Investments In Securities (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule Of Gross Unrealized Gains And Losses And Amortized Cost For Securities

The aggregate estimated fair value, gross unrealized holding gains, gross unrealized holding losses and cost or amortized cost for securities by major security type are as follows:



As of March 31, 2016	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	32,257,800	$	1,110,229	$	13,243	$	33,354,786
Special revenue issuer obligations of U.S. states, territories and political subdivisions	52,061,731		3,234,721		909		55,295,543
Corporate debt securities	17,006,078		727,908		492		17,733,494
Total	$	101,325,609	$	5,072,858	$	14,644	$	106,383,823
Equity securities, available-for-sale, at fair value:
Common stocks	$	23,962,393	$	13,807,635	$	88,459	$	37,681,569
Total	$	23,962,393	$	13,807,635	$	88,459	$	37,681,569
Short-term investments:
Money market funds and certificates of deposit	$	7,520,069	$	—	$	—	$	7,520,069
Total	$	7,520,069	$	—	$	—	$	7,520,069



As of December 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Fixed maturities, available-for-sale, at fair value:
General obligations of U.S. states, territories and political subdivisions	$	31,883,439	$	987,595	$	11,734	$	32,859,300
Special revenue issuer obligations of U.S. states, territories and political subdivisions	52,202,815		2,604,152		26,127		54,780,840
Corporate debt securities	17,004,985		539,832		58,473		17,486,344
Auction rate securities	924,587		15,313		—		939,900
Total	$	102,015,826	$	4,146,892	$	96,334	$	106,066,384
Equity securities, available-for-sale, at fair value:
Common stocks and nonredeemable preferred stocks	$	23,855,873	$	13,785,968	$	128,377	$	37,513,464
Total	$	23,855,873	$	13,785,968	$	128,377	$	37,513,464
Short-term investments:
Money market funds and certificates of deposit	$	6,865,406	$	—	$	—	$	6,865,406
Total	$	6,865,406	$	—	$	—	$	6,865,406

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at March 31, 2016 were as follows:



	Available-for-Sale
	Amortized Cost		Fair Value
Due in one year or less	$	11,488,568	$	11,607,930
Due after one year through five years	43,806,261		45,722,867
Due five years through ten years	44,039,421		46,529,077
Due after ten years	1,991,359		2,523,949
Total	$	101,325,609	$	106,383,823

Schedule Of Gross Realized Gains And Losses On Securities

Realized gains and losses on investments for the three months ended March 31 are summarized as follows:



	2016			2015
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	160		$	—
Corporate debt securities	—			999
Common stocks and nonredeemable preferred stocks	227,960			8,200
Auction rate securities	74,996			—
Total	$	303,116		$	9,199
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	—		$	(396	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(85		)	—
Common stocks and nonredeemable preferred stocks	(116,952		)	—
Other than temporary impairment of securities	(42,794		)	—
Total	$	(159,831	)	$	(396	)
Net realized gain from securities	$	143,285		$	8,803
Net realized gain on other investments:
Gains on other investments	6,545			6,000
Total	$	6,545		$	6,000
Net realized gain on investments	$	149,830		$	14,803

Schedule Of Unrealized Losses On Investments

The following table presents the gross unrealized losses on investment securities and the fair value of the securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at March 31, 2016 and December 31, 2015:



	Less than 12 Months					12 Months or Longer					Total
As of March 31, 2016	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	1,122,050	$	(143	)	$	1,070,310	$	(13,100	)	$	2,192,360	$	(13,243	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	893,506		(909		)	—		—			893,506		(909		)
Corporate debt securities	890,520		(492		)	—		—			890,520		(492		)
Total fixed income securities	$	2,906,076	$	(1,544	)	$	1,070,310	$	(13,100	)	$	3,976,386	$	(14,644	)
Equity securities	$	2,123,918	$	(88,459	)	$	—	$	—		$	2,123,918	$	(88,459	)
Total temporarily impaired securities	$	5,029,994	$	(90,003	)	$	1,070,310	$	(13,100	)	$	6,100,304	$	(103,103	)



	Less than 12 Months					12 Months or Longer					Total
As of December 31, 2015	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	1,758,345	$	(11,734	)	$	—	$	—		$	1,758,345	$	(11,734	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,672,217		(5,139		)	1,183,963		(20,989		)	2,856,180		(26,128		)
Corporate debt securities	6,981,275		(58,472		)	—		—			6,981,275		(58,472		)
Total fixed income securities	$	10,411,837	$	(75,345	)	$	1,183,963	$	(20,989	)	$	11,595,800	$	(96,334	)
Equity securities	$	5,533,667	$	(128,377	)	$	—	$	—		$	5,533,667	$	(128,377	)
Total temporarily impaired securities	$	15,945,504	$	(203,722	)	$	1,183,963	$	(20,989	)	$	17,129,467	$	(224,711	)

Schedule of Variable Interest Entities

The following table sets forth details about the Company's variable interest investments in VIEs as of March 31, 2016:



Type of Investment	Balance Sheet Classification	Carrying Value		Estimated Fair Value		Maximum Potential Loss (a)
Tax credit LP's	Other investments	$	969,153	$	969,153	$	1,325,000
Real estate LLC's or LP's	Other investments	3,481,576		3,688,921		6,150,000
Small business investment LP's	Other investments	2,127,376		2,029,385		1,800,000
Total		$	6,578,105	$	6,687,459	$	9,275,000



(a)		Maximum potential loss is calculated as the total investment in the LLC or LP including any capital commitments that may have not yet been called. The Company is not exposed to any loss beyond the total commitment of its investment.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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