• Filing Date: 2020-03-23
  • Form Type: 10-K
  • Description: Annual report
v3.20.1
Schedule II - Condensed Financial Information of Registrant
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule II - Condensed Financial Information of Registrant
    At December 31,  
    2019     2018  
             
Assets            
             
Cash and cash equivalents     3,455       3,874  
Equity securities     692       162  
Investment in subsidiaries     1,538       2,272  
Accrued interest and dividend receivable     4       -  
Due from subsidiaries     2,394       2,054  
Prepayment and other receivables     75       66  
Operating lease right-of-use assets     133       -  
Property and equipment, net     9       18  
  Total assets   $ 8,300       8,446  
                 
Liabilities and Shareholders’ Equity                
Liabilities:

 

 

 

             
Operating lease liabilities     133       -  
Accounts payable and other liabilities     124       132  
                 
Shareholders’ equity:                
         Total shareholders’ equity     8,043       8,314  
         Total liabilities and shareholders’ equity   $ 8,300       8,446  

 

 

    Years Ended December 31,  
    2019     2018  
             
             
Revenue            
Net investment income   $ 102       168  
Change in fair value of equity securities     25       -  
Net realized investment losses     -       (237 )
Other income     1,357       1,586  
Operating expenses     (1,057 )     (1,264 )
Income before equity in loss of subsidiaries     427       253  
Equity in loss of subsidiaries     (732 )     (6,002 )
                 
Net loss   $ (305 )     (5,749 )

  

 

    Years Ended December 31,  
    2019     2018  
Operating activities            
Net loss   $ (305 )     (5,749 )
Adjustments to reconcile net loss to net cash provided by operating activities:                
Equity in loss of subsidiaries     732       6,002  
Stock-based compensation     36       126  
Net amortization of premiums on investments in fixed-maturity securities     -       7  
Depreciation     10       18  
Net realized investment losses     -       237  
Change in fair value of equity securities     (25 )     -  
Change in operating assets and liabilities:                
Accrued interest and dividend receivable     (4 )     35  
Due from subsidiary     (340 )     (197 )
Prepayment and other receivables     (9 )     42  
Accounts payable and other liabilities     (8 )     26  
                 
Net cash provided by operating activities   $ 87       547  
                 
Investing activities                
Investment in subsidiary     -       (5,535 )
Purchase of available for sale securities     (505 )     (7,939 )
Proceeds from sale of available for sale securities     -       12,550  
Purchase of property and equipment     (1 )     -  
                 
Net cash used in investing activities   $ (506 )     (924 )
                 
Net change in cash and cash equivalents     (419 )     (377 )
Cash and cash equivalents at beginning of year     3,874       4,251  
Cash and cash equivalents at end of year   $ 3,455       3,874