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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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:

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

2022	Level 1		Level 2		Level 3		Total
Fixed maturity securities:
U.S. Government and government agencies and authorities	$	17,211,175	$	0	$	0	$	17,211,175
U.S. special revenue and assessments		0		7,199,100		0		7,199,100
Corporate securities		0		83,902,784		0		83,902,784
Total fixed maturities		17,211,175		91,101,884		0		108,313,059
Equity securities:
Common stocks		45,999,477		6,651,800		0		52,651,277
Limited liability companies		0		0		7,967,643		7,967,643
Total equity securities		45,999,477		6,651,800		7,967,643		60,618,920
Short-term investments		3,596,941		0		0		3,596,941
Total financial assets	$	66,807,593	$	97,753,684	$	7,967,643	$	172,528,920

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, 2022	$	0	$	7,967,643		$	7,967,643
Realized gains (losses)		0		0			0
Unrealized gains (losses)		211,449		15,211,945			15,423,394
Purchases		0		5,683,029			5,683,029
Sales		0		(166,250	)		(166,250	)
Transfers in to Level 3		2,596,185		28,908,439			31,504,624
Transfers out of Level 3		0		0			0
Balance at December 31, 2023	$	2,807,634	$	57,604,806		$	60,412,440

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, 2023		Fair Value at December 31, 2022		Valuation Technique
Limited liability companies	$	57,604,806	$	7,967,643	Pricing Model
Common stocks		2,807,634		0	Pricing Model
Total	$	60,412,440	$	7,967,643

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, 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		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

Investment Category	Fair Value at December 31, 2022		Unfunded Commitments		Redemption Frequency		Redemption Notice Period
Equity securities
Growth equity
Redeemable
Limited partnership	$	43,724,562	$	49,343	Quarterly			45
Non-redeemable
Common stock		12,074,829		0		n/a		n/a
Limited liability companies		25,243,953		4,931,498		n/a		n/a
Limited partnerships		8,391,422		2,799,026		n/a		n/a
Total	$	89,434,766	$	7,779,867

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:

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		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
Investment real estate		21,975,120		62,899,838		0		0		62,899,838
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

2022	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		21,891,896		21,891,896		0		0		21,891,896
Mortgage loans on real estate		30,698,694		29,735,873		0		0		29,735,873
Investment real estate		26,225,799		74,026,290		0		0		74,026,290
Notes receivable		14,424,127		14,812,523		0		0		14,812,523
Policy loans		6,567,434		6,567,434		0		0		6,567,434
Accrued investment income		1,371,677		1,371,677		0		0		1,371,677

Liabilities
Policy claims and benefits payable		4,072,879		4,072,879		0		0		4,072,879
Dividend and endowment accumulations		14,802,746		14,802,746		0		0		14,802,746
Notes payable		19,000,000		19,000,000		0		19,000,000		0