preferred shares
|
| | | | (609) | | | | | | — | | | | | | (609) | | | | | | (2,951) | | |
Net cash (used in)/provided by financing activities
|
| | | | (428) | | | | | | — | | | | | | (2) | | | | | | (2,951) | | |
Net (decrease)/increase in cash and cash equivalents
|
| | | | (1,858) | | | | | | 212 | | | | | | (2,665) | | | | | | (1,051) | | |
Cash and cash equivalents, beginning of period
|
| | | | 5,843 | | | | | | 1,526 | | | | | | 6,650 | | | | | | 2,789 | | |
Cash and cash equivalents, end of period
|
| | | $ | 3,985 | | | | | $ | 1,738 | | | | | $ | 3,985 | | | | | $ | 1,738 | | |
|
| Advantage Insurance Inc. common share units | | | | ||||||||||
|
Common shares issued by Advantage
|
| | | | 8,511 | | | | | | | | |
|
Value per common share unit as of October 1, 2016
|
| | | $ | 11.75 | | | | | | | | |
| | | | | | | | | | | $ | 100 | | |
| Advantage Insurance Inc. preferred shares | | | | ||||||||||
|
Preferred shares issued by Advantage
|
| | | | 178,723 | | | | | | | | |
|
Value per preferred share as of October 1, 2016
|
| | | $ | 11.75 | | | | | | | | |
| | | | | | | | | | | | 2,100 | | |
|
Contingent consideration payable
|
| | | | | | | | | | 1,361 | | |
|
Note payable
|
| | | | | | | | | | 11,394 | | |
|
Total purchase price
|
| | | | | | | | | $ | 14,955 | | |
|
|
Shareholder’s equity of USCL at October 1, 2016
|
| | | $ | 3,019 | | |
| Adjustments for fair value | | | |||||
|
Deferred acquistion costs
|
| | | | (690) | | |
|
Reinsurance recoverable
|
| | | | (1,398) | | |
|
Unearned revenue
|
| | | | 952 | | |
|
Value of business acquired
|
| | | | 14,478 | | |
|
Bargain purchase gain
|
| | | | (1,406) | | |
|
Shareholder’s equity of USCL at fair value
|
| | | | 14,955 | | |
|
Total net purchase price paid by Advantage
|
| | | $ | 14,955 | | |
|
| |
Amortized
cost or cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
Equity securities held by Lloyd’s syndicates
|
| | | $ | 575 | | | | | $ | 1 | | | | | $ | — | | | | | $ | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 1,370 | | | | | | — | | | | | | (8) | | | | | | 1,362 | | |
| | | | $ | 1,945 | | | | | $ | 1 | | | | | $ | (8) | | | | | $ | 1,938 | | |
|
| |
Amortized
cost or cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
CLO loan accumulation facility
|
| | | $ | 1,607 | | | | | $ | 96 | | | | | $ | — | | | | | $ | 1,703 | | |
Equity securities held by Lloyd’s syndicates
|
| | | | 575 | | | | | | 1 | | | | | | — | | | | | | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 1,370 | | | | | | — | | | | | | (8) | | | | | | 1,362 | | |
| | | | $ | 3,552 | | | | | $ | 97 | | | | | $ | (8) | | | | | $ | 3,641 | | |
|
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||||||||
Investment funds and other
|
| | | $ | (8) | | | | | $ | 1,362 | | | | | $ | — | | | | | $ | — | | | | | $ | (8) | | | | | $ | 1,362 | | |
|
| | |
Less than 12 months
|
| |
12 months or longer
|
| |
Total
|
| |||||||||||||||||||||||||||
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||||||||
Investment funds and other
|
| | | $ | (8) | | | | | $ | 1,362 | | | | | $ | — | | | | | $ | — | | | | | $ | (8) | | | | | $ | 1,362 | | |
|
| |
Amortized
cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
Collateralized loan obligations
|
| | | $ | 71,760 | | | | | $ | — | | | | | $ | (4,069) | | | | | $ | 67,691 | | |
|
| |
Amortized
cost |
| |
Unrealized
gains |
| |
Unrealized
losses |
| |
Fair
value |
| |||||||||||||
Collateralized loan obligations
|
| | | $ | 73,432 | | | | | $ | 3,213 | | | | | $ | — | | | | | $ | 76,645 | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 5,331 | | | | | $ | 4,890 | | |
1 to 5 years
|
| | | | 43,754 | | | | | | 51,912 | | |
Over 5 years
|
| | | | 22,675 | | | | | | 16,630 | | |
| | | | $ | 71,760 | | | | | $ | 73,432 | | |
|
| | |
Three months ended September 30, 2017
|
| |||||||||||||||||||||||||||
| | |
Interest
income |
| |
Dividend
income |
| |
Realized
gains |
| |
Fees and
expenses |
| |
Net
investment income |
| |||||||||||||||
Collateralized loan obligations
|
| | | $ | 2,268 | | | | | $ | — | | | | | $ | — | | | | | $ | (132) | | | | | $ | 2,136 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | (53) | | | | | | (53) | | |
Federal funds
|
| | | | 13 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13 | | |
| | | $ | 2,281 | | | | | $ | — | | | | | $ | — | | | | | $ | (185) | | | | | $ | 2,096 | | | |
|
| | |
Three months ended September 30, 2016
|
| |||||||||||||||||||||||||||
| | |
Interest
income |
| |
Dividend
income |
| |
Realized
(losses) |
| |
Fees and
expenses |
| |
Net
investment income |
| |||||||||||||||
Collateralized loan obligations
|
| | | $ | 2,505 | | | | | $ | — | | | | | $ | — | | | | | $ | (146) | | | | | $ | 2,359 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | — | | | | | | — | | | | | | (60) | | | | | | (60) | | |
Investment funds and other
|
| | | | 4 | | | | | | — | | | | | | (22) | | | | | | — | | | | | | (18) | | |
| | | | $ | 2,509 | | | | | $ | — | | | | | $ | (22) | | | | | $ | (206) | | | | | $ | 2,281 | | |
|
| | |
Nine months ended September 30, 2017
|
| |||||||||||||||||||||||||||
| | |
Interest
income |
| |
Dividend
income |
| |
Realized
gains |
| |
Fees and
expenses |
| |
Net
investment income |
| |||||||||||||||
Collateralized loan obligations
|
| | | $ | 6,905 | | | | | $ | — | | | | | $ | — | | | | | $ | (378) | | | | | $ | 6,527 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | 55 | | | | | | 45 | | | | | | (53) | | | | | | 47 | | |
Federal funds
|
| | | | 34 | | | | | | — | | | | | | — | | | | | | — | | | | | | 34 | | |
| | | | $ | 6,905 | | | | | $ | 55 | | | | | $ | 45 | | | | | $ | (431) | | | | | $ | 6,608 | | |
|
| | |
Nine months ended September 30, 2016
|
| |||||||||||||||||||||||||||
| | |
Interest
income |
| |
Dividend
income |
| |
Realized
gains (losses) |
| |
Fees and
expenses |
| |
Net
investment income |
| |||||||||||||||
Collateralized loan obligations
|
| | | $ | 5,656 | | | | | $ | — | | | | | $ | — | | | | | $ | (336) | | | | | $ | 5,320 | | |
CLO loan accumulation facility
|
| | | | — | | | | | | — | | | | | | 2,352 | | | | | | (128) | | | | | | 2,224 | | |
Investment funds and other
|
| | | | 21 | | | | | | 2 | | | | | | (184) | | | | | | — | | | | | | (161) | | |
| | | | $ | 5,677 | | | | | $ | 2 | | | | | $ | 2,168 | | | | | $ | (464) | | | | | $ | 7,383 | | |
|
| | |
Banking
software system |
| |
Policy
administration software system |
| | | |
Purchased
syndicate capacity |
| |
Total
|
| ||||||||||||||||
Cost | | | | | | | |||||||||||||||||||||||||
Balance at December 31, 2015
|
| | | $ | — | | | | | $ | 1,270 | | | | | $ | 636 | | | | | $ | 362 | | | | | $ | 2,268 | | |
Additions
|
| | | | — | | | | | | 36 | | | | | | 250 | | | | | | — | | | | | | 286 | | |
Fair value adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 13 | | | | | | 13 | | |
Balance at December 31, 2016
|
| | | | — | | | | | | 1,306 | | | | | | 886 | | | | | | 375 | | | | | | 2,567 | | |
Additions
|
| | | | 307 | | | | | | 31 | | | | | | — | | | | | | — | | | | | | 338 | | |
Balance at September 30, 2017
|
| | | $ | 307 | | | | | $ | 1,337 | | | | | $ | 886 | | | | | $ | 375 | | | | | $ | 2,905 | | |
Accumulated amortization | | | | | | | |||||||||||||||||||||||||
Balance at December 31, 2015
|
| | | $ | — | | | | | $ | 48 | | | | | $ | — | | | | | $ | — | | | | | $ | 48 | | |
Amortization
|
| | | | — | | | | | | 238 | | | | | | 177 | | | | | | 61 | | | | | | 476 | | |
Balance at December 31, 2016
|
| | | | — | | | | | | 286 | | | | | | 177 | | | | | | 61 | | | | | | 524 | | |
Amortization
|
| | | | 26 | | | | | | 215 | | | | | | 133 | | | | | | 42 | | | | | | 416 | | |
Balance at September 30, 2017
|
| | | $ | 26 | | | | | $ | 501 | | | | | $ | 310 | | | | | $ | 103 | | | | | $ | 940 | | |
Carrying values | | | | | | | |||||||||||||||||||||||||
| | | $ | — | | | | | $ | 1,020 | | | | | $ | 709 | | | | | $ | 314 | | | | | $ | 2,043 | | | |
| | | $ | 281 | | | | | $ | 836 | | | | | $ | 576 | | | | | $ | 272 | | | | | $ | 1,965 | | | |
|
| | | | | | ||||||||||||||||||||||||||||||||||||||
| | |
Banking
software system |
| |
Policy
administration software system |
| | | |
Purchased
syndicate capacity |
| |
Policy
administration software system |
| | | |
Purchased
syndicate capacity |
| |||||||||||||||||||||||
Within 1 year
|
| | | $ | 61 | | | | | $ | 267 | | | | | $ | 177 | | | | | $ | 75 | | | | | $ | 204 | | | | | $ | 177 | | | | | $ | 78 | | |
1 to 5
years |
| | | | 220 | | | | | | 569 | | | | | | 399 | | | | | | 197 | | | | | | 816 | | | | | | 532 | | | | | | 236 | | |
| | | | $ | 281 | | | | | $ | 836 | | | | | $ | 576 | | | | | $ | 272 | | | | | $ | 1,020 | | | | | $ | 709 | | | | | $ | 314 | | |
|
| | | | | | ||||||||
Accounts receivable
|
| | | $ | 1,475 | | | | | $ | 2,159 | | |
Prepayments and other assets
|
| | | | 1,118 | | | | | | 1,340 | | |
Fixed assets, net of depreciation
|
| | | | 856 | | | | | | 602 | | |
Deferred offering costs
|
| | | | 773 | | | | | | 74 | | |
Promissory notes
|
| | | | 332 | | | | | | 313 | | |
| | | | $ | 4,554 | | | | | $ | 4,488 | | |
|
| | | | | | ||||||||
Beginning of period
|
| | | $ | 6,698 | | | | | $ | 1,374 | | |
Capitalization of policy acquisition costs
|
| | | | 1,956 | | | | | | 6,383 | | |
Amortization
|
| | | | (1,134) | | | | | | (1,059) | | |
End of period
|
| | | $ | 7,520 | | | | | $ | 6,698 | | |
|
| | | | | | ||||||||
Beginning of period
|
| | | $ | 14,324 | | | | | $ | — | | |
Acquisition
|
| | | | — | | | | | | 14,478 | | |
Amortization
|
| | | | (83) | | | | | | (154) | | |
End of period
|
| | | $ | 14,241 | | | | | $ | 14,324 | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 126 | | | | | $ | 110 | | |
1 to 5 years
|
| | | | 599 | | | | | | 749 | | |
Over 5 years
|
| | | | 13,516 | | | | | | 13,465 | | |
| | | | $ | 14,241 | | | | | $ | 14,324 | | |
|
| | | | | | ||||||||
Funds held on behalf of third parties
|
| | | $ | 4,135 | | | | | $ | 10,943 | | |
Accounts payable and accruals
|
| | | | 3,682 | | | | | | 4,644 | | |
Reinsurance payable
|
| | | | 1,918 | | | | | | 821 | | |
Bank deposits
|
| | | | 1,525 | | | | | | 1,500 | | |
| | | | $ | 11,260 | | | | | $ | 17,908 | | |
|
| | | | | | ||||||||
Unearned premium revenue – business segment
|
| | | $ | 5,190 | | | | | $ | 3,099 | | |
Unearned premium revenue – life segment
|
| | | | 3,607 | | | | | | 3,884 | | |
Unearned revenue – business segment
|
| | | | 79 | | | | | | 40 | | |
| | | | $ | 8,876 | | | | | $ | 7,023 | | |
|
| | | | | | ||||||||
Fixed annuity obligations | | | | ||||||||||
Beginning of period
|
| | | $ | 861 | | | | | $ | 532 | | |
Issued
|
| | | | 122 | | | | | | 700 | | |
Interest expense
|
| | | | 32 | | | | | | 33 | | |
Recovery of future policy benefits
|
| | | | — | | | | | | (349) | | |
Payments
|
| | | | (27) | | | | | | (55) | | |
End of period
|
| | | $ | 988 | | | | | $ | 861 | | |
|
| | | | | | ||||||||
Net reserves, beginning of period
|
| | | $ | 2,170 | | | | | $ | 679 | | |
Incurred related to: | | | | ||||||||||
Current year
|
| | | | 2,835 | | | | | | 1,321 | | |
Prior year
|
| | | | 1,456 | | | | | | 960 | | |
Total net incurred
|
| | | | 4,291 | | | | | | 2,281 | | |
Paid related to: | | | | ||||||||||
Current year
|
| | | | (886) | | | | | | (205) | | |
Prior year
|
| | | | (428) | | | | | | (585) | | |
Total net paid
|
| | | | (1,314) | | | | | | (790) | | |
Net reserves, end of period
|
| | | | 5,147 | | | | | | 2,170 | | |
Reinsurance recoverable, end of period
|
| | | | 505 | | | | | | 505 | | |
Total reserves for loss and loss adjustment expenses
|
| | | $ | 5,652 | | | | | $ | 2,675 | | |
|
| | |
Common
shares |
| |
Common
share units |
| |
Total
|
| |
Par
value |
| |
Additional
paid-in capital |
| |
Total
|
| ||||||||||||||||||
Balance at December 31, 2015
|
| | | | 289,199 | | | | | | 76,000 | | | | | | 365,199 | | | | | $ | 2 | | | | | $ | 4,682 | | | | | $ | 4,684 | | |
Issuance of shares/share units
|
| | | | — | | | | | | 8,511 | | | | | | 8,511 | | | | | | — | | | | | | 100 | | | | | | 100 | | |
Repurchase of shares/share
units |
| | | | (47,324) | | | | | | (3,000) | | | | | | (50,324) | | | | | | — | | | | | | (383) | | | | | | (383) | | |
Balance at December 31, 2016
|
| | | | 241,875 | | | | | | 81,511 | | | | | | 323,386 | | | | | $ | 2 | | | | | $ | 4,399 | | | | | $ | 4,401 | | |
Stock-based Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 40 | | | | | | 40 | | |
Balance at September 30, 2017
|
| | | | 241,875 | | | | | | 81,511 | | | | | | 323,386 | | | | | $ | 2 | | | | | $ | 4,439 | | | | | $ | 4,441 | | |
|
| | |
Preferred
shares |
| |
Par
value |
| |
Additional
paid-in capital |
| |
Total
|
| ||||||||||||
Balance at December 31, 2015
|
| | | | 7,701,721 | | | | | $ | 77 | | | | | $ | 76,600 | | | | | $ | 76,677 | | |
Issuance of shares
|
| | | | 178,723 | | | | | | 2 | | | | | | 2,098 | | | | | | 2,100 | | |
Repurchase of shares
|
| | | | (270,000) | | | | | | (3) | | | | | | (2,948) | | | | | | (2,951) | | |
Balance at December 31, 2016
|
| | | | 7,610,444 | | | | | | 76 | | | | | | 75,750 | | | | | | 75,826 | | |
Repurchase of shares
|
| | | | (50,000) | | | | | | (1) | | | | | | (608) | | | | | | (609) | | |
Balance at September 30, 2017
|
| | | | 7,560,444 | | | | | $ | 75 | | | | | $ | 75,142 | | | | | $ | 75,217 | | |
|
| | |
Warrants
outstanding |
| |
Weighed
average exercise price |
| |
Weighed
average remaining contractual life |
| ||||||
Balance at December 31, 2015
|
| | | | 1,520,000 | | | | | $ | 10.17 | | | |
8.01 years
|
|
Issued
|
| | | | 170,220 | | | | | | 11.75 | | | |
9.27 years
|
|
Repurchase of ordinary units
|
| | | | (60,000) | | | | | | 10.00 | | | |
—
|
|
Balance at December 31, 2016
|
| | | | 1,630,220 | | | | | $ | 10.34 | | | |
7.31 years
|
|
Balance at September 30, 2017
|
| | | | 1,630,220 | | | | | $ | 10.34 | | | |
6.56 years
|
|
|
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | | | |
2016
|
| |
2017
|
| |
2016
|
| |||||||||||||
Basic weighted average number of common shares outstanding
|
| | | | 323,386 | | | | | | 365,199 | | | | | | 323,386 | | | | | | 365,199 | | |
Effect of dilutive securities preferred shares
|
| | | | 10,079,553 | | | | | | 9,139,010 | | | | | | 10,081,940 | | | | | | 9,339,686 | | |
Diluted weighted average number of shares outstanding
|
| | | | 10,402,939 | | | | | | 9,504,209 | | | | | | 10,405,326 | | | | | | 9,704,885 | | |
|
| | |
Number of
shares |
| |
Vesting
date |
| ||||||
Nonvested at December 31, 2016
|
| | | | — | | | | |||||
Awards granted
|
| | | | 25,214 | | | | | | 1/15/2019 | | |
Balance at September 30, 2017
|
| | | | 25,214 | | | | |||||
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
Regulatory deposits
|
| | | $ | 4,350 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,350 | | |
Restricted cash
|
| | | | 4,519 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,519 | | |
Investments, available-for-sale | | | | | | | |||||||||||||||||||||||||
Equity securities held by Lloyd’s syndicates
|
| | | | 377 | | | | | | 199 | | | | | | — | | | | | | — | | | | | | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 731 | | | | | | 631 | | | | | | — | | | | | | — | | | | | | 1,362 | | |
Subtotal excluding separate account assets
|
| | | | 9,977 | | | | | | 830 | | | | | | — | | | | | | — | | | | | | 10,807 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 63,594 | | | | | | — | | | | | | 63,594 | | |
Separate account assets
|
| | | | 456,032 | | | | | | 180,145 | | | | | | 109,559 | | | | | | 490,908 | | | | | | 1,236,644 | | |
| | | | $ | 466,009 | | | | | $ | 180,975 | | | | | $ | 173,153 | | | | | $ | 490,908 | | | | | $ | 1,311,045 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
Regulatory deposits
|
| | | $ | 4,350 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 4,350 | | |
Restricted cash
|
| | | | 10,657 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,657 | | |
Investments, available-for-sale | | | | | | | |||||||||||||||||||||||||
CLO loan accumulation facility
|
| | | | — | | | | | | 1,703 | | | | | | — | | | | | | — | | | | | | 1,703 | | |
Equity securities held by Lloyd’s syndicates
|
| | | | 377 | | | | | | 199 | | | | | | — | | | | | | — | | | | | | 576 | | |
Fixed maturities held by Lloyd’s syndicates
|
| | | | 731 | | | | | | 631 | | | | | | — | | | | | | — | | | | | | 1,362 | | |
Subtotal excluding separate account assets
|
| | | | 16,115 | | | | | | 2,533 | | | | | | — | | | | | | — | | | | | | 18,648 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 63,185 | | | | | | — | | | | | | 63,185 | | |
Separate account assets
|
| | | | 404,314 | | | | | | 109,039 | | | | | | 105,177 | | | | | | 404,667 | | | | | | 1,023,197 | | |
| | | | $ | 420,429 | | | | | $ | 111,572 | | | | | $ | 168,362 | | | | | $ | 404,667 | | | | | $ | 1,105,030 | | |
|
| |
Separate account
policy loans |
| |
Separate account
assets |
| |
Total
|
| ||||||||||
Beginning of period
|
| | | $ | 63,185 | | | | | $ | 105,177 | | | | | $ | 168,362 | | |
Issuances
|
| | | | 6,834 | | | | | | 778 | | | | | | 7,612 | | |
Principal repayment
|
| | | | (7,566) | | | | | | — | | | | | | (7,566) | | |
Interest
|
| | | | 1,141 | | | | | | 3,604 | | | | | | 4,745 | | |
End of period
|
| | | $ | 63,594 | | | | | $ | 109,559 | | | | | $ | 173,153 | | |
|
| |
Separate account
policy loans |
| |
Separate account
assets |
| |
Total
|
| ||||||||||
Beginning of year
|
| | | $ | 43,922 | | | | | $ | — | | | | | $ | 43,922 | | |
Acquired from acquisition (Note 3)
|
| | | | 18,765 | | | | | | (1,478) | | | | | | 17,287 | | |
Issuances
|
| | | | 8,580 | | | | | | 106,606 | | | | | | 115,186 | | |
Principal repayment
|
| | | | (9,326) | | | | | | — | | | | | | (9,326) | | |
Interest
|
| | | | 1,244 | | | | | | — | | | | | | 1,244 | | |
Fair value adjustment
|
| | | | — | | | | | | 49 | | | | | | 49 | | |
End of year
|
| | | $ | 63,185 | | | | | $ | 105,177 | | | | | $ | 168,362 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
fair value |
| |
Total
carrying value |
| ||||||||||||||||
Assets | | | | | | | |||||||||||||||||||||||||
Investments, held-to-maturity
|
| | | $ | — | | | | | $ | — | | | | | $ | 67,691 | | | | | $ | 67,691 | | | | | $ | 71,760 | | |
Accrued investment income
|
| | | | — | | | | | | 2,036 | | | | | | — | | | | | | 2,036 | | | | | | 2,036 | | |
Premiums receivable
|
| | | | — | | | | | | 8,389 | | | | | | — | | | | | | 8,389 | | | | | | 8,389 | | |
Accounts receivable
|
| | | | — | | | | | | 1,475 | | | | | | — | | | | | | 1,475 | | | | | | 1,475 | | |
Promissory notes
|
| | | | — | | | | | | 332 | | | | | | — | | | | | | 332 | | | | | | 332 | | |
Reinsurance collateral deposit
|
| | | | — | | | | | | 4,029 | | | | | | — | | | | | | 4,029 | | | | | | 4,029 | | |
Separate account assets
|
| | | | — | | | | | | — | | | | | | 42,207 | | | | | | 42,207 | | | | | | 45,654 | | |
| | | | | — | | | | | | 16,261 | | | | | | 109,898 | | | | | | 126,159 | | | | | | 133,675 | | |
Liabilties | | | | | | | |||||||||||||||||||||||||
Other liabilities
|
| | | | — | | | | | | 11,260 | | | | | | — | | | | | | 11,260 | | | | | | 11,260 | | |
Earn out payments
|
| | | | — | | | | | | — | | | | | | 211 | | | | | | 211 | | | | | | 211 | | |
Note payable
|
| | | | — | | | | | | — | | | | | | 11,282 | | | | | | 11,282 | | | | | | 11,282 | | |
Surplus debenture
|
| | | | — | | | | | | — | | | | | | 851 | | | | | | 851 | | | | | | 851 | | |
Separate account liabilities
|
| | | | — | | | | | | — | | | | | | 42,207 | | | | | | 42,207 | | | | | | 45,654 | | |
| | | | $ | — | | | | | $ | 11,260 | | | | | $ | 54,551 | | | | | $ | 65,811 | | | | | $ | 69,258 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
fair value |
| |
Total
carrying value |
| ||||||||||||||||
Assets | | | | | | | |||||||||||||||||||||||||
Investments, held-to-maturity
|
| | | $ | — | | | | | $ | — | | | | | $ | 76,645 | | | | | $ | 76,645 | | | | | $ | 73,432 | | |
Accrued investment income
|
| | | | — | | | | | | 2,352 | | | | | | — | | | | | | 2,352 | | | | | | 2,352 | | |
Premiums receivable
|
| | | | — | | | | | | 2,730 | | | | | | — | | | | | | 2,730 | | | | | | 2,730 | | |
Accounts receivable
|
| | | | — | | | | | | 2,159 | | | | | | — | | | | | | 2,159 | | | | | | 2,159 | | |
Promissory notes
|
| | | | — | | | | | | 313 | | | | | | — | | | | | | 313 | | | | | | 313 | | |
Reinsurance collateral deposit
|
| | | | — | | | | | | 3,890 | | | | | | — | | | | | | 3,890 | | | | | | 3,890 | | |
Separate account asset
|
| | | | — | | | | | | — | | | | | | 29,461 | | | | | | 29,461 | | | | | | 28,467 | | |
| | | | | — | | | | | | 11,444 | | | | | | 106,106 | | | | | | 117,550 | | | | | | 113,343 | | |
Liabilties | | | | | | | |||||||||||||||||||||||||
Other liabilities
|
| | | | — | | | | | | 17,908 | | | | | | — | | | | | | 17,908 | | | | | | 17,908 | | |
Earn out payments
|
| | | | — | | | | | | — | | | | | | 694 | | | | | | 694 | | | | | | 694 | | |
Note payable
|
| | | | — | | | | | | — | | | | | | 15,408 | | | | | | 15,408 | | | | | | 15,408 | | |
Surplus debenture
|
| | | | — | | | | | | — | | | | | | 780 | | | | | | 780 | | | | | | 780 | | |
Separate account liability
|
| | | | — | | | | | | — | | | | | | 29,461 | | | | | | 29,461 | | | | | | 28,467 | | |
| | | | $ | — | | | | | $ | 17,908 | | | | | $ | 46,343 | | | | | $ | 64,251 | | | | | $ | 63,257 | | |
|
| | |
Three months ended September 30,
|
| |
Nine months ended September 30,
|
| ||||||||||||||||||
| | | | |
2016
|
| |
2017
|
| |
2016
|
| |||||||||||||
Gross written premium
|
| | | $ | 1,984 | | | | | $ | 1,689 | | | | | $ | 5,659 | | | | | $ | 5,969 | | |
Reinsurance ceded
|
| | | | (382) | | | | | | (460) | | | | | | (1,085) | | | | | | (1,364) | | |
Change in unearned premiums
|
| | | | (732) | | | | | | (982) | | | | | | (2,091) | | | | | | (2,325) | | |
Net premiums earned
|
| | | $ | 870 | | | | | $ | 247 | | | | | $ | 2,483 | | | | | $ | 2,280 | | |
|
| | |
Three months ended
|
| |||||||||||||||||||||
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 2,673 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,673 | | |
Reinsurance ceded
|
| | | | (417) | | | | | | — | | | | | | — | | | | | | (417) | | |
Change in reinsurance recoverable
|
| | | | (39) | | | | | | — | | | | | | — | | | | | | (39) | | |
Net premiums earned
|
| | | | — | | | | | | 870 | | | | | | — | | | | | | 870 | | |
Management and administration fees
|
| | | | 15 | | | | | | 674 | | | | | | — | | | | | | 689 | | |
Net investment income
|
| | | | 2,074 | | | | | | 22 | | | | | | — | | | | | | 2,096 | | |
Total other-than-temporary impairment losses
|
| | | | (1,701) | | | | | | — | | | | | | — | | | | | | (1,701) | | |
Portion of other-than-temporary impairment losses recognized in other comprehensive (loss)/income
|
| | | | 779 | | | | | | — | | | | | | — | | | | | | 779 | | |
Total revenues
|
| | | | 3,384 | | | | | | 1,566 | | | | | | — | | | | | | 4,950 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 1,123 | | | | | | — | | | | | | 1,123 | | |
Amortization of deferred policy acquisition costs
|
| | | | 301 | | | | | | — | | | | | | — | | | | | | 301 | | |
Amortization of value of business acquired
|
| | | | 28 | | | | | | — | | | | | | — | | | | | | 28 | | |
Finance charge
|
| | | | 153 | | | | | | — | | | | | | — | | | | | | 153 | | |
Underwriting, general and administrative expenses
|
| | | | 2,105 | | | | | | 703 | | | | | | 1,238 | | | | | | 4,046 | | |
Total expenses
|
| | | | 2,587 | | | | | | 1,826 | | | | | | 1,238 | | | | | | 5,651 | | |
Income/(loss) before income tax
|
| | | | 797 | | | | | | (260) | | | | | | (1,238) | | | | | | (701) | | |
Current income tax expense
|
| | | | (7) | | | | | | — | | | | | | — | | | | | | (7) | | |
Deferred income tax expense
|
| | | | — | | | | | | (384) | | | | | | — | | | | | | (384) | | |
Net income/(loss)
|
| | | $ | 790 | | | | | $ | (644) | | | | | $ | (1,238) | | | | | $ | (1,092) | | |
Total assets
|
| | | $ | 1,437,479 | | | | | $ | 21,727 | | | | | $ | 19,072 | | | | | $ | 1,478,278 | | |
Total liabilities
|
| | | $ | 1,358,076 | | | | | $ | 14,545 | | | | | $ | 12,396 | | | | | $ | 1,385,017 | | |
|
| | |
Three months ended
|
| |||||||||||||||||||||
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 2,017 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,017 | | |
Reinsurance ceded
|
| | | | (373) | | | | | | — | | | | | | — | | | | | | (373) | | |
Change in reinsurance recoverable
|
| | | | — | | | | | | 412 | | | | | | — | | | | | | 412 | | |
Net premiums earned
|
| | | | — | | | | | | 247 | | | | | | — | | | | | | 247 | | |
Management and administration fees
|
| | | | — | | | | | | 583 | | | | | | — | | | | | | 583 | | |
Net investment income
|
| | | | 2,302 | | | | | | (21) | | | | | | — | | | | | | 2,281 | | |
Total revenues
|
| | | | 3,946 | | | | | | 1,221 | | | | | | — | | | | | | 5,167 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 94 | | | | | | — | | | | | | 94 | | |
Amortization of deferred policy acquisition costs
|
| | | | 68 | | | | | | — | | | | | | — | | | | | | 68 | | |
Underwriting, general and administrative expenses
|
| | | | 1,673 | | | | | | 1,279 | | | | | | 507 | | | | | | 3,459 | | |
Total Expenses
|
| | | | 1,741 | | | | | | 1,373 | | | | | | 507 | | | | | | 3,621 | | |
Income/(loss) before income tax
|
| | | | 2,205 | | | | | | (152) | | | | | | (507) | | | | | | 1,546 | | |
Current income tax benefit
|
| | | | — | | | | | | 35 | | | | | | — | | | | | | 35 | | |
Net income/(loss)
|
| | | $ | 2,205 | | | | | $ | (117) | | | | | $ | (507) | | | | | $ | 1,581 | | |
Total assets
|
| | | $ | 535,774 | | | | | $ | 17,052 | | | | | $ | 4 | | | | | $ | 552,830 | | |
Total liabilities
|
| | | $ | 452,417 | | | | | $ | 11,207 | | | | | $ | 142 | | | | | $ | 463,766 | | |
|
| | |
Nine months ended
|
| |||||||||||||||||||||
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 8,196 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,196 | | |
Reinsurance ceded
|
| | | | (1,550) | | | | | | — | | | | | | — | | | | | | (1,550) | | |
Change in reinsurance recoverable
|
| | | | (133) | | | | | | — | | | | | | — | | | | | | (133) | | |
Net premiums earned
|
| | | | — | | | | | | 2,483 | | | | | | — | | | | | | 2,483 | | |
Management and administration fees
|
| | | | 58 | | | | | | 1,935 | | | | | | — | | | | | | 1,993 | | |
Net investment income
|
| | | | 6,586 | | | | | | 22 | | | | | | — | | | | | | 6,608 | | |
Total other-than-temporary impairment losses
|
| | | | (1,701) | | | | | | — | | | | | | — | | | | | | (1,701) | | |
Portion of other-than-temporary impairment losses recognized in other comprehensive (loss)/income
|
| | | | 779 | | | | | | — | | | | | | — | | | | | | 779 | | |
Total revenues
|
| | | | 12,235 | | | | | | 4,440 | | | | | | — | | | | | | 16,675 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 2,976 | | | | | | — | | | | | | 2,976 | | |
Amortization of deferred policy acquisition costs
|
| | | | 1,134 | | | | | | — | | | | | | — | | | | | | 1,134 | | |
Amortization of value of business acquired
|
| | | | 83 | | | | | | — | | | | | | — | | | | | | 83 | | |
Finance charge
|
| | | | 536 | | | | | | — | | | | | | — | | | | | | 536 | | |
Underwriting, general and administrative expenses
|
| | | | 5,910 | | | | | | 2,057 | | | | | | 2,366 | | | | | | 10,333 | | |
Total expenses
|
| | | | 7,663 | | | | | | 5,033 | | | | | | 2,366 | | | | | | 15,062 | | |
Income/(loss) before income tax
|
| | | | 4,572 | | | | | | (593) | | | | | | (2,366) | | | | | | 1,613 | | |
Current income tax expense
|
| | | | (21) | | | | | | — | | | | | | — | | | | | | (21) | | |
Deferred income tax expense
|
| | | | (12) | | | | | | (388) | | | | | | — | | | | | | (400) | | |
Net income/(loss)
|
| | | $ | 4,539 | | | | | $ | (981) | | | | | $ | (2,366) | | | | | $ | 1,192 | | |
Total assets
|
| | | $ | 1,437,479 | | | | | $ | 21,727 | | | | | $ | 19,072 | | | | | $ | 1,478,278 | | |
Total liabilities
|
| | | $ | 1,358,076 | | | | | $ | 14,545 | | | | | $ | 12,396 | | | | | $ | 1,385,017 | | |
|
| | |
Nine months ended
|
| |||||||||||||||||||||
| |
Life
|
| |
Business
|
| |
Corporate
|
| |
Total
|
| |||||||||||||
Revenues | | | | | | ||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 5,042 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,042 | | |
Reinsurance ceded
|
| | | | (1,105) | | | | | | — | | | | | | — | | | | | | (1,105) | | |
Change in reinsurance recoverable
|
| | | | (71) | | | | | | 454 | | | | | | — | | | | | | 383 | | |
Net premiums earned
|
| | | | — | | | | | | 2,280 | | | | | | — | | | | | | 2,280 | | |
Management and administration fees
|
| | | | — | | | | | | 1,827 | | | | | | — | | | | | | 1,827 | | |
Net investment income
|
| | | | 7,431 | | | | | | (48) | | | | | | — | | | | | | 7,383 | | |
Total revenues
|
| | | | 11,297 | | | | | | 4,513 | | | | | | — | | | | | | 15,810 | | |
Expenses | | | | | | ||||||||||||||||||||
Net loss and loss adjustment expenses
|
| | | | — | | | | | | 1,256 | | | | | | — | | | | | | 1,256 | | |
Amortization of deferred policy acquisition costs
|
| | | | 150 | | | | | | — | | | | | | — | | | | | | 150 | | |
Underwriting, general and administrative expenses
|
| | | | 4,854 | | | | | | 3,390 | | | | | | 2,345 | | | | | | 10,589 | | |
Total expenses
|
| | | | 5,004 | | | | | | 4,646 | | | | | | 2,345 | | | | | | 11,995 | | |
Income/(loss) before income tax
|
| | | | 6,293 | | | | | | (133) | | | | | | (2,345) | | | | | | 3,815 | | |
Current income tax benefit
|
| | | | 9 | | | | | | 35 | | | | | | — | | | | | | 44 | | |
Deferred income benefit
|
| | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Net income/(loss)
|
| | | $ | 6,302 | | | | | $ | (33) | | | | | $ | (2,345) | | | | | $ | 3,924 | | |
Total assets
|
| | | $ | 535,774 | | | | | $ | 17,052 | | | | | $ | 4 | | | | | $ | 552,830 | | |
Total liabilities
|
| | | $ | 452,417 | | | | | $ | 11,207 | | | | | $ | 142 | | | | | $ | 463,766 | | |
|
| | |
Three months ended
|
| |||||||||||||||||||||||||||
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 858 | | | | | $ | 1,815 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,673 | | |
Reinsurance ceded
|
| | | | (104) | | | | | | (313) | | | | | | — | | | | | | — | | | | | | (417) | | |
Change in reinsurance recoverable
|
| | | | (25) | | | | | | (14) | | | | | | — | | | | | | — | | | | | | (39) | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 870 | | | | | | 870 | | |
Management and administration
fees |
| | | | 161 | | | | | | 39 | | | | | | 489 | | | | | | — | | | | | | 689 | | |
Net investment income
|
| | | | 2,051 | | | | | | 45 | | | | | | — | | | | | | — | | | | | | 2,096 | | |
Total other-than-temporary impairment losses
|
| | | | (1,701) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,701) | | |
Portion of other-than-temporary impairment losses recognized in other comprehensive (loss)/income
|
| | | | 779 | | | | | | — | | | | | | — | | | | | | — | | | | | | 779 | | |
Total revenues
|
| | | $ | 2,019 | | | | | $ | 1,572 | | | | | $ | 489 | | | | | $ | 870 | | | | | $ | 4,950 | | |
|
| | |
Three months ended
|
| |||||||||||||||||||||||||||
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 1,218 | | | | | $ | 799 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,017 | | |
Reinsurance ceded
|
| | | | (110) | | | | | | (263) | | | | | | — | | | | | | — | | | | | | (373) | | |
Change in reinsurance recoverable
|
| | | | — | | | | | | — | | | | | | — | | | | | | 412 | | | | | | 412 | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 247 | | | | | | 247 | | |
Management and administration fees
|
| | | | 183 | | | | | | 40 | | | | | | 360 | | | | | | — | | | | | | 583 | | |
Net investment income
|
| | | | 2,278 | | | | | | 2 | | | | | | — | | | | | | 1 | | | | | | 2,281 | | |
Total revenues
|
| | | $ | 3,569 | | | | | $ | 578 | | | | | $ | 360 | | | | | $ | 660 | | | | | $ | 5,167 | | |
|
| | |
Nine months ended
|
| |||||||||||||||||||||||||||
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 2,619 | | | | | $ | 5,577 | | | | | $ | — | | | | | $ | — | | | | | $ | 8,196 | | |
Reinsurance ceded
|
| | | | (439) | | | | | | (1,111) | | | | | | — | | | | | | — | | | | | | (1,550) | | |
Change in reinsurance recoverable
|
| | | | (71) | | | | | | (62) | | | | | | — | | | | | | — | | | | | | (133) | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,483 | | | | | | 2,483 | | |
Management and administration fees
|
| | | | 512 | | | | | | 108 | | | | | | 1,373 | | | | | | — | | | | | | 1,993 | | |
Net investment income
|
| | | | 6,542 | | | | | | 66 | | | | | | — | | | | | | — | | | | | | 6,608 | | |
Total other-than-temporary impairment losses
|
| | | | (1,701) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,701) | | |
Portion of other-than-temporary impairment losses recognized in other comprehensive (loss)/income
|
| | | | 779 | | | | | | — | | | | | | — | | | | | | — | | | | | | 779 | | |
Total revenues
|
| | | $ | 8,241 | | | | | $ | 4,578 | | | | | $ | 1,373 | | | | | $ | 2,483 | | | | | $ | 16,675 | | |
|
| | |
Nine months ended
|
| |||||||||||||||||||||||||||
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Revenues | | | | | | | |||||||||||||||||||||||||
Policy charges and fee income
|
| | | $ | 2,962 | | | | | $ | 2,080 | | | | | $ | — | | | | | $ | — | | | | | $ | 5,042 | | |
Reinsurance ceded
|
| | | | (318) | | | | | | (787) | | | | | | — | | | | | | — | | | | | | (1,105) | | |
Change in reinsurance recoverable
|
| | | | (48) | | | | | | (23) | | | | | | — | | | | | | 454 | | | | | | 383 | | |
Net premiums earned
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,280 | | | | | | 2,280 | | |
Management and administration fees
|
| | | | 557 | | | | | | 40 | | | | | | 1,230 | | | | | | — | | | | | | 1,827 | | |
Net investment income
|
| | | | 7,367 | | | | | | (3) | | | | | | — | | | | | | 19 | | | | | | 7,383 | | |
Total revenues
|
| | | $ | 10,520 | | | | | $ | 1,307 | | | | | $ | 1,230 | | | | | $ | 2,753 | | | | | $ | 15,810 | | |
|
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Total assets
|
| | | $ | 176,778 | | | | | $ | 1,283,483 | | | | | $ | 885 | | | | | $ | 17,132 | | | | | $ | 1,478,278 | | |
Total liabilities
|
| | | | 105,944 | | | | | | 1,265,758 | | | | | | 143 | | | | | | 13,172 | | | | | | 1,385,017 | | |
| | | | $ | 70,834 | | | | | $ | 17,725 | | | | | $ | 742 | | | | | $ | 3,960 | | | | | $ | 93,261 | | |
|
| |
Cayman Islands
|
| |
Puerto Rico
|
| |
United States
|
| |
United Kingdom
|
| |
Total
|
| ||||||||||||||||
Total assets
|
| | | $ | 182,741 | | | | | $ | 1,058,703 | | | | | $ | 1,369 | | | | | $ | 10,924 | | | | | $ | 1,253,737 | | |
Total liabilities
|
| | | | 104,629 | | | | | | 1,048,555 | | | | | | 353 | | | | | | 6,687 | | | | | | 1,160,224 | | |
| | | | $ | 78,112 | | | | | $ | 10,148 | | | | | $ | 1,016 | | | | | $ | 4,237 | | | | | $ | 93,513 | | |
|
| | |
Three months ended
September 30, |
| |
Nine months ended
September 30, |
| ||||||||||||||||||
| | | | |
2016
|
| |
2017
|
| |
2016
|
| |||||||||||||
Changes in operating assets and liabilities: | | | | | | ||||||||||||||||||||
Restricted cash
|
| | | $ | (2,066) | | | | | $ | (812) | | | | | $ | 6,138 | | | | | $ | (1,258) | | |
Regulatory deposits
|
| | | | — | | | | | | (1,550) | | | | | | — | | | | | | (1,550) | | |
Accrued investment income
|
| | | | (62) | | | | | | (835) | | | | | | 316 | | | | | | (938) | | |
Premiums receivable
|
| | | | (1,983) | | | | | | 792 | | | | | | (5,659) | | | | | | (3,488) | | |
Other assets
|
| | | | (376) | | | | | | (185) | | | | | | 188 | | | | | | 316 | | |
Reinsurance collateral deposit
|
| | | | — | | | | | | 350 | | | | | | (139) | | | | | | 231 | | |
Deferred policy acquisition costs
|
| | | | (919) | | | | | | (528) | | | | | | (1,956) | | | | | | (1,409) | | |
Reinsurance recoverable
|
| | | | 39 | | | | | | (484) | | | | | | 133 | | | | | | (455) | | |
Deferred income taxes
|
| | | | 384 | | | | | | (35) | | | | | | 400 | | | | | | (100) | | |
Other liabilities
|
| | | | 2,749 | | | | | | 307 | | | | | | (6,648) | | | | | | 2,635 | | |
Income taxes payable
|
| | | | 5 | | | | | | — | | | | | | (21) | | | | | | (10) | | |
Earn out payments due
|
| | | | — | | | | | | 10 | | | | | | — | | | | | | 279 | | |
Unearned revenue
|
| | | | 542 | | | | | | 613 | | | | | | 1,853 | | | | | | 1,740 | | |
Reserves for future policy benefits
|
| | | | 8 | | | | | | 714 | | | | | | 127 | | | | | | 336 | | |
Reserves for loss and loss adjustment expenses
|
| | | | 1,124 | | | | | | 284 | | | | | | 2,977 | | | | | | 1,444 | | |
| | | | $ | (555) | | | | | $ | (1,359) | | | | | $ | (2,291) | | | | | $ | (2,227) | | |
Supplemental disclosures of cash flow information: | | | | | | ||||||||||||||||||||
Net cash paid for income tax
|
| | | $ | — | | | | | $ | — | | | | | $ | 14 | | | | | $ | — | | |
Cash interest income received, included in net investment
income |
| | | $ | 2,185 | | | | | $ | 1,674 | | | | | $ | 7,255 | | | | | $ | 4,739 | | |
|
| | | | | | ||||||||
Within 1 year
|
| | | $ | 491 | | | | | $ | 449 | | |
1 to 5 years
|
| | | | 1,379 | | | | | | 643 | | |
| | | | $ | 1,870 | | | | | $ | 1,092 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Note 13)
|
| |||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 1,329 | | | | | $ | 1,295 | | |
Regulatory deposits (Note 12)
|
| | | | 750 | | | | | | 750 | | |
Accounts receivable
|
| | | | 317 | | | | | | 102 | | |
Income tax receivable
|
| | | | 1 | | | | | | 1 | | |
Prepaids
|
| | | | 215 | | | | | | 223 | | |
Deferred policy acquisition costs (Note 3)
|
| | | | 917 | | | | | | 964 | | |
Reinsurance recoverable (Note 7)
|
| | | | 1,398 | | | | | | 1,180 | | |
Separate account policy loans (Note 4)
|
| | | | 18,765 | | | | | | 19,012 | | |
Separate account assets (Note 9)
|
| | | | 536,363 | | | | | | 491,213 | | |
Total assets
|
| | | | 560,055 | | | | | | 514,740 | | |
Liabilities and shareholder’s equity | | | | ||||||||||
Liabilities | | | | ||||||||||
Other liabilities (Note 5)
|
| | | | 180 | | | | | | 156 | | |
Unearned revenue
|
| | | | 1,524 | | | | | | 1,714 | | |
Due to related parties (Note 6)
|
| | | | 204 | | | | | | 5 | | |
Separate account liabilities
|
| | | | 555,128 | | | | | | 510,225 | | |
Total liabilities
|
| | | | 557,036 | | | | | | 512,100 | | |
Shareholder’s equity | | | | ||||||||||
Ordinary shares: par value $1.00 per share – 750,000 issued and outstanding (Note 8)
|
| | | | 750 | | | | | | 750 | | |
Additional paid-in capital (Note 8)
|
| | | | 250 | | | | | | 250 | | |
Retained earnings
|
| | | | 2,019 | | | | | | 1,640 | | |
Total shareholder’s equity
|
| | | | 3,019 | | | | | | 2,640 | | |
Total liabilities and shareholder’s equity
|
| | | $ | 560,055 | | | | | $ | 514,740 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Note 13)
|
| |||
Revenues | | | | | | | | | | | | | |
Policy charges and fee income
|
| | | $ | 2,349 | | | | | $ | 3,398 | | |
Reinsurance ceded
|
| | | | (356) | | | | | | (536) | | |
Change in reinsurance recoverable
|
| | | | 218 | | | | | | 1,180 | | |
Net investment income
|
| | | | 52 | | | | | | 64 | | |
Total revenues
|
| | | | 2,263 | | | | | | 4,106 | | |
Expenses | | | | ||||||||||
Loss and loss adjustment expenses
|
| | | | — | | | | | | 29 | | |
Amortization of deferred policy acquisition costs
|
| | | | 1,067 | | | | | | 1,478 | | |
Underwriting, general and administrative expenses (Note 10)
|
| | | | 292 | | | | | | 624 | | |
Total expenses
|
| | | | 1,359 | | | | | | 2,131 | | |
Net income
|
| | | $ | 904 | | | | | $ | 1,975 | | |
|
| | |
Ordinary
shares |
| |
Additional
paid-in capital |
| |
Retained
earnings |
| |
Total
shareholder’s equity |
| ||||||||||||
| | | | | | | | | | | | | | |
(Note 13)
|
| |
(Note 13)
|
| ||||||
Balance at December 31, 2014
|
| | | $ | 750 | | | | | $ | 250 | | | | | $ | 190 | | | | | $ | 1,190 | | |
Dividends
|
| | | | — | | | | | | — | | | | | | (525) | | | | | | (525) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,975 | | | | | | 1,975 | | |
Balance at December 31, 2015
|
| | | $ | 750 | | | | | $ | 250 | | | | | $ | 1,640 | | | | | $ | 2,640 | | |
Dividends
|
| | | | — | | | | | | — | | | | | | (525) | | | | | | (525) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 904 | | | | | | 904 | | |
Balance at September 30, 2016
|
| | | $ | 750 | | | | | $ | 250 | | | | | $ | 2,019 | | | | | $ | 3,019 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
| | | | | | | | |
(Note 13)
|
| |||
Cash flows from operating activities | | | | ||||||||||
Net income
|
| | | $ | 904 | | | | | | 1,975 | | |
Adjustments to reconcile net cash provided by operating activities:
|
| | | | | | | | | | | | |
Amortization of deferred policy acquisition costs
|
| | | | 1,067 | | | | | | 1,478 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (215) | | | | | | 184 | | |
Prepaids
|
| | | | 8 | | | | | | (223) | | |
Deferred policy acquisition costs
|
| | | | (1,020) | | | | | | (3,136) | | |
Reinsurance recoverable
|
| | | | (218) | | | | | | (1,180) | | |
Other liabilities
|
| | | | 24 | | | | | | 122 | | |
Unearned revenue
|
| | | | (190) | | | | | | 1,714 | | |
Due to related parties
|
| | | | 199 | | | | | | (26) | | |
Net cash provided by operating activities
|
| | | | 559 | | | | | | 908 | | |
Cash flows from financing activities | | | | | | | | | | | | | |
Dividends paid on ordinary shares
|
| | | | (525) | | | | | | (525) | | |
Net cash used in financing activities
|
| | | | (525) | | | | | | (525) | | |
Net increase in cash and cash equivalents
|
| | | | 34 | | | | | | 383 | | |
Cash and cash equivalents, beginning of period/year
|
| | | | 1,295 | | | | | | 912 | | |
Cash and cash equivalents, end of period/year
|
| | | $ | 1,329 | | | | | $ | 1,295 | | |
|
| | | | | | ||||||||
Balance, beginning of period/year
|
| | | $ | 964 | | | | | $ | 893 | | |
Capitalization of policy acquisition costs
|
| | | | 1,020 | | | | | | 1,549 | | |
Amortization
|
| | | | (1,067) | | | | | | (1,478) | | |
Balance, end of period/year
|
| | | $ | 917 | | | | | $ | 964 | | |
|
| | | | | | ||||||||
Accounts payable and accrued liabilities
|
| | | $ | 180 | | | | | $ | 156 | | |
| | | | $ | 180 | | | | | $ | 156 | | |
|
| | | | | | ||||||||
Middlebury Investments Ltd
|
| | | $ | 199 | | | | | $ | 1 | | |
Lighthouse Capital Insurance Company
|
| | | | 5 | | | | | | 4 | | |
| | | | $ | 204 | | | | | $ | 5 | | |
|
| | |
Ordinary
shares |
| |
Par
value |
| |
Additional
paid-in capital |
| |
Total
|
| ||||||||||||
| | | | 750,000 | | | | | $ | 750 | | | | | $ | 250 | | | | | $ | 1,000 | | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
Regulatory deposits
|
| | | $ | 750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 750 | | |
Subtotal excluding separate account assets
|
| | | | 750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 750 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 18,765 | | | | | | — | | | | | | 18,765 | | |
Separate account assets
|
| | | | 182,470 | | | | | | 50,332 | | | | | | (1,478) | | | | | | 305,039 | | | | | | 536,363 | | |
| | | | $ | 183,220 | | | | | $ | 50,332 | | | | | $ | 17,287 | | | | | $ | 305,039 | | | | | $ | 555,878 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
NAV practical
expedient |
| |
Total
fair value |
| ||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(Note 13)
|
| |||
Regulatory deposits
|
| | | $ | 750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 750 | | |
Subtotal excluding separate account assets
|
| | | | 750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 750 | | |
Separate account policy loans
|
| | | | — | | | | | | — | | | | | | 19,012 | | | | | | — | | | | | | 19,012 | | |
Separate account assets
|
| | | | 151,035 | | | | | | 21,136 | | | | | | (1,899) | | | | | | 320,941 | | | | | | 491,213 | | |
| | | | $ | 151,785 | | | | | $ | 21,136 | | | | | $ | 17,113 | | | | | $ | 320,941 | | | | | $ | 510,975 | | |
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
fair value |
| |||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | $ | — | | | | | $ | 317 | | | | | $ | — | | | | | $ | 317 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Other liabilities
|
| | | $ | — | | | | | $ | 180 | | | | | $ | — | | | | | $ | 180 | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | $ | — | | | | | $ | 102 | | | | | $ | — | | | | | $ | 102 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Other liabilities
|
| | | $ | — | | | | | $ | 156 | | | | | $ | — | | | | | $ | 156 | | |
|
| |
Separate
account policy loans |
| |
Separate
account assets |
| |
Total
|
| ||||||||||
Balance, beginning of period
|
| | | $ | 19,012 | | | | | $ | (1,899) | | | | | $ | 17,113 | | |
Issuances
|
| | | | 700 | | | | | | — | | | | | | 700 | | |
Principal repayment
|
| | | | (985) | | | | | | — | | | | | | (985) | | |
Interest
|
| | | | 38 | | | | | | — | | | | | | 38 | | |
Fair value adjustment
|
| | | | — | | | | | | 421 | | | | | | 421 | | |
Balance, end of period
|
| | | $ | 18,765 | | | | | $ | (1,478) | | | | | $ | 17,287 | | |
|
| | | | | | | | | | | | | | | | | | | |
| | |
(Note 13)
|
| |
(Note 13)
|
| |
(Note 13)
|
| |||||||||
Balance, beginning of year
|
| | | $ | 18,860 | | | | | $ | 18 | | | | | $ | 18,878 | | |
Issuances
|
| | | | 150 | | | | | | (1,899) | | | | | | (1,749) | | |
Interest
|
| | | | 2 | | | | | | — | | | | | | 2 | | |
Fair value adjustment
|
| | | | — | | | | | | (18) | | | | | | (18) | | |
Balance, end of year
|
| | | $ | 19,012 | | | | | $ | (1,899) | | | | | $ | 17,113 | | |
|
| | |
2016
|
| |
2015
|
| ||||||
Management fees
|
| | | $ | 188 | | | | | $ | 430 | | |
Other
|
| | | | 47 | | | | | | 63 | | |
Government fees
|
| | | | 28 | | | | | | 35 | | |
Audit fees
|
| | | | 24 | | | | | | 27 | | |
Professional fees
|
| | | | 5 | | | | | | 69 | | |
| | | | $ | 292 | | | | | $ | 624 | | |
|
| | |
As amended
December 31, 2015 |
| |
As reported
December 31, 2015 |
| |
Impact
of change |
| |||||||||
Assets | | | | | |||||||||||||||
Cash and cash equivalents
|
| | | $ | 1,295 | | | | | $ | 1,295 | | | | | $ | — | | |
Regulatory deposits
|
| | | | 750 | | | | | | 750 | | | | | | — | | |
Accounts receivable
|
| | | | 102 | | | | | | 104 | | | | | | (2) | | |
Income tax receivable
|
| | | | 1 | | | | | | 1 | | | | | | — | | |
Prepaids
|
| | | | 223 | | | | | | — | | | | | | 223 | | |
Deferred policy acquisition costs
|
| | | | 964 | | | | | | — | | | | | | 964 | | |
Reinsurance recoverable
|
| | | | 1,180 | | | | | | — | | | | | | 1,180 | | |
Separate account policy loans
|
| | | | 19,012 | | | | | | 19,037 | | | | | | (25) | | |
Separate account assets
|
| | | | 491,213 | | | | | | 898,896 | | | | | | (407,683) | | |
Total assets
|
| | | | 514,740 | | | | | | 920,083 | | | | | | (405,343) | | |
Liabilities and shareholder’s equity | | | | | |||||||||||||||
Liabilities | | | | | |||||||||||||||
Other liabilities
|
| | | | 156 | | | | | | 156 | | | | | | — | | |
Unearned revenue
|
| | | | 1,714 | | | | | | — | | | | | | 1,714 | | |
Due to related parties
|
| | | | 5 | | | | | | 5 | | | | | | — | | |
Separate account liabilities
|
| | | | 510,225 | | | | | | 917,933 | | | | | | (407,708) | | |
Total liabilities
|
| | | | 512,100 | | | | | | 918,094 | | | | | | (405,994) | | |
Shareholder’s equity
|
| | | | |||||||||||||||
Ordinary shares issued and outstanding (Note 8)
|
| | | | 750 | | | | | | 750 | | | | | | — | | |
Additional paid-in capital
|
| | | | 250 | | | | | | 250 | | | | | | — | | |
Retained earnings
|
| | | | 1,640 | | | | | | 989 | | | | | | 651 | | |
Total shareholder’s equity
|
| | | | 2,640 | | | | | | 1,989 | | | | | | 651 | | |
Total liabilities and shareholder’s equity
|
| | | $ | 514,740 | | | | | $ | 920,083 | | | | | $ | (405,343) | | |
|
| | |
As amended
December 31, 2015 |
| |
As reported
December 31, 2015 |
| |
Impact of
change |
|||||||||
Revenues | | | | | ||||||||||||||
Policy charges and fee income
|
| | | $ | 3,398 | | | | | $ | 3,212 | | | | | $ | 186 | |
Reinsurance ceded
|
| | | | (536) | | | | | | (446) | | | | | | (90) | |
Change in recoverable
|
| | | | 1,180 | | | | | | — | | | | | | 1,180 | |
Net investment income
|
| | | | 64 | | | | | | 64 | | | | | | — | |
Total revenues
|
| | | | 4,106 | | | | | | 2,830 | | | | | | 1,276 | |
Expenses | | | | | ||||||||||||||
Loss and loss adjustment expenses
|
| | | | 29 | | | | | | 29 | | | | | | — | |
Amortization of deferred policy acquisition costs
|
| | | | 1,478 | | | | | | — | | | | | | 1,478 | |
Underwriting, general and administrative and expenses
|
| | | | 624 | | | | | | 2,172 | | | | | | (1,548) | |
Total expenses
|
| | | | 2,131 | | | | | | 2,201 | | | | | | (70) | |
Net income
|
| | | $ | 1,975 | | | | | $ | 629 | | | | | $ | 1,346 | |
|
| | |
As amended
December 31, 2015 |
| |
As reported
December 31, 2015 |
| |
Impact of
change |
|||||||||
Cash flows from operating activities | | | | | ||||||||||||||
Net income
|
| | | $ | 1,975 | | | | | $ | 629 | | | | | $ | 1,346 | |
Adjustments to reconcile net cash provided by operating activities:
|
| | | | ||||||||||||||
Amortization of deferred policy acquisition costs
|
| | | | 1,478 | | | | | | — | | | | | | 1,478 | |
Changes in operating assets and liabilities:
|
| | | | ||||||||||||||
Reinsurance recoverable
|
| | | | (1,180) | | | | | | — | | | | | | (1,180) | |
Accounts receivable
|
| | | | 184 | | | | | | 184 | | | | | | — | |
Deferred policy acquisition costs
|
| | | | (3,136) | | | | | | — | | | | | | (3,136) | |
Deferred reinsurance premium
|
| | | | (223) | | | | | | — | | | | | | (223) | |
Other liabilities
|
| | | | 122 | | | | | | 121 | | | | | | 1 | |
Unearned revenue
|
| | | | 1,714 | | | | | | — | | | | | | 1,714 | |
Due to related parties
|
| | | | (26) | | | | | | (26) | | | | | | — | |
Net cash provided by operating activities
|
| | | | 908 | | | | | | 908 | | | | | | — | |
Cash flows from financing activities | | | | | ||||||||||||||
Dividends paid on ordinary shares
|
| | | | (525) | | | | | | (525) | | | | | | — | |
Net cash used in financing activities
|
| | | | (525) | | | | | | (525) | | | | | | — | |
Net increase in cash and cash equivalents
|
| | | | 383 | | | | | | 383 | | | | | | — | |
Cash and cash equivalents, beginning of year
|
| | | | 912 | | | | | | 912 | | | | | | — | |
Cash and cash equivalents, end of year
|
| | | $ | 1,295 | | | | | $ | 1,295 | | | | | | — | |
|
|
|
| |
|
|
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 13 | | | |
| | | | 14 | | | |
| | | | 41 | | | |
| | | | 43 | | | |
| | | | 44 | | | |
Capitalization | | | | | 45 | | |
Dilution | | | | | 46 | | |
| | | | 47 | | | |
| | | | 50 | | | |
| | | | 52 | | | |
| | | | 73 | | | |
| | | | 109 | | | |
| | | | 118 | | | |
| | | | 125 | | | |
| | | | 132 | | | |
| | | | 135 | | | |
| | | | 142 | | | |
| | | | 152 | | | |
| | | | 153 | | | |
| | | | 154 | | | |
| | | | 165 | | | |
Underwriting | | | | | 168 | | |
| | | | 171 | | | |
| | | | 171 | | | |
| | | | 171 | | | |
| | | | 172 | | | |
| | | | 173 | | | |
| | | | F-1 | | |
|
|
| |
|
|
Expense
|
| |
Amount
|
| |||
SEC Registration Fees
|
| | | $ | 18,675 | | |
FINRA Fees
|
| | | $ | 23,000 | | |
Legal Fees
|
| |
|
| |||
Accounting Fees
|
| |
|
| |||
Financial Printer
|
| | |||||
Miscellaneous Fees and Expenses
|
| | | | | | |
Total
|
| | | $ | | | |
|
| | | | ADVANTAGE INSURANCE INC. | |
| | | |
By:
/s/ Walter C. Keenan
Walter C. Keenan
Director, President and Chief Executive Officer |
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Walter C. Keenan
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| | Director, President and Chief Executive Officer (Principal Executive Officer) | | | November 16, 2017 | |
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/s/ Mathew I. Lawson
Matthew I. Lawson
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| | Chief Accounting Officer (Principal Financial and Accounting Officer) | | | November 16, 2017 | |
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/s/ Colin W. Devine
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| | Director | | | November 16, 2017 | |
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/s/ Scot H. Fischer
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| | Director | | | November 16, 2017 | |
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/s/ Mark Moffat
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| | Director | | | November 16, 2017 | |
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| | Director | | | November 16, 2017 | |
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| | Director | | | November 16, 2017 | |
Exhibit No.
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Description
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1.1 | | | Underwriting Agreement* | |
3.1 | | | Certificate of Incorporation of Advantage Insurance Inc. | |
3.2 | | | Bylaws of Advantage Insurance Inc. | |
5.1 | | | Opinion of Vidal, Nieves & Bauzá, LLC* | |
10.1 | | | Plan and Agreement of Merger dated as of September 30, 2016 by and between Advantage Insurance Holdings Ltd. and Advantage Insurance Inc. | |
10.2 | | | GSO Investment Management Agreement* | |
10.3 | | | AVI Intercompany Business Services Agreement | |
10.4 | | | USCL Stock Purchase and Sale Agreement | |
10.5 | | | USCL Promissory Note | |
10.6 | | | Employment Agreement of Walter C. Keenan* | |
10.7 | | | Employment Agreement of Tamara K. Kravec* | |
14.1 | | | Advantage Insurance Inc. Code of Business Conduct and Ethics | |
16.1 | | | Letter re Change in Certifying Accountant | |
21.1 | | | Subsidiaries of the Registrant | |
23.1 | | | Consent of EY | |
23.2 | | | Consent of KPMG | |
23.3 | | | Consent of Vidal, Nieves & Bauzá, LLC (included as part of Exhibit 5.1)* | |
This ‘S-1’ Filing | Date | Other Filings | ||
---|---|---|---|---|
1/1/27 | ||||
12/15/21 | ||||
12/15/20 | ||||
12/15/19 | ||||
1/15/19 | ||||
12/31/18 | ||||
12/15/18 | ||||
12/1/18 | ||||
6/23/18 | ||||
6/1/18 | ||||
1/31/18 | FWP | |||
12/31/17 | ||||
12/15/17 | ||||
Filed on: | 11/16/17 | DRS, DRS/A | ||
11/7/17 | ||||
11/6/17 | ||||
10/1/17 | ||||
9/30/17 | ||||
9/22/17 | ||||
9/16/17 | ||||
8/1/17 | ||||
7/31/17 | ||||
6/30/17 | ||||
5/3/17 | ||||
2/7/17 | ||||
1/1/17 | ||||
12/31/16 | ||||
12/15/16 | ||||
11/24/16 | ||||
10/24/16 | ||||
10/18/16 | ||||
10/3/16 | ||||
10/1/16 | ||||
9/30/16 | ||||
9/1/16 | ||||
6/30/16 | ||||
6/22/16 | ||||
6/15/16 | ||||
1/1/16 | ||||
12/31/15 | ||||
12/15/15 | ||||
12/9/15 | ||||
11/16/15 | ||||
10/8/15 | ||||
9/30/15 | ||||
9/22/15 | ||||
7/31/15 | ||||
7/22/15 | ||||
7/1/15 | ||||
6/22/15 | ||||
5/18/15 | ||||
1/1/15 | ||||
12/31/14 | ||||
10/29/14 | ||||
11/29/13 | ||||
9/20/13 | ||||
9/25/12 | ||||
1/1/12 | ||||
11/10/10 | ||||
9/15/09 | ||||
3/13/09 | ||||
3/5/09 | ||||
9/22/04 | ||||
8/6/02 | ||||
4/12/99 | ||||
6/1/93 | ||||
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