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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Components of Net Combined Ratio to Consolidated Net Income | The following tables reconcile the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue components of net combined ratio |  |  |  |  |  |  |
Net premiums earned | $ | 47,925,053 |  |  | $ | 33,407,194 |  |  | $ | 137,663,376 |  |  | $ | 92,530,708 |
Ceding commission revenue | 4,900,401 |  |  | 4,741,676 |  |  | 10,940,648 |  |  | 13,870,748 |
Other income | 145,779 |  |  | 139,490 |  |  | 436,906 |  |  | 392,468 |
Total revenue components of net combined ratio | 52,971,233 |  |  | 38,288,360 |  |  | 149,040,930 |  |  | 106,793,924 |
Expense components of net combined ratio |  |  |  |  |  |  |
Loss and loss adjustment expenses | 21,232,324 |  |  | 13,027,597 |  |  | 66,334,564 |  |  | 45,125,492 |
Commission expense | 10,308,092 |  |  | 9,004,254 |  |  | 30,250,601 |  |  | 25,088,546 |
Other underwriting expenses | 8,358,432 |  |  | 6,894,590 |  |  | 23,491,221 |  |  | 18,675,720 |
Total expense components of net combined ratio | 39,898,848 |  |  | 28,926,441 |  |  | 120,076,386 |  |  | 88,889,758 |
Operating segment net income | 13,072,385 |  |  | 9,361,919 |  |  | 28,964,544 |  |  | 17,904,166 |
Reconciliation of net income components |  |  |  |  |  |  |
excluded from net combined ratio: |  |  |  |  |  |  |
Revenue components excluded from net combined ratio |  |  |  |  |  |  |
Net investment income | 2,499,071 |  |  | 1,649,673 |  |  | 6,847,934 |  |  | 4,917,129 |
Net gains on investments | 182,122 |  |  | 826,522 |  |  | 590,594 |  |  | 1,319,307 |
Gain on sale of real estate | — |  |  | — |  |  | 1,965,989 |  |  | — |
Other income | 64 |  |  | 7,173 |  |  | 597 |  |  | 8,660 |
Total revenue components excluded |  |  |  |  |  |  |
from net combined ratio | 2,681,257 |  |  | 2,483,368 |  |  | 9,405,114 |  |  | 6,245,096 |
Expense components excluded from net combined ratio |  |  |  |  |  |  |
Other operating expenses | 1,330,258 |  |  | 1,241,572 |  |  | 3,519,475 |  |  | 2,820,620 |
Depreciation and amortization | 644,653 |  |  | 619,056 |  |  | 1,881,880 |  |  | 1,835,503 |
Interest expense | 72,609 |  |  | 900,583 |  |  | 377,137 |  |  | 2,884,181 |
Income tax | 2,833,647 |  |  | 2,105,931 |  |  | 6,583,699 |  |  | 3,689,197 |
Total expense components excluded |  |  |  |  |  |  |
from net combined ratio | 4,881,167 |  |  | 4,867,142 |  |  | 12,362,191 |  |  | 11,229,501 |
Total net loss components |  |  |  |  |  |  |
excluded from net combined ratio: | (2,199,910) |  |  | (2,383,774) |  |  | (2,957,077) |  |  | (4,984,405) |
Consolidated net income | $ | 10,872,475 |  |  | $ | 6,978,145 |  |  | $ | 26,007,467 |  |  | $ | 12,919,761 |
The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.
| Three months ended |  | Nine months ended |
| September 30, |  | September 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Net combined ratio |  |  |  |  |  |  |  |
Net loss ratio | 44.3 | % |  | 39.0 | % |  | 48.2 | % |  | 48.8 | % |
Net underwriting expense ratio | 28.4 | % |  | 33.0 | % |  | 30.8 | % |  | 31.9 | % |
Net combined ratio | 72.7 | % |  | 72.0 | % |  | 79.0 | % |  | 80.7 | % |
Reconciliation of net underwriting expense ratio: |  |  |  |  |  |  |  |
Commission expense and other |  |  |  |  |  |  |  |
underwriting expenses | $ | 18,666,524 |  |  | $ | 15,898,844 |  |  | $ | 53,741,822 |  |  | $ | 43,764,266 |  |
Less: Ceding commission revenue | (4,900,401) |  |  | (4,741,676) |  |  | (10,940,648) |  |  | (13,870,748) |  |
Less: Other income | (145,779) |  |  | (139,490) |  |  | (436,906) |  |  | (392,468) |  |
Total commission expense and other |  |  |  |  |  |  |  |
underwriting expenses | $ | 13,620,344 |  |  | $ | 11,017,678 |  |  | $ | 42,364,268 |  |  | $ | 29,501,050 |  |
Net earned premium | $ | 47,925,053 |  |  | $ | 33,407,194 |  |  | $ | 137,663,376 |  |  | $ | 92,530,708 |  |
Net Underwriting Expense Ratio | 28.4 | % |  | 33.0 | % |  | 30.8 | % |  | 31.9 | % |
Return on equity on net investment income |  |  |  |  |  |  |  |
Stockholders' equity beginning of period | $ | 94,877,892 |  |  | $ | 40,802,774 |  |  | $ | 66,708,451 |  |  | $ | 34,504,139 |  |
Stockholders' equity end of period | $ | 107,653,042 |  |  | $ | 59,669,732 |  |  | $ | 107,653,042 |  |  | $ | 59,669,732 |  |
Average stockholders' equity | $ | 101,265,467 |  |  | $ | 50,236,253 |  |  | $ | 87,180,747 |  |  | $ | 47,086,936 |  |
Net investment income | $ | 2,499,071 |  |  | $ | 1,649,673 |  |  | $ | 6,847,934 |  |  | $ | 4,917,129 |  |
Return on equity on net investment income | 2.5 | % |  | 3.3 | % |  | 7.9 | % |  | 10.4 | % |
Return on equity on net investment income - annualized | 10.0 | % |  | 13.2 | % |  | 15.8 | % |  | 20.8 | % |
Total assets | $ | 428,590,242 |  |  | $ | 318,292,723 |  |  | $ | 428,590,242 |  |  | $ | 318,292,723 |  |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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