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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events |
13 - Subsequent Events | Note 13 - Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2021 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, 2021, 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 August 6, 2021, KICO’s A.M. Best financial strength rating was downgraded from B++ (Good) to B+ (Good) and its long-term issuer credit rating (“Long-Term ICR”) was downgraded from “bbb” to “bbb-”. Concurrently, A.M. Best also downgraded the Company’s Long-Term ICR from “bb” 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 “bb” to “bb-”. Employee Stock Purchase Plan On June 19, 2021, the Company’s Board of Directors adopted the Employee Stock Purchase Plan (the “Purchase Plan”), subject to stockholder approval. Such approval was obtained on August 10, 2021. The purpose of the Purchase Plan is to provide eligible employees of the Company with an opportunity to use payroll deductions to purchase shares of Common Stock of the Company. The maximum number of shares of Common Stock that may be purchased under the Purchase Plan is 750,000, subject to adjustment as provided for in the Purchase Plan. Dividends Declared On July 29, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on September 15, 2021 to stockholders of record as of the close of business on August 31, 2021 (see Note 8 - Stockholders’ Equity).

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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