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Subsequent Events | 6 Months Ended
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Jun. 30, 2020
Subsequent Events |
13. Subsequent Events | Note 13 - Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2020 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements. Reinsurance Effective July 1, 2020, the Company entered into new excess of loss and catastrophe reinsurance treaties (see Note 6 – Property and Casualty Insurance Activity “Reinsurance”). A. M. Best On July 10, 2020, KICO’s A.M. Best financial strength rating was downgraded from A- (Excellent) to B++ (Good) and its long-term issuer credit rating (“Long-Term ICR”) was downgraded from “a-” to “bbb”. Concurrently, A.M. Best also downgraded the Company’s Long-Term ICR from “bbb-” to “bb”. Also downgraded was the long-term issue credit rating on the Company’s $30.0 million 5.50% senior unsecured notes due 2022 from “bbb-” to “bb”. Executive Employment On July 20, 2020, the Company and Victor J. Brodsky, Chief Financial Officer and Treasurer of the Company and Chief Financial Officer, Executive Vice President and a director of KICO, agreed that Mr. Brodsky’s employment with the Company and KICO will cease on September 30, 2020. Mr. Brodsky’s cessation of employment was a voluntary decision made by him to pursue other interests. The Company, KICO and Mr. Brodsky also agreed that Mr. Brodsky will serve as a consultant to the Company and KICO for the period from October 1, 2020 through March 31, 2021. Tropical Storm Isaias On August 4, 2020, the Northeast, which is the primary location of KICO’s insureds, was struck by Tropical Storm Isaias which caused power outages and significant damage to homes. KICO has received more than 1,100 claims relating to the storm. The Company is unable to determine the aggregate dollar amount of the claims at this time but the claims will in all likelihood have a material adverse effect upon the 2020 third quarter results of operations. Dividends Declared On August 5, 2020, the Company’s Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on September 15, 2020 to stockholders of record as of the close of business on August 31, 2020 (see Note 8 - Stockholders’ Equity). Equity Participation Plan On August 5, 2020, the Company’s stockholders approved amendments to the 2014 Plan, including an increase in the maximum shares of Common Stock of the Company that are authorized to be used pursuant to the 2014 Plan to 1,400,000.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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