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v3.19.3.a.u2

Investments (Tables) | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Estimated Fair Values of Fixed Maturities | The amortized cost and estimated fair values of our fixed maturities at December 31, 2019 and 2018 are as follows:
|  | 2019 |
Held to Maturity |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 82,916,052 |  |  | $ | 1,803,230 |  |  | $ | 68,560 |  |  | $ | 84,650,722 |
Obligations of states and political subdivisions |  |  | 204,634,486 |  |  |  | 14,236,736 |  |  |  | 288,174 |  |  |  | 218,583,048 |
Corporate securities |  |  | 156,398,001 |  |  |  | 8,274,912 |  |  |  | 333,166 |  |  |  | 164,339,747 |
Mortgage-backed securities |  |  | 32,145,243 |  |  |  | 611,641 |  |  |  | 16,057 |  |  |  | 32,740,827 |
Totals |  | $ | 476,093,782 |  |  | $ | 24,926,519 |  |  | $ | 705,957 |  |  | $ | 500,314,344 |
|  | 2019 |
Available for Sale |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 19,302,056 |  |  | $ | 81,773 |  |  | $ | 19,370 |  |  | $ | 19,364,459 |
Obligations of states and political subdivisions |  |  | 55,162,046 |  |  |  | 1,641,171 |  |  |  | 6,929 |  |  |  | 56,796,288 |
Corporate securities |  |  | 154,946,586 |  |  |  | 4,477,035 |  |  |  | 180,312 |  |  |  | 159,243,309 |
Mortgage-backed securities |  |  | 327,428,590 |  |  |  | 2,856,820 |  |  |  | 737,663 |  |  |  | 329,547,747 |
Totals |  | $ | 556,839,278 |  |  | $ | 9,056,799 |  |  | $ | 944,274 |  |  | $ | 564,951,803 |
|  | 2018 |
Held to Maturity |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 76,222,306 |  |  | $ | 174,904 |  |  | $ | 1,086,613 |  |  | $ | 75,310,597 |
Obligations of states and political subdivisions |  |  | 159,292,158 |  |  |  | 8,236,804 |  |  |  | 704,104 |  |  |  | 166,824,858 |
Corporate securities |  |  | 127,010,071 |  |  |  | 396,197 |  |  |  | 4,391,451 |  |  |  | 123,014,817 |
Mortgage-backed securities |  |  | 40,273,983 |  |  |  | 64,318 |  |  |  | 450,277 |  |  |  | 39,888,024 |
Totals |  | $ | 402,798,518 |  |  | $ | 8,872,223 |  |  | $ | 6,632,445 |  |  | $ | 405,038,296 |
|  | 2018 |
Available for Sale |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 45,188,053 |  |  | $ | 25,241 |  |  | $ | 1,003,365 |  |  | $ | 44,209,929 |
Obligations of states and political subdivisions |  |  | 73,760,836 |  |  |  | 1,762,127 |  |  |  | 306,994 |  |  |  | 75,215,969 |
Corporate securities |  |  | 140,688,937 |  |  |  | 203,393 |  |  |  | 3,059,185 |  |  |  | 137,833,145 |
Mortgage-backed securities |  |  | 275,474,625 |  |  |  | 148,967 |  |  |  | 6,324,331 |  |  |  | 269,299,261 |
Totals |  | $ | 535,112,451 |  |  | $ | 2,139,728 |  |  | $ | 10,693,875 |  |  | $ | 526,558,304 |
Summary of Amortized Cost and Estimated Fair Value of Fixed Maturities by Contractual Maturity | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | Amortized Cost |  |  | Estimated Fair Value |
Held to maturity |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 16,132,891 |  |  | $ | 16,205,362 |
Due after one year through five years |  |  | 73,727,277 |  |  |  | 76,542,800 |
Due after five years through ten years |  |  | 182,428,771 |  |  |  | 191,642,042 |
Due after ten years |  |  | 171,659,600 |  |  |  | 183,183,313 |
Mortgage-backed securities |  |  | 32,145,243 |  |  |  | 32,740,827 |
Total held to maturity |  | $ | 476,093,782 |  |  | $ | 500,314,344 |
Available for sale |  |  |  |  |  |  |  |
Due in one year or less |  | $ | 12,943,726 |  |  | $ | 13,075,792 |
Due after one year through five years |  |  | 89,684,400 |  |  |  | 91,992,458 |
Due after five years through ten years |  |  | 112,308,452 |  |  |  | 115,407,525 |
Due after ten years |  |  | 14,474,110 |  |  |  | 14,928,281 |
Mortgage-backed securities |  |  | 327,428,590 |  |  |  | 329,547,747 |
Total available for sale |  | $ | 556,839,278 |  |  | $ | 564,951,803 |
Summary of Cost and Estimated Fair Values of Equity Securities | The cost and estimated fair values of our equity securities at December 31, 2019 were as follows:
|  | Cost |  |  | Gross Gains |  |  | Gross Losses |  |  | Estimated Fair Value |
Equity securities |  | $ | 43,419,136 |  |  | $ | 12,179,912 |  |  | $ | 121,492 |  |  | $ | 55,477,556 |
The cost and estimated fair values of our equity securities at December 31, 2018 were as follows:
|  | Cost |  |  | Gross Gains |  |  | Gross Losses |  |  | Estimated Fair Value |
Equity securities |  | $ | 40,942,716 |  |  | $ | 4,817,917 |  |  | $ | 2,093,624 |  |  | $ | 43,667,009 |
Summary of Net Investment Income, consisting Primarily of Interest and Dividends | We derive d net investment income, consisting primarily of interest and dividends, from the following sources:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Fixed maturities |  | $ | 29,969,774 |  |  | $ | 27,733,555 |  |  | $ | 26,143,924 |
Equity securities |  |  | 1,268,056 |  |  |  | 1,264,120 |  |  |  | 999,335 |
Short-term investments |  |  | 1,243,104 |  |  |  | 795,522 |  |  |  | 407,580 |
Other |  |  | 29,251 |  |  |  | 29,450 |  |  |  | 33,316 |
Investment income |  |  | 32,510,185 |  |  |  | 29,822,647 |  |  |  | 27,584,155 |
Investment expenses |  |  | (2,995,230 | ) |  |  | (2,914,991 | ) |  |  | (4,056,851 | )
Net investment income |  | $ | 29,514,955 |  |  | $ | 26,907,656 |  |  | $ | 23,527,304 |
Summary of Gross Investment Gains and Losses before Applicable Income Taxes | We present below gross gains and losses from investments, including those we classified as held to maturity, and the change in the difference between fair value and cost of investments:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Gross gains: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | 470,983 |  |  | $ | 131,660 |  |  | $ | 168,855 |
Equity securities |  |  | 10,471,285 |  |  |  | 1,890,762 |  |  |  | 6,197,253 |
Investment in affiliate |  |  | 12,662,147 |  |  |  |  |  |  |  |  |
|  |  | 23,604,415 |  |  |  | 2,022,422 |  |  |  | 6,366,108 |
Gross losses: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  |  | 323,746 |  |  |  | 630,904 |  |  |  | 98,723 |
Equity securities |  |  | 1,296,052 |  |  |  | 6,193,027 |  |  |  | 562,130 |
|  |  | 1,619,798 |  |  |  | 6,823,931 |  |  |  | 660,853 |
Net investment gains (losses) |  | $ | 21,984,617 |  |  | $ | (4,801,509 | ) |  | $ | 5,705,255 |
Change in difference between fair value and cost of investments: |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturities |  | $ | 38,647,456 |  |  | $ | (20,641,433 | ) |  | $ | 2,335,578 |
Equity securities |  |  | 9,334,127 |  |  |  | (3,501,853 | ) |  |  | 1,569,999 |
Totals |  | $ | 47,981,583 |  |  | $ | (24,143,286 | ) |  | $ | 3,905,577 |
Summary of Fixed Maturities with Unrealized Losses | We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2019 as follows:
|  | Less than 12 months |  |  | 12 months or longer |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 7,461,245 |  |  | $ | 45,688 |  |  | $ | 5,394,735 |  |  | $ | 42,242 |
Obligations of states and political subdivisions |  |  | 23,339,340 |  |  |  | 293,516 |  |  |  | 2,326,813 |  |  |  | 1,587 |
Corporate securities |  |  | 19,362,346 |  |  |  | 263,280 |  |  |  | 18,803,546 |  |  |  | 250,198 |
Mortgage-backed securities |  |  | 28,507,123 |  |  |  | 55,729 |  |  |  | 74,088,769 |  |  |  | 697,991 |
Totals |  | $ | 78,670,054 |  |  | $ | 658,213 |  |  | $ | 100,613,863 |  |  | $ | 992,018 |
We held fixed maturities with unrealized losses representing declines that we considered temporary at December 31, 2018 as follows:
|  | Less than 12 months |  |  | 12 months or longer |
|  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 26,342,398 |  |  | $ | 165,774 |  |  | $ | 54,900,027 |  |  | $ | 1,924,204 |
Obligations of states and political subdivisions |  |  | 28,321,962 |  |  |  | 477,357 |  |  |  | 21,559,520 |  |  |  | 533,741 |
Corporate securities |  |  | 149,269,854 |  |  |  | 4,482,870 |  |  |  | 59,396,885 |  |  |  | 2,967,766 |
Mortgage-backed securities |  |  | 82,593,454 |  |  |  | 912,616 |  |  |  | 181,379,875 |  |  |  | 5,861,992 |
Totals |  | $ | 286,527,668 |  |  | $ | 6,038,617 |  |  | $ | 317,236,307 |  |  | $ | 11,287,703 |

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