Fixed maturities with a carrying value of $6,191,000 are on deposit with various state insurance departments at December 31, 2015.

The Company has operating leases for office space and certain other office equipment. These operating leases provide for minimum rents and generally include options to renew for additional periods.

The approximate minimum annual rental payments under operating leases that have remaining non-cancelable lease terms in excess of one year at December 31, 2015 are as follows (in thousands):

Year Ending		Net Operating
December 31,		Leases
2016	$	1,017
2017		820
2018		750
2019		207
2020		10
2021 and thereafter		-
Total	$	2,804

The Company's net rent expense for years 2015, 2014, and 2013 were $1,093,000, $730,000, and $403,000, respectively.

On April 30, 2015, through a settlement with a former owner, AMIC increased its ownership in GAF from 40% to 80%. The Company recorded a $1,000,000 contingent liability in connection with an earn-out agreement with a former owner of a subsidiary of GAF. The fair value of the contingent liability was re-measured to be $885,000 for the year ended December 31, 2015. As a result, a $115,000 reduction in the contingent liability and an increase in other income was recorded. In accordance with this agreement, payments are required in 2016 and 2019 based on certain earnings targets. See Note 2 for information regarding the acquisition of GAF.

The Company is involved in legal proceedings and claims that arise in the ordinary course of its businesses. The Company has established reserves that it believes are sufficient given information presently available relating to its outstanding legal proceedings and claims. The Company does not anticipate that the result of any pending legal proceeding or claim will have a material adverse effect on its financial condition or cash flows, although there could be such an effect on its results of operations for any particular period.