• Filing Date: 2019-03-08
  • Form Type: 10-K
  • Description: Annual report
v3.10.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 23 — Commitments and Contingencies
Obligations under Multi-Year Reinsurance Contract
As of December 31, 2018, the Company has a contractual obligation related to
one
multi-year reinsurance contract. This contract may be cancelled only with the other party’s consent. The table below presents the future minimum aggregate premiums amounts payable to the reinsurer.
 
Year
 
 
 
2019*
 
$
3,593
 
2020*
 
 
1,796
 
Total
 
$
5,389
 
 
*
Premiums payable after March 31, 2019 are estimated. See Note 15 — “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 has a lease for office space in Miami Lakes, Florida for its claims related administration. The lease commenced on March 1, 2018 and has an initial term of approximately three years.
Provided the leases are not early terminated, minimum future rental payments under operating leases after December 31, 2018 are as follows:
 
Year
 
Amount
 
2019
 
$
287
 
2020
 
 
298
 
2021
 
 
183
 
Total minimum future payments
 
$
768
 
Rental expense under all facility leases was $407, $336 and $333, respectively, during the years ended December 31, 2018, 2017 and 2016.
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, 2018 are as follows:
 
Year
 
Amount
 
2019
 
$
23
 
2020
 
 
24
 
2021
 
 
26
 
Total minimum future payments
 
$
73
 
Rental Income
The Company leases available space at the Company’s headquarters and at its various investment properties to 
non-affiliates
 at various terms. In addition, the Company leases boat slips and docks on a long-term basis.
Expected annual rental income due under 
non-cancellable
 operating leases for all properties owned at December 31, 2018 is as follows:
 
Year
 
Amount
 
2019
 
$
4,163
 
2020
 
 
3,727
 
2021
 
 
3,191
 
2022
 
 
2,672
 
2023
 
 
2,008
 
Thereafter
 
 
12,199
 
Total
 
$
27,960
 
Capital Commitment
As described in Note 5 — “Investments” under
 
Limited Partnership Investments
, the Company is contractually committed to capital contributions for four limited partnership interests. At December 31, 2018, there was an aggregate unfunded balance of $16,304.