Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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:

June 30, 2024	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	13,597,795	$	0	$	0	$	13,597,795
U.S. special revenue and assessments		0		7,180,324		0		7,180,324
Corporate securities		0		75,302,564		0		75,302,564
Total fixed maturities		13,597,795		82,482,888		0		96,080,683
Equity securities:
Common stocks		40,569,028		5,223,416		2,915,937		48,708,381
Limited liability companies		0		0		61,254,723		61,254,723
Total equity securities		40,569,028		5,223,416		64,170,660		109,963,104
Short-term investments		8,073,676		0		0		8,073,676
Total financial assets	$	62,240,499	$	87,706,304	$	64,170,660	$	214,117,463

December 31, 2023	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	13,587,779	$	0	$	0	$	13,587,779
U.S. special revenue and assessments		0		7,308,458		0		7,308,458
Corporate securities		0		82,513,599		0		82,513,599
Total fixed maturities		13,587,779		89,822,057		0		103,409,836
Equity securities:
Common stocks		35,819,973		5,329,080		2,807,634		43,956,687
Limited liability companies		0		0		57,604,806		57,604,806
Total equity securities		35,819,973		5,329,080		60,412,440		101,561,493
Short-term investments		29,132,236		0		0		29,132,236
Total financial assets	$	78,539,988	$	95,151,137	$	60,412,440	$	234,103,565

Reconciliation for Level 3 Assets Measured at Fair Value on a Recurring Basis

Change in Recurring Fair Value Measurements

The following table presents the changes in Level 3 equity securities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 equity securities.

			Investments in
	Investments in Common Stocks		Limited Liability Companies		Total
Balance at December 31, 2023	$	2,807,634	$	57,604,806	$	60,412,440
Realized gains (losses)		0		0		0
Unrealized gains (losses)		108,303		1,992,414		2,100,717
Purchases		0		1,657,503		1,657,503
Sales		0		0		0
Balance at June 30, 2024	$	2,915,937	$	61,254,723	$	64,170,660

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 includes only those instruments 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 June 30, 2024		Fair Value at December 31, 2023		Valuation Technique
Common stocks	$	2,915,937	$	2,807,634	Pricing Model
Limited liability companies		61,254,723		57,604,806	Pricing Model
Total	$	64,170,660	$	60,412,440

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 June 30, 2024		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth Equity
Redeemable
Limited partnership	$	39,546,708	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		10,295,247		7,948,894		n/a		n/a
Limited partnerships		17,491,212		2,363,837		n/a		n/a
Total	$	67,333,167	$	10,312,731

Investment Category	Fair Value at December 31, 2023		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth Equity
Redeemable
Limited partnership	$	34,081,797	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		11,960,929		9,464,608		n/a		n/a
Limited partnerships		8,946,593		2,410,599		n/a		n/a
Total	$	54,989,319	$	11,875,207

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:

	Carrying		Estimated
June 30, 2024	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Held to maturity redeemable preferred stock	$	2,500,000		2,500,000		0		0		2,500,000
Equity securities, at cost		16,771,998		16,771,998		0		0		16,771,998
Mortgage loans on real estate		15,632,978		14,873,171		0		0		14,873,171
Notes receivable		14,096,559		14,283,336		0		0		14,283,336
Investment real estate		30,244,425		86,016,428		0		0		86,016,428
Policy loans		5,826,833		5,826,833		0		0		5,826,833
Accrued investment income		1,990,782		1,990,782		0		0		1,990,782
Liabilities
Policy claims and benefits payable		3,358,070		3,358,070		0		0		3,358,070
Dividend and endowment accumulations		14,588,899		14,588,899		0		0		14,588,899

	Carrying		Estimated
December 31, 2023	Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Held to maturity redeemable preferred stock	$	2,500,000		2,500,000		0		0		2,500,000
Equity securities, at cost		15,977,368		15,977,368		0		0		15,977,368
Mortgage loans on real estate		15,318,176		14,447,026		0		0		14,447,026
Notes receivable		14,009,225		14,189,147		0		0		14,189,147
Investment real estate		21,975,120		62,899,838		0		0		62,899,838
Policy loans		6,018,248		6,018,248		0		0		6,018,248
Accrued investment income		2,001,064		2,001,064		0		0		2,001,064
Liabilities
Policy claims and benefits payable		4,188,917		4,188,917		0		0		4,188,917
Dividend and endowment accumulations		14,749,258		14,749,258		0		0		14,749,258
Notes payable		19,000,000		19,000,000		0		19,000,000		0