• Filing Date: 2018-03-07
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 22 — Commitments and Contingencies

Obligations under Multi-Year Reinsurance Contracts

As of December 31, 2017, the Company has contractual obligations related to three multi-year reinsurance contracts. Two of these contracts have effective dates of June 1, 2016 and the other has an effective date of July 1, 2017. These contracts may be cancelled only with the other party’s consent. The table below presents the future minimum aggregate premiums amount payable to the reinsurers.

 

Year

      

2018*

   $ 21,792  

2019*

     2,392  

2020*

     1,196  
  

 

 

 

Total

   $ 25,380  
  

 

 

 

 

* Premiums payable after December 31, 2017 under one contract are estimated. See Note 14 — “Reinsurance” for additional information.

 

Lease Commitments

The Company leases 15,000 square feet of office space in Noida, India. The lease has an initial term of nine years. The monthly rental payment, exclusive of applicable service tax, has increased by five percent every year since the end of the first year of the lease term. In addition, the Company had a lease for office space in Miami, Florida which expired February 28, 2018.

Provided the leases are not early terminated, minimum future rental payments under operating leases after December 31, 2017 are as follows:

 

Year

   Amount  

2018

   $ 147  

2019

     142  

2020

     150  

2021

     157  
  

 

 

 

Total minimum future payments

   $ 596  
  

 

 

 

Rental expense under all facility leases was $336, $333 and $304, respectively, during the years ended December 31, 2017, 2016 and 2015.

Service Agreement

In connection with the lease for office space in India as described in the “Lease Commitments” above, the Company signed a long-term contract with the landlord to receive maintenance and facility services. The agreement has the same initial term of nine years. The monthly payment, exclusive of applicable service tax, has also increased by five percent every year since the end of the first year of the lease term.

Provided the agreement is not early terminated, minimum future payments under the service agreement after December 31, 2017 are as follows:

 

Year

   Amount  

2018

   $ 24  

2019

     26  

2020

     27  

2021

     28  
  

 

 

 

Total minimum future payments

   $ 105  
  

 

 

 

Rental Income

The Company leases available space at the Company’s headquarters and at its various investment properties to non-affiliates at various terms. Expected annual rental income due under non-cancellable operating leases for all properties and other investments owned at December 31, 2017 is as follows:

 

Year

   Amount  

2018

   $ 4,227  

2019

     4,073  

2020

     3,651  

2021

     3,048  

2022

     2,558  

Thereafter

     13,786  
  

 

 

 

Total

   $ 31,343  
  

 

 

 

 

Capital Commitment

As described in Note 4 — “Investments” under Limited Partnership Investments, the Company is contractually committed to capital contributions for four limited partnership interests. At December 31, 2017, there was an aggregate unfunded balance of $14,328.