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12. Subsequent Events
3 Months Ended
Mar. 31, 2016
Notes to Financial Statements  
12. Subsequent Events

The Company has evaluated events that occurred subsequent to March 31, 2016 through the date these financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements.

 

Dividends Declared and Paid

 

On May 11, 2016, the Company’s Board of Directors approved a quarterly dividend of $.0625 per share payable in cash on June 15, 2016 to stockholders of record as of May 31, 2016.

 

Private Placement of Common Stock

 

On April 18, 2016 the Company sold 595,238 newly issued shares of its common stock to RenaissanceRe Ventures Ltd., a subsidiary of RenaissanceRe Holdings Ltd. (NYSE:RNR) (“RenaissanceRe”), in a private placement. RenaissanceRe is a global provider of catastrophe and specialty reinsurance and insurance.

 

The new common shares were sold to RenaissanceRe at a price of $8.40 per share. The Company received net proceeds of approximately $4,850,000 from the private placement. The Company intends to use the net

proceeds of the offering to support the continued growth of KICO, and for general corporate purposes.