Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated events that occurred subsequent to December 31, 2024 through March 18, 2025, the date these consolidated financial statements were issued, for matters that required disclosure or adjustment in these consolidated financial statements.

Reinsurance

Effective January 1, 2024, the Company entered into a new quota share reinsurance treaty for its personal lines business and a new underlying excess of loss treaty (see Note 7 – Reinsurance).

Equity

Employee Stock Purchase Plan

Effective January 1, 2025, the Company initiated an offering period of January 1, 2025 through December 31, 2025 under the ESPP. See Note 12 - Stockholders' Equity.

At-the-Market Offering

On January 7, 2025, the Company filed a prospectus supplement increasing the aggregate offering price for the ATM program to $25,000,000 from approximately $16,400,000. See Note 12 - Stockholders' Equity.

Sale of Real Estate

On February 5, 2025, a subsidiary of the Company entered into a contract of sale with Ulster County, New York (the “County”) for the sale to the County of the Company’s headquarters building in Kingston, New York, along with an adjacent mixed-use property (collectively, the “Property”). The purchase price for the Property is $3,600,000. The closing of the sale is anticipated to take place in March 2025, subject to the satisfaction of the conditions to the closing. See Note 10 - Fixed Assets.

Debt

2024 Notes

On January 28, 2025, the Company made an optional prepayment of $3,500,000 and on February 24, 2025 paid the final principal balance of $2,450,000, and, accordingly, has fully satisfied all of its obligations under the 2024 Notes. Each prepayment of principal also included accrued and unpaid interest thereon. See Note 9 - Debt, 2024 Notes.

Commitments

Office Lease

On February 10, 2025, KICO entered into a lease agreement for an office facility located in Kingston, New York under an operating lease. The lease shall commence on March 1, 2025 (the "Commencement Date") and will expire on March 31, 2030. KICO has the option to renew the lease for an additional term of five years. KICO may terminate the lease anytime following the third anniversary of the Commencement Date if its insurance business is sold or substantially all of the Company's assets are sold. Base rent over the term of the lease is $269,777 plus proportionate share of taxes, common area maintenance costs and insurance.