INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Amortized cost and estimated values of investments in securities including investments held for sale

Investments in available for sale securities are summarized as follows:

March 31, 2013		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	38,428,537	$	5,454,621	$	(281)	$	43,882,877
States, municipalities and political subdivisions		150,000		5,993		0		155,993
U.S. special revenue and assessments		2,150,766		157,779		0		2,308,545
Collateralized mortgage obligations		1,780,601		158,444		0		1,939,045
Public utilities		399,903		61,207		0		461,110
All other corporate bonds		133,203,699		9,682,828		(1,787,643)		141,098,884
		176,113,506		15,520,872		(1,787,924)		189,846,454
Equity securities		29,747,616		1,284,494		(496,936)		30,535,174
Total	$	205,861,122	$	16,805,366	$	(2,284,860)	$	220,381,628

December 31, 2012		Original or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Investments available for sale:
Fixed maturities
U.S. Government and govt. agencies and authorities	$	33,430,165	$	5,457,009	$	0	$	38,887,174
States, municipalities and political subdivisions		160,000		6,637		0		166,637
U.S. special revenue and assessments		2,150,070		153,545		0		2,303,615
Collateralized mortgage obligations		2,241,384		183,409		(8)		2,424,785
Public utilities		399,900		63,662		0		463,562
All other corporate bonds		135,145,198		9,747,565		(1,811,251)		143,081,512
		173,526,717		15,611,827		(1,811,259)		187,327,285
Equity securities		29,497,001		1,303,328		(295,415)		30,504,914
Total	$	203,023,718	$	16,915,155	$	(2,106,674)	$	217,832,199

Amortized cost and estimated market value of debt securities, by contractual maturity

The amortized cost and estimated market value of debt securities at March 31, 2013, by contractual maturity, is shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

Fixed Maturities Available for Sale March 31, 2013		Amortized Cost		Estimated Fair Value

Due in one year or less	$	2,400,052	$	2,423,382
Due after one year through five years		30,181,928		32,745,345
Due after five years through ten years		108,860,492		117,999,294
Due after ten years		32,703,905		34,549,122
Collateralized mortgage obligations		1,967,129		2,129,311
Total	$	176,113,506	$	189,846,454

Fair value of investments with sustained gross unrealized losses

The fair value of investments with sustained gross unrealized losses at March 31, 2013 and December 31, 2012 are as follows:

March 31, 2013		Less than 12 months			12 months or longer			Total

		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
U.S. Government and govt. agencies and authorities	$	4,995,703	(282)	$	0	0	$	4,995,703	(282)
All other corporate bonds		6,638,079	(50,703)		4,383,021	(1,736,939)		11,021,100	(1,787,642)
Total fixed maturities	$	11,633,782	(50,985)	$	4,383,021	(1,736,939)	$	16,016,803	(1,787,924)

Equity securities	$	1,253,075	(496,936)	$	0	0	$	1,253,075	(496,936)

December 31, 2012		Less than 12 months			12 months or longer			Total

		Fair value	Unrealized losses		Fair value	Unrealized losses		Fair value	Unrealized losses
Collateralized mortgage obligations	$	4,513	(8)	$	0	0	$	4,513	(8)
All other corporate bonds		13,776,705	(245,846)		385,823	(1,565,405)		14,162,528	(1,811,251)
Total fixed maturities	$	13,781,218	(245,854)	$	385,823	(1,565,405)	$	14,167,041	(1,811,259)

Equity securities	$	594,081	(295,415)	$	0	0	$	594,081	(295,415)

Additional information regarding investments in an unrealized loss position is as follows:

	Less than 12 months	12 months or longer	Total
As of March 31, 2013
Fixed maturities	8	4	12
Equity securities	4	0	4
As of December 31, 2012
Fixed maturities	8	3	11
Equity securities	9	0	9

Other than temporary impairments

Based on management's review of the investment portfolio, the Company recorded the following losses for other-than-temporary impairments in the Condensed Consolidated Statements of Operations:

		Three Months Ended
		March 31,
		2013		2012

Other than temporary impairments:
Real Estate	$	26,926	$	0

Trading revenue charged to investment

Trading revenue charged to net investment income from trading securities was:

		Three Months Ended
		March 31,
		2013		2012

Net unrealized losses	$	(297,344)	$	528,698
Net realized gains (losses)		86,271		2,310,507
Net unrealized and realized gains (losses)	$	(211,073)	$	2,839,205

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

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-Publisher FASB

-Name Accounting Standards Codification

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+ Details

- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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