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Investments (Tables)

3 Months Ended

Mar. 31, 2020

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

Amortized cost/cost, gross unrealized gains, gross unrealized losses, and fair value of fixed maturity securities by major security type for the results at March 31, 2020 and December 31, 2019 are as follows:

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2020
U.S. government	$	9,323,710	$	215,137	$	17,108	$	9,521,739
States, territories, and possessions		1,092,785		40,288		—		1,133,073
Subdivisions of states, territories, and possessions		12,375,653		313,337		13,297		12,675,693
Industrial and miscellaneous		67,258,447		974,929		1,761,894		66,471,482
Total fixed maturity securities	$	90,050,595	$	1,543,691	$	1,792,299	$	89,801,987

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2019
U.S. government	$	10,689,829	$	100,223	$	38,490	$	10,751,562
States, territories, and possessions		1,096,638		46,385		—		1,143,023
Subdivisions of states, territories, and possessions		12,440,863		389,472		7,470		12,822,865
Industrial and miscellaneous		69,445,114		1,591,777		6,299		71,030,592
Total fixed maturity securities	$	93,672,444	$	2,127,857	$	52,259	$	95,748,042

Schedule of Contractual Maturity Profile of Investments in Fixed Maturity Securities

The table below sets forth the contractual maturity profile of our investments in fixed maturity securities at March 31, 2020 and December 31, 2019. Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

	March 31, 2020				December 31, 2019
	Amortized Cost/Cost		Fair Value		Amortized Cost/Cost		Fair Value
Due in less than one year	$	10,817,722	$	10,827,211	$	8,570,607	$	8,584,991
Due after one year to five years		54,628,455		54,709,824		59,713,323		60,844,219
Due after five years to ten years		23,822,755		23,422,426		24,656,702		25,539,400
Due after ten years		781,663		842,526		731,812		779,432
	$	90,050,595	$	89,801,987	$	93,672,444	$	95,748,042

Schedule of Realized Gains and Losses Securities and Other Investments

During the three months ended March 31, 2020 and 2019, proceeds from maturities and sales and gross realized gains and losses on securities and other investments are as follows:

	Three Months Ended March 31,
	2020		2019
Proceeds	$	7,514,342	$	4,977,081
Gross gains		51,849		18,691
Gross losses		257,287		53,637

Schedule of Realized Investment (Losses) Gains

The components of net realized investment (losses) gains for the three months ended March 31, 2020 and 2019 are as follows:

	Three Months Ended March 31,
	2020			2019
Gain (loss) on sales of fixed maturity securities	$	39,043		$	(28,270	)
Loss on sales of equity securities and other investments		(244,481	)		(6,676	)
Total loss on sales of investments		(205,438	)		(34,946	)
Unrealized (loss) gain on equity securities and other investments		(1,758,983	)		886,597
Total net realized investment (losses) gains	$	(1,964,421	)	$	851,651

Schedule of Net Investment Income

The components of net investment income for the three months ended March 31, 2020 and 2019 are as follows:

	Three Months Ended March 31,
	2020		2019
Fixed maturity securities	$	651,675	$	565,070
Cash and short-term investments		86,496		20,655
Equity securities		48,764		68,361
Other investments		7,125		9,233
		794,060		663,319
Less investment expenses		27,763		35,063
Net investment income	$	766,297	$	628,256

Schedule of Fair Value and Gross Unrealized Losses of Fixed Maturity Investments

The following tables show fair value and gross unrealized losses of our fixed maturity investments with unrealized losses that are not deemed to be other-than temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2020 and December 31, 2019:

	Less than 12 months				12 months or longer				Total
Description of securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2020:
U.S. government	$	—	$	—	$	492,985	$	17,108	$	492,985	$	17,108
States, territories, and possessions		—		—		—		—		—		—
Subdivisions of states, territories, and possessions		152,274		6,312		68,354		6,985		220,628		13,297
Industrial and miscellaneous		28,285,031		1,761,894		—		—		28,285,031		1,761,894
Total fixed maturity securities	$	28,437,305	$	1,768,206	$	561,339	$	24,093	$	28,998,644	$	1,792,299

	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, 2019:
U.S. government	$	2,628,516	$	8,227	$	4,061,077	$	30,263	$	6,689,593	$	38,490
States, territories, and possessions		—		—		—		—		—		—
Subdivisions of states, territories, and possessions		—		—		93,000		7,470		93,000		7,470
Industrial and miscellaneous		4,773,607		5,934		350,922		365		5,124,529		6,299
Total fixed maturity securities	$	7,402,123	$	14,161	$	4,504,999	$	38,098	$	11,907,122	$	52,259

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 March 31, 2020:

.	Total		Level 1		Level 2		Level 3
U.S. government	$	9,521,739	$	—	$	9,521,739	$	—
States, territories, and possessions		1,133,073		—		1,133,073		—
Subdivisions of states, territories and possessions		12,675,693		—		12,675,693		—
Industrial and miscellaneous		66,471,482		—		66,471,482		—
Total fixed maturity securities		89,801,987		—		89,801,987		—
Equity securities		5,868,709		5,868,709		—		—
	$	95,670,696	$	5,868,709	$	89,801,987	$	—

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, 2019:

	Total		Level 1		Level 2		Level 3
U.S. government	$	10,751,562	$	—	$	10,751,562	$	—
States, territories, and possessions		1,143,023		—		1,143,023		—
Subdivisions of states, territories and possessions		12,822,865		—		12,822,865		—
Industrial and miscellaneous		71,030,592		—		71,030,592		—
Total fixed maturity securities		95,748,042		—		95,748,042		—
Equity securities		7,756,966		7,756,966		—		—
	$	103,505,008	$	7,756,966	$	95,748,042	$	—