SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Summarized financial information for segments

Summarized financial information for the Company’s segments is as follows:

Three months ended September 30, 2013	Property and casualty insurance			Reinsurance		Parent company			Consolidated
Premiums earned	$	100,085,034		$	32,277,727	$	—		$	132,362,761
Underwriting profit (loss)	(3,944,842		)	2,850,542		—			(1,094,300		)
Net investment income (loss)	7,676,989			2,869,612		(1,826		)	10,544,775
Realized investment gains (losses)	719,522			287,687		—			1,007,209
Other income	194,732			—		—			194,732
Interest expense	84,375			—		—			84,375
Other expenses	161,966			557,933		283,276			1,003,175
Income (loss) before income tax expense (benefit)	$	4,400,060		$	5,449,908	$	(285,102	)	$	9,564,866

Three months ended September 30, 2012	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	91,059,723		$	30,485,064		$	—		$	121,544,787
Underwriting profit (loss)	1,155,505			(290,533		)	—			864,972
Net investment income (loss)	8,000,165			2,970,731			(1,983		)	10,968,913
Realized investment gains (losses)	(82,254		)	(94,114		)	—			(176,368		)
Other income	224,485			341			—			224,826
Interest expense	225,000			—			—			225,000
Other expenses	211,601			469,379			226,007			906,987
Income (loss) before income tax expense (benefit)	$	8,861,300		$	2,117,046		$	(227,990	)	$	10,750,356

Nine months ended September 30, 2013	Property and casualty insurance			Reinsurance			Parent company			Consolidated
Premiums earned	$	290,606,939		$	89,441,354		$	—		$	380,048,293
Underwriting profit (loss)	(11,752,951		)	15,366,388			—			3,613,437
Net investment income (loss)	23,422,804			8,612,316			(7,268		)	32,027,852
Realized investment gains (losses)	3,068,625			781,710			—			3,850,335
Other income	592,654			—			—			592,654
Interest expense	300,000			—			—			300,000
Other expenses	553,165			217,646			990,982			1,761,793
Income (loss) before income tax expense (benefit)	$	14,477,967		$	24,542,768		$	(998,250	)	$	38,022,485
Assets	$	959,794,148		$	372,430,306		$	408,158,560		$	1,740,383,014
Eliminations	—			—			(396,295,674		)	(396,295,674		)
Reclassifications	(5,291,178		)	(701,513		)	(349,387		)	(6,342,078		)
Net assets	$	954,502,970		$	371,728,793		$	11,513,499		$	1,337,745,262

Nine months ended September 30, 2012	Property and casualty insurance			Reinsurance		Parent company			Consolidated
Premiums earned	$	263,916,398		$	77,658,605	$	—		$	341,575,003
Underwriting profit (loss)	(12,335,954		)	6,245,449		—			(6,090,505		)
Net investment income (loss)	24,314,494			8,965,935		(6,039		)	33,274,390
Realized investment gains (losses)	7,069,647			533,978		—			7,603,625
Other income	686,234			341		—			686,575
Interest expense	675,000			—		—			675,000
Other expenses	609,041			96,829		956,376			1,662,246
Income (loss) before income tax expense (benefit)	$	18,450,380		$	15,648,874	$	(962,415	)	$	33,136,839
Year ended December 31, 2012
Assets	$	934,876,596		$	350,867,500	$	401,319,530		$	1,687,063,626
Eliminations	—			—		(396,288,097		)	(396,288,097		)
Reclassifications	—			—		(66,423		)	(66,423		)
Net assets	$	934,876,596		$	350,867,500	$	4,965,010		$	1,290,709,106

Summary of net premiums earned by line of insurance

The following table displays the net premiums earned of the property and casualty insurance segment and the reinsurance segment for the three and nine months ended September 30, 2013 and 2012, by line of insurance.

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Property and casualty insurance segment
Commercial lines:
Automobile	$	22,254,403	$	19,376,448	$	63,475,114	$	56,285,845
Property	22,337,108		19,759,640		64,147,627		56,847,261
Workers' compensation	20,784,052		19,145,924		61,337,806		55,871,081
Liability	20,066,260		17,810,692		57,700,835		50,780,868
Other	1,897,507		1,920,852		5,604,007		5,686,321
Total commercial lines	87,339,330		78,013,556		252,265,389		225,471,376
Personal lines:
Automobile	6,875,623		7,196,251		20,715,002		21,290,619
Property	5,687,566		5,686,938		17,103,351		16,689,890
Liability	182,515		162,978		523,197		464,513
Total personal lines	12,745,704		13,046,167		38,341,550		38,445,022
Total property and casualty insurance	$	100,085,034	$	91,059,723	$	290,606,939	$	263,916,398
Reinsurance segment
Pro rata reinsurance:
Property and liability	$	823,719	$	2,135,062	$	4,336,189	$	5,697,204
Property	5,862,717		6,872,183		14,134,360		13,639,815
Crop	612,042		780,496		1,558,449		1,253,055
Liability	1,431,515		314,036		2,949,470		953,412
Marine/Aviation	4,444,229		1,619,137		10,400,906		4,021,453
Total pro rata reinsurance	13,174,222		11,720,914		33,379,374		25,564,939
Excess of loss reinsurance:
Property	16,509,055		15,939,014		47,957,571		43,253,472
Liability	2,594,450		2,824,723		8,104,353		8,831,624
Surety	—		413		56		8,570
Total excess of loss reinsurance	19,103,505		18,764,150		56,061,980		52,093,666
Total reinsurance	$	32,277,727	$	30,485,064	$	89,441,354	$	77,658,605
Consolidated	$	132,362,761	$	121,544,787	$	380,048,293	$	341,575,003