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Investments (Tables)

6 Months Ended

Jun. 30, 2019

Schedule of Amortized Cost/Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value of Fixed Maturity and Equity Securities

Amortized cost/cost, gross unrealized gains, gross unrealized losses, and fair value of fixed maturity and equity securities by major security type for the results at June 30, 2019 and December 31, 2018 are as follows:

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2019
U.S. government	$	12,131,934	$	138,643	$	67,944	$	12,202,633
States, territories, and possessions		1,104,357		47,057		—		1,151,414
Subdivisions of states, territories, and possessions		12,897,335		343,264		13,952		13,226,647
Industrial and miscellaneous		60,359,777		1,010,996		56,086		61,314,687
Total bonds		86,493,403		1,539,960		137,982		87,895,381
Common stocks		6,556,512		1,095,869		383,323		7,269,058
	$	93,049,915	$	2,635,829	$	521,305	$	95,164,439

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2018
U.S. government	$	12,859,101	$	87,354	$	208,699	$	12,737,756
States, territories, and possessions		1,111,879		14,497		897		1,125,479
Subdivisions of states, territories, and possessions		13,230,690		105,965		44,591		13,292,064
Industrial and miscellaneous		59,561,984		14,030		1,524,644		58,051,370
Total bonds		86,763,654		221,846		1,778,831		85,206,669
Common stocks		7,568,810		524,526		826,242		7,267,094
	$	94,332,464	$	746,372	$	2,605,073	$	92,473,763

Schedule of Maturities of Investments in Bond Securities

At June 30, 2019 and December 31, 2018, contractual maturities of investments in bond securities are as follows:

	June 30, 2019				December 31, 2018
	Amortized Cost/Cost		Fair Value		Amortized Cost/Cost		Fair Value
Due in less than one year	$	8,013,317	$	8,000,989	$	7,094,266	$	6,549,872
Due after one year to five years		54,244,377		54,950,728		50,676,297		47,892,580
Due after five years to ten years		23,503,880		24,141,687		27,617,956		29,361,896
Due after ten years		731,829		801,977		1,375,135		1,402,321
	$	86,493,403	$	87,895,381	$	86,763,654	$	85,206,669

Schedule of Realized Gains and Losses Securities

During the three months and six months ended June 30, 2019 and 2018, proceeds from maturity and sales and gross realized gains and losses on securities are:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Proceeds	$	2,329,834	$	6,402,122	$	7,306,915	$	12,816,540
Gross gains		41,207		64,143		59,898		93,319
Gross losses		186,205		18,809		239,842		35,719

Schedule of Net Investment Income

The components of net investment income for the three months and six months ended June 30, 2019 and 2018 are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2019			2018		2019			2018
Bonds	$	561,161		$	578,365	$	1,126,231		$	1,133,957
Cash and short-term investments		154,571			17,373		177,584			29,594
Common stocks		74,758			80,675		141,493			148,513
Limited partnerships		—			1,383		1,626			(969	)
Other		6,875			—		13,750			—
Net (loss) gain on sales of investments		(144,998	)		45,334		(179,944	)		57,600
Unrealized gain (loss) on equity securities		318,616			139,393		1,205,213			(34,350	)
		970,983			862,523		2,485,953			1,334,345
Less investment expenses		31,118			34,482		66,181			60,062
Net investment income	$	939,865		$	828,041	$	2,419,772		$	1,274,283

The Fair Value and Unrealized Losses of Securities

The fair value and unrealized losses of our securities that were temporarily impaired as of June 30, 2019 and December 31, 2018 are as follows:

	Less than 12 months				12 months or longer				Total
Description of securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2019:
U.S. government	$	219,094	$	2,033	$	7,436,764	$	65,911	$	7,655,858	$	67,944
Subdivisions of states, territories, and possessions		254,643		29		462,923		13,923		717,566		13,952
Industrial and miscellaneous		2,409,315		4,800		8,008,824		51,286		10,418,139		56,086
Total fixed maturities		2,883,052		6,862		15,908,511		131,120		18,791,563		137,982
Common stocks		932,012		73,418		917,372		309,905		1,849,384		383,323
Total temporarily impaired securities	$	3,815,064	$	80,280	$	16,825,883	$	441,025	$	20,640,947	$	521,305

	Less than 12 months				12 months or longer				Total
Description of securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2018:
U.S. government	$	1,757,021	$	5,521	$	8,858,782	$	203,178	$	10,615,803	$	208,699
States, territories, and possessions		410,416		897		—		—		410,416		897
Subdivisions of states, territories, and possessions		3,138,650		11,729		1,993,170		32,862		5,131,820		44,591
Industrial and miscellaneous		28,187,416		563,317		25,787,215		961,327		53,974,631		1,524,644
Total fixed maturities		33,493,503		581,464		36,639,167		1,197,367		70,132,670		1,778,831
Common stocks		2,914,528		471,382		631,297		354,860		3,545,825		826,242
Total temporarily impaired securities	$	36,408,031	$	1,052,846	$	37,270,464	$	1,552,227	$	73,678,495	$	2,605,073

Schedule of Estimate Fair Value of Assets

The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at June 30, 2019:

.	Total		Level 1		Level 2		Level 3
U.S. government	$	12,202,633	$	—	$	12,202,633	$	—
States, territories, and possessions		1,151,414		—		1,151,414		—
Subdivisions of states, territories and possessions		13,226,647		—		13,226,647		—
Industrial and miscellaneous		61,314,687		—		61,314,687		—
Total bonds		87,895,381		—		87,895,381		—
Common stocks		7,269,058		7,269,058		—		—
	$	95,164,439	$	7,269,058	$	87,895,381	$	—

The table below presents the level within the fair value hierarchy generally utilized by us to estimate the fair value of assets disclosed on a recurring basis at December 31, 2018:

	Total		Level 1		Level 2		Level 3
U.S. government	$	12,737,756	$	—	$	12,737,756	$	—
States, territories, and possessions		1,125,479		—		1,125,479		—
Subdivisions of states, territories and possessions		13,292,064		—		13,292,064		—
Industrial and miscellaneous		58,051,370		—		58,051,370		—
Total bonds		85,206,669		—		85,206,669		—
Common stocks		7,267,094		7,267,094		—		—
	$	92,473,763	$	7,267,094	$	85,206,669	$	—