3. Investments (Tables)

12 Months Ended

Dec. 31, 2014

Investments Tables

Schedule of Availalbe for Sale Securities

The amortized cost and fair value of investments in available-for-sale fixed-maturity securities and equity securities as of December 31, 2014 and December 31, 2013 are summarized as follows:

	December 31, 2014
													Net
	Cost or		Gross		Gross Unrealized Losses								Unrealized
	Amortized		Unrealized		Less than 12			More than 12			Fair		Gains/
Category	Cost		Gains		Months			Months			Value		(Losses)
Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	13,862,141	$	412,490	$	(23,813	)	$	(6,379	)	$	14,244,439	$	382,298
Corporate and other bonds
Industrial and miscellaneous		36,221,300		803,440		(118,092	)		(30,228	)		36,876,420		655,120
Total fixed-maturity securities		50,083,441		1,215,930		(141,905	)		(36,607	)		51,120,859		1,037,418
Equity Securities:
Preferred stocks		3,172,632		19,180		(2,647	)		(62,886	)		3,126,280		(46,352	)
Common stocks		4,448,677		444,950		-			(2,177	)		4,891,449		442,772
Total equity securities		7,621,309		464,130		(2,647	)		(65,063	)		8,017,729		396,420
Total	$	57,704,750	$	1,680,060	$	(144,552)		$	(101,670)		$	59,138,588	$	1,433,838

	December 31, 2013
													Net
	Cost or		Gross		Gross Unrealized Losses								Unrealized
	Amortized		Unrealized		Less than 12			More than 12			Fair		Gains/
Category	Cost		Gains		Months			Months			Value		(Losses)
Fixed-Maturity Securities:
Political subdivisions of States,
Territories and Possessions	$	7,000,222	$	162,616	$	(49,491	)	$	(45,140	)	$	7,068,207	$	67,985
Corporate and other bonds
Industrial and miscellaneous		21,079,680		569,139		(179,810	)		(101,194	)		21,367,815		288,135
Total fixed-maturity securities		28,079,902		731,755		(229,301	)		(146,334	)		28,436,022		356,120
Equity Securities:
Preferred stocks		2,899,301		2,503		(251,525	)		(62,551	)		2,587,728		(311,573	)
Common stocks		3,791,037		470,606		(38,785	)		(13,913	)		4,208,945		417,908
Total equity securities		6,690,338		473,109		(290,310	)		(76,464	)		6,796,673		106,335
Total	$	34,770,240	$	1,204,864	$	(519,611)		$	(222,798)		$	35,232,695	$	462,455

Schedule of Availalbe for Sale Securities by contractual maturity

A summary of the amortized cost and fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of December 31, 2014 and 2013 is shown below:

	December 31, 2014				December 31, 2013
	Amortized				Amortized
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value
Less than one year	$	482,833	$	487,507	$	758,281	$	768,954
One to five years		11,640,381		11,943,127		9,025,386		9,466,973
Five to ten years		32,283,921		32,865,231		14,070,003		14,114,271
More than 10 years		5,676,306		5,824,994		4,226,232		4,085,824
Total	$	50,083,441	$	51,120,859	$	28,079,902	$	28,436,022

Schedule of Held to Maturity Securities

The amortized cost and fair value of investments in held-to-maturity fixed-maturity securities as of December 31, 2014 and 2013 are summarized as follows:

	December 31, 2014
													Net
	Cost or		Gross		Gross Unrealized Losses								Unrealized
	Amortized		Unrealized		Less than 12			More than 12			Fair		Gains/
Category	Cost		Gains		Months			Months			Value		(Losses)
U.S. Treasury securities	$	606,353	$	183,200	$	-		$	-		$	789,553	$	183,200
Political subdivisions of States,
Territories and Possessions		1,413,303		49,981		-			(12,247	)		1,451,037		37,734
Corporate and other bonds
Industrial and miscellaneous		3,109,079		98,306		(52,921	)		-			3,154,464		45,385
Total	$	5,128,735	$	331,487	$	(52,921)		$	(12,247)		$	5,395,054	$	266,319

	December 31, 2013
												Net
	Cost or		Gross		Gross Unrealized Losses							Unrealized
	Amortized		Unrealized		Less than 12			More than 12		Fair		Gains/
Category	Cost		Gains		Months			Months		Value		(Losses)
U.S. Treasury securities	$	606,138	$	46,915	$	-		$	-	$	653,053	$	46,915
Political subdivisions of States,
Territories and Possessions		208,697		-		(25,359	)		-		183,338		(25,359	)
Corporate and other bonds
Industrial and miscellaneous		1,584,647		4,223		-			-		1,588,870		4,223
Total	$	2,399,482	$	51,138	$	(25,359)		$	-	$	2,425,261	$	25,779

Held-to-maturity securities U.S. Treasury securities are held in trust pursuant to the New York State Department of Financial Services’ minimum funds requirement.

A summary of the amortized cost and fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of December 31, 2014 and 2013 is shown below:

	December 31, 2014				December 31, 2013
	Amortized				Amortized
Remaining Time to Maturity	Cost		Fair Value		Cost		Fair Value
Less than one year	$	-	$	-	$	-	$	-
One to five years		-		-		-		-
Five to ten years		3,522,927		3,563,401		1,793,344		1,772,208
More than 10 years		1,605,808		1,831,653		606,138		653,053
Total	$	5,128,735	$	5,395,054	$	2,399,482	$	2,425,261

Schedule of Investment Income

Major categories of the Company’s net investment income are summarized as follows:

	Year ended
	December 31,
	2014			2013
Income:
Fixed-maturity securities	$	1,665,534		$	1,018,857
Equity securities		483,175			390,818
Cash and cash equivalents		23,750			41
Other		(481	)		16,507
Total		2,171,978			1,426,223
Expenses:
Investment expenses		372,210			256,172
Net investment income	$	1,799,768		$	1,170,051

Schedule of net realized gains and losses on investments

The Company’s net realized gains and losses on investments are summarized as follows:

	Year ended
	December 31,
	2014			2013
Fixed-maturity securities:
Gross realized gains	$	323,455		$	237,886
Gross realized losses		(48,729	)		(73,910	)
		274,726			163,976
Equity securities:
Gross realized gains		497,023			551,912
Gross realized losses		(116,309	)		(140,096	)
		380,714			411,816
Cash and short term investments (1)		51,587			-
Net realized gains	$	707,027		$	575,792

Schedule of Securities with Unrealized Losses

The Company held securities with unrealized losses representing declines that were considered temporary at December 31, 2014 and 2013 as follows:

	December 31, 2014
	Less than 12 months							12 months or more							Total
						No. of							No. of		Aggregate
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses
Fixed-Maturity Securities:
Political subdivisions of States, Territories andPossessions	$	3,013,648	$	(23,813	)		9	$	126,658	$	(6,379	)		1	$	3,140,306	$	(30,192	)
Corporate and otherbonds industrial and miscellaneous		6,325,579		(118,092	)		15		714,640		(30,228	)		2		7,040,219		(148,320	)
Total fixed-maturity securities	$	9,339,227	$	(141,905	)		24	$	841,298	$	(36,607	)		3	$	10,180,525	$	(178,512	)
Equity Securities:
Preferred stocks	$	656,325	$	(2,647	)		1	$	1,448,376	$	(62,886	)		6	$	2,104,701	$	(65,533	)
Common stocks		-		-			-		267,000		(2,177	)		1		267,000		(2,177	)
Total equity securities	$	656,325	$	(2,647	)		1	$	1,715,376	$	(65,063	)		7	$	2,371,701	$	(67,710	)
Total	$	9,995,552	$	(144,552)			25	$	2,556,674	$	(101,670)			10	$	12,552,226	$	(246,222)

	December 31, 2013
	Less than 12 months							12 months or more							Total
						No. of							No. of		Aggregate
	Fair		Unrealized			Positions		Fair		Unrealized			Positions		Fair		Unrealized
Category	Value		Losses			Held		Value		Losses			Held		Value		Losses
Fixed-Maturity Securities:
Political subdivisions of States, Territories andPossessions	$	2,015,437	$	(49,491	)		6	$	415,866	$	(45,140	)		2	$	2,431,303	$	(94,631	)
Corporate and other bonds industrial and miscellaneous		6,447,605		(179,810	)		24		1,430,377		(101,194	)		5		7,877,982		(281,004	)
Total fixed-maturity securities	$	8,463,042	$	(229,301	)		30	$	1,846,243	$	(146,334	)		7	$	10,309,285	$	(375,635	)
Equity Securities:
Preferred stocks	$	1,835,958	$	(251,525	)		8	$	444,100	$	(62,551	)		2	$	2,280,058	$	(314,076	)
Common stocks		879,525		(38,785	)		4		145,625		(13,913	)		1		1,025,150		(52,698	)
Total equity securities	$	2,715,483	$	(290,310	)		12	$	589,725	$	(76,464	)		3	$	3,305,208	$	(366,774	)
Total	$	11,178,525	$	(519,611)			42	$	2,435,968	$	(222,798)			10	$	13,614,493	$	(742,409)