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Investments (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Schedule of available for sale securities
The amortized cost, estimated fair value, and gross unrealized gains and losses on investments in fixed-maturity securities classified as available-for-sale for which an allowance for credit losses has not been recorded, as of September 30, 2024 and December 31, 2023 are summarized as follows:
September 30, 2024
Cost or
Amortized
Cost 		Gross
Unrealized
Gains 		Gross Unrealized Losses Estimated
Fair
Value
Net
Unrealized
Losses
Category Less than 12
Months		More than 12
Months
 
Fixed-Maturity Securities:
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $5,999,188 $- $- $(2,128)$5,997,060 $(2,128)
      
Political subdivisions of States, Territories and Possessions 16,499,862 - - (2,610,572)13,889,290 (2,610,572)
      
Corporate and other bonds industrial and miscellaneous 107,655,225 31,957 (49,276)(3,854,059)103,783,847 (3,871,378)
      
Residential mortgage and other asset backed securities (2) 46,749,976 135,681 (136)(5,097,373)41,788,148 (4,961,828)
Total fixed-maturity securities $176,904,251 $167,638 $(49,412)$(11,564,132)$165,458,345 $(11,445,906)
December 31, 2023
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized LossesEstimated
Fair
Value
Net
Unrealized
Losses
CategoryLess than 12
Months		More than 12
Months
Fixed-Maturity Securities:       
U.S. Treasury securities and obligations of U.S. government corporations and agencies (1) $20,954,764 $1,799 $(17,373)$- $20,939,190 $(15,574)
     
Political subdivisions of States, Territories and Possessions 16,607,713 - - (3,209,161)13,398,552 (3,209,161)
       
Corporate and other bonds industrial and miscellaneous 75,993,042 - - (5,885,296)70,107,746 (5,885,296)
       
Residential mortgage and other asset backed securities (2) 50,905,423 113,761 (2,144)(6,541,731)44,475,309 (6,430,114)
Total fixed-maturity securities $164,460,942 $115,560 $(19,517)$(15,636,188)$148,920,797 $(15,540,145)
(1)In October 2022, KICO placed certain U.S. Treasury securities to fulfill the required collateral for a sale-leaseback transaction in a designated custodian account (see Note 7 – Debt - “Equipment Financing”). As of September 30, 2024 and December 31, 2023, the amount of required collateral was approximately $5,731,000 and $6,999,000, respectively. As of September 30, 2024 and December 31, 2023, the estimated fair value of the U.S. Treasury securities used as eligible collateral was approximately $5,997,000 and $11,960,000, respectively.
(2)KICO has placed certain residential mortgage backed securities as eligible collateral in a designated custodian account related to its membership in the Federal Home Loan Bank of New York (“FHLBNY”) (see Note 7 – Debt – “Federal Home Loan Bank”). The eligible collateral would be pledged to FHLBNY if KICO draws an advance from the FHLBNY credit line. As of September 30, 2024 and December 31, 2023, the estimated fair value of the eligible investments was approximately $10,944,000 and $11,412,000, respectively. KICO will retain all rights regarding all securities if pledged as collateral. As of September 30, 2024 and December 31, 2023 there was no outstanding balance on the FHLBNY credit line.
Schedule of available for sale fixed maturity securities contractual maturity
A summary of the amortized cost and estimated fair value of the Company’s investments in available-for-sale fixed-maturity securities by contractual maturity as of September 30, 2024 and December 31, 2023 is shown below:
 September 30, 2024December 31, 2023
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value 		Cost or
Amortized
Cost 		Estimated
Fair Value
     
Less than one year $22,025,067 $21,941,045 $34,729,120 $34,461,172 
One to five years 60,622,550 59,664,158 31,803,338 30,416,618 
Five to ten years 34,666,169 31,548,462 31,596,410 27,330,377 
More than 10 years 12,840,489 10,516,532 15,426,651 12,237,321 
Residential mortgage and other asset backed securities 46,749,976 41,788,148 50,905,423 44,475,309 
Total $176,904,251 $165,458,345 $164,460,942 $148,920,797 
Schedule of equity securities
The cost and estimated fair value of, and gross unrealized gains and losses on, investments in equity securities as of September 30, 2024 and December 31, 2023 are as follows:
 September 30, 2024
Category  Cost Gross
Unrealized
Gains 		Gross
Unrealized
Losses 		Estimated
Fair Value
 
Equity Securities:
Preferred stocks $9,750,322 $- $(1,639,894)$8,110,428 
Fixed income exchange traded funds 3,711,232 - (607,432)3,103,800 
FHLBNY common stock 66,000 - - 66,000 
Total $13,527,554 $— $(2,247,326)$11,280,228 
December 31, 2023
Category CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
   
Equity Securities:     
Preferred stocks $13,583,942 $- $(2,870,027)$10,713,915 
Fixed income exchange traded funds 3,711,232  (669,232)3,042,000 
Mutual funds 622,209 314,816 - 937,025 
FHLBNY common stock 69,400 - - 69,400 
Total $17,986,783 $314,816 $(3,539,259)$14,762,340 
Schedule of other investments
The cost and estimated fair value of, and gross gains on, the Company’s other investments as of September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
Category  Cost Gross
Gains 		Estimated
Fair Value 		 Cost Gross
Gains 		Estimated
Fair Value
Other Investments:
Hedge fund $1,987,040 $2,312,138 $4,299,178 $1,987,040 $1,910,110 $3,897,150 
Schedule of held-to-maturity securities
The cost or amortized cost and estimated fair value of, and unrealized gross gains and losses on, investments in held-to-maturity fixed-maturity securities as of September 30, 2024 and December 31, 2023 are summarized as follows:
September 30, 2024
Cost or
Amortized
Cost 		Gross
Unrealized
Gains
Gross Unrealized Losses
Estimated
Fair
Value
Net
Unrealized
Gains/
(Losses)
Category Less than 12
Months
More than 12
Months
   
Held-to-Maturity Securities:      
U.S. Treasury securities $1,229,091 $20,900 $(4,474)$(9,604)$1,235,913 $6,822 
       
Political subdivisions of States, Territories and Possessions499,581 269 - - 499,850 269 
       
Exchange traded debt 304,111 - - (63,411)240,700 (63,411)
       
Corporate and other bonds industrial and miscellaneous5,015,879 - - (713,374)4,302,505 (713,374)
Total $7,048,662 $21,169 $(4,474)$(786,389)$6,278,968 $(769,694)
 December 31, 2023
Cost or
Amortized
Cost		Gross
Unrealized
Gains		Estimated
Fair
Value
Net
Unrealized
Gains/
(Losses)
Gross Unrealized Losses
CategoryLess than 12
Months
More than 12
Months
   
Held-to-Maturity Securities:       
U.S. Treasury securities $1,228,860 $15,045 $(6,914)$(18,163)$1,218,828 $(10,032)
       
Political subdivisions of States, Territories and Possessions499,170 890 - - 500,060 890 
       
Exchange traded debt 304,111 - - (70,111)234,000 (70,111)
       
Corporate and other bonds industrial and miscellaneous5,020,400 - - (867,140)4,153,260 (867,140)
Total $7,052,541 $15,935 $(6,914)$(955,414)$6,106,148 $(946,393)
Schedule of held to maturity securities by contractual maturity
A summary of the amortized cost and estimated fair value of the Company’s investments in held-to-maturity securities by contractual maturity as of September 30, 2024 and December 31, 2023 is shown below:
September 30, 2024December 31, 2023
Remaining Time to Maturity Cost or
Amortized
Cost 		Estimated
Fair Value		Cost or
Amortized
Cost 		Estimated
Fair Value
   
Less than one year $499,581 $499,850 $- $- 
One to five years 622,309 608,231 1,121,288 1,097,101 
Five to ten years 1,424,371 1,350,945 1,414,911 1,270,770 
More than 10 years 4,502,401 3,819,942 4,516,342 3,738,277 
Total $7,048,662 $6,278,968 $7,052,541 $6,106,148 
Schedule of investment income
Major categories of the Company’s net investment income are summarized as follows:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
Income:
Fixed-maturity securities $1,172,023 $1,245,353 $3,511,243 $3,982,573 
Equity securities 144,950 187,018 467,588 540,788 
Cash and cash equivalents 385,809 98,763 1,074,000 171,015 
Other - - 39,227 - 
Total 1,702,782 1,531,134 5,092,058 4,694,376 
Expenses:     
Investment expenses 53,109 86,774 174,929 257,168 
Net investment income $1,649,673 $1,444,360 $4,917,129 $4,437,208 
Schedule of net gains on investments
The Company’s net gains on investments are summarized as follows:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 Realized Gains (Losses)     
    
Fixed-maturity securities:     
Gross realized gains$157 $263 $962 $1,207 
Gross realized losses(4,096)(4,444)(12,430)(18,408)
 (3,939)(4,181)(11,468)(17,201)
     
Equity securities:     
Gross realized gains369,877 - 374,997 - 
Gross realized losses- - (423,367)- 
 369,877 - (48,370)- 
     
 Net realized gains (losses) 365,938 (4,181)(59,838)(17,201)
     
 Unrealized Gains (Losses)     
    
Equity Securities:     
Gross gains669,059 - 1,291,933 173,178 
Gross losses(314,816)(483,967)(314,816)- 
 354,243 (483,967)977,117 173,178 
     
Other Investments:     
Gross gains106,341 - 402,028 441,666 
Gross losses- (336,222)- - 
 106,341 (336,222)402,028 441,666 
     
 Net unrealized gains (losses) 460,584 (820,189)1,379,145 614,844 
     
 Net gains (losses) on investments $826,522 $(824,370)$1,319,307 $597,643 
Schedule of available-for-sale securities with unrealized losses
The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at September 30, 2024 as follows:
 September 30, 2024
 Less than 12 months12 months or moreTotal
Category Estimated
Fair
Value 		Unrealized
Losses 		No. of
Positions
Held 		Estimated
Fair
Value 		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses
    
Available-for-Sale Securities:       
      
U.S. Treasury securities and obligations of U.S. government corporations and agencies $- $- - $5,997,060 (2,128)1 $5,997,060 $(2,128)
         
Political subdivisions of States, Territories and Possessions - - - 13,889,291 (2,610,572)12 13,889,291 (2,610,572)
         
Corporate and other bonds industrial and miscellaneous 17,557,547 (49,276)18 63,278,931 (3,854,059)74 80,836,478 (3,903,335)
         
Residential mortgage and other asset backed securities 8,405 (136)1 37,008,025 (5,097,373)36 37,016,430 (5,097,509)
        
Total fixed-maturity securities $17,565,952 $(49,412)19 $120,173,307 $(11,564,132)123 $137,739,259 $(11,613,544)
The Company held available-for-sale securities with unrealized losses representing declines that were considered temporary at December 31, 2023 as follows:
December 31, 2023
Less than 12 months12 months or moreTotal
Category Estimated
Fair
Value		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses		No. of
Positions
Held		Estimated
Fair
Value		Unrealized
Losses
Available-for-Sale Securities:       
U.S. Treasury securities and obligations of U.S. government corporations and agencies $5,974,440 $(17,373)1 $- - - $5,974,440 $(17,373)
Political subdivisions of States, Territories and Possessions - - - 13,398,552 (3,209,161)13 13,398,552 (3,209,161)
Corporate and other bonds industrial and miscellaneous - - - 70,107,746 (5,885,296)85 70,107,746 (5,885,296)
        
Residential mortgage and other asset backed securities 88,988 (2,144)4 38,675,604 (6,541,731)37 38,764,592 (6,543,875)
         
Total fixed-maturity securities $6,063,428 $(19,517)5 $122,181,902 $(15,636,188)135 $128,245,330 $(15,655,705)