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Investments (Tables)

9 Months Ended

Sep. 30, 2021

Investments

Schedule of Available for Sale Securities

		September 30, 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		$	2,002,935			$	3,945			$	-			$	-			$	2,006,880			$	3,945
Political subdivisions of States,
Territories and Possessions			14,384,428				259,721				(89,844	)			-				14,554,305				169,877
Corporate and other bonds
Industrial and miscellaneous			88,059,505				7,391,053				(27,577	)			-				95,422,981				7,363,476
Residential mortgage and other
asset backed securities			40,988,538				561,035				(243,639	)			(858	)			41,305,076				316,538
Total		$	145,435,406			$	8,215,754			$	(361,060	)		$	(858	)		$	153,289,242			$	7,853,836

		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

		September 30, 2021								December 31, 2020
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	4,161,386			$	4,184,568			$	8,559,005			$	8,668,064
One to five years			40,877,043				43,947,314				44,137,567				47,745,430
Five to ten years			42,375,537				46,545,324				55,508,712				63,159,775
More than 10 years			17,032,902				17,306,960				8,676,409				9,314,062
Residential mortgage and other asset backed securities			40,988,538				41,305,076				28,163,891				28,661,941
Total		$	145,435,406			$	153,289,242			$	145,045,584			$	157,549,272

Schedule of equity securities

		September 30, 2021
						Gross				Gross				Estimated
Category		Cost				Gains				Losses				Fair Value
Equity Securities:
Preferred stocks		$	21,934,910			$	1,123,310			$	(157,431	)		$	22,900,789
Common stocks
and exchange traded funds			15,610,331				1,620,343				(70,591	)			17,160,083
Total		$	37,545,241			$	2,743,653			$	(228,022	)		$	40,060,872

		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
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

		September 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			$	3,379,730			$	7,379,111			$	1,999,381			$	1,369,245			$	3,368,626
Real estate limited partnership			-				-				-				150,000				-				150,000
Total		$	3,999,381			$	3,379,730			$	7,379,111			$	2,149,381			$	1,369,245			$	3,518,626

Schedule of Held to Maturity Securities

		September 30, 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		$	729,630			$	210,466			$	-			$	-			$	940,096			$	210,466
Political subdivisions of States,
Territories and Possessions			998,296				29,744				-				-				1,028,040				29,744
Exchange traded debt			304,111				-				(16,611	)							287,500				(16,611	)
Corporate and other bonds
Industrial and miscellaneous			7,134,946				315,285				(6,363	)			-				7,443,868				308,922
Total		$	9,166,983			$	555,495			$	(22,974	)		$	-			$	9,699,504			$	532,521

		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

		September 30, 2021								December 31, 2020
		Amortized				Estimated				Amortized				Estimated
Remaining Time to Maturity		Cost				Fair Value				Cost				Fair Value
Less than one year		$	1,394,102			$	1,420,414			$	-			$	-
One to five years			1,205,500				1,301,973				2,598,193				2,777,936
Five to ten years			1,511,072				1,686,289				1,502,603				1,727,316
More than 10 years			5,056,309				5,290,828				3,268,019				3,689,572
Total		$	9,166,983			$	9,699,504			$	7,368,815			$	8,194,824

Schedule of Investment Income

		Three months ended								Nine months ended
		September 30,								September 30,
		2021				2020				2021				2020
Income:
Fixed-maturity securities		$	1,288,277			$	1,264,633			$	4,238,746			$	4,106,404
Equity securities			436,833				290,834				1,145,244				787,702
Cash and cash equivalents			9,636				1,834				11,194				89,993
Other investments			42,908				-				-
Total			1,777,654				1,557,301				5,395,184				4,984,099
Expenses:
Investment expenses			101,058				63,215				257,317				212,163
Net investment income		$	1,676,596			$	1,494,086			$	5,137,867			$	4,771,936

Schedule of Securities with realized gains and losses on investments

		Three months ended								Nine months ended
		September 30,								September 30,
		2021				2020				2021				2020
Realized Gains (Losses)
Fixed-maturity securities:
Gross realized gains		$	343,773			$	714,162			$	1,121,068			$	864,814
Gross realized losses			(8,103	)			(107,193	)			(49,601	)			(304,118	)
			335,670				606,969				1,071,467				560,696
Equity securities:
Gross realized gains			639,626				199,439				2,015,574				644,111
Gross realized losses			(26,031	)			(209,069	)			(293,519	)			(449,916	)
			613,595				(9,630	)			1,722,055				194,195
Other investments:
Gross realized gains			83,798				-				83,798				-
Gross realized losses			-				-				-				-
			83,798				-				83,798				-
Net realized gains			1,033,063				597,339				2,877,320				754,891
Unrealized Gains (Losses)
Equity securities:
Gross gains			(1,331,675	)			1,223,779				592,397				-
Gross losses											-				(2,637,730	)
			(1,331,675	)			1,223,779				592,397				(2,637,730	)
Other investments:
Gross gains			503,146				286,758				2,010,485				244,165
Gross losses			-				-				-				-
			503,146				286,758				2,010,485				244,165
Net unrealized gains (losses)			(828,529	)			1,510,537				2,602,882				(2,393,565	)
Net gains (losses) on investments		$	204,534			$	2,107,876			$	5,480,202			$	(1,638,674	)

Schedule of Securities with Unrealized Losses

		September 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			9,106,494				(89,844	)			6				-				-				-				9,106,494				(89,844	)
Corporate and other
bonds industrial and
miscellaneous			1,071,100				(27,577	)			1				-				-				-				1,071,100				(27,577	)
Residential mortgage and other
asset backed securities			27,039,698				(243,639	)			17				12,436				(858	)			1				27,052,134				(244,497	)
Total fixed-maturity
securities		$	37,217,292			$	(361,060	)			24			$	12,436			$	(858	)			1			$	37,229,728			$	(361,918	)

		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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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