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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events |
Subsequent Events | Note 13 – Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2023 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, 2023, 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 6, 2023, A.M. Best withdrew KICO’s ratings as KICO requested to no longer participate in A.M. Best’s interactive rating process. Equity Participation Plan On August 9, 2023, the Company’s stockholders approved an amendment to the 2014 Plan to increase the maximum number of shares of Common Stock of the Company that are authorized to be issued pursuant to the 2014 Plan to 1,900,000 (see Note 8 – Stockholders’ Equity). Management Succession On August 9, 2023, the Company announced that, effective as of October 1, 2023, Meryl Golden, the Company’s Chief Operating Officer, has been appointed to the position of President and Chief Executive Officer of the Company to succeed Barry Goldstein and that Mr. Goldstein will continue as the Chairman of the Board of the Company. The foregoing description of the management succession does not purport to be complete and is qualified in its entirety by reference to the full texts of Amendment No. 1 to the Third Amended and Restated Employment Agreement, dated June 27, 2022, between the Company and Mr. Goldstein, and Amendment No. 2 to the Third Amended and Restated Employment Agreement, dated June 27, 2022 between KICO and Mr. Goldstein, which are filed herewith as Exhibits 10(a) and 10(b), respectively.

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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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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