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Investments (Tables)

9 Months Ended

Sep. 30, 2020

Investments

Schedule of available for sale securities

		September 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
Fixed-Maturity Securities:
U.S. Treasury securities and
obligations of U.S. government
corporations and agencies		$	3,026,477			$	42,853			$	-			$	-			$	3,069,330			$	42,853
Political subdivisions of States,
Territories and Possessions			5,593,778				322,297				-				-				5,916,075				322,297
Corporate and other bonds
Industrial and miscellaneous			112,504,206				10,698,206				(1,654	)			-				123,200,758				10,696,552
Residential mortgage and other
asset backed securities (1)			24,002,398				535,772				(38,491	)			(147,253	)			24,352,426				350,028
Total		$	145,126,859			$	11,599,128			$	(40,145	)		$	(147,253	)		$	156,538,589			$	11,411,730

(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 September 30, 2020, the estimated fair value of the eligible investments was approximately $6,685,000. KICO will retain all rights regarding all securities if pledged as collateral. As of September 30, 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

		September 30, 2020								December 31, 2019
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	8,879,582			$	8,986,248			$	11,986,401			$	12,025,804
One to five years			46,530,097				49,878,416				49,715,422				51,000,025
Five to ten years			57,021,277				64,194,995				69,850,104				74,410,275
More than 10 years			8,693,505				9,126,504				4,511,795				4,568,847
Residential mortgage and other asset backed securities			24,002,398				24,352,426				26,138,633				26,231,230
Total		$	145,126,859			$	156,538,589			$	162,202,355			$	168,236,181

Schedule of equity securities

		September 30, 2020
						Gross				Gross
						Unrealized				Unrealized				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	14,260,019			$	325,070			$	(339,125	)		$	14,245,964
Common stocks, mutual funds, and exchange traded funds			16,040,820				777,813				(1,441,330	)			15,377,303
Total		$	30,300,839			$	1,102,883			$	(1,780,455	)		$	29,623,267

		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

		September 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			$	829,697			$	2,829,078			$	1,999,381			$	585,532			$	2,584,913
Total		$	1,999,381			$	829,697			$	2,829,078			$	1,999,381			$	585,532			$	2,584,913

Schedule of held to maturity securities

		September 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		$	729,583			$	162,442			$	-			$	-			$	892,025			$	162,442
Political subdivisions of States,
Territories and Possessions			998,480				56,700				-				-				1,055,180				56,700
Corporate and other bonds
Industrial and miscellaneous			5,641,545				334,412				(23,858	)			-				5,952,099				310,554
Total		$	7,369,608			$	553,554			$	(23,858	)		$	-			$	7,899,304			$	529,696

		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

		September 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			$	499,165
One to five years			2,597,739				2,793,089				2,099,268				2,215,640
Five to ten years			1,499,837				1,710,586				620,134				655,923
More than 10 years			3,272,032				3,395,629				606,550				754,039
Total		$	7,369,608			$	7,899,304			$	3,825,952			$	4,124,767

Schedule of investment income

		Three months ended								Nine months ended
		September 30,								September 30,
		2020				2019				2020				2019
Income:
Fixed-maturity securities		$	1,264,633			$	1,499,135			$	4,106,404			$	4,500,346
Equity securities			290,834				253,594				787,702				666,247
Cash and cash equivalents			1,834				75,253				89,993				288,334
Total			1,557,301				1,827,982				4,984,099				5,454,927
Expenses:
Investment expenses			63,215				(28,571	)			212,163				254,893
Net investment income		$	1,494,086			$	1,856,553			$	4,771,936			$	5,200,034

Schedule of securities with realized gains and losses on investments

		Three months ended								Nine months ended
		September 30,								September 30,
		2020				2019				2020				2019
Realized  Gains (Losses)		-
Fixed-maturity securities:
Gross realized gains		$	714,162			$	10			$	967,573			$	10,954
Gross realized losses			(107,193	)			(46,851	)			(304,118	)			(92,591	)
			606,969				(46,841	)			560,696				(81,637	)
Equity securities:
Gross realized gains			199,439				38,477				644,111				83,737
Gross realized losses			(209,069	)			-				(449,916	)			(56,859	)
			(9,630	)			38,477				194,195				26,878
Net realized (losses) gains			597,339				(8,364	)			857,650				(54,759	)
Unrealized Gains (Losses)
Equity securities:
Gross gains			1,223,779				916,496				-				3,196,260
Gross losses			-				-				(2,740,489	)			-
			1,223,779				916,496				(2,740,489	)			3,196,260
Other investments:
Gross gains			286,758				90,030				244,165				570,679
Gross losses			-				-				-				-
			286,758				90,030				244,165				570,679
Net unrealized gains (losses)			1,510,537				1,006,526				(2,496,324	)			3,766,939
Net gains (losses) on investments		$	2,107,876			$	998,162			$	(1,638,674	)		$	3,712,180

Schedule of securities with unrealized losses

		September 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			522,450				(1,654	)			1				-				-				-				522,450				(1,654	)
Residential mortgage and other
asset backed securities			4,003,377				(38,491	)			6				5,020,026				(147,253	)			12				9,023,403				(185,744	)
Total fixed-maturity
securities		$	4,525,827			$	(40,145	)			7			$	5,020,026			$	(147,253	)			12			$	9,545,853			$	(187,398	)

		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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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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