Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following table presents information about the Company’s investments that are measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024 indicating the level of the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

	March 31, 2025
	Level 1		Level 2		Level 3		Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	4,991,750	$	-	$	-	$	4,991,750
Political subdivisions of States, Territories and Possessions	-		21,384,042		-		21,384,042
Corporate and other bonds industrial and miscellaneous	105,136,971		-		-		105,136,971
Residential mortgage and other asset backed securities	-		72,769,606		-		72,769,606
Total fixed maturities	110,128,721		94,153,648		-		204,282,369
Equity securities	10,103,175		-		-		10,103,175
Total investments, at fair value	$	120,231,896	$	94,153,648	$	-	$	214,385,544

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Fixed-maturity securities available-for-sale
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	-	$	-	$	-	$	—
Political subdivisions of States, Territories and Possessions	-		20,873,097		-		20,873,097
Corporate and other bonds industrial and miscellaneous	106,792,378		-		-		106,792,378
Residential mortgage and other asset backed securities	-		59,227,963		-		59,227,963
Total fixed maturities	106,792,378		80,101,060		-		186,893,438
Equity securities	10,296,505		-		-		10,296,505
Total investments, at fair value	$	117,088,883	$	80,101,060	$	-	$	197,189,943

The following table sets forth the Company’s investment in a hedge fund measured at Net Asset Value (“NAV”) per share as of March 31, 2025 and December 31, 2024. The Company measures this investment at fair value on a recurring basis. Fair value using NAV per share is as follows as of the dates indicated:

Category	March 31, 2025		December 31, 2024
Other Investments
Hedge fund	$	4,437,733	$	4,380,656

The hedge fund investment is generally redeemable with at least 45 days prior written notice. The hedge fund investment is accounted for as a limited partnership by the Company. Income is earned based upon the Company’s allocated share of the partnership's changes in unrealized gains and losses to its partners. Such amounts have been recorded in the condensed consolidated statements of income and comprehensive income within net (losses) gains on investments.