Schedule I – Registrant Only Financial Statements

12 Months Ended

Dec. 31, 2019

Parent Company [Member]

Condensed Financial Information Of Parent Company Only Disclosure [Line Items]

Schedule I – Registrant Only Financial Statements

Positive Physicians Holdings, Inc.

Schedule I – Registrant Only Financial Statements

Balance Sheets

(Parent Company Only)

	December 31, 2019			December 31, 2018
Assets
Available-for-sale fixed maturity securities, at fair value	$	3,854,722		$	—
Equity investment in subsidiary		43,243,947			—
Short-term investments, at fair value		1,169,472			—
Total investments		48,268,141			—
Cash and cash equivalents		15,673,654			—
Accrued investment income		26,677			—
Income taxes recoverable		300,895			—
Deferred income taxes		(1,859	)		—
Prepaid management fee		8,928,571			—
Other assets		62,750			261,209
Total assets	$	73,258,829		$	261,209
Liabilities and Stockholders' Equity
Liabilities
Accounts payable, accrued expenses, and other liabilities	$	149,076		$	-
Due (from) to affiliates		(83,652	)		261,209
Total liabilities		65,424			261,209
Stockholders' Equity
Common stock, $0.01 par value, 10,000,000 shares authorized;    3,615,500 shares issued and outstanding		36,155			—
Additional paid-in capital		49,421,081			—
Retained earnings		22,096,447			—
Accumulated other comprehensive income		1,639,722			—
Total stockholders' equity		73,193,405			—
Total liabilities and stockholders' equity	$	73,258,829		$	261,209

These financial statements should be read in conjunction with the

Consolidated Financial Statements and the notes thereto.

Positive Physicians Holdings, Inc.

Schedule I – Registrant Only Financial Statements

Statements of Operations

(Parent Company Only)

	Year Ended December 31, 2019			Year Ended December 31, 2018
Revenues
Net investment income	$	364,159		$	—
Realized investment gains		66			—
Total revenues		364,225			—
Expenses
Other underwriting expenses		1,797,059			—
Total expenses		1,797,059			—
Loss before equity in undistributed earnings of subsidiary and provision for income taxes		(1,432,834	)		—
Provision for income taxes		(300,895	)		—
Loss before equity in undistributed earnings of subsidiary		(1,131,939	)		—
Equity in undistributed earnings of subsidiary		892,988			—
Net loss		(238,951	)		—
Other comprehensive income, net of tax
Other comprehensive income		6,995			—
Equity in other comprehensive income of subsidiary		2,862,743			—
Other comprehensive income, net of income taxes		2,869,738			—
Comprehensive income	$	2,630,787		$	—

These financial statements should be read in conjunction with the

Consolidated Financial Statements and the notes thereto.

Positive Physicians Holdings, Inc.

Schedule I – Registrant Only Financial Statements

Statements of Cash Flows

(Parent Company Only)

	Year Ended December 31, 2019			Year Ended December 31, 2018
Cash flows from operating activities:
Net loss	$	(238,951	)	$	—
Adjustments to reconcile net loss to net cash used in operating activities:
Net realized gain on sales of investments		(66	)		—
Amortization of fixed maturity premiums		(7,217	)		—
Depreciation and amortization expense		1,071,429			—
Equity in undistributed earnings of subsidiary		(892,988	)		—
Changes in operating assets and liabilities:
Accrued investment income		(26,677	)		—
Income taxes recoverable		(300,895	)		—
Prepaid management fee		(10,000,000	)		—
Other assets		198,459			(261,209	)
Accounts payable, accrued expenses, and other liabilities		149,076			—
Due (from) to affiliates		(344,861	)		261,209
Net cash flows used in operating activities		(10,392,691	)		—
Cash flows from investing activities:
Proceeds from sales of fixed maturity securities		525,000			—
Purchases of fixed maturity securities		(4,370,803	)		—
Net purchases of short-term investments		(1,162,253	)		—
Investment in subsidiary		(2,500,000	)		—
Net cash flows used in investing activities		(7,508,056	)		—
Cash flows from financing activities
Proceeds from issuance of common stock		33,574,401			—
Net cash flows provided by financing activities		33,574,401			—
Net change in cash and cash equivalents		15,673,654			—
Cash and cash equivalents, at beginning of year		—			—
Cash and cash equivalents, at end of year	$	15,673,654		$	—
Cash paid during the year for interest	$	—		$	—

These financial statements should be read in conjunction with the

Consolidated Financial Statements and the notes thereto.