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Investments In Securities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 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	$	31,751,299			$	1,114,177			$	2,072			$	32,863,404
Special revenue issuer obligations of U.S. states, territories and political subdivisions	56,651,943				3,751,576				15,241				60,388,278
Corporate debt securities	16,837,246				950,115				119				17,787,242
Total	$	105,240,488			$	5,815,868			$	17,432			$	111,038,924
Equity securities, available-for-sale, at fair value:
Common stocks	$	24,958,456			$	14,974,237			$	97,814			$	39,834,879
Total	$	24,958,456			$	14,974,237			$	97,814			$	39,834,879
Short-term investments:
Money market funds and certificates of deposit	$	3,925,296			$	—			$	—			$	3,925,296
Total	$	3,925,296			$	—			$	—			$	3,925,296

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 September 30, 2016 were as follows:

	Available-for-Sale
	Amortized Cost				Fair Value
Due in one year or less	$	20,245,762			$	20,383,264
Due after one year through five years	34,757,122				36,493,362
Due five years through ten years	48,247,411				51,501,388
Due after ten years	1,990,193				2,660,910
Total	$	105,240,488			$	111,038,924

Schedule Of Gross Realized Gains And Losses On Securities

Realized gains and losses on investments for the nine-month periods ended September 30 are summarized as follows:

	2016				2015
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	161			$	—
Corporate debt securities	20				5,417
Common stocks and nonredeemable preferred stocks	880,647				1,436,386
Auction rate securities	74,996				—
Total	$	955,824			$	1,441,803
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	(533	)		$	(12,319	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(1,085		)		(397		)
Common stocks and nonredeemable preferred stocks	(168,688		)		(39,017		)
Other-than-temporary impairment of securities	(233,941		)		(668,904		)
Total	$	(404,247	)		$	(720,637	)
Net realized gain from securities	$	551,577			$	721,166
Net realized gain (loss) on other investments:
Impairments of other investments	$	—			$	(233,069	)
Gains on other investments	22,751				113,239
Total	$	22,751			$	(119,830	)
Net realized gain on investments	$	574,328			$	601,336

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 September 30, 2016 and December 31, 2015:

	Less than 12 Months								12 Months or Longer								Total
As of September 30, 2016	Fair Value				Unrealized Losses				Fair Value				Unrealized Losses				Fair Value				Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	3,594,415			$	(2,072	)		$	—			$	—			$	3,594,415			$	(2,072	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	1,737,905				(15,241		)		—				—				1,737,905				(15,241		)
Corporate debt securities	999,820				(119		)		—				—				999,820				(119		)
Total fixed income securities	$	6,332,140			$	(17,432	)		$	—			$	—			$	6,332,140			$	(17,432	)
Equity securities	$	806,984			$	(97,814	)		$	—			$	—			$	806,984			$	(97,814	)
Total temporarily impaired securities	$	7,139,124			$	(115,246	)		$	—			$	—			$	7,139,124			$	(115,246	)

	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				(5,138		)		1,183,963				(20,989		)		2,856,180				(26,127		)
Corporate debt securities	6,981,275				(58,473		)		—				—				6,981,275				(58,473		)
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, which are structured either as limited partnerships ("LPs") or limited liability companies ("LLCs"), as of September 30, 2016:

Type of Investment		Balance Sheet Classification		Carrying Value				Estimated Fair Value				Maximum Potential Loss (a)
Tax credit LPs		Other investments		$	1,137,346			$	1,137,346			$	1,325,000
Real estate LLCs or LPs		Other investments		3,838,897				4,323,037				6,350,000
Small business investment LPs		Other investments		3,082,723				2,072,658				9,100,000
Total				$	8,058,966			$	7,533,041			$	16,775,000

(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.

Schedule Of Fair Value Assets Measured On Recurring Basis

The following table presents, by level, the financial assets carried at estimated fair value measured on a recurring basis as of September 30, 2016 and December 31, 2015. The table does not include cash on hand and also does not include assets that are measured at historical cost or any basis other than fair value. Level 3 assets are comprised solely of ARS.

As of September 30, 2016	Level 1				Level 2				Level 3				Total
Short-term investments	$	3,925,296			$	—			$	—			$	3,925,296
Equity securities:
Common stock	39,834,879				—				—				39,834,879
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				93,251,682				—				93,251,682
Corporate debt securities*	—				17,787,242				—				17,787,242
Total	$	43,760,175			$	111,038,924			$	—			$	154,799,099

As of December 31, 2015	Level 1				Level 2				Level 3				Total
Short-term investments	$	6,865,406			$	—			$	—			$	6,865,406
Equity securities:
Common stock	37,513,464				—				—				37,513,464
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				87,640,140				—				87,640,140
Corporate debt securities*	—				17,486,344				939,900				18,426,244
Total	$	44,378,870			$	105,126,484			$	939,900			$	150,445,254

Schedule Of Carrying Value And Fair Value Of Financial Assets Disclosed

The carrying amounts and estimated fair values of other financial instruments (see previous table for investments carried at estimated fair value) as of September 30, 2016 and December 31, 2015 are presented in the following table:

As of September 30, 2016	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	26,898,991			$	26,898,991			$	26,898,991			$	—			$	—
Cost-basis investments	4,119,328				4,367,372				—				—				4,367,372
Accrued dividends and interest	1,389,526				1,389,526				1,389,526				—				—
Total	$	32,407,845			$	32,655,889			$	28,288,517			$	—			$	4,367,372

As of December 31, 2015	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	21,790,068			$	21,790,068			$	21,790,068			$	—			$	—
Cost-basis investments	3,588,314				3,684,020				—				—				3,684,020
Accrued dividends and interest	1,004,126				1,004,126				1,004,126				—				—
Total	$	26,382,508			$	26,478,214			$	22,794,194			$	—			$	3,684,020

Schedule Of Fair Value Assets Measured At Unobservable Inputs Reconciliation

The following table presents a reconciliation of the Company’s assets measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3), which are all ARS securities, for the period ended September 30, 2016 and the year ended December 31, 2015:

Changes in fair value during the period ended:	2016				2015
Beginning balance at January 1	$	939,900			$	939,100
Redemptions and sales	(1,000,000		)		—
Realized gain – included in net realized gain on investments	74,996				—
Unrealized (loss) gain – included in other comprehensive income (loss)	(14,896		)		800
Ending balance, net	$	—			$	939,900

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table summarizes the corresponding estimated fair value hierarchy of such investments at September 30, 2016 and December 31, 2015 and the related impairments recognized:

As of September 30, 2016

Valuation Method

Impaired

Level 1

Level 2

Level 3

Total at Estimated Fair Value

Impairment Losses

Cost-basis investments

Fair Value

No

$

—

$

—

$

—

$

—

$

—

Total cost-basis investments

$

—

$

—

$

—

$

—

$

—

As of December 31, 2015	Valuation Method		Impaired		Level 1				Level 2				Level 3				Total at Estimated Fair Value				Impairment Losses
Cost-basis investments	Fair Value		Yes		$	—			$	—			$	163,350			$	163,350			$	(233,069	)
Total cost-basis investments					$	—			$	—			$	163,350			$	163,350			$	(233,069	)

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