Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 as of December 31:

2024	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	20,882,294	$	0	$	0	$	20,882,294
U.S. special revenue and assessments		0		7,234,191		0		7,234,191
Corporate securities		0		48,363,601		0		48,363,601
Total fixed maturities		20,882,294		55,597,792		0		76,480,086
Equity securities:
Common stocks		59,125,859		5,519,600		3,064,983		67,710,442
Limited liability companies		0		0		82,654,596		82,654,596
Total equity securities		59,125,859		5,519,600		85,719,579		150,365,038
Short-term investments		1,954,687		0		0		1,954,687
Total financial assets	$	81,962,840	$	61,117,392	$	85,719,579	$	228,799,811

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		58,188,308		0		58,188,308
Total fixed maturities		13,587,779		65,496,766		0		79,084,545
Equity securities:
Common stocks		60,145,264		5,329,080		2,807,634		68,281,978
Limited liability companies		0		0		57,604,806		57,604,806
Total equity securities		60,145,264		5,329,080		60,412,440		125,886,784
Short-term investments		29,132,236		0		0		29,132,236
Total financial assets	$	102,865,279	$	70,825,846	$	60,412,440	$	234,103,565

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

Change in Level 3 Recurring Fair Value Measurements

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.

			Investments in
	Investments in Common Stocks		Limited Liability Companies			Total
Balance at December 31, 2023	$	2,807,634	$	57,604,806		$	60,412,440
Unrealized gains		257,349		21,923,259			22,180,608
Purchases		0		3,741,594			3,741,594
Sales		0		(615,063	)		(615,063	)
Balance at December 31, 2024	$	3,064,983	$	82,654,596		$	85,719,579

Quantitative Information About Level 3 Fair Value Measurements

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 December 31, 2024		Fair Value at December 31, 2023		Valuation Technique
Limited liability companies	$	82,654,596	$	57,604,806	Pricing Model
Common stocks		3,064,983		2,807,634	Pricing Model
Total	$	85,719,579	$	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

The Company holds certain equity securities that are measured at estimated fair value using the NAV per share practical expedient. These investments are generally not readily redeemable by the investee. The following tables provide additional information regarding the assets carried at NAV.

Investment Category	Fair Value at December 31, 2024		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth equity
Redeemable
Limited partnership	$	52,518,353	$	0	Quarterly			45
Non-redeemable
Limited liability companies		4,802,917		2,100,000		n/a		n/a
Limited partnerships		26,819,919		2,025,771		n/a		n/a
Total	$	84,141,189	$	4,125,771

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
Non-redeemable
Limited liability companies		9,710,311		3,550,546		n/a		n/a
Limited partnerships		8,946,593		2,410,599		n/a		n/a
Total	$	52,738,701	$	5,961,145

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:

2024	Carrying Amount		Estimated 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		21,203,393		21,203,393		0		0		21,203,393
Mortgage loans on real estate		16,277,981		15,532,707		0		0		15,532,707
Notes receivable		12,672,175		12,750,201		0		0		12,750,201
Policy loans		5,692,565		5,692,565		0		0		5,692,565
Accrued investment income		1,264,416		1,264,416		0		0		1,264,416
Liabilities
Policy claims and benefits payable		3,847,214		3,847,214		0		0		3,847,214
Dividend and endowment accumulations		14,628,119		14,628,119		0		0		14,628,119

2023	Carrying Amount		Estimated 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		18,227,986		18,227,986		0		0		18,227,986
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
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