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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities:    
Net income (loss) $ 6,395,718 $ (5,438,599)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 3,215,399 3,747,654
Net investment (gains) losses (930,302) 10,810,594
Changes in assets and liabilities:    
Losses and loss expenses (7,691,440) 30,505,293
Unearned premiums 39,672,853 22,394,901
Premiums receivable (14,787,307) (12,881,975)
Deferred acquisition costs (4,750,766) (6,355,269)
Deferred income taxes 600,019 (2,645,695)
Reinsurance receivable 17,501,773 3,564,454
Prepaid reinsurance premiums (12,555,645) 11,222,717
Accrued investment income (1,615,715) (1,608,978)
Due to affiliate (3,983,806) (1,342,121)
Reinsurance balances payable 3,958,666 (16,695)
Current income taxes 536,759 (4,150,265)
Accrued expenses (119,166) 282,286
Other, net 580,936 1,811,243
Net adjustments 19,632,258 55,338,144
Net cash provided by operating activities 26,027,976 49,899,545
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (25,226,609) (68,902,605)
Purchases of fixed maturities, available for sale (131,155,483) (101,328,478)
Purchases of equity securities, available for sale (5,128,994) (12,488,733)
Maturity of fixed maturities:    
Held to maturity 29,144,970 41,194,285
Available for sale 41,318,216 60,346,490
Sales of fixed maturities:    
Available for sale 28,154,556 6,568,154
Sales of equity securities, available for sale 8,080,764 17,498,036
Net (purchases) sales of property and equipment (44,701) 28,289
Net sales (purchases) of short-term investments 36,950,560 (23,968,454)
Net cash used in investing activities (17,906,721) (81,053,016)
Cash Flows from Financing Activities:    
Cash dividends paid (16,339,529) (15,243,368)
Issuance of common stock 6,813,772 15,348,793
Net cash (used in) provided by financing activities (9,525,757) 105,425
Net decrease in cash (1,404,502) (31,048,046)
Cash at beginning of period 25,123,332 57,709,375
Cash at end of period 23,718,830 26,661,329
Cash paid during period - Interest 463,911 464,188
Net cash paid during period - Taxes $ 0 $ 4,500,000