$HRTG
Heritage Insurance Holdings, Inc.

2013 Q4 Form 10-K Financial Statement

#000119312515097128 Filed on March 18, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $33.11M $22.78M $48.60M
YoY Change
Cost Of Revenue $9.996M $7.870M
YoY Change
Gross Profit $12.78M $40.73M
YoY Change
Gross Profit Margin 56.12% 83.81%
Selling, General & Admin $11.80M $3.373M $5.579M
YoY Change
% of Gross Profit 26.38% 13.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $100.0K $1.740M $865.0K
YoY Change
% of Gross Profit 13.61% 2.12%
Operating Expenses $30.50M $3.373M $5.579M
YoY Change
Operating Profit $9.411M $35.15M
YoY Change
Interest Expense $0.00 $4.000K $6.000K
YoY Change
% of Operating Profit 0.04% 0.02%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $2.600M $7.667M $34.28M
YoY Change
Income Tax $1.700M $2.340M $13.26M
% Of Pretax Income 65.38% 30.52% 38.69%
Net Earnings $814.0K $5.327M $21.02M
YoY Change
Net Earnings / Revenue 2.46% 23.38% 43.25%
Basic Earnings Per Share $0.05 $0.35 $1.38
Diluted Earnings Per Share $0.05 $0.35 $1.38
COMMON SHARES
Basic Shares Outstanding 15.25M shares 15.20M shares
Diluted Shares Outstanding 15.25M shares 15.20M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $65.06M $105.8M $39.70M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $10.94M $10.40M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $136.2M $73.60M $1.700M
YoY Change
Other Assets $4.400M $6.000M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $282.0M $264.7M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.800M $6.500M
YoY Change
Accrued Expenses $500.0K $5.300M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.10M $17.70M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $20.90M $8.200M
YoY Change
Other Long-Term Liabilities $3.800M $4.300M
YoY Change
Total Long-Term Liabilities $24.70M $12.50M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.10M $17.70M
Total Long-Term Liabilities $24.70M $12.50M
Total Liabilities $181.1M $178.6M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $17.92M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.98M $86.19M $81.20M
YoY Change
Total Liabilities & Shareholders Equity $282.0M $264.7M
YoY Change

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $814.0K $5.327M $21.02M
YoY Change
Depreciation, Depletion And Amortization $100.0K $1.740M $865.0K
YoY Change
Cash From Operating Activities $22.30M $76.30M $1.300M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$400.0K -$9.700M
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$62.70M -$8.700M -$1.900M
YoY Change
Cash From Investing Activities -$63.40M -$9.100M -$11.70M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K -1.000M 2.000M
YoY Change
NET CHANGE
Cash From Operating Activities 22.30M 76.30M 1.300M
Cash From Investing Activities -63.40M -9.100M -11.70M
Cash From Financing Activities 300.0K -1.000M 2.000M
Net Change In Cash -40.80M 66.20M -8.400M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $22.30M $76.30M $1.300M
Capital Expenditures -$700.0K -$400.0K -$9.700M
Free Cash Flow $23.00M $76.70M $11.00M
YoY Change

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CY2014Q4 us-gaap Prepaid Reinsurance Premiums
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CY2014Q4 us-gaap Property Plant And Equipment Gross
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4698000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
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13709000
CY2014Q4 us-gaap Deferred Policy Acquisition Costs
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24370000
CY2014Q4 us-gaap Fair Value Concentration Of Risk Premiums Receivable
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CY2014Q4 us-gaap Reinsurance Receivables Paid Losses Recoverable
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CY2014Q4 us-gaap Assets
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CY2014Q4 us-gaap Available For Sale Equity Securities Amortized Cost Basis
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30555000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
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171382000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
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45900000
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
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6622000
CY2014Q4 us-gaap Deferred Tax Assets Net
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6622000
CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
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1527000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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62091000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
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45037000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Unearned Premiums Reserve
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsUnearnedPremiumsReserve
15567000
CY2014Q4 us-gaap Accrued Investment Income Receivable
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CY2014Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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111109000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
13712000
CY2014Q4 us-gaap Available For Sale Securities Debt Securities
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293085000
CY2014Q4 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
171091000
CY2014Q4 us-gaap Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
20028000
CY2014Q4 hrtg Mortgage Loans Held For Sale With Amortized Cost
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6849000
CY2014Q4 hrtg Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Aggregate Losses Accumulated In Investments
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerAggregateLossesAccumulatedInInvestments
114000
CY2014Q4 hrtg Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value Percentage
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CY2014Q4 hrtg Deferred Tax Liabilities Deferred Acquisition Costs
DeferredTaxLiabilitiesDeferredAcquisitionCosts
9401000
CY2014Q4 hrtg Available For Sale Securities Debt Maturities Within One Year Fair Value Percentage
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0.05 pure
CY2014Q4 hrtg Available For Sale Securities Debt Maturities After Ten Years Fair Value Percentage
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValuePercentage
0.15 pure
CY2014Q4 hrtg Available For Sale Securities Percentage
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1.00 pure
CY2014Q4 hrtg Deferred Tax Liabilities Unrealized Gain
DeferredTaxLiabilitiesUnrealizedGain
1081000
CY2014Q4 hrtg Deferred Tax Liability Valuation Allowance
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0
CY2014Q4 hrtg Accrued Compensation
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442000
CY2014Q4 hrtg Amount Of Reinsurance Recoverable
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0
CY2014Q4 hrtg Available For Sale Securities Debt Maturities After One Through Five Years Fair Value Percentage
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0.59 pure
CY2014Q4 hrtg Number Of Reinsurers
NumberOfReinsurers
21 Insurers
CY2014Q4 hrtg Statutory Accounting Practices Of Insurance Subsidiaries Statutory Capital And Surplus Minimum Required Amount
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15000000
CY2014Q4 hrtg Net Unearned Premiums
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CY2014Q4 hrtg Deposited In Excess Of Fdic Insured Limits
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CY2014Q4 hrtg Reclassification Of Temporary To Permanent Equity Value
ReclassificationOfTemporaryToPermanentEquityValue
0
CY2014Q4 hrtg Reclassification Of Temporary To Permanent Equity Shares
ReclassificationOfTemporaryToPermanentEquityShares
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CY2015Q1 dei Entity Common Stock Shares Outstanding
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CY2013Q3 us-gaap Accrued Bonuses Current And Noncurrent
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5300000
CY2014Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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5.88
CY2014Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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17850 shares
CY2014Q1 hrtg Number Of Buildings
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2 Buildings
CY2014Q2 dei Entity Public Float
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361200000
CY2013Q1 hrtg Number Of Life Insurance Policies
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CY2013Q2 dei Entity Incorporation Date Of Incorporation
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2013-04-23
CY2014Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.38575 pure
CY2014Q2 us-gaap Payments For Underwriting Expense
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5300000
CY2014Q2 hrtg Issuance Of Common Stock Per Share
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P1Y8M12D
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.3647 pure
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P1Y7M6D
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Earnings Per Share Diluted
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Increase Decrease In Premiums Receivable
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us-gaap Increase Decrease In Prepaid Reinsurance Premiums
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594000
us-gaap Increase Decrease In Deferred Policy Acquisition Costs
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32000
us-gaap Direct Premiums Earned
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5630000
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
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6280650 shares
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us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Payments For Proceeds From Mortgage Deposits
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201000
us-gaap Payments For Proceeds From Investments
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us-gaap Gross Investment Income Operating
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32000
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215000
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213000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Assumed Premiums Written
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43169000
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4975000
us-gaap Other Income
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115000
us-gaap Payments To Acquire Other Investments
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603000
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5599000
us-gaap Ceded Premiums Earned
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us-gaap Depreciation Depletion And Amortization
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us-gaap Deferred State And Local Income Tax Expense Benefit
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-463000
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9800000
CY2014Q1 hrtg Number Of Acres Of Land Purchased
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CY2013Q2 us-gaap Proceeds From Lines Of Credit
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hrtg Unearned Premium Ceded
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594000
hrtg Increase Decrease In Advance Premiums
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hrtg Unpaid Losses And Loss Adjustment Expense
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hrtg Unearned Premium Direct
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us-gaap Federal Income Tax Expense Benefit Continuing Operations
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729000
us-gaap Increase Decrease In Accrued Income Taxes Payable
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3312000
us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Income Tax Expense Benefit
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us-gaap Premiums Receivable Allowance For Doubtful Accounts Provision Charged To Expense1
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0
us-gaap Proceeds From Notes Payable
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CY2013 us-gaap Earnings Per Share Diluted
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2.36
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Proceeds From Repayments Of Notes Payable
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714000
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3312000
us-gaap Increase Decrease In Unearned Premiums
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37665000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Lease And Rental Expense
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1402000
us-gaap Share Based Compensation
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5520000
us-gaap Deferred Policy Acquisition Cost Amortization Expense
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us-gaap Notes Reduction
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4680000
hrtg Unearned Premium Assumed
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37462000
hrtg Gross Earned Premiums
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hrtg Change In Unearned Premiums Assumed
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hrtg Assumed Insurance Losses And Loss Adjustment Expenses
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hrtg Assumed Losses And Loss Adjustment Expense Incurred
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1397000
hrtg Losses And Loss Adjustment Expenses
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1393000
hrtg Change In Unearned Premiums Ceded
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594000
hrtg Net Insurance Losses And Loss Adjustment Expenses
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1393000
hrtg Unrecognized Tax Benefits Excise Tax Penalties And Interest Expense
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hrtg Direct Losses And Loss Adjustment Expense Incurred
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hrtg Accrued Interest On Notes Payable Converted To Equity
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hrtg Noncash Interest Expense
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hrtg Change In Unearned Premiums Direct
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hrtg Bonus
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5300000
CY2013 us-gaap Stock Issued During Period Shares Other
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013 us-gaap Increase Decrease In Reinsurance Recoverable
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5337000
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CY2013 us-gaap Effective Income Tax Rate Continuing Operations
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CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2013 us-gaap Stock Redeemed Or Called During Period Shares
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0 shares
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26000000
CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
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34213000
CY2013 us-gaap Income Taxes Paid Net
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28314000
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2013 us-gaap Payments For Proceeds From Mortgage Deposits
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1810000
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55461000
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5903000
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4150000
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CY2013 us-gaap Revenues
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34213000
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15000
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44800000
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16000
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CY2013 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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-1100000
CY2013 us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
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HERITAGE INSURANCE HOLDINGS, INC.
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="8%" align="left"><b>Note&#xA0;7.</b></td> <td valign="top" align="left"><b>Deferred Policy Acquisition Costs</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company defers certain costs in connection with written policies, called Deferred Policy Acquisition Costs (&#x201C;DPAC&#x201D;), net of corresponding amounts of ceded reinsurance commissions, called Deferred Reinsurance Ceding Commissions (&#x201C;DRCC&#x201D;). Net DPAC is amortized over the effective period of the related insurance policies.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company anticipates that its DPAC costs will be fully recoverable in the near term. 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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The table below summarizes the activity related to the Company&#x2019;s reserve for unpaid losses:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"><!-- Begin Table Head --> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="6" align="center"> <b><i>Years&#xA0;Ended&#xA0;December&#xA0;31,</i></b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" rowspan="2" colspan="2" align="center"><b><i>Period</i></b><br /> <b><i>August&#xA0;7,&#xA0;2012<br /> (inception) to<br /> December 31,<br /> 2012</i></b></td> <td valign="bottom" rowspan="2">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; 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FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Net balance, beginning of period</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,393</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Incurred related to:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">89,783</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,968</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,402</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(223</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">(467</td> <td valign="bottom" nowrap="nowrap">)&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total incurred</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">89,560</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">38,501</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,402</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Paid related to:</p> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Current year</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">45,618</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,010</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 3em; TEXT-INDENT: -1em"> Prior years</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">11,817</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">540</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 5em; TEXT-INDENT: -1em"> Total paid</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">57,435</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">20,550</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">9</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Net balance, end of period</p> </td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">19,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">1,393</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Plus: reinsurance recoverable on unpaid losses</p> </td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom" nowrap="nowrap">&#xA0;</td> <td valign="bottom" nowrap="nowrap" align="right"> &#x2014;&#xA0;&#xA0;</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Balance, end of period</p> </td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,469</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,344</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom"></td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,393</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: rgb(0,0,0) 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <!-- End Table Body --></table> <p style="MARGIN-BOTTOM: 0px; 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EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.036 pure
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1685923000 shares
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PremiumsPercentageAssumedToNet
0.468 pure
CY2014 us-gaap Reinsurance Retention Policy Description
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Statutory accounting requires a provision for reinsurance liability be established for reinsurance recoverable on paid losses aged over ninety days and for unsecured amounts recoverable from unauthorized reinsurers.
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WeightedAverageNumberOfDilutedSharesOutstanding
25816590 shares
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1.92
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.09
CY2014 dei Entity Central Index Key
EntityCentralIndexKey
0001598665
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2014 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2014 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentrations of Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company&#x2019;s current operations subject us to the following concentrations of risk:</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Revenue&#x2014;The Company writes residential property and liability policies exclusively</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Geographic&#x2014;The Company writes 100% of its premium in Florida</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Group concentration of credit risk&#x2014;all of the Company&#x2019;s reinsurers engage in similar activities and have similar economic characteristics that could cause their ability to repay us to be similarly affected by changes in economic or other conditions</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="3%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left">Credit risk&#x2014;The Company chooses to deposit all its cash at four financial institutions</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company mitigates its geographic and group concentrations of risk by entering into reinsurance contracts with highly rated, financially-stable reinsurers, and by securing irrevocable letters of credit from reinsurers when necessary.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> With regard to cash, the Company had $154.4 million and $65.9 million in excess of Federal Deposit Insurance Corporation (FDIC) insurance limits at December&#xA0;31, 2014 and December&#xA0;31, 2013, respectively. Deposits held in non- interest-bearing transaction accounts are combined with interest-bearing accounts and are insured up to $250,000.</p> </div>
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0.014 pure
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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6929000
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
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47097000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
47097000
CY2014 us-gaap Increase Decrease In Unearned Premiums Net
IncreaseDecreaseInUnearnedPremiumsNet
-112997000
CY2014Q3 us-gaap Earnings Per Share Diluted
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0.33
CY2014Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.33
CY2014Q3 us-gaap Gain Loss On Investments
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1206000
CY2014Q3 us-gaap Revenues
Revenues
58013000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
9965000
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55527000
CY2014Q3 us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
41904000
CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
49610000
CY2014 us-gaap Premiums Written Gross
PremiumsWrittenGross
436407000
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
4339000
CY2014 us-gaap Increase Decrease In Accrued Investment Income Receivable
IncreaseDecreaseInAccruedInvestmentIncomeReceivable
1646000
CY2014 us-gaap Reinsurance Retention Policy Excess Retention Percentage
ReinsuranceRetentionPolicyExcessRetentionPercentage
1.00 pure
CY2014 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0 shares
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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0 shares
CY2014 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24568876 shares
CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
47097000
CY2014 us-gaap Income Taxes Paid Net
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13038000
CY2014 us-gaap Payments For Proceeds From Mortgage Deposits
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