XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Revenues    
Net premiums earned $ 108,080,629 $ 127,623,442
Ceding commission revenue 14,202,353 4,650,851
Net investment income 6,505,603 6,869,346
Net gains on investments 1,590,616 4,591,019
Other income 990,550 1,385,308
Total revenues 131,369,751 145,119,966
Expenses    
Loss and loss adjustment expenses 66,431,072 90,182,324
Commission expense 31,828,174 30,093,106
Other underwriting expenses 25,424,779 24,420,208
Other operating expenses 4,282,773 3,834,746
Depreciation and amortization 2,864,583 2,545,946
Interest expense 1,826,180 1,826,180
Total expenses 132,657,561 152,902,510
Loss from operations before taxes (1,287,810) (7,782,544)
Income tax benefit (2,260,200) (1,816,191)
Net income (loss) 972,390 (5,966,353)
Other comprehensive income, net of tax:    
Gross change in unrealized gains on available-for-sale-securities 7,148,205 9,564,647
Reclassification adjustment for (gains) losses included in net income (loss) (678,343) 122,925
Net change in unrealized gains 6,469,862 9,687,572
Income tax expense related to items of other comprehensive income (1,358,670) (2,034,389)
Other comprehensive income, net of taxe 5,111,192 7,653,183
Comprehensive income $ 6,083,582 $ 1,686,830
Earnings (loss) per common share:    
Basic earning $ 0.09 $ (0.55)
Diluted earning $ 0.09 $ (0.55)
Weighted average common shares outstanding    
Basic 10,721,342 10,773,623
Diluted 10,730,737 10,773,623
Dividends declared and paid per common share $ 0.1825 $ 0.3250