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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments |
Schedule of Available for Sale Securities |
|  | March 31, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Unrealized |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Gains |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | (Losses) |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | 21,988,099 |  |  | $ | 36,038 |  |  | $ | (674 | ) |  | $ | - |  |  | $ | 22,023,463 |  |  | $ | 35,364 |
Political subdivisions of States, Territories and Possessions |  |  | 17,098,969 |  |  |  | - |  |  |  | (5,153 | ) |  |  | (3,338,913 | ) |  |  | 13,754,903 |  |  |  | (3,344,066 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 80,264,856 |  |  |  | - |  |  |  | (777,717 | ) |  |  | (6,479,111 | ) |  |  | 73,008,028 |  |  |  | (7,256,828 | )
Residential mortgage and other asset backed securities (2) |  |  | 53,022,594 |  |  |  | 67,556 |  |  |  | (496,219 | ) |  |  | (6,739,006 | ) |  |  | 45,854,925 |  |  |  | (7,167,669 | )
Total fixed-maturity securities |  | $ | 172,374,518 |  |  | $ | 103,594 |  |  | $ | (1,279,763 | ) |  | $ | (16,557,030 | ) |  | $ | 154,641,319 |  |  | $ | (17,733,199 | )
|  | December 31, 2022 |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Net |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Unrealized |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | 23,874,545 |  |  | $ | 1,479 |  |  | $ | (6,928 | ) |  | $ | - |  |  | $ | 23,869,096 |  |  | $ | (5,449 | )
Political subdivisions of States, Territories and Possessions |  |  | 17,108,154 |  |  |  | - |  |  |  | (2,195,273 | ) |  |  | (1,771,494 | ) |  |  | 13,141,387 |  |  |  | (3,966,767 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 80,338,464 |  |  |  | - |  |  |  | (5,796,994 | ) |  |  | (2,458,985 | ) |  |  | 72,082,485 |  |  |  | (8,255,979 | )
Residential mortgage and other asset backed securities (2) |  |  | 53,597,264 |  |  |  | 58,398 |  |  |  | (882,664 | ) |  |  | (7,150,803 | ) |  |  | 45,622,195 |  |  |  | (7,975,069 | )
Total fixed-maturity securities |  | $ | 174,918,427 |  |  | $ | 59,877 |  |  | $ | (8,881,859 | ) |  | $ | (11,381,282 | ) |  | $ | 154,715,163 |  |  | $ | (20,203,264 | )
Schedule of available for sale fixed maturity securities contractual maturity |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 15,731,448 |  |  | $ | 15,650,264 |  |  | $ | 16,359,100 |  |  | $ | 16,307,991 |
One to five years |  |  | 55,396,930 |  |  |  | 53,174,343 |  |  |  | 18,605,987 |  |  |  | 14,085,113 |
Five to ten years |  |  | 30,202,432 |  |  |  | 25,759,376 |  |  |  | 54,559,158 |  |  |  | 52,230,283 |
More than 10 years |  |  | 18,021,114 |  |  |  | 14,202,411 |  |  |  | 31,796,918 |  |  |  | 26,469,581 |
Residential mortgage and other asset backed securities |  |  | 53,022,594 |  |  |  | 45,854,925 |  |  |  | 53,597,264 |  |  |  | 45,622,195 |
Total |  | $ | 172,374,518 |  |  | $ | 154,641,319 |  |  | $ | 174,918,427 |  |  | $ | 154,715,163 |
Schedule of equity securities |
|  | March 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 13,583,942 |  |  | $ | - |  |  | $ | (2,906,623 | ) |  | $ | 10,677,319 |
Common stocks, mutual funds, and exchange traded funds |  |  | 4,427,204 |  |  |  | 199,258 |  |  |  | (681,232 | ) |  |  | 3,945,230 |
Total |  | $ | 18,011,146 |  |  | $ | 199,258 |  |  | $ | (3,587,855 | ) |  | $ | 14,622,549 |
|  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 13,583,942 |  |  | $ | - |  |  | $ | (3,589,313 | ) |  | $ | 9,994,629 |
Common stocks, mutual funds, and exchange traded funds |  |  | 4,502,758 |  |  |  | 158,635 |  |  |  | (821,632 | ) |  |  | 3,839,761 |
Total |  | $ | 18,086,700 |  |  | $ | 158,635 |  |  | $ | (4,410,945 | ) |  | $ | 13,834,390 |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Estimated |  |  |  |  |  | Gross |  |  | Estimated |
Category |  | Cost |  |  | Gains |  |  | Fair Value |  |  | Cost |  |  | Gains |  |  | Fair Value |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund |  | $ | 1,987,040 |  |  | $ | 1,148,409 |  |  | $ | 3,135,449 |  |  | $ | 1,987,040 |  |  | $ | 784,612 |  |  | $ | 2,771,652 |
Schedule of Held to Maturity Securities |
|  | March 31, 2023 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Unrealized |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Gains/ |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | (Losses) |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,228,634 |  |  | $ | 47,886 |  |  | $ | (24,108 | ) |  | $ | - |  |  | $ | 1,252,412 |  |  | $ | 23,778 |
Political subdivisions of States, Territories and Possessions |  |  | 498,769 |  |  |  | 1,661 |  |  |  | - |  |  |  | - |  |  |  | 500,430 |  |  |  | 1,661 |
Exchange traded debt |  |  | 304,111 |  |  |  | - |  |  |  | (56,461 | ) |  |  | - |  |  |  | 247,650 |  |  |  | (56,461 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 5,733,582 |  |  |  | 40,048 |  |  |  | (57,910 | ) |  |  | (890,603 | ) |  |  | 4,825,117 |  |  |  | (908,465 | )
Total |  | $ | 7,765,096 |  |  | $ | 89,595 |  |  | $ | (138,479 | ) |  | $ | (890,603 | ) |  | $ | 6,825,609 |  |  | $ | (939,487 | )
|  | December 31, 2022 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Net |
|  | Cost or |  |  | Gross |  |  | Gross Unrealized Losses |  |  | Estimated |  |  | Unrealized |
|  | Amortized |  |  | Unrealized |  |  | Less than 12 |  |  | More than 12 |  |  | Fair |  |  | Gains/ |
Category |  | Cost |  |  | Gains |  |  | Months |  |  | Months |  |  | Value |  |  | (Losses) |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,228,560 |  |  | $ | 28,400 |  |  | $ | (34,077 | ) |  | $ | - |  |  | $ | 1,222,883 |  |  | $ | (5,677 | )
Political subdivisions of States, Territories and Possessions |  |  | 498,638 |  |  |  | 2,092 |  |  |  | - |  |  |  | - |  |  |  | 500,730 |  |  |  | 2,092 |
Exchange traded debt |  |  | 304,111 |  |  |  | - |  |  |  | (29,111 | ) |  |  | - |  |  |  | 275,000 |  |  |  | (29,111 | )
Corporate and other bonds Industrial and miscellaneous |  |  | 5,734,831 |  |  |  | 36,968 |  |  |  | (809,746 | ) |  |  | (360,278 | ) |  |  | 4,601,775 |  |  |  | (1,133,056 | )
Total |  | $ | 7,766,140 |  |  | $ | 67,460 |  |  | $ | (872,934 | ) |  | $ | (360,278 | ) |  | $ | 6,600,388 |  |  | $ | (1,165,752 | )
Schedule of Held to Maturity Securities by contractual maturity |
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
Remaining Time to Maturity |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Less than one year |  | $ | 708,744 |  |  | $ | 747,483 |  |  | $ | 708,535 |  |  | $ | 743,575 |
One to five years |  |  | 1,120,700 |  |  |  | 1,098,253 |  |  |  | 1,120,507 |  |  |  | 1,088,522 |
Five to ten years |  |  | 1,405,680 |  |  |  | 1,215,945 |  |  |  | 1,402,704 |  |  |  | 1,200,720 |
More than 10 years |  |  | 4,529,972 |  |  |  | 3,763,928 |  |  |  | 4,534,394 |  |  |  | 3,567,571 |
Total |  | $ | 7,765,096 |  |  | $ | 6,825,609 |  |  | $ | 7,766,140 |  |  | $ | 6,600,388 |
Schedule of Investment Income |
|  | Three months ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Income: |  |  |  |  |  |
Fixed-maturity securities |  | $ | 1,417,709 |  |  | $ | 1,140,189 |
Equity securities |  |  | 176,877 |  |  |  | 345,168 |
Cash and cash equivalents |  |  | 32,858 |  |  |  | 183 |
Total |  |  | 1,627,444 |  |  |  | 1,485,540 |
Expenses: |  |  |  |  |  |  |  |
Investment expenses |  |  | 85,952 |  |  |  | 126,440 |
Net investment income |  | $ | 1,541,492 |  |  | $ | 1,359,100 |
Schedule of Securities with realized gains and losses on investments |
|  | Three months ended |
|  | March 31, |
|  | 2023 |  |  | 2022 |
Realized Gains (Losses) |  |  |  |  |  |
Fixed-maturity securities: |  |  |  |  |  |
Gross realized gains |  | $ | 418 |  |  | $ | 85,100 |
Gross realized losses |  |  | (3,057 | ) |  |  | (126,424 | )
|  |  | (2,639 | ) |  |  | (41,324 | )
Equity securities: |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | 448,306 |
Gross realized losses |  |  | - |  |  |  | (329,221 | )
|  |  | - |  |  |  | 119,085 |
Other Investments: |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | - |
Gross realized losses |  |  | - |  |  |  | - |
|  |  | - |  |  |  | - |
Net realized (losses) gains |  |  | (2,639 | ) |  |  | 77,761 |
Unrealized Gains (Losses) |  |  |  |  |  |  |  |
Equity Securities: |  |  |  |  |  |  |  |
Gross gains |  |  | 863,713 |  |  |  | - |
Gross losses |  |  | - |  |  |  | (3,560,634 | )
|  |  | 863,713 |  |  |  | (3,560,634 | )
Other Investments: |  |  |  |  |  |  |  |
Gross gains |  |  | 363,797 |  |  |  | - |
Gross losses |  |  | - |  |  |  | (915,532 | )
|  |  | 363,797 |  |  |  | (915,532 | )
Net unrealized gains (losses) |  |  | 1,227,510 |  |  |  | (4,476,166 | )
Net gains (losses) on investments |  | $ | 1,224,871 |  |  | $ | (4,398,405 | )
Schedule of Securities with Unrealized Losses |
|  | March 31, 2023 |
|  | 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 |  | $ | 5,542,768 |  |  | $ | (674 | ) |  |  | 1 |  |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | 5,542,768 |  |  | $ | (674 | )
Political subdivisions of States, Territories and Possessions |  |  | 549,276 |  |  |  | (5,153 | ) |  |  | 2 |  |  |  | 13,205,628 |  |  |  | (3,338,913 | ) |  |  | 12 |  |  |  | 13,754,904 |  |  |  | (3,344,066 | )
Corporate and other bonds industrial and miscellaneous |  |  | 24,592,198 |  |  |  | (777,717 | ) |  |  | 33 |  |  |  | 48,415,831 |  |  |  | (6,479,111 | ) |  |  | 57 |  |  |  | 73,008,029 |  |  |  | (7,256,828 | )
Residential mortgage and other asset backed securities |  |  | 8,454,568 |  |  |  | (496,219 | ) |  |  | 15 |  |  |  | 36,667,595 |  |  |  | (6,739,006 | ) |  |  | 32 |  |  |  | 45,122,163 |  |  |  | (7,235,225 | )
Total fixed-maturity securities |  | $ | 39,138,810 |  |  | $ | (1,279,763 | ) |  |  | 51 |  |  | $ | 98,289,054 |  |  | $ | (16,557,030 | ) |  |  | 101 |  |  | $ | 137,427,864 |  |  | $ | (17,836,793 | )
|  | December 31, 2022 |
|  | 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 |  | $ | 18,918,196 |  |  | $ | (6,928 | ) |  |  | 3 |  |  | $ | - |  |  |  | - |  |  |  | - |  |  | $ | 18,918,196 |  |  | $ | (6,928 | )
Political subdivisions of States, Territories and Possessions |  |  | 7,970,633 |  |  |  | (2,195,273 | ) |  |  | 9 |  |  |  | 5,170,753 |  |  |  | (1,771,494 | ) |  |  | 5 |  |  |  | 13,141,386 |  |  |  | (3,966,767 | )
Corporate and other bonds industrial and miscellaneous |  |  | 56,910,104 |  |  |  | (5,796,994 | ) |  |  | 75 |  |  |  | 15,172,381 |  |  |  | (2,458,985 | ) |  |  | 15 |  |  |  | 72,082,485 |  |  |  | (8,255,979 | )
Residential mortgage and other asset backed securities |  |  | 10,145,880 |  |  |  | (882,664 | ) |  |  | 22 |  |  |  | 34,753,178 |  |  |  | (7,150,803 | ) |  |  | 26 |  |  |  | 44,899,058 |  |  |  | (8,033,467 | )
Total fixed-maturity securities |  | $ | 93,944,813 |  |  | $ | (8,881,859 | ) |  |  | 109 |  |  | $ | 55,096,312 |  |  | $ | (11,381,282 | ) |  |  | 46 |  |  | $ | 149,041,125 |  |  | $ | (20,263,141 | )

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