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Fair Value of Financial Instruments and Real Estate

12 Months Ended

Dec. 31, 2022

Fair Value of Financial Instruments and Real Estate

Fair Value of Financial Instruments and Real Estate

Note 5 - Fair Value of Financial Instruments and Real Estate

The Company uses the following methods and assumptions in estimating the fair value of financial instruments and real estate:

Equity securities, available-for-sale fixed income securities, and other investments:  Fair value disclosures for these investments are included in Note 3 - Investments and Note 4 – Fair Value Measurements.  

Cash and cash equivalents: The carrying values of cash and cash equivalents approximate their fair values because of the short-term nature of these instruments.

Premiums receivable and reinsurance receivables:  The carrying values reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values due to the short-term nature of the assets.

Real estate: The estimated fair value was based on an appraisal prepared using the sales comparison approach, and accordingly the real estate is a Level 3 asset under the fair value hierarchy.

Reinsurance balances payable:  The carrying value reported in the consolidated balance sheets for these financial instruments approximates fair value.

The estimated fair values of the Company’s financial instruments and real estate as of December 31, 2022 and 2021 are as follows:

		December 31, 2022								December 31, 2021
		Carrying Value				Fair Value				Carrying Value				Fair Value
Fixed-maturity securities-held-to maturity, Level 1		$	7,766,140			$	6,600,388			$	8,266,334			$	8,753,159
Cash and cash equivalents, Level 1		$	11,958,228			$	11,958,228			$	24,290,598			$	24,290,598
Premiums receivable, net, Level 3		$	13,880,504			$	13,880,504			$	12,318,336			$	12,318,336
Reinsurance receivables, net, Level 3		$	66,465,061			$	66,465,061			$	40,292,438			$	40,292,438
Real estate, net of accumulated depreciation, Level 3		$	2,050,644			$	2,800,000			$	2,144,464			$	3,025,000
Reinsurance balances payable, Level 3		$	13,061,966			$	13,061,966			$	12,961,568			$	12,961,568

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- Definition

The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.

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