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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 972,390 $ (5,966,353)
Adjustments to reconcile net income (loss) to net cash flows (used in) provided by operating activities:    
Net gains on sale of investments (832,418) (28,845)
Net unrealized losses (gains) of equity investments 175,515 (3,832,486)
Net unrealized gains of other investments (933,713) (729,688)
Depreciation and amortization 2,864,583 2,545,946
Bad debts 128,585 112,761
Amortization of bond premium, net 614,307 417,119
Amortization of discount and issuance costs on long-term debt 176,180 176,180
Stock-based compensation 1,769,649 1,501,377
Deferred income tax benefit 3,109,295 (1,991,208)
Decrease (increase) in operating assets:    
Premiums receivable, net 758,187 1,142,427
Reinsurance receivables, net (4,710,191) (14,383,423)
Deferred policy acquisition costs 491,863 (2,726,641)
Other assets (2,286,399) (1,096,732)
(Decrease) increase in operating liabilities:    
Loss and loss adjustment expense reserves 2,302,617 24,301,505
Unearned premiums (373,966) 11,351,107
Advance premiums (531,158) 1,083,883
Reinsurance balances payable (4,734,989) 9,781,348
Deferred ceding commission revenue (7,641,879) 5,048,721
Accounts payable, accrued expenses and other liabilities (1,553,084) 3,152,051
Net cash flows (used in) provided by operating activities (10,234,626) 29,859,049
Cash flows from investing activities:    
Purchase - fixed-maturity securities, held-to-maturity (4,041,750) 0
Purchase - fixed-maturity securities, available-for-sale (18,524,314) (23,881,518)
Purchase - equity securities (20,967,535) (9,578,765)
Sale and redemption - fixed-maturity securities, held-to-maturity 500,000 400,000
Sale and maturity - fixed-maturity securities, available-for-sale 35,845,934 16,567,284
Sale - equity securities 11,096,028 5,458,953
Acquisition of fixed assets (3,327,070) (3,939,653)
Net cash flows provided by (used in) investing activities 581,293 (14,973,699)
Cash flows from financing activities:    
Proceeds from exercise of stock options 0 23,550
Withholding taxes paid on vested retricted stock awards (133,937) (154,452)
Purchase of treasury stock (1,183,331) 0
Dividends paid (1,957,142) (3,501,366)
Net cash flows used in financing activities (3,274,410) (3,632,268)
(Decrease) increase in cash and cash equivalents (12,927,743) 11,253,082
Cash and cash equivalents, beginning of period 32,391,485 21,138,403
Cash and cash equivalents, end of period 19,463,742 32,391,485
Supplemental disclosures of cash flow information:    
Cash paid for income taxes 382,437 388,000
Cash paid for interest $ 1,650,000 $ 1,650,000