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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company reports results of operations for its reportable segments consistent with the manner in which its chief operating decision maker ("CODM") reviews the business to assess performance and allocate resources. The Company identifies its CODM to be its President and Chief Executive Officer.

The Company evaluates the results of its single reportable segment as follows:

Insurance operations are evaluated on underwriting results (net premiums earned, ceding commission earned, other income, loss and loss adjustment expenses, commission expense, and other underwriting expenses), equating to the components of the net combined ratio.

Investments from the insurance operations are primarily evaluated on net investment income and its return on equity contribution.

Net gains on investments, gain on sale of real estate, other operating expenses are corporate expenses, depreciation and amortization, interest expense, and income tax, which are broken out below the insurance operations components of the net combined ratio to return to the consolidated net income.

The Company's CODM uses these measures of profit or loss predominantly in the annual budget and forecasting process, considering budget-to-actual variances throughout the year. The CODM also uses these profit measures for evaluating (i) financial performance, (ii) pricing in the Company's insurance operations, and (iii) employee compensation.

The Company does not allocate items not included in the net combined ratio. Such items include net gains on investments, gain on sale of real estate, depreciation and amortization, interest expense, corporate expenses included in other operating expenses, and assets to these segments. The Company does not allocate income taxes to its segments. The Company does not manage those segments on after-tax results.

The following tables reconcile the revenue and expense components of the net combined ratio to consolidated net income for the periods presented.
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Revenue components of net combined ratio
Net premiums earned$47,925,053 $33,407,194 $137,663,376 $92,530,708 
Ceding commission revenue4,900,401 4,741,676 10,940,648 13,870,748 
Other income145,779 139,490 436,906 392,468 
Total revenue components of net combined ratio52,971,233 38,288,360 149,040,930 106,793,924 
Expense components of net combined ratio
Loss and loss adjustment expenses21,232,324 13,027,597 66,334,564 45,125,492 
Commission expense10,308,092 9,004,254 30,250,601 25,088,546 
Other underwriting expenses8,358,432 6,894,590 23,491,221 18,675,720 
Total expense components of net combined ratio39,898,848 28,926,441 120,076,386 88,889,758 
Operating segment net income13,072,385 9,361,919 28,964,544 17,904,166 
Reconciliation of net income components
excluded from net combined ratio:
Revenue components excluded from net combined ratio
Net investment income2,499,071 1,649,673 6,847,934 4,917,129 
Net gains on investments182,122 826,522 590,594 1,319,307 
Gain on sale of real estate— — 1,965,989 — 
Other income64 7,173 597 8,660 
Total revenue components excluded
from net combined ratio2,681,257 2,483,368 9,405,114 6,245,096 
Expense components excluded from net combined ratio
Other operating expenses1,330,258 1,241,572 3,519,475 2,820,620 
Depreciation and amortization644,653 619,056 1,881,880 1,835,503 
Interest expense72,609 900,583 377,137 2,884,181 
Income tax2,833,647 2,105,931 6,583,699 3,689,197 
Total expense components excluded
from net combined ratio4,881,167 4,867,142 12,362,191 11,229,501 
Total net loss components
excluded from net combined ratio:(2,199,910)(2,383,774)(2,957,077)(4,984,405)
Consolidated net income$10,872,475 $6,978,145 $26,007,467 $12,919,761 

The following table shows the calculation of the net combined ratio and return on equity from net investment income for the periods presented.
Three months endedNine months ended
September 30,September 30,
2025202420252024
Net combined ratio
Net loss ratio44.3 %39.0 %48.2 %48.8 %
Net underwriting expense ratio28.4 %33.0 %30.8 %31.9 %
Net combined ratio72.7 %72.0 %79.0 %80.7 %
Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses$18,666,524 $15,898,844 $53,741,822 $43,764,266 
Less: Ceding commission revenue(4,900,401)(4,741,676)(10,940,648)(13,870,748)
Less: Other income(145,779)(139,490)(436,906)(392,468)
Total commission expense and other
underwriting expenses$13,620,344 $11,017,678 $42,364,268 $29,501,050 
Net earned premium$47,925,053 $33,407,194 $137,663,376 $92,530,708 
Net Underwriting Expense Ratio28.4 %33.0 %30.8 %31.9 %
Return on equity on net investment income
Stockholders' equity beginning of period$94,877,892 $40,802,774 $66,708,451 $34,504,139 
Stockholders' equity end of period$107,653,042 $59,669,732 $107,653,042 $59,669,732 
Average stockholders' equity$101,265,467 $50,236,253 $87,180,747 $47,086,936 
Net investment income$2,499,071 $1,649,673 $6,847,934 $4,917,129 
Return on equity on net investment income2.5%3.3%7.9%10.4%
Return on equity on net investment income - annualized10.0%13.2%15.8%20.8%
Total assets$428,590,242 $318,292,723 $428,590,242 $318,292,723