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Note 8. Other Investments
12 Months Ended
Dec. 31, 2013
Notes  
Note 8. Other Investments

8.  Other Investments

 

At December 31, 2013 and December 31, 2012, the Company had an equity investment in Majestic with a carrying value of $744,000 and $768,000, respectively.  For years 2013, 2012 and 2011, the Company recorded $(24,000), $57,000 and $9,000, respectively, for its share of income (loss) from its investment in other income in the Consolidated Statements of Income.

 

In November 2012, the Company invested $500,000 in exchange for a 3.75% interest in Pets Best Insurance Services, LLC (“Pets Best”), a third party administrator for pet insurance.  This investment is carried at cost.

 

On December 31, 2012, the Company invested $1,250,000 in exchange for a 40% interest in Global Accident Facilities, LLC (“GAF”).  GAF acquired Accident Insurance Services, Morgan Financial, Caprock Claim Management and Medical Pricing Strategies, jointly referred to as AIS.  AIS produces and administers occupational accident and related coverages sold to Texas non-subscribers to workers compensation.  At December 31, 2013 and December 31, 2012, the Company had an equity investment in GAF with a carrying value of $1,720,000 and $1,250,000, respectively.  For the year ended 2013, the Company recorded $470,000 for its share of income from its investment in other income in the Consolidated Statements of Income.