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Investments (Tables) | 3 Months Ended
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Mar. 31, 2021
Investments |
Schedule of Available for Sale Securities |
|  | March 31, 2021 |
|  | 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 |  | $ | 2,014,895 |  |  | $ | 19,785 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,034,680 |  |  | $ | 19,785 |
Political subdivisions of States, Territories and Possessions |  |  | 8,606,088 |  |  |  | 173,655 |  |  |  | (86,507 | ) |  |  | - |  |  |  | 8,693,236 |  |  |  | 87,148 |
Corporate and other bonds Industrial and miscellaneous |  |  | 104,774,373 |  |  |  | 7,791,664 |  |  |  | (78,069 | ) |  |  | - |  |  |  | 112,487,968 |  |  |  | 7,713,595 |
Residential mortgage and other asset backed securities (1) |  |  | 23,904,337 |  |  |  | 566,540 |  |  |  | (8,225 | ) |  |  | (92,731 | ) |  |  | 24,369,921 |  |  |  | 465,584 |
Total |  | $ | 139,299,693 |  |  | $ | 8,551,644 |  |  | $ | (172,801 | ) |  | $ | (92,731 | ) |  | $ | 147,585,805 |  |  | $ | 8,286,112 |
|  | December 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 |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
corporations and agencies |  | $ | 3,020,710 |  |  | $ | 29,190 |  |  | $ | - |  |  | $ | - |  |  | $ | 3,049,900 |  |  | $ | 29,190 |
Political subdivisions of States, Territories and Possessions |  |  | 5,287,561 |  |  |  | 355,541 |  |  |  | - |  |  |  | - |  |  |  | 5,643,102 |  |  |  | 355,541 |
Corporate and other bonds Industrial and miscellaneous |  |  | 108,573,422 |  |  |  | 11,634,123 |  |  |  | (13,216 | ) |  |  | - |  |  |  | 120,194,329 |  |  |  | 11,620,907 |
Residential mortgage and other asset backed securities (1) |  |  | 28,163,891 |  |  |  | 617,368 |  |  |  | (7,371 | ) |  |  | (111,947 | ) |  |  | 28,661,941 |  |  |  | 498,050 |
Total |  | $ | 145,045,584 |  |  | $ | 12,636,222 |  |  | $ | (20,587 | ) |  | $ | (111,947 | ) |  | $ | 157,549,272 |  |  | $ | 12,503,688 |
Schedule of available for sale fixed maturity securities contractual maturity |
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 9,079,054 |  |  | $ | 9,181,876 |  |  | $ | 8,559,005 |  |  | $ | 8,668,064 |
One to five years |  |  | 43,059,233 |  |  |  | 46,164,289 |  |  |  | 44,137,567 |  |  |  | 47,745,430 |
Five to ten years |  |  | 51,273,291 |  |  |  | 55,781,784 |  |  |  | 55,508,712 |  |  |  | 63,159,775 |
More than 10 years |  |  | 11,983,778 |  |  |  | 12,087,935 |  |  |  | 8,676,409 |  |  |  | 9,314,062 |
Residential mortgage and other asset backed securities |  |  | 23,904,337 |  |  |  | 24,369,921 |  |  |  | 28,163,891 |  |  |  | 28,661,941 |
Total |  | $ | 139,299,693 |  |  | $ | 147,585,805 |  |  | $ | 145,045,584 |  |  | $ | 157,549,272 |
Schedule of equity securities |
|  |  |  |  | March 31, 2021 |  |  |  |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 19,827,370 |  |  | $ | 1,207,776 |  |  | $ | (221,142 | ) |  | $ | 20,814,004 |
Common stocks, mutual funds, and exchange traded funds |  |  | 12,823,973 |  |  |  | 1,810,617 |  |  |  | (17,791 | ) |  |  | 14,616,799 |
Total |  | $ | 32,651,343 |  |  | $ | 3,018,393 |  |  | $ | (238,933 | ) |  | $ | 35,430,803 |
|  | December 31, 2020 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 18,097,942 |  |  | $ | 853,277 |  |  | $ | (426,942 | ) |  | $ | 18,524,277 |
Common stocks, mutual funds, and exchange traded funds |  |  | 14,473,224 |  |  |  | 1,820,512 |  |  |  | (404,700 | ) |  |  | 15,889,036 |
Total |  | $ | 32,571,166 |  |  | $ | 2,673,789 |  |  | $ | (831,642 | ) |  | $ | 34,413,313 |
Schedule of Other Investments |
|  | March 31, 2021 |  |  | December 31, 2020 |
|  |  |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Fair Value |  |  | Cost |  |  | Gains |  |  | Fair Value |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund |  | $ | 3,999,381 |  |  | $ | 2,199,209 |  |  | $ | 6,198,590 |  |  | $ | 1,999,381 |  |  | $ | 1,369,245 |  |  | $ | 3,368,626 |
Real estate limited partnership |  |  | 150,000 |  |  |  | - |  |  |  | 150,000 |  |  |  | 150,000 |  |  |  | - |  |  |  | 150,000 |
Total |  | $ | 4,149,381 |  |  | $ | 2,199,209 |  |  | $ | 6,348,590 |  |  | $ | 2,149,381 |  |  | $ | 1,369,245 |  |  | $ | 3,518,626 |
Schedule of Held to Maturity Securities |
|  | March 31, 2021 |
|  | 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 |  | $ | 729,606 |  |  | $ | 210,129 |  |  | $ | - |  |  | $ | - |  |  | $ | 939,735 |  |  | $ | 210,129 |
Political subdivisions of States, Territories and Possessions |  |  | 998,382 |  |  |  | 42,508 |  |  |  | - |  |  |  | - |  |  |  | 1,040,890 |  |  |  | 42,508 |
Exchange traded debt |  |  | 1,812,762 |  |  |  | 28,106 |  |  |  | (5,897 | ) |  |  | - |  |  |  | 1,834,971 |  |  |  | 22,209 |
Corporate and other bonds Industrial and miscellaneous |  |  | 5,640,036 |  |  |  | 242,695 |  |  |  | (134,272 | ) |  |  | - |  |  |  | 5,748,459 |  |  |  | 108,423 |
Total |  | $ | 9,180,786 |  |  | $ | 523,438 |  |  | $ | (140,169 | ) |  | $ | - |  |  | $ | 9,564,055 |  |  | $ | 383,269 |
|  | December 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 |  | $ | 729,595 |  |  | $ | 319,714 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,049,309 |  |  | $ | 319,714 |
Political subdivisions of States, Territories and Possessions |  |  | 998,428 |  |  |  | 50,917 |  |  |  | - |  |  |  | - |  |  |  | 1,049,345 |  |  |  | 50,917 |
Corporate and other bonds Industrial and miscellaneous |  |  | 5,640,792 |  |  |  | 455,378 |  |  |  | - |  |  |  | - |  |  |  | 6,096,170 |  |  |  | 455,378 |
Total |  | $ | 7,368,815 |  |  | $ | 826,009 |  |  | $ | - |  |  | $ | - |  |  | $ | 8,194,824 |  |  | $ | 826,009 |
Schedule of Held to Maturity Securities by contractual maturity |
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 500,639 |  |  | $ | 512,985 |  |  | $ | - |  |  | $ | - |
One to five years |  |  | 2,098,011 |  |  |  | 2,244,083 |  |  |  | 2,598,193 |  |  |  | 2,777,936 |
Five to ten years |  |  | 1,505,366 |  |  |  | 1,639,444 |  |  |  | 1,502,603 |  |  |  | 1,727,316 |
More than 10 years |  |  | 5,076,770 |  |  |  | 5,167,543 |  |  |  | 3,268,019 |  |  |  | 3,689,572 |
Total |  | $ | 9,180,786 |  |  | $ | 9,564,055 |  |  | $ | 7,368,815 |  |  | $ | 8,194,824 |
Schedule of Investment Income |
|  | Three months ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Income: |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,491,127 |  |  | $ | 1,447,938 |
Equity securities |  |  | 357,311 |  |  |  | 253,073 |
Cash and cash equivalents |  |  | 924 |  |  |  | 44,223 |
Total |  |  | 1,849,362 |  |  |  | 1,745,234 |
Expenses: |  |  |  |  |  |  |  |
Investment expenses |  |  | 66,166 |  |  |  | 79,390 |
Net investment income |  | $ | 1,783,196 |  |  | $ | 1,665,844 |
Schedule of Securities with realized gains and losses on investments |
|  | Three months ended |
|  | March 31, |
|  | 2021 |  |  | 2020 |
Realized Gains (Losses) |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |
Gross realized gains |  | $ | 410,311 |  |  | $ | 204,225 |
Gross realized losses |  |  | (15,986 | ) |  |  | (32,342 | )
|  |  | 394,325 |  |  |  | 171,883 |
Equity securities: |  |  |  |  |  |  |  |
Gross realized gains |  |  | 933,122 |  |  |  | 316,513 |
Gross realized losses |  |  | (200,213 | ) |  |  | (213,815 | )
|  |  | 732,909 |  |  |  | 102,698 |
Net realized gains |  |  | 1,127,234 |  |  |  | 274,581 |
Unrealized Gains (Losses) |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |
Gross gains |  |  | 1,003,209 |  |  |  | - |
Gross losses |  |  | - |  |  |  | (6,121,608 | )
|  |  | 1,003,209 |  |  |  | (6,121,608 | )
Other investments: |  |  |  |  |  |  |  |
Gross gains |  |  | 829,964 |  |  |  | - |
Gross losses |  |  | - |  |  |  | (597,391 | )
|  |  | 829,964 |  |  |  | (597,391 | )
Net unrealized gains (losses) |  |  | 1,833,173 |  |  |  | (6,718,999 | )
Net gains (losses) on investments |  | $ | 2,960,407 |  |  | $ | (6,444,418 | )
Schedule of Securities with Unrealized Losses |
|  | March 31, 2021 |
|  | 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 |  |  | 4,236,366 |  |  |  | (86,507 | ) |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,236,366 |  |  |  | (86,507 | )
Corporate and other bonds industrial and |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
miscellaneous |  |  | 4,991,204 |  |  |  | (78,069 | ) |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,991,204 |  |  |  | (78,069 | )
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
asset backed securities |  |  | 3,512,982 |  |  |  | (8,225 | ) |  |  | 4 |  |  |  | 3,477,111 |  |  |  | (92,731 | ) |  |  | 10 |  |  |  | 6,990,093 |  |  |  | (100,956 | )
Total fixed-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities |  | $ | 12,740,552 |  |  | $ | (172,801 | ) |  |  | 10 |  |  | $ | 3,477,111 |  |  | $ | (92,731 | ) |  |  | 10 |  |  | $ | 16,217,663 |  |  | $ | (265,532 | )
|  | December 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 |  |  | 1,006,901 |  |  |  | (13,216 | ) |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,006,901 |  |  |  | (13,216 | )
Residential mortgage and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
asset backed securities |  |  | 6,137,522 |  |  |  | (7,371 | ) |  |  | 5 |  |  |  | 3,735,732 |  |  |  | (111,947 | ) |  |  | 10 |  |  |  | 9,873,254 |  |  |  | (119,318 | )
Total fixed-maturity securities |  | $ | 7,144,423 |  |  | $ | (20,587 | ) |  |  | 6 |  |  | $ | 3,735,732 |  |  | $ | (111,947 | ) |  |  | 10 |  |  | $ | 10,880,155 |  |  | $ | (132,534 | )

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