AICI Capital Trust 9% Pfd (fka AICPQ)

[Enterprising Investor]

AIC 2018 Financial Results (12/31/18)

Underwriting Income was $168,402 versus a loss of $5,080,589 in 2017. AIC wrote off $4.5 million in reinsurance balances from Reliance Insurance Company due to uncollected reinsurance due to insolvency.

Investment Income was $319,696 compared to $214,154 in the prior year.

Net Income was $488,095 versus a $4,827,892 loss in 2017.

AIC had $20.4 million in assets at 12/31/18. Non-Admitted assets totaled $10.1 million, making Net Admitted Assets $10.3 million.

Surplus was $3.3 million, up from $3.0 million at 12/31/17. Surplus increased primarily due to $.9 million in favorable Loss and LAE development and $.3 million in Investment Income offset by ongoing operation costs.

AIC also had $105,783,471 of unused operating loss carryforwards at 12/31/18.