Segment Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Components of Net Combined Ratio to Consolidated Net Income

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 June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue components of net combined ratio
Net premiums earned	$	60,467,477	$	46,215,260	$	116,336,291	$	89,738,323
Ceding commission revenue	1,532,966		3,081,556		2,936,842		6,040,247
Other income	184,011		151,173		364,800		291,127
Total revenue components of net combined ratio	62,184,454		49,447,989		119,637,933		96,069,697
Expense components of net combined ratio
Loss and loss adjustment expenses	23,930,497		17,927,162		69,504,881		45,102,240
Commission expense	11,573,138		10,629,629		21,768,550		19,942,509
Other underwriting expenses	8,655,155		7,727,367		17,016,428		15,132,789
Total expense components of net combined ratio	44,158,790		36,284,158		108,289,859		80,177,538
Operating segment net income	18,025,664		13,163,831		11,348,074		15,892,159
Reconciliation of net income components
excluded from net combined ratio:
Revenue components excluded from net combined ratio
Net investment income	3,428,729		2,300,267		6,766,310		4,348,863
Net gain (loss) on investments	240,345		546,451		(775,002)		408,472
Gain on sale of real estate	-		-		-		1,965,989
Other income	18		72		41		533
Total revenue components excluded
from net combined ratio	3,669,092		2,846,790		5,991,349		6,723,857
Expense components excluded from net combined ratio
Other operating expenses	1,362,430		1,153,480		3,622,977		2,189,217
Depreciation and amortization	761,473		613,364		1,476,980		1,237,227
Interest expense	58,808		77,074		128,663		304,528
Income tax	4,041,874		2,914,371		2,448,882		3,750,052
Total expense components excluded
from net combined ratio	6,224,585		4,758,289		7,677,502		7,481,024
Total net loss components
excluded from net combined ratio:	(2,555,493)		(1,911,499)		(1,686,153)		(757,167)
Consolidated net income	$	15,470,171	$	11,252,332	$	9,661,921	$	15,134,992

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 ended						Six months ended
	June 30,						June 30,
	2026			2025			2026			2025
Net combined ratio
Net loss ratio	39.6		%	38.8		%	59.7		%	50.3		%
Net underwriting expense ratio	30.6		%	32.7		%	30.5		%	32.0		%
Net combined ratio	70.2		%	71.5		%	90.2		%	82.3		%
Reconciliation of net underwriting expense ratio:
Commission expense and other
underwriting expenses	$	20,228,293		$	18,356,996		$	38,784,978		$	35,075,298
Less: Ceding commission revenue	(1,532,966)			(3,081,556)			(2,936,842)			(6,040,247)
Less: Other income	(184,011)			(151,173)			(364,800)			(291,127)
Total commission expense and other
underwriting expenses	$	18,511,316		$	15,124,267		$	35,483,336		$	28,743,924
Net earned premium	$	60,467,477		$	46,215,260		$	116,336,291		$	89,738,323
Net Underwriting Expense Ratio	30.6		%	32.7		%	30.5		%	32.0		%
Return on equity on net investment income
Stockholders' equity beginning of period	$	114,504,510		$	82,209,963		$	122,731,249		$	66,708,451
Stockholders' equity end of period	$	129,159,460		$	94,877,892		$	129,159,460		$	94,877,892
Average stockholders' equity	$	121,831,985		$	88,543,928		$	125,945,355		$	80,793,172
Net investment income	$	3,428,729		$	2,300,267		$	6,766,310		$	4,348,863
Return on equity on net investment income	2.8		%	2.6		%	5.4		%	5.4		%
Return on equity on net investment income - annualized	11.2		%	10.4		%	10.8		%	10.8		%
Total assets	$	477,933,872		$	393,421,525		$	477,933,872		$	393,421,525