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Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues    
Net premiums earned $ 43,523,063 $ 28,819,902
Ceding commission revenue 2,958,691 4,567,111
Net investment income 2,048,596 1,502,860
Net (losses) gains on investments (137,979) 726,391
Realized gain on sale of real estate 1,965,989 0
Other income 140,415 148,913
Total revenues 50,498,775 35,765,177
Expenses    
Loss and loss adjustment expenses 27,175,078 17,859,587
Commission expense 9,312,880 7,851,812
Other underwriting expenses 7,405,422 5,880,605
Other operating expenses 1,035,737 778,082
Depreciation and amortization 623,863 596,513
Interest expense 227,454 993,875
Total expenses 45,780,434 33,960,474
Income from operations before taxes 4,718,341 1,804,703
Income tax expense 835,681 378,024
Net income 3,882,660 1,426,679
Other comprehensive income (loss), net of tax    
Gross decrease (increase) in unrealized losses on available-for-sale-securities 2,812,432 (560,347)
Reclassification adjustment for realized losses included in net income 1,726 2,867
Net decrease (increase) in unrealized losses 2,814,158 (557,480)
Income tax (expense) benefit related to items of other comprehensive income (loss) (590,972) 117,072
Other comprehensive income (loss), net of tax 2,223,186 (440,408)
Comprehensive income $ 6,105,846 $ 986,271
Earnings per common share:    
Basic (in dollars per share) $ 0.29 $ 0.13
Diluted (in dollars per share) $ 0.27 $ 0.12
Weighted average common shares outstanding    
Basic (in shares) 13,472,404 10,999,662
Diluted (in shares) 14,272,502 11,791,520