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Investments (Tables)

6 Months Ended

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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