Note 3 - Pledged Assets

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

3.

PLEDGED ASSETS

Pursuant to its reinsurance agreements, AMIC Ltd. is required to provide its ceding companies with collateral to secure its obligations to them. At

December 

31,

2019

and

2018,

AMIC Ltd. has provided C&F with a Section 

114

Trust, held by Comerica Bank, with restricted cash and cash equivalents and investments with a carrying value of

$20,940,689

and

$18,247,384,

respectively.

In

January 2017,

Protexure acquired the renewal rights to a book of lawyers’ professional liability business, at a cost of

$468,821.

Protexure procured a loan in the amount of

$385,000

to assist in the completion of this purchase. In accordance with the related loan agreement, this loan was

100%

secured by assets held by Protexure. At

December 

31,

2018,

the outstanding amount of this loan was

$250,250

and it was fully repaid

January 2019.

Cash and Cash Equivalents at

December 

31,

2019

and

2018

include

$4,337,506

and

$3,962,032

held by Protexure in a fiduciary capacity, respectively.