5. Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2013

Notes to Financial Statements

Schedule of Fair Value of Financial Instruments

The estimated fair values of the Company’s financial instruments are as follows:

	March 31, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(unaudited)
Fixed-maturity investments held to maturity	$	606,289	$	750,137	$	606,281	$	779,026
Cash and cash equivalents		2,828,554		2,828,554		2,240,012		2,240,012
Premiums receivable		7,396,157		7,396,157		7,766,825		7,766,825
Receivables - reinsurance contracts		-		-		-		-
Reinsurance receivables		38,574,184		38,574,184		38,902,782		38,902,782
Notes receivable-sale of business		314,899		314,899		323,141		323,141
Real estate, net of accumulated depreciation		1,729,527		1,763,500		1,696,924		1,720,000
Reinsurance balances payable		6,242,200		6,242,200		1,820,527		1,820,527
Advance payments from catastrophe reinsurers		-		-		7,358,391		7,358,391
Notes payable (including related parties)		747,000		747,000		1,197,000		1,197,000