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Investments (Tables) | 6 Months Ended
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Jun. 30, 2021
Investments |
Schedule of Available for Sale Securities |
|  | June 30, 2021 |
|  |  |  |  |  |  |  | Gross Unrealized Losses |  |  |  |  |  |  |
|  | Cost or Amortized |  |  | Gross Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Estimated Fair |  |  | Net Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Gains |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 2,008,936 |  |  | $ | 11,844 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,020,780 |  |  | $ | 11,844 |
Political subdivisions of States, Territories and Possessions |  |  | 8,587,648 |  |  |  | 275,691 |  |  |  | (32,208 | ) |  |  | - |  |  |  | 8,831,131 |  |  |  | 243,483 |
Corporate and other bonds Industrial and miscellaneous |  |  | 97,021,903 |  |  |  | 8,314,462 |  |  |  | (16,838 | ) |  |  | - |  |  |  | 105,319,527 |  |  |  | 8,297,624 |
Residential mortgage and other asset backed securities (1) |  |  | 21,279,363 |  |  |  | 546,118 |  |  |  | (2,560 | ) |  |  | (77,707 | ) |  |  | 21,745,214 |  |  |  | 465,851 |
Total |  | $ | 128,897,850 |  |  | $ | 9,148,115 |  |  | $ | (51,606 | ) |  | $ | (77,707 | ) |  | $ | 137,916,652 |  |  | $ | 9,018,802 |
|  | December 31, 2020 |
|  |  |  |  |  |  |  | Gross Unrealized Losses |  |  |  |  |  |  |
|  | Cost or Amortized |  |  | Gross Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Estimated Fair |  |  | Net 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 |
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 7,198,128 |  |  | $ | 7,263,139 |  |  | $ | 8,559,005 |  |  | $ | 8,668,064 |
One to five years |  |  | 43,761,291 |  |  |  | 47,227,835 |  |  |  | 44,137,567 |  |  |  | 47,745,430 |
Five to ten years |  |  | 44,705,071 |  |  |  | 49,293,510 |  |  |  | 55,508,712 |  |  |  | 63,159,775 |
More than 10 years |  |  | 11,953,997 |  |  |  | 12,386,954 |  |  |  | 8,676,409 |  |  |  | 9,314,062 |
Residential mortgage and other asset backed securities |  |  | 21,279,363 |  |  |  | 21,745,214 |  |  |  | 28,163,891 |  |  |  | 28,661,941 |
Total |  | $ | 128,897,850 |  |  | $ | 137,916,652 |  |  | $ | 145,045,584 |  |  | $ | 157,549,272 |
Schedule of equity securities |
|  | June 30, 2021 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 18,344,078 |  |  | $ | 1,626,038 |  |  | $ | (87,248 | ) |  | $ | 19,882,868 |
Common stocks, mutual funds, and exchange traded funds |  |  | 14,335,646 |  |  |  | 2,120,909 |  |  |  | (21,492 | ) |  |  | 16,435,063 |
Total |  | $ | 32,679,724 |  |  | $ | 3,746,947 |  |  | $ | (108,740 | ) |  | $ | 36,317,931 |
|  | 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 |
|  | June 30, 2021 |  |  | December 31, 2020 |
|  |  |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Fair Value |  |  | Cost |  |  | Gains |  |  | Fair Value |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund |  | $ | 3,999,381 |  |  | $ | 2,876,584 |  |  | $ | 6,875,965 |  |  | $ | 1,999,381 |  |  | $ | 1,369,245 |  |  | $ | 3,368,626 |
Real estate limited partnership |  |  | 107,092 |  |  |  | - |  |  |  | 107,092 |  |  |  | 150,000 |  |  |  | - |  |  |  | 150,000 |
Total |  | $ | 4,106,473 |  |  | $ | 2,876,584 |  |  | $ | 6,983,057 |  |  | $ | 2,149,381 |  |  | $ | 1,369,245 |  |  | $ | 3,518,626 |
Schedule of Held to Maturity Securities |
|  | June 30, 2021 |
|  |  |  |  |  |  |  | Gross Unrealized Losses |  |  |  |  |  |  |
|  | Cost or Amortized |  |  | Gross Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Estimated Fair |  |  | Net Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Gains |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 729,618 |  |  | $ | 211,439 |  |  | $ | - |  |  | $ | - |  |  | $ | 941,057 |  |  | $ | 211,439 |
Political subdivisions of States, Territories and Possessions |  |  | 998,336 |  |  |  | 36,789 |  |  |  | - |  |  |  | - |  |  |  | 1,035,125 |  |  |  | 36,789 |
Exchange traded debt |  |  | 949,142 |  |  |  | 35,289 |  |  |  | (1,684 | ) |  |  | - |  |  |  | 982,747 |  |  |  | 33,605 |
Corporate and other bonds Industrial and miscellaneous |  |  | 7,145,703 |  |  |  | 358,265 |  |  |  | (4,580 | ) |  |  | - |  |  |  | 7,499,388 |  |  |  | 353,685 |
Total |  | $ | 9,822,799 |  |  | $ | 641,782 |  |  | $ | (6,264 | ) |  | $ | - |  |  | $ | 10,458,317 |  |  | $ | 635,518 |
|  | 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 |
|  | June 30, 2021 |  |  | December 31, 2020 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 899,352 |  |  | $ | 916,678 |  |  | $ | - |  |  | $ | - |
One to five years |  |  | 1,699,763 |  |  |  | 1,822,853 |  |  |  | 2,598,193 |  |  |  | 2,777,936 |
Five to ten years |  |  | 1,508,198 |  |  |  | 1,701,590 |  |  |  | 1,502,603 |  |  |  | 1,727,316 |
More than 10 years |  |  | 5,715,486 |  |  |  | 6,017,196 |  |  |  | 3,268,019 |  |  |  | 3,689,572 |
Total |  | $ | 9,822,799 |  |  | $ | 10,458,317 |  |  | $ | 7,368,815 |  |  | $ | 8,194,824 |
Schedule of Investment Income |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,459,342 |  |  | $ | 1,394,284 |  |  | $ | 2,950,469 |  |  | $ | 2,841,771 |
Equity securities |  |  | 351,100 |  |  |  | 243,344 |  |  |  | 708,411 |  |  |  | 496,868 |
Cash and cash equivalents |  |  | 634 |  |  |  | 43,936 |  |  |  | 1,558 |  |  |  | 88,159 |
Other investments |  |  | (42,908 | ) |  |  | - |  |  |  | (42,908 | ) |  |  | - |
Total |  |  | 1,768,168 |  |  |  | 1,681,564 |  |  |  | 3,617,530 |  |  |  | 3,426,798 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment expenses |  |  | 90,093 |  |  |  | 69,558 |  |  |  | 156,259 |  |  |  | 148,948 |
Net investment income |  | $ | 1,678,075 |  |  | $ | 1,612,006 |  |  | $ | 3,461,271 |  |  | $ | 3,277,850 |
Schedule of Securities with realized gains and losses on investments |
|  | Three months ended |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Realized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 367,756 |  |  | $ | 16,087 |  |  | $ | 777,296 |  |  | $ | 252,577 |
Gross realized losses |  |  | (26,255 | ) |  |  | (164,582 | ) |  |  | (41,499 | ) |  |  | (196,925 | )
|  |  | 341,501 |  |  |  | (148,495 | ) |  |  | 735,797 |  |  |  | 55,652 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 442,798 |  |  |  | 125,310 |  |  |  | 1,375,948 |  |  |  | 444,671 |
Gross realized losses |  |  | (67,276 | ) |  |  | (11,350 | ) |  |  | (267,488 | ) |  |  | (225,165 | )
|  |  | 375,522 |  |  |  | 113,960 |  |  |  | 1,108,460 |  |  |  | 219,506 |
Net realized gains (losses) |  |  | 717,023 |  |  |  | (34,535 | ) |  |  | 1,844,257 |  |  |  | 275,158 |
Unrealized Gains (Losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross gains |  |  | 920,863 |  |  |  | 2,177,605 |  |  |  | 1,924,072 |  |  |  | - |
Gross losses |  |  |  |  |  |  | - |  |  |  | - |  |  |  | (3,979,115 | )
|  |  | 920,863 |  |  |  | 2,177,605 |  |  |  | 1,924,072 |  |  |  | (3,979,115 | )
Other investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross gains |  |  | 677,375 |  |  |  | 554,798 |  |  |  | 1,507,339 |  |  |  | - |
Gross losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (42,593 | )
|  |  | 677,375 |  |  |  | 554,798 |  |  |  | 1,507,339 |  |  |  | (42,593 | )
Net unrealized gains (losses) |  |  | 1,598,238 |  |  |  | 2,732,403 |  |  |  | 3,431,411 |  |  |  | (4,021,708 | )
Net gains (losses) on investments |  | $ | 2,315,261 |  |  | $ | 2,697,868 |  |  | $ | 5,275,668 |  |  | $ | (3,746,550 | )
Schedule of Securities with Unrealized Losses |
|  | June 30, 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 |  |  | 1,073,200 |  |  |  | (32,208 | ) |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,073,200 |  |  |  | (32,208 | )
Corporate and other bonds industrial and miscellaneous |  |  | 1,084,560 |  |  |  | (16,838 | ) |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,084,560 |  |  |  | (16,838 | )
Residential mortgage and other asset backed securities |  |  | 3,083,104 |  |  |  | (2,560 | ) |  |  | 3 |  |  |  | 3,237,151 |  |  |  | (77,707 | ) |  |  | 10 |  |  |  | 6,320,255 |  |  |  | (80,267 | )
Total fixed-maturity securities |  | $ | 5,240,864 |  |  | $ | (51,606 | ) |  |  | 5 |  |  | $ | 3,237,151 |  |  | $ | (77,707 | ) |  |  | 10 |  |  | $ | 8,478,015 |  |  | $ | (129,313 | )
|  | 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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