Subsequent Events	6 Months Ended
Jun. 30, 2022
Subsequent Events
Note 13 - Subsequent Events	Note 13 – Subsequent Events The Company has evaluated events that occurred subsequent to June 30, 2022 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements. Reinsurance Effective July 1, 2022, the Company entered into new excess of loss and catastrophe reinsurance treaties (see Note 6 – Property and Casualty Insurance Activity - “Reinsurance”). Kroll Bond Rating Agency On July 22, 2022, KICO’s Kroll Bond Rating Agency (“KBRA”) financial strength rating was reduced from “A-“ to “BBB+” and the Company’s KBRA issuer rating and the long-term credit rating of the Company’s $30.0 million 5.5% senior unsecured notes due in 2022 were reduced from “BBB” to “BB+”. The outlook of the credit ratings has been revised from stable to negative. Subsequently, at the request of the Company, KBRA withdrew all ratings for KICO and the Company. A.M. Best On July 28, 2022, KICO’s A.M. Best financial strength rating was downgraded from B+ (Good) to B (Fair) and its long-term issuer credit rating (“Long-Term ICR”) was downgraded from “bbb-” (Good) to “bb” (Fair). Concurrently, A.M. Best also downgraded the Company’s Long-Term ICR from “bb-” (Fair) to “b-” (Marginal). Also downgraded was the A. M. Best long-term issue credit rating on the Company’s $30.0 million 5.50% senior unsecured notes due 2022 from “bb-” (Fair) to “ccc+” (Weak). The outlook of the credit ratings were revised from stable to negative. Concurrently, A.M. Best’s public rating for the Company was withdrawn. Non-binding Indication of Interest On August 5, 2022, Griffin Highline Capital LLC (“Griffin Highline”) filed Amendment No. 3 to Schedule 13D with the SEC which indicates that, following substantial completion of Griffin Highline’s due diligence and after discussions with the management of the Company, Griffin Highline submitted a final non-binding indication of interest to the Company’s Board of Directors proposing a transaction whereby an entity formed by Griffin Highline would acquire all of the outstanding equity of the Company. Following delivery of the non-binding proposal, the Company agreed to extend the period of exclusivity with Griffin Highline under its previously executed exclusivity agreement for a limited time period to further pursue the proposal. Dividends Declared On August 11, 2022, the Company announced that its Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on September 15, 2022 to stockholders of record as of the close of business on August 31, 2022 (see Note 8 – Stockholders’ Equity). Federal Home Loan Bank On August 10, 2022, KICO transferred and pledged ten FNMA bonds to the FHLBNY. As of August 8, 2022 the book value of these bonds is $15,144,568 and their fair value is $13,567,331. KICO will have a credit facility with respect to the transferred bonds and the maximum advance KICO will be able to receive is approximately $12,000,000.

Subsequent Events

6 Months Ended

Jun. 30, 2022

Note 13 – Subsequent Events

The Company has evaluated events that occurred subsequent to June 30, 2022 through the date these condensed consolidated financial statements were issued for matters that required disclosure or adjustment in these condensed consolidated financial statements.

Reinsurance

Effective July 1, 2022, the Company entered into new excess of loss and catastrophe reinsurance treaties (see Note 6 – Property and Casualty Insurance Activity - “Reinsurance”).

Kroll Bond Rating Agency

On July 22, 2022, KICO’s Kroll Bond Rating Agency (“KBRA”) financial strength rating was reduced from “A-“ to “BBB+” and the Company’s KBRA issuer rating and the long-term credit rating of the Company’s $30.0 million 5.5% senior unsecured notes due in 2022 were reduced from “BBB” to “BB+”. The outlook of the credit ratings has been revised from stable to negative. Subsequently, at the request of the Company, KBRA withdrew all ratings for KICO and the Company.

A.M. Best

On July 28, 2022, KICO’s A.M. Best financial strength rating was downgraded from B+ (Good) to B (Fair) and its long-term issuer credit rating (“Long-Term ICR”) was downgraded from “bbb-” (Good) to “bb” (Fair). Concurrently, A.M. Best also downgraded the Company’s Long-Term ICR from “bb-” (Fair) to “b-” (Marginal). Also downgraded was the A. M. Best long-term issue credit rating on the Company’s $30.0 million 5.50% senior unsecured notes due 2022 from “bb-” (Fair) to “ccc+” (Weak). The outlook of the credit ratings were revised from stable to negative. Concurrently, A.M. Best’s public rating for the Company was withdrawn.

Non-binding Indication of Interest

On August 5, 2022, Griffin Highline Capital LLC (“Griffin Highline”) filed Amendment No. 3 to Schedule 13D with the SEC which indicates that, following substantial completion of Griffin Highline’s due diligence and after discussions with the management of the Company, Griffin Highline submitted a final non-binding indication of interest to the Company’s Board of Directors proposing a transaction whereby an entity formed by Griffin Highline would acquire all of the outstanding equity of the Company. Following delivery of the non-binding proposal, the Company agreed to extend the period of exclusivity with Griffin Highline under its previously executed exclusivity agreement for a limited time period to further pursue the proposal.

Dividends Declared

On August 11, 2022, the Company announced that its Board of Directors approved a quarterly dividend of $0.04 per share payable in cash on September 15, 2022 to stockholders of record as of the close of business on August 31, 2022 (see Note 8 – Stockholders’ Equity).

Federal Home Loan Bank

On August 10, 2022, KICO transferred and pledged ten FNMA bonds to the FHLBNY. As of August 8, 2022 the book value of these bonds is $15,144,568 and their fair value is $13,567,331. KICO will have a credit facility with respect to the transferred bonds and the maximum advance KICO will be able to receive is approximately $12,000,000.