Company: Advantage Insurance Inc.
Symbol: AVI
Description: They are an underwriter of specialty private placement life insurance, or PPLI, for high net worth individuals, or HNWIs, business owners and family groups worldwide through their Life Insurance division.
Shares: 10 million
Price Range: $9.00-$11.00
Trade Date: 12/20
Underwriter(s): Raymond James, JMP Securities, B. Riley | FBR
Terms Added: 12-1-17
Business: They are organized into three reportable segments: Life Insurance, Business Insurance and Corporate. Through their Life Insurance segment, they underwrite private placement life insurance policies and annuity contracts. Their Business Insurance segment specializes in providing customized risk finance, risk protection and risk transfer solutions for small and medium-sized businesses using captive insurance and other alternative risk transfer methods. They also underwrite property and casualty insurance and reinsurance risks in the Lloyd’s of London insurance market, for their own account and on behalf of our Business Insurance clients. Their Corporate segment provides administrative and organizational support services to their active insurance businesses and operates their holding company structure.
Financials:Their revenue was $10.1 million, $17.7 million and $24.5 million and their net income was $951 thousand, $6.9 million and $6.5 million in t014, 2015, and 2016, respectively. In the first three quarters of 2017, their revenues increased 5.5% to $16.7 million, while their net income decreased 69.7% to $1.19 million, compared to the results in the previous year. In the first three quarters of 2017 they recorded an other-than-temporary impairment of $1.7 million on one of their CLO investments and a valuation allowance of $0.4 million for non-capital losses for which deferred tax assets had previously been recognized.
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