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Investments (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2020 and December 31, 2019 are as follows:

	Amortized Cost/Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
June 30, 2020
U.S. government	$	11,359,661	$	205,497	$	18,101	$	11,547,057
States, territories, and possessions		1,088,928		59,450		—		1,148,378
Subdivisions of states, territories, and possessions		12,290,490		495,142		6,946		12,778,686
Industrial and miscellaneous		72,558,805		3,686,060		201,280		76,043,585
Total fixed maturity securities	$	97,297,884	$	4,446,149	$	226,327	$	101,517,706

	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 June 30, 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.

	June 30, 2020				December 31, 2019
	Amortized Cost/Cost		Fair Value		Amortized Cost/Cost		Fair Value
Due in less than one year	$	17,075,418	$	17,211,639	$	8,570,607	$	8,584,991
Due after one year to five years		58,599,281		61,398,223		59,713,323		60,844,219
Due after five years to ten years		21,091,272		22,320,449		24,656,702		25,539,400
Due after ten years		531,913		587,395		731,812		779,432
	$	97,297,884	$	101,517,706	$	93,672,444	$	95,748,042

Schedule of Realized Gains and Losses Securities and Other Investments

During the three and six months ended June 30, 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 June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Proceeds	$	10,748,023	$	2,329,834	$	18,262,365	$	7,306,915
Gross gains		771,306		41,207		823,155		59,898
Gross losses		516,504		186,205		773,791		239,842

Schedule of Realized Investment Gains (Losses)

The components of net realized investment gains (losses) for the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2020		2019			2020			2019
Gain (loss) on sales of fixed maturity securities	$	3,887	$	22		$	42,930		$	(28,248	)
Gain (loss) on sales of equity securities and other investments		250,915		(145,020	)		6,434			(151,696	)
Total gain (loss) on sales of investments		254,802		(144,998	)		49,364			(179,944	)
Unrealized gain (loss) on equity securities and other investments		237,138		318,616			(1,521,845	)		1,205,213
Total net realized investment gains (losses)	$	491,940	$	173,618		$	(1,472,481	)	$	1,025,269

Schedule of Net Investment Income

The components of net investment income for the three and six months ended June 30, 2020 and 2019 are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Fixed maturity securities	$	593,377	$	561,161	$	1,245,052	$	1,126,231
Cash and short-term investments		50,745		154,571		137,241		177,584
Equity securities		23,841		76,383		72,605		143,119
Other income		7,125		5,250		14,250		13,750
		675,088		797,365		1,469,148		1,460,684
Less investment expenses		26,542		31,118		54,305		66,181
Net investment income	$	648,546	$	766,247	$	1,414,843	$	1,394,503

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 June 30, 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
June 30, 2020:
U.S. government	$	3,670,584	$	945	$	444,584	$	17,156	$	4,115,168	$	18,101
States, territories, and possessions		—		—		—		—		—		—
Subdivisions of states, territories, and possessions		—		—		68,379		6,946		68,379		6,946
Industrial and miscellaneous		4,947,932		201,280		—		—		4,947,932		201,280
Total fixed maturity securities	$	8,618,516	$	202,225	$	512,963	$	24,102	$	9,131,479	$	226,327

	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 June 30, 2020:

	Total		Level 1		Level 2		Level 3
U.S. government	$	11,547,057	$	—	$	11,547,057	$	—
States, territories, and possessions		1,148,378		—		1,148,378		—
Subdivisions of states, territories and possessions		12,778,686		—		12,778,686		—
Industrial and miscellaneous		76,043,585		—		76,043,585		—
Total fixed maturity securities		101,517,706		—		101,517,706		—
Equity securities		260,915		260,915		—		—
	$	101,778,621	$	260,915	$	101,517,706	$	—

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	$	—