XML 33 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Events
9 Months Ended
Sep. 30, 2021
Subsequent Events  
13 - Subsequent Events

Note 13 – Subsequent Events

 

The Company has evaluated events that occurred subsequent to September 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 October 18, 2021, the Company entered into a stub catastrophe reinsurance treaty covering the period from October 18, 2021 through December 31, 2021. The treaty provides reinsurance coverage for catastrophe losses of $5,000,000 in excess of $5,000,000. Losses from freeze are excluded from the treaty (see Note 6 – Property and Casualty Insurance Activity - “Reinsurance”).

 

Dividends Declared

 

On October 30, 2021, the Company’s Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on December 15, 2021 to stockholders of record as of the close of business on November 30, 2021 (see Note 8 – Stockholders’ Equity).

 

Nor’easter

 

The Company received 86 claims from a nor’easter that occurred during the month of October 2021 and does not expect a material amount of additional claims, if any, to be filed subsequent to November 15, 2021.