XML 37 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used as of December 31:

2020
 
Level 1
  
Level 2
  
Level 3
  
Net Asset Value
  
Total
 
Financial assets:
               
Fixed maturities available for sale:
               
U.S. Government and government agencies and authorities
 
$
37,472,534
  
$
0
  
$
0
  
$
0
  
$
37,472,534
 
U.S. special revenue and assessments
  
0
   
12,939,144
   
0
   
0
   
12,939,144
 
Corporate securities
  
0
   
115,368,319
   
0
   
0
   
115,368,319
 
Total fixed maturities
  
37,472,534
   
128,307,463
   
0
   
0
   
165,779,997
 
Equity securities:
                    
Common stocks
  
28,477,005
   
15,922,869
   
3,161,120
   
30,496,625
   
78,057,619
 
Preferred stocks
  
0
   
17,568
   
0
   
0
   
17,568
 
Total equity securities
  
28,477,005
   
15,940,437
   
3,161,120
   
30,496,625
   
78,075,187
 
Total financial assets
 
$
65,949,539
  
$
144,247,900
  
$
3,161,120
  
$
30,496,625
  
$
243,855,184
 
                     
Liabilities
                    
Trading Securities
 
$
(12,219
)
 
$
0
  
$
0
  
$
0
  
$
(12,219
)

2019
 
Level 1
  
Level 2
  
Level 3
  
Net Asset Value
  
Total
 
Financial assets:
               
Fixed maturities available for sale:
 
$
36,128,743
  
$
0
  
$
0
  
$
0
  
$
36,128,743
 
U.S. Government and government agencies and authorities
  
0
   
15,203,363
   
0
   
0
   
15,203,363
 
U.S. special revenue and assessments
  
0
   
120,297,267
   
0
   
0
   
120,297,267
 
Corporate securities
  
36,128,743
   
135,500,630
   
0
   
0
   
171,629,373
 
Total fixed maturities
                    
Common stocks
  
29,888,281
   
14,258,750
   
10,274,810
   
24,239,952
   
78,661,793
 
Total equity securities
  
29,888,281
   
14,258,750
   
10,274,810
   
24,239,952
   
78,661,793
 
Total financial assets
 
$
66,017,024
  
$
149,759,380
  
$
10,274,810
  
$
24,239,952
  
$
250,291,166
 
                     
Liabilities
                    
Trading Securities
 
$
0
  
$
0
  
$
0
  
$
0
  
$
0
 

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis
The following table presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities.

 
Equity Securities,
Fair Value
  
Equity Securities,
Net Asset Value
  
Total
 
Balance at December 31, 2019
 
$
10,274,810
  
$
24,239,952
  
$
34,514,762
 
Realized gains (losses)
  
2,499,653
   
0
   
2,499,653
 
Unrealized gains (losses)
  
1,053,688
   
4,506,736
   
5,560,424
 
Purchases
  
2,107,432
   
1,782,842
   
3,890,274
 
   Sales
  
(12,774,463
)
  
(32,905
)
  
(12,807,368
)
Balance at December 31, 2020
 
$
3,161,120
  
$
30,496,625
  
$
33,657,745
 

Quantitative Information About Level 3 Fair Value Measurements
The following table presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and include only those instrument for which information about the inputs is reasonably available to the Company, such as data from independent third-party valuation service providers and from internal valuation models.

Financial Assets
  
Fair Value at December 31, 2020
  
Fair Value at December 31, 2019
Valuation Technique
Common stocks
 
$
30,496,625
 
$
24,239,952
Net Asset Value
Common stocks
  
3,161,120
  
10,274,810
Pricing Model
Total
 
$
33,657,745
 
$
34,514,762
 

Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share
Investments in Certain Entities Carried at Fair Value Using Net Asset Value per Share

Investment Category
  
Fair Value at December 31, 2020
  
Unfunded Commitments
 
Redemption Frequency
 
Redemption Notice Period
Common stocks
          
Growth equity
          
  Redeemable
 
$
21,713,727
 
$
0
 
Quarterly
 
45 days
  Non-redeemable
  
8,782,898
  
6,856,072
 
n/a
 
n/a
Total
 
$
30,496,625
 
$
6,856,072
    

Investment Category
  
Fair Value at December 31, 2019
  
Unfunded Commitments
 
Redemption Frequency
 
Redemption Notice Period
Common stocks
          
Growth equity
          
  Redeemable
 
$
21,270,734
 
$
0
 
Quarterly
 
45 days
  Non-redeemable
  
2,969,218
  
163,750
 
n/a
 
n/a
Total
 
$
24,239,952
 
$
163,750
    

Carrying Values and Estimated Fair Values of Financial Instruments not Recorded at Fair Value
The following table presents the carrying amount and estimated fair values of the Company’s financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used as of December 31:

2020
 
Carrying
Amount
  
Estimated
FairValue
  
Level 1
  
Level 2
  
Level 3
 
Common stock, at cost
 
$
5,860,000
  
$
5,860,000
  
$
0
  
$
0
  
$
5,860,000
 
Preferred stock, at cost
  
8,529,189
   
8,529,189
   
0
   
0
   
8,529,189
 
Mortgage loans on real estate
  
20,802,365
   
20,802,365
   
0
   
0
   
20,802,365
 
Investment real estate
  
38,086,391
   
82,689,332
   
0
   
0
   
82,689,332
 
Notes receivable
  
17,682,296
   
17,709,894
   
0
   
0
   
17,709,894
 
Policy loans
  
8,590,524
   
8,590,524
   
0
   
0
   
8,590,524
 

2019
 
Carrying
Amount
  
Estimated
FairValue
  
Level 1
  
Level 2
  
Level 3
 
Common stock, at cost
 
$
7,875,145
  
$
7,875,145
  
$
0
  
$
0
  
$
7,875,145
 
Preferred stock, at cost
  
3,044,102
   
3,044,102
   
0
   
0
   
3,044,102
 
Mortgage loans on real estate
  
8,223,286
   
7,531,094
   
0
   
0
   
7,531,094
 
Investment real estate
  
44,344,236
   
88,483,424
   
0
   
0
   
88,483,424
 
Notes receivable
  
19,487,458
   
19,332,472
   
0
   
0
   
19,332,472
 
Policy loans
  
8,803,876
   
8,803,876
   
0
   
0
   
8,803,876