XML 32 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party
12 Months Ended
Dec. 31, 2018
Related Party [Abstract]  
Related Party

11.     RELATED PARTY



Mr. John R. Klockau, a director of the Company, held two surplus notes from the Company totaling $1,150,000 which were converted into 115,000 shares of the Company’s common stock on March 17, 2017. John R. Klockau received a payment for interest on the surplus notes of $12,975 during the three months ended March 31, 2017. Additionally, Mr. Klockau is a claims consultant and was paid $15,680 and $16,230 in 2018 and 2017, respectively, related to his services to the Company.



Mr. Kevin Clinton is a director of the Company and owns more than 10% of the Company’s outstanding shares of common stock. On September 7, 2018, the Company repurchased from the Clinton-Flood Purchasers, as previously defined in our final prospectus filed with the SEC on February 13, 2017, which includes Mr. Kevin Clinton, 196,721 shares of the Company’s common stock at a price of $15.25 per share. The Clinton-Flood Purchasers received an aggregate payment of $2,999,995 during the year ended December 31, 2018 related to the share repurchase. Mr. Clinton was paid $2,071 and $1,330 in 2018 and 2017, respectively for travel reimbursement costs.



Mr. Scott T. Burgess is a director of the Company and a Senior Managing Director of Griffin Financial Group. Mr. Burgess was paid $3,812 and $2,690 in 2018 and 2017, respectively. Griffin Financial Group was paid $0 and $893,240 in 2018 and 2017, respectively. Griffin and Stevens & Lee are affiliated. Stevens & Lee is a full-service law firm that was paid $99,591 and $46,286 as of December 31, 2018 and 2017, respectively.