Fair Value Measurements (Tables)

9 Months Ended

Sep. 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:

September 30, 2024	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	13,900,112	$	0	$	0	$	13,900,112
U.S. special revenue and assessments		0		7,413,431		0		7,413,431
Corporate securities		0		78,575,139		0		78,575,139
Total fixed maturities		13,900,112		85,988,570		0		99,888,682
Equity securities:
Common stocks		41,018,457		5,839,400		2,981,951		49,839,808
Limited liability companies		0		0		80,481,098		80,481,098
Total equity securities		41,018,457		5,839,400		83,463,049		130,320,906
Short-term investments		8,174,456		0		0		8,174,456
Total financial assets	$	63,093,025	$	91,827,970	$	83,463,049	$	238,384,044

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)		174,317		21,218,789		21,393,106
Purchases		0		1,657,503		1,657,503
Sales		0		0		0
Balance at September 30, 2024	$	2,981,951	$	80,481,098	$	83,463,049

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 September 30, 2024		Fair Value at December 31, 2023		Valuation Technique
Common stocks	$	2,981,951	$	2,807,634	Pricing Model
Limited liability companies		80,481,098		57,604,806	Pricing Model
Total	$	83,463,049	$	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 September 30, 2024		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth Equity
Redeemable
Limited partnership	$	45,016,456	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		11,165,012		4,468,482		n/a		n/a
Limited partnerships		22,893,048		4,373,477		n/a		n/a
Total	$	79,074,516	$	8,841,959

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
September 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		16,733,309		16,733,309		0		0		16,733,309
Mortgage loans on real estate		18,233,549		17,559,866		0		0		17,559,866
Notes receivable		13,746,866		13,948,621		0		0		13,948,621
Investment real estate		29,113,167		86,823,500		0		0		86,823,500
Policy loans		5,812,048		5,812,048		0		0		5,812,048
Accrued investment income		1,482,531		1,482,531		0		0		1,482,531
Liabilities
Policy claims and benefits payable		3,992,089		3,992,089		0		0		3,992,089
Dividend and endowment accumulations		14,608,032		14,608,032		0		0		14,608,032

	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