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Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments [Abstract] |
Schedule of Fixed-Maturity Securities Classified as Available-for-Sale | The amortized cost, estimated fair value, and unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale as of December 31, 2024 and 2023 are summarized as follows:
|  | December 31, 2024 |
|  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Net Unrealized Losses |
Category |  |  |  | Less than 12 Months |  | More than 12 Months |  |  |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | - |  |  | $ | — |  |  | $ | — |  |
Political subdivisions of States, Territories and Possessions (1) |  | 24,271,177 |  |  | - |  |  | (73,589) |  |  | (3,324,491) |  |  | 20,873,097 |  |  | (3,398,080) |  |
Corporate and other bonds Industrial and miscellaneous (1) |  | 112,507,436 |  |  | - |  |  | (1,024,461) |  |  | (4,690,597) |  |  | 106,792,378 |  |  | (5,715,058) |  |
Residential mortgage and other asset backed securities (1) (2) |  | 65,529,545 |  |  | 119,647 |  |  | (209,890) |  |  | (6,211,339) |  |  | 59,227,963 |  |  | (6,301,582) |  |
Total fixed-maturity securities |  | $ | 202,308,158 |  |  | $ | 119,647 |  |  | $ | (1,307,940) |  |  | $ | (14,226,427) |  |  | $ | 186,893,438 |  |  | $ | (15,414,720) |  |
|  | December 31, 2023 |
|  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Net Unrealized Losses |
Category |  |  |  | Less than 12 Months |  | More than 12 Months |  |  |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) |  | $ | 20,954,764 |  |  | $ | 1,799 |  |  | $ | (17,373) |  |  | $ | - |  |  | $ | 20,939,190 |  |  | $ | (15,574) |  |
Political subdivisions of States, Territories and Possessions |  | 16,607,713 |  |  | - |  |  | — |  |  | (3,209,161) |  |  | 13,398,552 |  |  | (3,209,161) |  |
Corporate and other bonds Industrial and miscellaneous |  | 75,993,042 |  |  | - |  |  | — |  |  | (5,885,296) |  |  | 70,107,746 |  |  | (5,885,296) |  |
Residential mortgage and other asset backed securities (2) |  | 50,905,423 |  |  | 113,761 |  |  | (2,144) |  |  | (6,541,731) |  |  | 44,475,309 |  |  | (6,430,114) |  |
Total fixed-maturity securities |  | $ | 164,460,942 |  |  | $ | 115,560 |  |  | $ | (19,517) |  |  | $ | (15,636,188) |  |  | $ | 148,920,797 |  |  | $ | (15,540,145) |  |
(1)In October 2022, KICO placed certain U.S. Treasury securities to fulfill the required collateral for a sale leaseback transaction in a designated custodian account (see Note 9 – Debt - “Equipment Financing”). As of December 31, 2024 KICO had sold its U.S. Treasury securities and replaced a portion of its other fixed-maturity securities in the designated custodian account, As of December 31, 2024 and 2023, the amount of required collateral was approximately $5,308,000 and $6,999,000, respectively. As of December 31, 2024 and 2023, the estimated fair value of the eligible collateral was approximately $5,308,000 and $6,999,000, respectively. (2)KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York ("FHLBNY") (see Note 9 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of December 31, 2024, the estimated fair value of the eligible investments was approximately $10,130,000. KICO will retain all rights regarding all securities if pledged as collateral. As of December 31, 2024 and 2023 there was no outstanding balance on the FHLBNY credit line.
Schedule of Available for Sale Fixed Maturity Securities Contractual Maturity | A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of December 31, 2024 and 2023 is shown below:
|  | December 31, 2024 |  | December 31, 2023 |
Remaining Time to Maturity |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |
Less than one year |  | $ | 9,522,262 |  |  | $ | 9,484,834 |  |  | $ | 34,729,120 |  |  | $ | 34,461,172 |  |
One to five years |  | 68,052,387 |  |  | 66,141,372 |  |  | 31,803,338 |  |  | 30,416,618 |  |
Five to ten years |  | 38,159,446 |  |  | 34,068,922 |  |  | 31,596,410 |  |  | 27,330,377 |  |
More than 10 years |  | 21,044,518 |  |  | 17,970,347 |  |  | 15,426,651 |  |  | 12,237,321 |  |
Residential mortgage and other asset backed securities |  | 65,529,545 |  |  | 59,227,963 |  |  | 50,905,423 |  |  | 44,475,309 |  |
Total |  | $ | 202,308,158 |  |  | $ | 186,893,438 |  |  | $ | 164,460,942 |  |  | $ | 148,920,797 |  |
Schedule of Equity Securities | The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of December 31, 2024 and 2023 are as follows:
|  | December 31, 2024 |
Category |  | Cost |  | Gross Gains |  | Gross Losses |  | Estimated Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 9,750,322 |  |  | $ | - |  |  | $ | (2,422,617) |  |  | $ | 7,327,705 |  |
Fixed income exchange traded funds |  | 3,711,232 |  |  |  |  |  | (808,432) |  |  | 2,902,800 |  |
FHLBNY common stock |  | 66,000 |  |  | - |  |  | - |  |  | 66,000 |  |
Total |  | $ | 13,527,554 |  |  | $ | - |  |  | $ | (3,231,049) |  |  | $ | 10,296,505 |  |
|  | December 31, 2023 |
Category |  | Cost |  | Gross Gains |  | Gross Losses |  | Estimated Fair Value |
Equity Securities: |  |  |  |  |  |  |  |  |
Preferred stocks |  | $ | 13,583,942 |  |  | $ | - |  |  | $ | (2,870,027) |  |  | $ | 10,713,915 |  |
Fixed income exchange traded funds, |  | 3,711,232 |  |  |  |  |  | (669,232) |  |  | 3,042,000 |  |
Mutual funds |  | 622,209 |  |  | 314,816 |  |  | - |  |  | 937,025 |  |
FHLBNY common stock |  | 69,400 |  |  | - |  |  | - |  |  | 69,400 |  |
Total |  | $ | 17,986,783 |  |  | $ | 314,816 |  |  | $ | (3,539,259) |  |  | $ | 14,762,340 |  |
Schedule of Other Investments | The cost and estimated fair value of, and gross unrealized gains on, the Company’s other investments as of December 31, 2024 and 2023 are as follows:
|  | December 31, 2024 |  | December 31, 2023 |
Category |  | Cost |  | Gross Gains |  | Estimated Fair Value |  | Cost |  | Gross Gains |  | Estimated Fair Value |
Other Investments: |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge fund |  | $ | 1,987,040 |  |  | $ | 2,393,616 |  |  | $ | 4,380,656 |  |  | $ | 1,987,040 |  |  | $ | 1,910,110 |  |  | $ | 3,897,150 |  |
Schedule of Held to Maturity Securities | The cost or amortized cost and estimated fair value of, and gross unrealized gains and losses on, investments in held-to-maturity fixed-maturity securities as of December 31, 2024 and 2023 are summarized as follows:
|  | December 31, 2024 |
|  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Net Unrealized Gains/ (Losses) |
Category |  |  |  | Less than 12 Months |  | More than 12 Months |  |  |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,229,170 |  |  | $ | - |  |  | $ | (39,630) |  |  | $ | (15,990) |  |  | $ | 1,173,550 |  |  | $ | (55,620) |  |
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions |  | 499,719 |  |  | - |  |  | (654) |  |  | - |  |  | 499,065 |  |  | (654) |  |
Exchange traded debt |  | 304,111 |  |  | - |  |  | - |  |  | (55,611) |  |  | 248,500 |  |  | (55,611) |  |
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous |  | 5,014,342 |  |  | - |  |  | - |  |  | (976,192) |  |  | 4,038,150 |  |  | (976,192) |  |
Total |  | $ | 7,047,342 |  |  | $ | - |  |  | $ | (40,284) |  |  | $ | (1,047,793) |  |  | $ | 5,959,265 |  |  | $ | (1,088,077) |  |
|  | December 31, 2023 |
|  | Cost or Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Net Unrealized Gains/ (Losses) |
Category |  |  |  | Less than 12 Months |  | More than 12 Months |  |  |
Held-to-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,228,860 |  |  | $ | 15,045 |  |  | $ | (6,914) |  |  | $ | (18,163) |  |  | $ | 1,218,828 |  |  | $ | (10,032) |  |
Political subdivisions of States, |  |  |  |  |  |  |  |  |  |  |  |  |
Territories and Possessions |  | 499,170 |  |  | 890 |  |  | - |  |  | - |  |  | 500,060 |  |  | 890 |  |
Exchange traded debt |  | 304,111 |  |  | - |  |  | - |  |  | (70,111) |  |  | 234,000 |  |  | (70,111) |  |
Corporate and other bonds |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial and miscellaneous |  | 5,020,400 |  |  | - |  |  | - |  |  | (867,140) |  |  | 4,153,260 |  |  | (867,140) |  |
Total |  | $ | 7,052,541 |  |  | $ | 15,935 |  |  | $ | (6,914) |  |  | $ | (955,414) |  |  | $ | 6,106,148 |  |  | $ | (946,393) |  |
Schedule of Held to Maturity Securities by Contractual Maturity | A summary of the amortized cost and the estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of December 31, 2024 and 2023 is shown below:
|  | December 31, 2024 |  | December 31, 2023 |
Remaining Time to Maturity |  | Amortized Cost |  | Estimated Fair Value |  | Amortized Cost |  | Estimated Fair Value |
Less than one year |  | $ | 499,719 |  |  | $ | 499,065 |  |  | $ | - |  |  | $ | - |  |
One to five years |  | 622,375 |  |  | 600,288 |  |  | 1,121,288 |  |  | 1,097,101 |  |
Five to ten years |  | 1,427,579 |  |  | 1,323,600 |  |  | 1,414,911 |  |  | 1,270,770 |  |
More than 10 years |  | 4,497,669 |  |  | 3,536,312 |  |  | 4,516,342 |  |  | 3,738,277 |  |
Total |  | $ | 7,047,342 |  |  | $ | 5,959,265 |  |  | $ | 7,052,541 |  |  | $ | 6,106,148 |  |
Schedule of Investment Income | Major categories of the Company’s net investment income are summarized as follows:
| Years ended December 31, |
| 2024 |  | 2023 |
Income: |  |  |  |
Fixed-maturity securities | $ | 5,197,793 |  |  | $ | 5,352,304 |  |
Equity securities | 591,023 |  |  | 707,835 |  |
Cash and cash equivalents | 1,215,861 |  |  | 255,905 |  |
Other | 39,227 |  |  | — |  |
Total | 7,043,904 |  |  | 6,316,044 |  |
Expenses: |  |  |  |
Investment expenses | 220,314 |  |  | 307,362 |  |
Net investment income | $ | 6,823,590 |  |  | $ | 6,008,682 |  |
Schedule of Securities with Realized Gains and Losses on Investments | The Company’s net gains (losses) on investments for the years ended December 31, 2024 and 2023 are summarized as follows:
| Years ended December 31, |
| 2024 |  | 2023 |
Realized Gains (Losses) |  |  |  |
Fixed-maturity securities: |  |  |  |
Gross realized gains | $ | 1,287 |  |  | $ | 2,428 |  |
Gross realized losses | (15,266) |  |  | (21,239) |  |
| (13,979) |  |  | (18,811) |  |
Equity securities: |  |  |  |
Gross realized gains | 374,997 |  |  | - |  |
Gross realized losses | (423,367) |  |  | - |  |
| (48,370) |  |  | - |  |
Net realized losses | (62,349) |  |  | (18,811) |  |
Unrealized (Losses) Gains |  |  |  |
Equity Securities: |  |  |  |
Gross gains | 308,210 |  |  | 1,027,867 |  |
Gross losses | (314,816) |  |  | - |  |
| (6,606) |  |  | 1,027,867 |  |
Other Investments: |  |  |  |
Gross gains | 483,506 |  |  | 1,125,498 |  |
Gross losses | - |  |  | - |  |
| 483,506 |  |  | 1,125,498 |  |
Net unrealized gains | 476,900 |  |  | 2,153,365 |  |
Net gains on investments | $ | 414,551 |  |  | $ | 2,134,554 |  |
Schedule of Available-for-Sale Securities with Unrealized Losses | The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2024 and 2023 as follows:
|  | December 31, 2024 |
|  | Less than 12 months |  | 12 months or more |  | Total |
Category |  | Estimated Fair Value |  | Unrealized Losses |  | No. of Positions Held |  | Estimated Fair Value |  | Unrealized Losses |  | No. of Positions Held |  | Estimated Fair Value |  | Unrealized Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | - |  |  | $ | - |  |  | - |  | $ | - |  |  | - |  |  | - |  | $ | - |  |  | $ | - |  |
Political subdivisions of States, Territories and Possessions |  | 7,705,370 |  |  | (73,589) |  |  | 6 |  | 13,167,726 |  |  | (3,324,491) |  |  | 12 |  | 20,873,096 |  |  | (3,398,080) |  |
Corporate and other bonds industrial and miscellaneous |  | 51,411,296 |  |  | (1,024,461) |  |  | 60 |  | 55,381,083 |  |  | (4,690,597) |  |  | 68 |  | 106,792,379 |  |  | (5,715,058) |  |
Residential mortgage and other asset backed securities |  | 19,315,521 |  |  | (209,890) |  |  | 22 |  | 35,206,442 |  |  | (6,211,339) |  |  | 36 |  | 54,521,963 |  |  | (6,421,229) |  |
Total fixed-maturity securities |  | $ | 78,432,187 |  |  | $ | (1,307,940) |  |  | 88 |  | $ | 103,755,251 |  |  | $ | (14,226,427) |  |  | 116 |  | $ | 182,187,438 |  |  | $ | (15,534,367) |  |
|  | December 31, 2023 |
|  | Less than 12 months |  | 12 months or more |  | Total |
Category |  | Estimated Fair Value |  | Unrealized Losses |  | No. of Positions Held |  | Estimated Fair Value |  | Unrealized Losses |  | No. of Positions Held |  | Estimated Fair Value |  | Unrealized Losses |
Fixed-Maturity Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. government corporations and agencies |  | $ | 5,974,440 |  |  | $ | (17,373) |  |  | 1 |  | $ | - |  |  | - |  |  | - |  | $ | 5,974,440 |  |  | $ | (17,373) |  |
Political subdivisions of States, Territories and Possessions |  | - |  |  | - |  |  | - |  | 13,398,552 |  |  | (3,209,161) |  |  | 15 |  | 13,398,552 |  |  | (3,209,161) |  |
Corporate and other bonds industrial and miscellaneous |  | - |  |  | - |  |  | - |  | 70,107,746 |  |  | (5,885,296) |  |  | 85 |  | 70,107,746 |  |  | (5,885,296) |  |
Residential mortgage and other asset backed securities |  | 88,988 |  |  | (2,144) |  |  | 4 |  | 38,675,604 |  |  | (6,541,731) |  |  | 37 |  | 38,764,592 |  |  | (6,543,875) |  |
Total fixed-maturity securities |  | $ | 6,063,428 |  |  | $ | (19,517) |  |  | 5 |  | $ | 122,181,902 |  |  | $ | (15,636,188) |  |  | 137 |  | $ | 128,245,330 |  |  | $ | (15,655,705) |  |

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