Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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:

March 31, 2025	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	21,034,581	$	0	$	0	$	21,034,581
U.S. special revenue and assessments		0		7,346,253		0		7,346,253
Corporate securities		0		45,943,926		0		45,943,926
Total fixed maturities		21,034,581		53,290,179		0		74,324,760
Equity securities:
Common stocks		63,931,597		6,247,600		3,133,060		73,312,257
Limited liability companies		0		0		84,115,542		84,115,542
Total equity securities		63,931,597		6,247,600		87,248,602		157,427,799
Short-term investments		1,977,093		0		0		1,977,093
Total financial assets	$	86,943,271	$	59,537,779	$	87,248,602	$	233,729,652

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

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, 2024		$	3,064,983		$	82,654,596		$	85,719,579
Unrealized gains (losses)			68,077			1,460,946			1,529,023
Balance at March 31, 2025		$	3,133,060		$	84,115,542		$	87,248,602

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 March 31, 2025		Fair Value at December 31, 2024		Valuation Technique
Common stocks	$	3,133,060	$	3,064,983	Pricing Model
Limited liability companies		84,115,542		82,654,596	Pricing Model
Total	$	87,248,602	$	85,719,579

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 March 31, 2025		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth Equity
Redeemable
Limited partnership	$	57,942,728	$	0	Quarterly		45 days
Non-redeemable
Limited liability companies		4,267,958		4,217,742		n/a		n/a
Limited partnerships		39,603,682		1,875,955		n/a		n/a
Total	$	101,814,368	$	6,093,697

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 days
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

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
March 31, 2025	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		20,533,580		20,533,580		0		0		20,533,580
Mortgage loans on real estate		15,861,496		15,218,550		0		0		15,218,550
Notes receivable		13,894,905		13,979,632		0		0		13,979,632
Policy loans		5,646,798		5,646,798		0		0		5,646,798
Accrued investment income		1,080,264		1,080,264		0		0		1,080,264
Liabilities
Policy claims and benefits payable		3,468,417		3,468,417		0		0		3,468,417
Dividend and endowment accumulations		14,587,602		14,587,602		0		0		14,587,602

	Carrying		Estimated
December 31, 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		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