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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities:    
Net income $ 10,108,328 $ 7,201,019
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and other non-cash items 1,897,738 2,191,794
Net investment gains (2,850,047) (2,172,823)
Changes in assets and liabilities:    
Losses and loss expenses 21,261,917 1,637,440
Unearned premiums 54,167,999 46,810,143
Premiums receivable (24,221,831) (21,405,669)
Deferred acquisition costs (5,883,078) (5,732,813)
Deferred income taxes 347,507 714,695
Reinsurance receivable 573,663 4,710,479
Prepaid reinsurance premiums (17,598,575) (14,487,216)
Accrued investment income (377,731) (591,925)
Due from affiliate (7,912,158) (11,394,864)
Reinsurance balances payable (4,823,656) 3,361,990
Current income taxes 1,780,003 609,196
Accrued expenses (435,535) 301,761
Other, net 463,153 1,301,884
Net adjustments 16,389,369 5,854,072
Net cash provided by operating activities 26,497,697 13,055,091
Cash Flows from Investing Activities:    
Purchases of fixed maturities, held to maturity (23,566,350) (23,242,218)
Purchases of fixed maturities, available for sale (72,190,538) (99,497,145)
Purchases of equity securities, available for sale (3,679,586) (3,608,514)
Maturity of fixed maturities:    
Held to maturity 12,484,869 25,869,261
Available for sale 52,270,575 25,585,850
Sales of fixed maturities:    
Available for sale 2,995,648 28,154,556
Sales of equity securities, available for sale 0 4,375,411
Net purchases of property and equipment 0 (44,703)
Net sales of short-term investments 15,734,741 34,169,777
Net cash used in investing activities (15,950,641) (8,237,725)
Cash Flows from Financing Activities:    
Cash dividends paid (11,249,145) (10,802,920)
Issuance of common stock 1,135,412 5,610,255
Net cash used in financing activities (10,113,733) (5,192,665)
Net increase (decrease) in cash 433,323 (375,299)
Cash at beginning of period 23,792,273 25,123,332
Cash at end of period 24,225,596 24,748,033
Cash paid during period - Interest 309,183 304,204
Net cash paid during period - Taxes $ 0 $ 0