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Investments In Securities (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017	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	$	25,534,763			$	480,036			$	50,347			$	25,964,452
Special revenue issuer obligations of U.S. states, territories and political subdivisions	59,050,028				2,074,655				179,303				60,945,380
Corporate debt securities	13,255,865				567,850				3,101				13,820,614
Total	$	97,840,656			$	3,122,541			$	232,751			$	100,730,446
Equity securities, available-for-sale, at fair value:
Common stocks	$	25,927,969			$	19,221,955			$	33,463			$	45,116,461
Total	$	25,927,969			$	19,221,955			$	33,463			$	45,116,461
Short-term investments:
Commercial paper, money market funds and certificates of deposit	$	20,692,763			$	—			$	—			$	20,692,763
Total	$	20,692,763			$	—			$	—			$	20,692,763

As of December 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	$	29,374,774			$	440,628			$	298,533			$	29,516,869
Special revenue issuer obligations of U.S. states, territories and political subdivisions	57,459,818				1,619,444				502,135				58,577,127
Corporate debt securities	13,327,765				512,316				—				13,840,081
Total	$	100,162,357			$	2,572,388			$	800,668			$	101,934,077
Equity securities, available-for-sale, at fair value:
Common stocks	$	24,836,032			$	16,392,210			$	48,983			$	41,179,259
Total	$	24,836,032			$	16,392,210			$	48,983			$	41,179,259
Short-term investments:
Money market funds and certificates of deposit	$	6,558,840			$	—			$	—			$	6,558,840
Total	$	6,558,840			$	—			$	—			$	6,558,840

Schedule Of Fixed Maturity Securities

The scheduled maturities of fixed maturity securities at September 30, 2017 were as follows:

	Available-for-Sale
	Amortized Cost				Estimated Fair Value
Due in one year or less	$	17,774,970			$	17,870,218
Due one year through five years	27,079,300				27,792,150
Due five years through ten years	50,998,490				52,546,163
Due after ten years	1,987,896				2,521,915
Total	$	97,840,656			$	100,730,446

Schedule Of Gross Realized Gains And Losses On Securities

Gross realized gains and losses on sales of investments for the nine-month periods ended September 30 are summarized as follows:

	2017				2016
Gross realized gains from securities:
Special revenue issuer obligations of U.S. states, territories and political subdivisions	$	139			$	161
Corporate debt securities	—				20
Common stocks and nonredeemable preferred stocks	1,232,330				880,647
Auction rate securities	—				74,996
Total	$	1,232,469			$	955,824
Gross realized losses from securities:
General obligations of U.S. states, territories and political subdivisions	$	—			$	(533	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	(100		)		(1,085		)
Common stocks and nonredeemable preferred stocks	(255,481		)		(168,688		)
Other-than-temporary impairment of securities	—				(233,941		)
Total	$	(255,581	)		$	(404,247	)
Net realized gain from securities	$	976,888			$	551,577
Net realized gain on other investments:
Gains on other investments	$	13,230			$	22,751
Total	$	13,230			$	22,751
Net realized gain on investments	$	990,118			$	574,328

Schedule Of Unrealized Losses On Investments

The following table presents the gross unrealized losses on investment securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous loss position at September 30, 2017 and December 31, 2016:

	Less than 12 Months								12 Months or Longer								Total
As of September 30, 2017	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	8,356,815			$	(50,347	)		$	—			$	—			$	8,356,815			$	(50,347	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	12,694,205				(115,937		)		1,666,125				(63,366		)		14,360,330				(179,303		)
Corporate	2,018,260				(3,101		)		—				—				2,018,260				(3,101		)
Total fixed income securities	$	23,069,280			$	(169,385	)		$	1,666,125			$	(63,366	)		$	24,735,405			$	(232,751	)
Equity securities	$	1,229,320			$	(33,463	)		$	—			$	—			$	1,229,320			$	(33,463	)
Total temporarily impaired securities	$	24,298,600			$	(202,848	)		$	1,666,125			$	(63,366	)		$	25,964,725			$	(266,214	)

	Less than 12 Months								12 Months or Longer								Total
As of December 31, 2016	Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses				Estimated Fair Value				Unrealized Losses
General obligations of U.S. states, territories and political subdivisions	$	13,884,808			$	(298,533	)		$	—			$	—			$	13,884,808			$	(298,533	)
Special revenue issuer obligations of U.S. states, territories and political subdivisions	16,161,906				(502,135		)		—				—				16,161,906				(502,135		)
Total fixed income securities	$	30,046,714			$	(800,668	)		$	—			$	—			$	30,046,714			$	(800,668	)
Equity securities	$	380,400			$	(48,983	)		$	—			$	—			$	380,400			$	(48,983	)
Total temporarily impaired securities	$	30,427,114			$	(849,651	)		$	—			$	—			$	30,427,114			$	(849,651	)

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, 2017:

Type of Investment		Balance Sheet Classification		Carrying Value				Estimated Fair Value				Maximum Potential Loss (a)
Tax credit LPs		Other investments		$	905,179			$	905,179			$	1,325,000
Real estate LLCs or LPs		Other investments		4,907,741				5,438,088				7,200,000
Small business investment LPs		Other investments		3,699,694				3,612,437				9,400,000
Total				$	9,512,614			$	9,955,704			$	17,925,000

(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, 2017 and December 31, 2016. 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.

As of September 30, 2017	Level 1				Level 2				Level 3				Total
Short-term investments	$	20,692,763			$	—			$	—			$	20,692,763
Equity securities:
Common stock	45,116,461				—				—				45,116,461
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				86,909,832				—				86,909,832
Corporate debt securities*	—				13,820,614				—				13,820,614
Total	$	65,809,224			$	100,730,446			$	—			$	166,539,670

As of December 31, 2016	Level 1				Level 2				Level 3				Total
Short-term investments	$	6,558,840			$	—			$	—			$	6,558,840
Equity securities:
Common stock	41,179,259				—				—				41,179,259
Fixed maturities:
Obligations of U.S. states, territories and political subdivisions*	—				88,093,996				—				88,093,996
Corporate debt securities*	—				13,840,081				—				13,840,081
Total	$	47,738,099			$	101,934,077			$	—			$	149,672,176

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, 2017 and December 31, 2016 are presented in the following table:

As of September 30, 2017	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	30,890,785			$	30,890,785			$	30,890,785			$	—			$	—
Cost-basis investments	5,342,495				5,698,667				—				—				5,698,667
Accrued interest and dividends	1,323,598				1,323,598				1,323,598				—				—
Total	$	37,556,878			$	37,913,050			$	32,214,383			$	—			$	5,698,667

As of December 31, 2016	Carrying Value				Estimated Fair Value				Level 1				Level 2				Level 3
Financial assets:
Cash	$	27,928,472			$	27,928,472			$	27,928,472			$	—			$	—
Cost-basis investments	4,244,402				4,497,665				—				—				4,497,665
Accrued interest and dividends	1,035,152				1,035,152				1,035,152				—				—
Total	$	33,208,026			$	33,461,289			$	28,963,624			$	—			$	4,497,665

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