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3. Investments (Tables) | 3 Months Ended
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Mar. 31, 2020
Investments [Abstract] |
Schedule of available for sale securities |
| March 31, 2020
|  |  |  |  |  |  |  |  |  |  | Net
| Cost or |  | Gross |  | Gross Unrealized Losses |  | Estimated |  | Unrealized
| Amortized |  | Unrealized |  | Less than 12 |  | More than 12 |  | Fair |  | Gains/
Category | Cost |  | Gains |  | Months |  | Months |  | Value |  | (Losses)
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and |  |  |  |  |  |  |  |  |  |  |
obligations of U.S. government |  |  |  |  |  |  |  |  |  |  |
corporations and agencies | $ 5,033,879 |  | $ 102,361 |  | $ - |  | $ - |  | $ 5,136,240 |  | $ 102,361
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions | 9,139,221 |  | 275,738 |  | - |  | - |  | 9,414,959 |  | 275,738
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous | 112,871,652 |  | 2,876,429 |  | (2,258,459) |  | - |  | 113,489,622 |  | 617,970
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |
asset backed securities (1) | 25,631,027 |  | 292,497 |  | (938,478) |  | (1,145,973) |  | 23,839,073 |  | (1,791,954)
Total | $ 152,675,779 |  | $ 3,547,025 |  | $ (3,196,937) |  | $ (1,145,973) |  | $ 151,879,894 |  | $ (795,885)
| (1) | KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York ("FHLBNY") (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of March 31, 2020, the estimated fair value of the eligible investments was approximately $7,287,000. KICO will retain all rights regarding all securities if pledged as collateral. As of March 31, 2020, there was no outstanding balance on the FHLBNY credit line.
| December 31, 2019
|  |  |  |  |  |  |  |  |  |  | Net
| Cost or |  | Gross |  | Gross Unrealized Losses |  | Estimated |  | Unrealized
| Amortized |  | Unrealized |  | Less than 12 |  | More than 12 |  | Fair |  | Gains
Category | Cost |  | Gains |  | Months |  | Months |  | Value |  |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and |  |  |  |  |  |  |  |  |  |  |
obligations of U.S. government |  |  |  |  |  |  |  |  |  |  |
corporations and agencies | $ 7,037,856 |  | $ 23,244 |  | $ - |  | $ - |  | $ 7,061,100 |  | $ 23,244
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions | 9,151,293 |  | 181,835 |  | (11,316) |  | - |  | 9,321,812 |  | 170,519
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous | 119,874,573 |  | 5,777,624 |  | (16,685) |  | (13,473) |  | 125,622,039 |  | 5,747,466
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |
asset backed securities (1) | 26,138,633 |  | 437,841 |  | (68,793) |  | (276,451) |  | 26,231,230 |  | 92,597
Total | $ 162,202,355 |  | $ 6,420,544 |  | $ (96,794) |  | $ (289,924) |  | $ 168,236,181 |  | $ 6,033,826
| (1) | KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the FHLBNY (see Note 7). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of December 31, 2019, the estimated fair value of the eligible investments was approximately $7,284,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2019, there was no outstanding balance on the FHLBNY credit line.
Schedule of available for sale securities by contractual maturity |
| March 31, 2020 |  | December 31, 2019
| Amortized |  | Estimated |  | Amortized |  | Estimated
Remaining Time to Maturity | Cost |  | Fair Value |  | Cost |  | Fair Value
Less than one year | $ 12,900,401 |  | $ 12,937,879 |  | $ 11,986,401 |  | $ 12,025,804
One to five years | 44,309,018 |  | 44,695,085 |  | 49,715,422 |  | 51,000,025
Five to ten years | 65,324,015 |  | 66,293,522 |  | 69,850,104 |  | 74,410,275
More than 10 years | 4,511,318 |  | 4,114,335 |  | 4,511,795 |  | 4,568,847
Residential mortgage and other asset backed securities | 25,631,027 |  | 23,839,073 |  | 26,138,633 |  | 26,231,230
Total | $ 152,675,779 |  | $ 151,879,894 |  | $ 162,202,355 |  | $ 168,236,181
Schedule of equity securities |
| March 31, 2020
|  |  | Gross |  | Gross |  |  |
|  |  | Unrealized |  | Unrealized |  | Estimated |
Category | Cost |  | Gains |  | Losses |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |
Preferred stocks | $ 7,535,068 |  | $ 7,870 |  | $ (1,113,367) |  | $ 6,429,571 |
Common stocks, mutual funds, |  |  |  |  |  |  |  |
and exchange traded funds | 14,894,969 |  | 137,242 |  | (3,092,889) |  | 11,939,322 |
Total | $ 22,430,037 |  | $ 145,112 |  | $ (4,206,256) |  | $ 18,368,893 |
| December 31, 2019
|  |  | Gross |  | Gross |  | Estimated |
|  |  | Unrealized |  | Unrealized |  |  |
Category | Cost |  | Gains |  | Losses |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |
Preferred stocks | $ 8,374,424 |  | $ 339,257 |  | $ (11,794) |  | $ 8,701,887 |
Common stocks, mutual funds, |  |  |  |  |  |  |  |
and exchange traded funds | 14,250,244 |  | 1,982,878 |  | (273,627) |  | 15,959,495 |
Total | $ 22,624,668 |  | $ 2,322,135 |  | $ (285,421) |  | $ 24,661,382 |
Schedule of other investments |
| March 31, 2020 |  | December 31, 2019
|  |  | Gross |  |  |  |  |  | Gross |  |
|  |  | Unrealized |  | Estimated |  |  |  | Unrealized |  | Estimated
Category | Cost |  | Losses |  | Fair Value |  | Cost |  | Gains |  | Fair Value
Other Investments: |  |  |  |  |  |  |  |  |  |  |
Hedge fund | $ 1,999,381 |  | $ (11,859) |  | $ 1,987,522 |  | $ 1,999,381 |  | $ 585,532 |  | $ 2,584,913
Total | $ 1,999,381 |  | $ (11,859) |  | $ 1,987,522 |  | $ 1,999,381 |  | $ 585,532 |  | $ 2,584,913
Schedule of held to maturity securities |
| March 31, 2020
| Cost or |  | Gross |  | Gross Unrealized Losses |  | Estimated |  | Net
| Amortized |  | Unrealized |  | Less than 12 |  | More than 12 |  | Fair |  | Unrealized
Category | Cost |  | Gains |  | Months |  | Months |  | Value |  | Gains
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $729,561 |  | $162,483 |  | $ - |  | $ - |  | $ 892,044 |  | $ 162,483
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions | 998,573 |  | 43,857 |  | - |  | - |  | 1,042,430 |  | 43,857
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous | 2,098,270 |  | 106,196 |  | (2,230) |  | - |  | 2,202,236 |  | 103,966
Total | $ 3,826,404 |  | $ 312,536 |  | $ (2,230) |  | $ - |  | $ 4,136,710 |  | $ 310,306
| December 31, 2019
| Cost or |  | Gross |  | Gross Unrealized Losses |  | Estimated |  | Net
| Amortized |  | Unrealized |  | Less than 12 |  | More than 12 |  | Fair |  | Unrealized
Category | Cost |  | Gains |  | Months |  | Months |  | Value |  | Gains
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ 729,550 |  | $ 151,002 |  | $ - |  | $ - |  | $ 880,552 |  | $ 151,002
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions | 998,619 |  | 51,021 |  | - |  | - |  | 1,049,640 |  | 51,021
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous | 2,097,783 |  | 97,627 |  | (835) |  | - |  | 2,194,575 |  | 96,792
Total | $ 3,825,952 |  | $ 299,650 |  | $ (835) |  | $ - |  | $ 4,124,767 |  | $ 298,815
Schedule of held to maturity securities by contractual maturity |
| March 31, 2020 |  | December 31, 2019
| Amortized |  | Estimated |  | Amortized |  | Estimated
Remaining Time to Maturity | Cost |  | Fair Value |  | Cost |  | Fair Value
Less than one year | $ 500,000 |  | $ 497,770 |  | $ 500,000 |  | $ 499,165
One to five years | 2,099,588 |  | 2,220,096 |  | 2,099,268 |  | 2,215,640
Five to ten years | 620,255 |  | 664,805 |  | 620,134 |  | 655,923
More than 10 years | 606,561 |  | 754,039 |  | 606,550 |  | 754,039
Total | $ 3,826,404 |  | $ 4,136,710 |  | $ 3,825,952 |  | $ 4,124,767
Schedule of investment income |
| Three months ended
| March 31,
| 2020 |  | 2019
Income: |  |  |
Fixed-maturity securities | $ 1,447,938 |  | $ 1,526,870
Equity securities | 253,073 |  | 207,144
Cash and cash equivalents | 44,223 |  | 40,401
Total | 1,745,234 |  | 1,774,415
Expenses: |  |  |
Investment expenses | 79,390 |  | 150,703
Net investment income | $ 1,665,844 |  | $ 1,623,712
Schedule of securities with realized gains and losses on investments |
| Three months ended
| March 31,
| 2020 |  | 2019
Realized Gains (Losses) |  |  |
Fixed-maturity securities: |  |  |
Gross realized gains | $ 204,225 |  | $ 6,002
Gross realized losses | (32,342) |  | (28,433)
| 171,883 |  | (22,431)
Equity securities: |  |  |
Gross realized gains | 316,513 |  | 3,200
Gross realized losses | (213,815) |  | (5,961)
| 102,698 |  | (2,761)
Net realized gains (losses) | 274,581 |  | (25,192)
Unrealized (Losses) Gains |  |  |
Equity securities: |  |  |
Gross gains | - |  | 1,767,835
Gross losses | (6,121,608) |  | -
| (6,121,608) |  | 1,767,835
Other investments: |  |  |
Gross gains | - |  | 292,720
Gross losses | (597,391) |  | -
| (597,391) |  | 292,720
Net unrealized (losses) gains | (6,718,999) |  | 2,060,555
Net (losses) gains on investments | $ (6,444,418) |  | $ 2,035,363
Schedule of securities with unrealized losses |
|  | March 31, 2020 |
|  | Less than 12 months |  |  | 12 months or more |  |  | Total |
|  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |  |  | No. of |  |  | Estimated |  |  |  |
|  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |  |  | Positions |  |  | Fair |  |  | Unrealized |
Category |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |  |  | Held |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and obligations of U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government corporations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and agencies |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |  |  |  | - |  |  | $ | - |  |  | $ | - |
Political subdivisions of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States, Territories and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Possessions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Corporate and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds industrial and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
miscellaneous |  |  | 35,409,999 |  |  |  | (2,258,459 | ) |  |  | 50 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 35,409,999 |  |  |  | (2,258,459 | )
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
asset backed securities |  |  | 6,067,674 |  |  |  | (938,478 | ) |  |  | 13 |  |  |  | 10,286,307 |  |  |  | (1,145,973 | ) |  |  | 17 |  |  |  | 16,353,981 |  |  |  | (2,084,451 | )
Total fixed-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | $ | 41,477,673 |  |  | $ | (3,196,937 | ) |  |  | 63 |  |  | $ | 10,286,307 |  |  | $ | (1,145,973 | ) |  |  | 17 |  |  | $ | 51,763,980 |  |  | $ | (4,342,910 | )
| December 31, 2019
| Less than 12 months |  | 12 months or more |  | Total
| Estimated |  |  |  | No. of |  | Estimated |  |  |  | No. of |  | Estimated |  |
| Fair |  | Unrealized |  | Positions |  | Fair |  | Unrealized |  | Positions |  | Fair |  | Unrealized
Category | Value |  | Losses |  | Held |  | Value |  | Losses |  | Held |  | Value |  | Losses
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and obligations of U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
government corporations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
and agencies | $ - |  | $ - |  | - |  | $ - |  | $ - |  | - |  | $ - |  | $ -
Political subdivisions of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
States, Territories and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Possessions | 3,067,428 |  | (11,316) |  | 3 |  | - |  | - |  | - |  | 3,067,428 |  | (11,316)
Corporate and other |  |  |  |  |  |  |  |  |  |  |  |  |  |
bonds industrial and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
miscellaneous | 3,730,478 |  | (16,685) |  | 7 |  | 1,300,915 |  | (13,473) |  | 3 |  | 5,031,393 |  | (30,158)
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
asset backed securities | 5,862,636 |  | (68,793) |  | 5 |  | 13,534,768 |  | (276,451) |  | 21 |  | 19,397,404 |  | (345,244)
Total fixed-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities | $ 12,660,542 |  | $ (96,794) |  | 15 |  | $ 14,835,683 |  | $ (289,924) |  | 24 |  | $ 27,496,225 |  | $ (386,718)

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