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Investments (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018 are as follows:

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2019
U.S. government	$	12,798,909	$	118,141	$	50,783	$	12,866,267
States, territories, and possessions		1,100,524		49,258		—		1,149,782
Subdivisions of states, territories, and possessions		12,531,299		358,227		11,231		12,878,295
Industrial and miscellaneous		64,875,153		1,490,372		21,167		66,344,358
Total bonds		91,305,885		2,015,998		83,181		93,238,702
Equity securities		6,579,604		1,137,479		365,437		7,351,646
	$	97,885,489	$	3,153,477	$	448,618	$	100,590,348

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

	September 30, 2019				December 31, 2018
	Amortized Cost/Cost		Fair Value		Amortized Cost/Cost		Fair Value
Due in less than one year	$	9,173,518	$	9,173,406	$	7,094,266	$	6,549,872
Due after one year to five years		58,418,818		59,389,696		50,676,297		47,892,580
Due after five years to ten years		22,981,731		23,875,216		27,617,956		29,361,896
Due after ten years		731,818		800,384		1,375,135		1,402,321
	$	91,305,885	$	93,238,702	$	86,763,654	$	85,206,669

Schedule of Realized Gains and Losses Securities and Other Investments

During the three and nine months ended September 30, 2019 and 2018, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Proceeds	$	4,047,314	$	4,014,830	$	11,354,229	$	16,831,370
Gross gains		47,226		71,601		107,124		164,920
Gross losses		47,962		31,374		287,804		67,093

Schedule of Realized Investment (Losses) Gains

The components of net realized investment (losses) gains for the three and nine months ended September 30, 2019 and 2018 are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019			2018		2019			2018
Gain (loss) on sales of bond securities	$	9,984		$	16,691	$	(18,264	)	$	13,226
(Loss) gain on sales of equity securities and other investments		(10,720	)		23,536		(162,416	)		84,601
Total (loss) gain on sales of investments		(736	)		40,227		(180,680	)		97,827
Unrealized (loss) gain on equity securities and other investments		(115,157	)		185,266		1,090,056			150,916
Total net realized investment (losses) gains	$	(115,893	)	$	225,493	$	909,376		$	248,743

Schedule of Net Investment Income

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Bonds	$	621,987	$	592,550	$	1,748,218	$	1,726,507
Cash and short-term investments		108,572		19,196		286,156		48,790
Equity securities		60,975		83,365		202,468		231,878
Other investments		6,875		2,050		22,251		1,081
		798,409		697,161		2,259,093		2,008,256
Less investment expenses		28,402		33,584		94,583		93,646
Net investment income	$	770,007	$	663,577	$	2,164,510	$	1,914,610

The Fair Value and Unrealized Losses of Securities

The fair value and unrealized losses of our securities that were temporarily impaired as of September 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
September 30, 2019:
U.S. government	$	3,424,282	$	9,856	$	5,336,033	$	40,927	$	8,760,315	$	50,783
Subdivisions of states, territories, and possessions		—		—		139,500		11,231		139,500		11,231
Industrial and miscellaneous		4,338,594		9,577		3,493,028		11,590		7,831,622		21,167
Total fixed maturities		7,762,876		19,433		8,968,561		63,748		16,731,437		83,181
Equity securities		834,110		48,272		698,627		317,165		1,532,737		365,437
Total temporarily impaired securities	$	8,596,986	$	67,705	$	9,667,188	$	380,913	$	18,264,174	$	448,618

	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
Equity securities		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 September 30, 2019:

.	Total		Level 1		Level 2		Level 3
U.S. government	$	12,866,267	$	—	$	12,866,267	$	—
States, territories, and possessions		1,149,782		—		1,149,782		—
Subdivisions of states, territories and possessions		12,878,295		—		12,878,295		—
Industrial and miscellaneous		66,344,358		—		66,344,358		—
Total bonds		93,238,702		—		93,238,702		—
Equity securities		7,351,646		7,351,646		—		—
	$	100,590,348	$	7,351,646	$	93,238,702	$	—

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		—
Equity securities		7,267,094		7,267,094		—		—
	$	92,473,763	$	7,267,094	$	85,206,669	$	—