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Investments (Tables)

6 Months Ended

Jun. 30, 2020

Investments

Schedule of available for sale securities

		June 30, 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		$	3,032,168			$	54,542			$	-			$	-			$	3,086,710			$	54,542
Political subdivisions of States,
Territories and Possessions			8,577,207				423,179				-				-				9,000,386				423,179
Corporate and other bonds
Industrial and miscellaneous			121,977,355				10,145,949				(117,056	)			-				132,006,248				10,028,893
Residential mortgage and other
asset backed securities (1)			21,639,537				256,784				(180,701	)			(342,476	)			21,373,144				(266,393	)
Total		$	155,226,267			$	10,880,454			$	(297,757	)		$	(342,476	)		$	165,466,488			$	10,240,221

(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 June 30, 2020, the estimated fair value of the eligible investments was approximately $6,993,000. KICO will retain all rights regarding all securities if pledged as collateral. As of June 30, 2020, there was no outstanding balance on the FHLBNY credit line.

		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
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

		June 30, 2020								December 31, 2019
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	8,634,023			$	8,717,499			$	11,986,401			$	12,025,804
One to five years			50,151,886				53,273,499				49,715,422				51,000,025
Five to ten years			66,090,352				73,226,458				69,850,104				74,410,275
More than 10 years			8,710,469				8,875,888				4,511,795				4,568,847
Residential mortgage and other asset backed securities			21,639,537				21,373,144				26,138,633				26,231,230
Total		$	155,226,267			$	165,466,488			$	162,202,355			$	168,236,181

Schedule of equity securities

		June 30, 2020
						Gross				Gross
						Unrealized				Unrealized				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	9,023,896			$	88,910			$	(464,826	)		$	8,647,980
Common stocks, mutual funds,
and exchange traded funds			15,540,180				533,364				(2,015,815	)			14,057,729
Total		$	24,564,076			$	622,274			$	(2,480,641	)		$	22,705,709

		December 31, 2019
						Gross				Gross
						Unrealized				Unrealized				Estimated
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

		June 30, 2020												December 31, 2019
						Gross												Gross
						Unrealized				Estimated								Unrealized				Estimated
Category		Cost				Gains				Fair Value				Cost				Gains				Fair Value
Other Investments:
Hedge fund		$	1,999,381			$	542,939			$	2,542,320			$	1,999,381			$	585,532			$	2,584,913
Total		$	1,999,381			$	542,939			$	2,542,320			$	1,999,381			$	585,532			$	2,584,913

Schedule of held to maturity securities

		June 30, 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		$	729,572			$	162,616			$	-			$	-			$	892,188			$	162,616
Political subdivisions of States,
Territories and Possessions			998,527				59,493				-				-				1,058,020				59,493
Corporate and other bonds
Industrial and miscellaneous			6,142,275				280,297				(50,324	)			-				6,372,248				229,973
Total		$	7,870,374			$	502,406			$	(50,324	)		$	-			$	8,322,456			$	452,082

		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

		June 30, 2020								December 31, 2019
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	500,000			$	495,630			$	500,000			$	499,165
One to five years			2,099,913				2,264,353				2,099,268				2,215,640
Five to ten years			1,994,445				2,184,944				620,134				655,923
More than 10 years			3,276,016				3,377,529				606,550				754,039
Total		$	7,870,374			$	8,322,456			$	3,825,952			$	4,124,767

Schedule of investment income

		Three months ended								Six months ended
		June 30,								June 30,
		2020				2019				2020				2019
Income:
Fixed-maturity securities		$	1,394,284			$	1,474,341			$	2,841,771			$	3,001,211
Equity securities			243,344				205,509				496,868				412,653
Cash and cash equivalents			43,936				172,680				88,159				213,081
Total			1,681,564				1,852,530				3,426,798				3,626,945
Expenses:
Investment expenses			69,558				132,761				148,948				283,464
Net investment income		$	1,612,006			$	1,719,769			$	3,277,850			$	3,343,481

Schedule of securities with realized gains and losses on investments

		Three months ended								Six months ended
		June 30,								June 30,
		2020				2019				2020				2019
Realized (Losses) Gains
Fixed-maturity securities:
Gross realized gains		$	16,087			$	4,942			$	252,577			$	10,944
Gross realized losses			(164,582	)			(17,306	)			(196,925	)			(45,739	)
			(148,495	)			(12,364	)			55,652				(34,795	)
Equity securities:
Gross realized gains			125,310				90,427				444,671				41,688
Gross realized losses			(11,350	)			(27,638	)			(225,165	)			(5,962	)
			113,960				62,789				219,506				35,726
Net realized (losses) gains			(34,535	)			50,425				275,158				931
Unrealized Gains (Losses)
Equity securities:
Gross gains			2,177,605				440,301				-				2,232,438
Gross losses			-				-				(3,979,115	)			-
			2,177,605				440,301				(3,979,115	)			2,232,438
Other investments:
Gross gains			554,798				187,929				-				480,649
Gross losses			-				-				(42,593	)			-
			554,798				187,929				(42,593	)			480,649
Net unrealized gains (losses)			2,732,403				628,230				(4,021,708	)			2,713,087
Net gains (losses) on investments		$	2,697,868			$	678,655			$	(3,746,550	)		$	2,714,018

Schedule of securities with unrealized losses

		June 30, 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			4,839,822				(117,056	)			5				-				-				-				4,839,822				(117,056	)
Residential mortgage and other
asset backed securities			7,060,988				(180,701	)			9				10,639,265				(342,476	)			16				17,700,253				(523,177	)
Total fixed-maturity
securities		$	11,900,810			$	(297,757	)			14			$	10,639,265			$	(342,476	)			16			$	22,540,075			$	(640,233	)

The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2019 as follows:

		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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