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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Operations.
Property and Casualty Operations
American Southern comprises the Company’s property and casualty operations and its primary product lines are as follows:
Business Automobile Insura... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
business automobile insurance coverage, on a multi-year contract basis, to state governments, local municipalities and other large motor pools and fleets (“block
accounts”) that can be speci... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
allocation of American Southern’s net earned premiums from each of its principal product lines:
Year Ended December 31,
2021
2020
(In thousands)
Automobile liability
30,453
30,312
Automobile... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
include
non-participating, individual and group whole life insurance policies with a variety of riders and options. Policy premiums are dependent upon a number of factors, including issue ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
nursing facility care, accident expense, hospital indemnity and disability coverages.
Health insurance products, primarily Medicare supplement insurance, accounted for 91% of Bankers Fide... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
102,680
Other accident and health
10,363
9,217
Total health insurance
105,677
111,897
Total
116,234
121,167
Table of Contents
Marketing
Property and Casualty Operations
A portion of Amer... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
insurance policies for
certain governmental programs, the company actively pursues this market on a direct basis. Much of this business is priced by means of competitive bid situations. As a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
responsible for their own marketing and sales activities. Contracting as independent agents enables Bankers Fidelity to effectively expand or contract its sales force without incurring significant e... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
its distributors an array of products to sell that stand out from the competition. As
the Company continues to expand its geographical footprint with agents and products, one of its main o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from larger carriers and helps the Company to quickly execute senior management’s initiatives.
Quality
. Bankers Fidelity is focused on being a
niche carrier that delivers super... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
management is focused on diversification, differentiation, quality and retention to achieve profitability.
Underwriting
Property and Casualty Operations
American Southern specializes in underwrit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Bankers Fidelity issues a variety of products that span from the group markets to the individual markets for both life and health insurance. Products offered by Bankers Fidelity include life
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and any other necessary information. Bankers Fidelity utilizes information obtained directly from the insured, the medical claims data, prescription
utilization reports as well as telephone ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
by providing toll-free access for all customers, 24-hour claim reporting services, and direct computer links with some of its largest accounts. ATLANTIC AMERICAN CORP also utilizes an automatic call... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
required reserve
adjustments. Independent adjusters and appraisers are frequently utilized to service claims which require on-site inspections.
Life and Health Operations
The majority of l... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of receipt.
With regard to Medicare supplement policies, the claim is either directly billed to Bankers Fidelity by the provider or sent electronically through a Medicare clearing house.
Re... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
practice is to reserve at the higher end of the determined reasonable range of
loss if no other value within the range is determined to be more probable. ATLANTIC AMERICAN CORP’s life and he... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
relative to the receipt of new or additional information. Lines of business for which loss data (e.g. paid losses and case reserves) emerge over a long period of time are
referred to as long... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. For most lines of business, certain actuarial methods and specific assumptions are deemed more appropriate based on the current circumstances affecting that line of
business. These selectio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lines of business, the emergence of paid losses and case reserves is less credible in the early periods, and accordingly may not be indicative of ultimate losses. For these lines,
methods wh... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
prior accident years’ loss ratios, after considering changes to
earned pricing, loss costs, mix of business, ceded reinsurance and other factors that are expected to affect the estimated ult... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reserves and cumulative related payments. IBNR reserves for prior accident years are similarly determined, again relying on an indicated, historical development pattern for reported losses.
Based o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
years and less volatile lines of business.
ATLANTIC AMERICAN CORP’s policy is to record reserves for losses and claims in amounts which approximate actuarial best estimates of ultimate values. Actu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be made in future periods. Any such revisions could be material, and may materially adversely affect the Company’s financial condition and results of operations in any future period.
Property and C... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on a
case-by-case evaluation of the type of claim involved, the circumstances surrounding the claim, and the policy provisions relating to the type of loss along with anticipated future deve... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be extended and questions of coverage may exist. Such
uncertainties create greater imprecision in estimating required levels of loss reserves. The property and automobile lines of business g... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
under policies that are in force as of the statement date. These reserves are calculated to satisfy
policy and contract obligations as they are projected to come due. Reserves for insurance... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
information on insurance reserves and policyholder funds.
Reinsurance
ATLANTIC AMERICAN CORP’s insurance subsidiaries from time to time purchase reinsurance from unaffiliated insurers and reinsure... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
basic reinsurance treaties generally cover all claims in excess of specified per occurrence limitations. Limits per occurrence within the reinsurance treaties are as follows:
Inland marine a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Bankers Fidelity has entered into reinsurance contracts ceding the excess of its life retention. Maximum retention by Bankers Fidelity on any one individual in the case of life insurance policies
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of the reinsurer was 50% of all new Medicare supplement business issued by the Company on amounts up to a maximum retention of $15.0 million of annualized premium. Accordingly, $2.0 million of the C... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and casualty companies have been in
business longer than American Southern, offer more diversified lines of insurance and have substantially greater financial resources. Management believes,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
its customers providing quality and sustainability for over 65 years.
In order to compete, Bankers Fidelity actively seeks opportunities in niche markets, developing long-term relationships with a ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
expected to have a favorable impact on the ability of a company to compete in the marketplace. Ratings of
insurance companies are not designed for investors and do not constitute recommendat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
American Southern Insurance
Company and its wholly-owned subsidiary, American Safety Insurance Company, are each, as of the date of this report, rated “A” (Excellent) by A.M. Best.
Bank... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of insurers and their agents, the nature of and limitations on investments,
approval of policy forms, reserve requirements, the standards of solvency to be met and maintained, deposits of se... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
require periodic disclosure concerning the corporation which controls the registered insurers and all subsidiaries of such
corporations, as well as prior notice to, or approval by, the state... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company cannot provide any assurance that it will not receive any objections to any applications in the future.
A state may require that acceptable securities be deposited for the protection either... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
business in these jurisdictions are generally subject to assessments of up to 4% of annual direct premiums written in that jurisdiction to pay such claims, if any. The likelihood and amount of any
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for each such ratio with which companies should comply.
The NAIC developed the Insurance Regulatory Information System (“IRIS”) to help state regulators identify companies that may require regulato... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, depending on the company’s financial condition, regulatory action if certain of its key IRIS ratios fall
outside the usual ranges and the insurer’s financial condition is trending downward.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Management does not anticipate regulatory action as a result of the 2021 IRIS ratio results
for the insurance subsidiaries.
Risk-Based Capital
Risk-based capital (“RBC”) is a metric used b... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Company’s operations rely on the secure processing, storage, and transmission of confidential and personal identifiable information within various technology platforms. Cybersecurity is a high
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
disaster. ATLANTIC AMERICAN CORP’s technology environment is managed by an experienced team of professionals who follow an extensive set of policies and procedures related
to data security. ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with legal requirements. The IRP specifies the process for identifying and reporting an incident, initial investigation, risk classification, documentation and communication of incidents, responder ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
event remediation costs; cyber crime coverage (including financial fraud,
telecommunications fraud, and phishing attacks); and coverage for system failure, bricking loss, and physical damage... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,298
17.7
30,762
11.0
States, municipalities and political subdivisions
11,644
4.2
11,802
4.2
Public utilities
13,952
4.9
13,651
4.9
All other corporate bonds
184,842
65.2
197,641
7... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,238
1.2
Policy loans(4)
1,858
0.7
1,975
0.7
Real estate
38
0.0
38
0.0
Investments in unconsolidated trusts
1,238
0.4
1,238
0.4
Total investments
283,442
100.0
279,311
100.0
(1)... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
$222.5 million as of December 31, 2020.
(2)
Equity securities are carried on the balance sheet at estimated fair value. Total cost of equity securities was $4.9 million as of December 31, 2021 and... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
portfolio for periods shown were as follows:
Year Ended December 31,
2021
2020
(Dollars in thousands)
Average investments(1)
260,240
252,141
Net investment income
8,528
7,744
Average yiel... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the overall risk versus return profile of the portfolio.
Table of Contents
Human Capital
ATLANTIC AMERICAN CORP and its subsidiaries employed 140 people at December 31, 2021. Of the 140 people, 1... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. We also offer competitive health and wellbeing benefits to include health, dental, vision, health and
flexible savings accounts, disability, life, supplemental and telemedicine. An Employ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.
We offer tuition reimbursement along with budgeted professional development opportunities in order to foster professional growth and to increase skillsets.
ATLANTIC AMERICAN CORP requires all emp... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
segment is from external sources. For more information on segments, see Note 15 of Notes to Consolidated Financial Statements.
Available Information
ATLANTIC AMERICAN CORP files annual reports on ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lam.com. Neither the Company’s website, nor the
information appearing on the website, is included, incorporated into, or a part of, this report.
Executive Officers of the Registrant
The tab... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
annually and serve at the discretion of the board of directors.
Mr. Howell
has been President and Chief
Executive Officer of the Company since May 1995, and prior thereto served as Execu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
November 2017. Since 2000 he has held various roles of increasing responsibility with
Atlantic American and its subsidiaries, previously serving as Vice President, Accounting and Treasurer... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
insurance operations in an office building located in Atlanta, Georgia, from Delta Life Insurance Company under a lease which continues until either party provides written notice of cancellation at ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
17,014 square feet.
ATLANTIC AMERICAN CORP believes that its current properties are in good condition, and are sufficient for the operations of its business.
Item 3.
Legal Proceedings
From time ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
after consideration
of provisions made for probable losses and costs of defense, will be material to the Company’s consolidated financial condition, although the results of such matters co... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.02 per share of common stock that is payable to shareholders of record as of the close of business on
April 13, 2022. Payment of any dividends in the future will be at the discretion of the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
is domiciled, dividend payments to the Company by its insurance
subsidiaries are subject to certain limitations, including prior notice to, or approval by, the state insurance commissioners ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from time to time in accordance with applicable securities laws and other requirements.
Other than pursuant to the Repurchase Plan, no purchases of common stock of the Company were made by or on be... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,129
November 1 – November 30, 2021
325,129
December 1 – December 31, 2021
325,129
Total
Stock Performance Graph
As a smaller reporting company, we have elected to comply with certain scaled d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and 2020. This discussion should be read in conjunction with the consolidated financial statements and notes thereto included elsewhere herein.
Atlantic American is an insurance holding company who... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in management’s belief, conform to
general practices within the insurance industry. The following is an explanation of the Company’s accounting policies and the resultant estimates considere... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
which are subject to significant market fluctuations. ATLANTIC AMERICAN CORP carries all fixed
maturities, which includes bonds and redeemable preferred stocks, and equity securities, whic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
whether declines in the fair value of investments are other than temporary. Potential risks and uncertainties include, among other things, changes in general economic conditions, an issuer’s financi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to exist, then the Company will write down the amortized cost basis of the investment to its
estimated fair value. While any such write down does not impact the reported value of the inves... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. See Note 2 and Note 3 of Notes to Consolidated Financial Statements with respect to assets and liabilities carried at fair value and information about the inputs used to value those financial instr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the amount of the Company’s recorded liability could require adjustment.
13
Table of Contents
Unpaid loss and loss adjustment expenses
comprised 33% of the Company’s total liabilities at Decembe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
period to period. Estimated unpaid losses on reported claims are developed based on historical experience with similar claims by the Company. Development on
reported claims, estimates of u... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
due to the trends and changes
affecting the business environment and the Company’s administrative policies. Further, external factors, such as legislative changes, medical cost inflation, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
materially in excess of the previously estimated amounts, such losses, to the extent reinsurance coverage does not exist, could have a material
adverse effect on the Company’s results of o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Company. Allowances for uncollectible amounts are established, as and when a loss has been determined probable, against the related receivable. Losses are recognized by the Company when determin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a systematic manner. Traditional life insurance and
long-duration health insurance deferred policy acquisition costs are amortized over the estimated premium-paying period of the related p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
related to the unearned premiums. Projected loss estimates for a current
block of business for which unearned premiums remain to be earned may vary significantly from the indicated losses ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a grant date fair value based on the price of our publicly-traded common stock and recognize the related compensation expense, adjusted for
actual forfeitures, in the consolidated statemen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
,868
69,179
Life and Health:
Bankers Fidelity
125,702
127,144
Corporate and Other
(16
(975
Total revenue
199,554
195,348
Income before income taxes
Property and Casualty:
American South... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and others because it isolates the “core” operating results of the Company before considering certain items that are either beyond the control of management (such as income tax expense, which is sub... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
-GAAP Financial Measure
Net income
4,281
12,169
Income tax expense
1,021
3,334
Realized investment gains, net
(4,903
(7,420
Unrealized (gains) losses on equity securities, net
(1,894
3,43... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
compared to operating income of $11.5 million in 2020. The decrease in operating income was primarily due to less favorable loss experience in the life and health operations, resulting from a signif... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2020. The increase in premium revenue was
primarily due to an increase in the automobile physical damage line of business within the property and casualty operations. Partially offsetting t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
890
Net written premiums
69,403
64,366
Net earned premiums
67,982
62,372
Insurance benefits and losses incurred
44,433
39,339
Commissions and underwriting expenses
20,143
19,404
Underwri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
from existing agencies, as well as an increase in gross written premiums in the general liability line of business as a result of a new program that started in the second half of
2020.
Cede... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, for the periods indicated, American Southern’s net earned premiums by line of business:
Year Ended December 31,
2021
2020
(In thousands)
Automobile liability
30,453
30,312
Automobile physic... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as a result of a new program as previously mentioned. Partially offsetting the increase in net earned premiums was a decrease in the surety line of business primarily
attributable to marketp... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ratio of over 100% indicates an underwriting loss. The combined ratio is divided into two components, the
loss ratio (the ratio of losses and loss adjustment expenses incurred to premiums ea... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
inclement weather throughout the year and an increase in the number of insureds in 2021. Also contributing to the increase in the loss ratio was an increase in the number of claims within the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the
participating agents in relation to the loss ratios of the business they write. During periods in which the loss ratio decreases, commissions and underwriting expenses will generally inc... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
respect to legal liability, is generally not comprehensive with respect to magnitude of loss
and generally, based on historical experience, will develop more adversely as time passes and mor... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Management believes that such differences will continue in future periods, but is unable to determine if or when incremental redundancies will increase or decrease until the underlying losses... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reserves reflect
favorable development from prior years’ reserves, there is generally a highly correlated increase in commission expense also related to the prior year business. Accordingly,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(67,154
(71,924
Net earned premiums
116,234
121,167
Insurance benefits and losses incurred
87,261
80,537
Commissions and underwriting expenses
34,715
34,177
Total expenses
121,976
114,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
12.1
million, or 6.9%, in 2021 as compared to 2020, due primarily to non-renewals exceeding the level of new business writings. Other health product premiums increased $1.1 million, or 12.4%,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
life policy obligations exceeding the level of new individual life sales. Premiums ceded decreased $4.8
million, or 6.6%, in 2021 from 2020. The decrease in ceded premiums was due to a decre... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2021, utilization of Medicare supplement insurance benefits increased, returning to
historical averages relative to the exceptionally low utilization experienced after the onset of the COVID... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of additions to DAC. The increase in the net amortization of DAC during 2021 is primarily due to non-renewals
exceeding the level of new business writings in the Medicare supplement line of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
.9 million in 2021 as compared to net realized investment gains of $7.4 million in 2020. The net realized investment gains in 2021 were primarily
attributable to gains of $4.3 million from th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be appropriate, makes adjustments for impairments and/or will divest investments. See Note 2 of Notes to Consolidated Financial Statements.
Unrealized Gains (Losses) on Equity Securities, Net
Inve... |
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