Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-38046 | |
Entity Registrant Name | ICC Holdings, Inc. | |
Entity Central Index Key | 0001681903 | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 81-3359409 | |
Entity Address, Address Line One | 225 20th Street | |
Entity Address, City or Town | Rock Island | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 61201 | |
City Area Code | 309 | |
Local Phone Number | 793-1700 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ICCH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 3,297,608 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | |
Investments and cash: | |||
Fixed maturity securities (cost or amortized cost - $91,837,051 at 6/30/2020 and $88,348,415 at 12/31/2019) | $ 97,872,904 | $ 92,087,572 | |
Other invested assets | 1,779,572 | 877,900 | |
Property held for investment, at cost, net of accumulated depreciation of $400,755 at 6/30/2020 and $332,218 at 12/31/2019 | 5,547,594 | 4,353,713 | |
Cash and cash equivalents | 13,028,212 | 6,626,585 | |
Total investments and cash | 131,485,464 | 118,394,543 | |
Accrued investment income | 680,468 | 646,504 | |
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 6/30/2020 and 12/31/2019 | 25,071,888 | 22,368,526 | |
Ceded unearned premiums | 855,067 | 822,818 | |
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2020 and 12/31/2019 | 19,462,599 | 11,036,170 | |
Federal income taxes | 378,058 | 192,559 | |
Deferred policy acquisition costs, net | 5,486,019 | 5,269,256 | |
Property and equipment, at cost, net of accumulated depreciation of $5,818,924 at 6/30/2020 and $5,619,706 at 12/31/2019 | 2,928,196 | 3,033,348 | |
Other assets | 2,079,915 | 1,239,794 | |
Total assets | 188,427,674 | 163,003,518 | |
Liabilities: | |||
Unpaid losses and settlement expenses | 66,415,119 | 56,838,307 | |
Unearned premiums | 30,213,110 | 30,392,817 | |
Reinsurance balances payable | 1,399,861 | 374,998 | |
Corporate debt | 15,100,173 | 3,475,088 | |
Accrued expenses | 3,117,682 | 4,216,988 | |
Income taxes - deferred | 375,766 | 39,213 | |
Other liabilities | 4,637,178 | 1,324,273 | |
Total liabilities | 121,258,889 | 96,661,684 | |
Equity: | |||
Common stock | [1] | 35,000 | 35,000 |
Treasury stock, at cost | [2] | (3,019,154) | (3,146,576) |
Additional paid-in capital | 32,663,641 | 32,703,209 | |
Accumulated other comprehensive earnings, net of tax | 4,767,819 | 2,953,936 | |
Retained earnings | 35,417,419 | 36,608,750 | |
Less: Unearned Employee Stock Ownership Plan shares at cost | [3] | (2,695,940) | (2,812,485) |
Total equity | 67,168,785 | 66,341,834 | |
Total liabilities and equity | 188,427,674 | 163,003,518 | |
Common Stocks [Member] | |||
Investments and cash: | |||
Stocks at fair value | 11,702,141 | $ 14,448,773 | |
Preferred Stock | |||
Investments and cash: | |||
Stocks at fair value | $ 1,555,041 | ||
[1] | Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,032,686 and 2019 - 3,014,941 shares. | ||
[2] | 2020 - 197,720 shares and 2019 - 203,811 shares | ||
[3] | 2020 - 269,594 shares and 2019 - 281,248 shares |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Fixed maturity securities, amortized cost | $ 91,837,051 | $ 88,348,415 |
Property held for investment, accumulated depreciation | 400,755 | 332,218 |
Premiums and reinsurance balances receivable, allowances for uncollectible amounts | 100,000 | 100,000 |
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts | 0 | 0 |
Property and equipment, at cost, accumulated depreciation | $ 5,818,924 | $ 5,619,706 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 3,500,000 | 3,500,000 |
Common stock, shares outstanding (in shares) | 3,032,686 | 3,014,941 |
Treasury stock (in shares) | 197,720 | 203,811 |
Unearned Employee Stock Ownership Plan | 269,594 | 281,248 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
CondensedConsolidated Statements of Earnings and Comprehensive Earnings [Abstract] | ||||
Net premiums earned | $ 11,374,746 | $ 13,094,222 | $ 24,388,735 | $ 25,540,136 |
Net investment income | 908,550 | 800,130 | 1,743,950 | 1,595,503 |
Net realized investment (losses) gains | (438,619) | 647,068 | (342,987) | 599,642 |
Net unrealized gains (losses) on equity securities | 2,709,763 | (116,691) | (979,584) | 1,723,727 |
Other income | 69,069 | 122,812 | 119,267 | 68,925 |
Consolidated revenues | 14,623,509 | 14,547,541 | 24,929,381 | 29,527,933 |
Losses and settlement expenses | 9,208,484 | 8,900,732 | 17,050,566 | 18,508,022 |
Policy acquisition costs and other operating expenses | 4,254,266 | 4,958,594 | 9,019,240 | 9,808,780 |
Interest expense on debt | 56,721 | 31,881 | 92,049 | 63,895 |
General corporate expenses | 125,335 | 137,290 | 299,756 | 280,451 |
Total expenses | 13,644,806 | 14,028,497 | 26,461,611 | 28,661,148 |
Earnings before income taxes | 978,703 | 519,044 | (1,532,230) | 866,785 |
Total income tax expense | 196,738 | 76,953 | (340,899) | 135,946 |
Net earnings | 781,965 | 442,091 | (1,191,331) | 730,839 |
Other comprehensive earnings, net of tax | 3,524,729 | 1,245,804 | 1,813,883 | 2,720,013 |
Comprehensive earnings | $ 4,306,694 | $ 1,687,895 | $ 622,552 | $ 3,450,852 |
Basic: | ||||
Basic net earnings per share | $ 0.26 | $ 0.15 | $ (0.39) | $ 0.24 |
Diluted: | ||||
Diluted net earnings per share | $ 0.26 | $ 0.15 | $ (0.39) | $ 0.24 |
Weighted average number of common shares outstanding: | ||||
Basic | 3,029,693 | 3,007,685 | 3,019,788 | 3,001,713 |
Diluted | 3,036,116 | 3,010,712 | 3,026,210 | 3,004,739 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Unearned ESOP [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Earnings (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | [1] | Accumulated Other Comprehensive Earnings (Loss) [Member] | Total |
Balance at Dec. 31, 2018 | $ 35,000 | $ (2,999,995) | $ (3,046,855) | $ 32,505,423 | $ (1,366,297) | $ 33,680,702 | $ 1,366,297 | $ (1,580,976) | $ 58,593,299 | ||
Purchase of common stock | (49,130) | (49,130) | |||||||||
Net earnings (loss) | 730,839 | 730,839 | |||||||||
Other comprehensive earnings, net of tax | 2,720,013 | 2,720,013 | |||||||||
Restricted stock unit expense | 48,337 | 48,337 | |||||||||
ESOP compensation expense | 116,222 | 45,613 | 161,835 | ||||||||
Balance at Jun. 30, 2019 | 35,000 | (3,049,125) | (2,930,633) | 32,599,373 | 33,045,244 | 2,505,334 | 62,205,193 | ||||
Balance at Dec. 31, 2019 | 35,000 | (3,146,576) | (2,812,485) | 32,703,209 | 36,608,750 | 2,953,936 | 66,341,834 | ||||
Purchase of common stock | (15,958) | (15,958) | |||||||||
Net earnings (loss) | (1,191,331) | (1,191,331) | |||||||||
Other comprehensive earnings, net of tax | 1,813,883 | 1,813,883 | |||||||||
Restricted stock unit expense | 143,380 | (61,959) | 81,421 | ||||||||
ESOP compensation expense | 116,545 | 22,391 | 138,936 | ||||||||
Balance at Jun. 30, 2020 | $ 35,000 | $ (3,019,154) | $ (2,695,940) | $ 32,663,641 | $ 35,417,419 | $ 4,767,819 | $ 67,168,785 | ||||
[1] | See discussion of Accounting Standards Update 2016-01 adoption in 2019 10-K, Note 1 - Summary of Significant Accounting Policies |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (1,191,331) | $ 730,839 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities | ||
Net realized investment losses (gains) | 342,987 | (599,642) |
Net unrealized losses (gains) on equity securities | 979,584 | (1,723,727) |
Depreciation | 338,409 | 401,419 |
Deferred income tax | (145,619) | 406,991 |
Amortization of bond premium and discount | 100,619 | 113,242 |
Stock-based compensation expense | 220,357 | 210,172 |
Change in: | ||
Accrued investment income | (33,964) | 20,634 |
Premiums and reinsurance balances receivable | (2,703,362) | (998,495) |
Ceded unearned premiums | (32,249) | (47,584) |
Reinsurance balances payable | 1,024,863 | (560,369) |
Reinsurance balances recoverable | (8,426,429) | (7,238,050) |
Deferred policy acquisition costs | (216,763) | (245,200) |
Unpaid losses and settlement expenses | 9,576,812 | 9,816,461 |
Unearned premiums | (179,707) | 1,339,650 |
Accrued expenses | (1,099,306) | (1,277,407) |
Current federal income tax | (185,499) | (51,929) |
Other | 2,404,746 | (281,986) |
Net cash provided by operating activities | 774,148 | 15,019 |
Purchases of: | ||
Fixed maturity securities, available-for-sale | (12,628,366) | (12,689,731) |
Other invested assets | (901,500) | (113,300) |
Property held for investment | (1,262,417) | (167,850) |
Property and equipment | (175,151) | (202,250) |
Proceeds from sales, maturities and calls of: | ||
Fixed maturity securities, available-for-sale | 9,384,229 | 13,750,473 |
Property and equipment | 10,430 | 5,268 |
Net cash (used in) provided by investing activities | (5,981,649) | 1,437,729 |
Cash flows from financing activities: | ||
Proceeds from loans | 11,629,800 | |
Repayments of borrowed funds | (4,714) | (2,787) |
Purchase of common stock | (15,958) | (49,130) |
Net cash provided by (used in) financing activities | 11,609,128 | (51,917) |
Net increase in cash and cash equivalents | 6,401,627 | 1,400,831 |
Cash and cash equivalents at beginning of year | 6,626,585 | 4,644,784 |
Cash and cash equivalents at end of period | 13,028,212 | 6,045,615 |
Supplemental information: | ||
Federal income tax recovered | 164,543 | |
Interest paid | 82,000 | 31,800 |
Common Stocks [Member] | ||
Purchases of: | ||
Equity securities | (2,173,439) | (3,822,354) |
Proceeds from sales, maturities and calls of: | ||
Equity securities | 3,260,997 | $ 4,677,473 |
Preferred Stock | ||
Purchases of: | ||
Equity securities | (1,641,922) | |
Proceeds from sales, maturities and calls of: | ||
Equity securities | $ 145,490 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  A. DESCRIPTION OF BUSINESS  ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; and Illinois Casualty Company (ICC), an operating insurance company. ICC is an Illinois domiciled company.  We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 25.7% and 25.6% of the premium is written in Illinois for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019 , approximately 26.1% and 27.5% of the premium is written in Illinois, respectively. The Company operates as a single segment.  B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2019 (the “2019 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2020 , and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.  The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.  C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10-K.   D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2019 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.  E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2020 and 2019 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  June 30, December 31,  2020 2019  Automobiles $ 530,722 $ 505,788  Furniture and fixtures 469,659 457,218  Computer equipment and software 3,875,559 3,823,416  Home office 3,871,179 3,866,632  Total cost 8,747,120 8,653,054  Accumulated depreciation (5,818,924) (5,619,706)  Net property and equipment $ 2,928,196 $ 3,033,348  F. COMPREHENSIVE EARNINGS  Comprehensive earnings (loss) include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% tax rate . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense of $271,932 and $636,537 for the six months ended June 30, 2020 and 2019, respectively.  The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities:     Six-Month Periods Ended June 30,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Other comprehensive earnings before reclassification 2,086,077 2,837,836  Amount reclassified from accumulated other comprehensive earnings (272,194) (117,823)  Net current period other comprehensive earnings 1,813,883 2,720,013  Ending balance $ 4,767,819 $ 2,505,334  The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.      Three-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding gains arising during the period $ 4,456,968 $ (843,931) $ 3,613,037 $ 1,576,968 $ (224,377) $ 1,352,591  Reclassification adjustment for losses included in net earnings (111,782) 23,474 (88,308) (135,173) 28,386 (106,787)  Total other comprehensive earnings $ 4,345,186 $ (820,457) $ 3,524,729 $ 1,441,795 $ (195,991) $ 1,245,804      Six-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on AFS investments:  Unrealized holding gains arising during the period $ 2,285,654 $ (199,577) $ 2,086,077 $ 3,443,053 $ (605,217) $ 2,837,836  Reclassification adjustment for (gains) included in net earnings (344,549) 72,355 (272,194) (149,143) 31,320 (117,823)  Total other comprehensive earnings $ 1,941,105 $ (127,222) $ 1,813,883 $ 3,293,910 $ (573,897) $ 2,720,013  The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended Six-Month Period Ended  Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (111,782) $ (135,173) $ (344,549) $ (149,143) Net realized investment (gains)  23,474 28,386 72,355 31,320 Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (88,308) $ (106,787) $ (272,194) $ (117,823)  |
Investments
Investments | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Investments | 2. INVESTMENTS  The Company’s investments are primarily composed of fixed income debt securities and common and preferred stock equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not available, fair value is estimated using a secondary pricing source or using quoted market prices of similar securities. The Company has no investment securities for which fair value is determined using Level 3 inputs as defined in Note 3 – Fair Value Disclosures . Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting.  Available-for-Sale Fixed Maturity and Equity Securities  The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses.      For the Three-Months Ended June 30,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 5,581,636 $ 111,782 $ — $ 111,782  Common stocks 2,736,179 329,296 (882,526) (553,230)  Preferred stocks 53,652 2,829 — 2,829  2019  Fixed maturity securities $ 7,971,580 $ 139,703 $ (4,530) $ 135,173  Common stocks 4,124,060 711,524 (199,629) 511,895       For the Six-Months Ended June 30,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 9,384,229 $ 345,475 $ (926) $ 344,549  Common stocks 3,260,997 376,422 (1,056,025) (679,603)  Preferred stocks 145,490 2,829 (10,762) (7,933)  2019  Fixed maturity securities $ 13,750,473 $ 165,292 $ (16,149) $ 149,143  Common stocks 4,677,473 775,101 (324,602) 450,499  The amortized cost and estimated fair value of fixed income securities at June 30, 2020 , by contractual maturity, are shown as follows:      Amortized Cost Fair Value  Due in one year or less $ 1,225,054 $ 1,229,164  Due after one year through five years 17,358,664 18,537,886  Due after five years through 10 years 17,113,692 19,116,349  Due after 10 years 19,869,012 21,827,971  Asset and mortgage backed securities without a specific due date 36,054,824 36,934,688  Redeemable preferred stocks 215,805 226,846  Total fixed maturity securities $ 91,837,051 $ 97,872,904  Expected maturities may differ from contractual maturities due to call provisions on some existing securities.  The following table is a schedule of cost or amortized cost and estimated fair values of investments in securities classified as available for sale at June 30, 2020 and December 31, 2019 :       Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2020  Fixed maturity securities:  U.S. Treasury $ 1,753,081 $ 1,792,641 $ 39,560 $ —  MBS/ABS/CMBS 36,054,824 36,934,688 1,155,282 (275,418)  Corporate 37,012,131 40,877,709 3,951,611 (86,033)  Municipal 16,801,210 18,041,020 1,253,021 (13,211)  Redeemable preferred stock 215,805 226,846 11,041 —  Total fixed maturity securities $ 91,837,051 $ 97,872,904 $ 6,410,515 $ (374,662)      Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729)  All the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are residential mortgage backed securities with fair values of $11,790,074 and $9,909,462 and commercial mortgage backed securities of $13,679,490 and $13,408,898 at June 30, 2020 and December 31, 2019 , respectively. ANALYSIS  The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of June 30, 2020 and December 31, 2019 . The tables segregate the securities based on type, noting the fair value, cost or amortized cost, and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position.      June 30, 2020 December 31, 2019  12 Months 12 Months  < 12 Months & Greater Total < 12 Months & Greater Total  Fixed Maturity Securities:  U.S. Treasury  Fair value $ — $ — $ — $ — $ 699,391 $ 699,391  Amortized cost — — — — 700,318 700,318  Unrealized loss — — — — (927) (927)  MBS/ABS/CMBS  Fair value 7,535,981 1,983,734 9,519,715 6,398,581 5,056,732 11,455,313  Amortized cost 7,751,022 2,044,111 9,795,133 6,420,488 5,087,484 11,507,972  Unrealized loss (215,041) (60,377) (275,418) (21,907) (30,752) (52,659)  Corporate  Fair value 1,657,745 — 1,657,745 1,396,706 — 1,396,706  Amortized cost 1,743,778 — 1,743,778 1,406,183 — 1,406,183  Unrealized loss (86,033) — (86,033) (9,477) — (9,477)  Municipal  Fair value 496,110 — 496,110 1,969,468 — 1,969,468  Amortized cost 509,321 — 509,321 1,999,134 — 1,999,134  Unrealized loss (13,211) — (13,211) (29,666) — (29,666)  Total  Fair value 9,689,836 1,983,734 11,673,570 9,764,755 5,756,123 15,520,878  Amortized cost 10,004,121 2,044,111 12,048,232 9,825,805 5,787,802 15,613,607  Unrealized loss $ (314,285) $ (60,377) $ (374,662) $ (61,050) $ (31,679) $ (92,729)  The fixed income portfolio contained 26 securities in an unrealized loss position as of June 30, 2020 . Of these 26 securities, 4 have been in an unrealized loss position for 12 consecutive months or longer and represent $60,377 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest.  There were no other-than-temporary impairment losses recognized in net earnings during the first six months ended June 30, 2020. For all fixed income securities at a loss at June 30, 2020 , management believes it is probable that the Company will receive all contractual payments in the form of principal and interest. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be at maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at June 30, 2020 and December 31, 2019.  UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES  Net unrealized gains (losses) for the three and six months ended June 30, 2020 for equity securities held as of June 30, 2020 were $2,709,763 and $(979,584) , respectively. Net unrealized (losses) gains for the three and six months ended June 30, 2019 for equity securities held as of June 30, 2019 were $(116,691) and $1,723,727 , respectively .  Other Invested Assets  Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. Our investment in FHLBC stock is carried at cost. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value.  In addition, other invested assets include privately held investments of $305,000 , and notes issued for $625,000 and $650,000 on July 30, 2019 and January 28, 2020, respectively. Both notes bear interest at 6.5% and are amortized over 20 years with a balloon payment due July 30, 2029. |
Fair Value Disclosures
Fair Value Disclosures | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 3. FAIR VALUE DISCLOSURES  Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value.  The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level:  · Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.  · Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.  · Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.  As a part of the process to determine fair value, management utilizes widely recognized, third-party pricing sources to determine fair values. Management has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.  Corporate, Agencies, and Municipal Bonds— The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, and Municipal securities are deemed Level 2.  Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS)— The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile, or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate CMO volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates, and recent trade activity. MBS, CMBS, CMO and ABS with corroborated and observable inputs are classified as Level 2. All MBS, CMBS, CMO and ABS holdings are deemed Level 2.  U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds— U.S. treasury bonds and exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). All common stock holdings are deemed Level 1.  Preferred Stock— Preferred stocks do not have readily observable prices, but do have quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices and are classified as Level 2. All preferred stock holdings are deemed Level 2.  Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets as well as debt obligations are carried at face value and given that there is no readily available market for these to trade in, management believes that face value accurately reflects fair value.  Assets measured at fair value on a recurring basis as of June 30, 2020 , are summarized below:      Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 1,792,641 $ — $ — $ 1,792,641  MBS/ABS/CMBS — 36,934,688 — 36,934,688  Corporate — 40,877,709 — 40,877,709  Municipal — 18,041,020 — 18,041,020  Redeemable preferred stocks — 226,846 — 226,846  Total fixed maturity securities 1,792,641 96,080,263 — 97,872,904  Equity securities  Common stocks 11,702,141 — — 11,702,141  Perpetual preferred stocks — 1,555,041 — 1,555,041  Total equity securities 11,702,141 1,555,041 — 13,257,182  Total marketable investments measured at fair value $ 13,494,782 $ 97,635,304 $ — $ 111,130,086  Assets measured at fair value on a recurring basis as of December 31, 2019 , are summarized below:     Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 800,219 $ — $ — $ 800,219  MBS/ABS/CMBS — 34,290,995 — 34,290,995  Corporate — 41,915,103 — 41,915,103  Municipal — 15,081,255 — 15,081,255  Total fixed maturity securities 800,219 91,287,353 — 92,087,572  Equity securities  Common stocks 14,448,773 — — 14,448,773  Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345  As noted in the previous tables, the Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2020 and December 31, 2019 . Additionally, there were no securities transferred in or out of Levels 1 or 2 during the six -month periods ended June 30, 2020 and 2019 . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt [Abstract] | |
Debt | 4. DEBT  Debt Obligation  ICC Holdings, Inc. secured a loan with American Bank & Trust in March 2017 in the amount of $3,500,000 and used the proceeds to repay ICC for the money borrowed by the ESOP. The term of the loan is five years bearing interest at 3.65% . The Company pledged stock and $1.0 million of marketable assets as collateral for the loan.  The Company also has borrowing capacity up to approximately $33 million in the aggregate from its membership with FHLBC.  In March 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) outbreak, which has led to a global health emergency. As part of the Company’s response to COVID-19, the Company obtained in March 2020 a $6.0 million loan from the FHLBC as a precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections. The term of the loan is five years bearing interest at 1.4% . The Company pledged $6.8 million of fixed income securities as collateral for this loan. The Company also obtained in May 2020 a $4.0 million 0% interest, one -year loan from the FHLBC as an additional precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections as a result of the Company’s announcement in March 2020 to temporarily suspend all insurance premium billing for 30 days. The Company pledged an additional $7.4 million of fixed income securities as collateral for both FHLBC loans.  In April 2020, the Company obtained a $1.6 million loan (the PPP loan) from a commercial bank pursuant to the federally authorized Paycheck Protection Program (Program) administered by the Small Business Administration (the SBA). The PPP loan matures in the second quarter of 2022 and bears interest at a rate of 1.0% per annum. Commencing the fourth quarter of 2020, we will begin making loan payments. All or a portion of the PPP loan may be forgiven by the SBA upon application by us beginning 60 days, but not later than 120 days, after loan approval and upon documentation of expenditures in accordance with the SBA's requirements. Under the Paycheck Protection Program Flexibility Act of 2020 (the PPP Flexibility Act), (i) the first payment date for the PPP loan will be the earlier of (a) 10 months after the end of the “covered period” (as determined under the Program) or (b) the date the bank receives a remittance of the forgiven amount from the SBA, and (ii) the PPP loan’s maturity is extended to five years (from 2 years). The Company plans to apply for loan foregiveness in the third quarter of 2020 prior to making its first scheduled loan payment in the fourth quarter of 2020.  The total balance of the debt agreements at June 30, 2020 and December 31, 2019 was $15,100,173 and $3,475,088 , respectively. The average interest rate on remaining debt was 1.5 % as of June 30, 2020 and 3.7% as of December 31, 2019.  On July 30, 2020, the Company secured through FHLBC a fixed 0.74% borrowing rate for a future $4.0 million loan that becomes effective May 3, 2021, upon the maturity of the existing $4.0 million FHLBC loan. No collateral was pledged for this forward advance.  Revolving Line of Credit  We maintain a revolving line of credit with American Bank & Trust, which permits borrowing up to an aggregate principal amount of $1.75 million. This facility was initially entered into during 2013 and is expiring August 5, 2020 . The line of credit is priced at 30-day LIBOR plus 2% with a floor of 3.5% . In order to secure the lowest rate possible, the Company pledged marketable securities not to exceed $5.0 million in the event the Company draws down on the line of credit. There was no interest paid on the line of credit during the six months ended June 30, 2020 and 2019 . There are no financial covenants governing this agreement.  Effective August 3, 2020, the Company replaced its expiring line of credit with a $2.0 million revolving line of credit with Quad City Bank & Trust which renews annually and has a current expiration date of August 3, 2021. This new line of credit is priced at Prime plus 0.5% . The Company pledged $2.0 million of business assets in the event the Company draws down on the line of credit. There are no financial covenants governing this agreement. |
Reinsurance
Reinsurance | 6 Months Ended |
Jun. 30, 2020 | |
Reinsurance [Abstract] | |
Reinsurance | 5. REINSURANCE  In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, management monitors the concentration of risks exposed to catastrophic events.  Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $ 1,000,000 for casualty business, $500,000 for property, and $500,000 for workers’ compensation, although certain treaties contain an annual aggregate deductible before reinsurance applies.  Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows:        Three-Month Periods Ended June 30,  2020 2019  WRITTEN  Direct $ 14,911,845 $ 16,785,541  Reinsurance assumed 25,839 63,111  Reinsurance ceded (3,215,430) (2,485,245)  Net $ 11,722,254 $ 14,363,407  EARNED  Direct $ 14,521,350 $ 15,465,164  Reinsurance assumed 20,347 54,348  Reinsurance ceded (3,166,951) (2,425,290)  Net $ 11,374,746 $ 13,094,222  LOSS AND SETTLEMENT EXPENSES INCURRED  Direct $ 18,072,820 $ 10,027,809  Reinsurance assumed 11,818 36,895  Reinsurance ceded (8,876,154) (1,163,972)  Net $ 9,208,484 $ 8,900,732      Six-Month Periods Ended June 30,  2020 2019  WRITTEN  Direct $ 29,706,379 $ 32,044,244  Reinsurance assumed 63,373 108,246  Reinsurance ceded (5,592,974) (5,320,288)  Net $ 24,176,778 $ 26,832,202  EARNED  Direct $ 29,884,164 $ 30,703,119  Reinsurance assumed 65,296 109,721  Reinsurance ceded (5,560,725) (5,272,704)  Net $ 24,388,735 $ 25,540,136  LOSSES AND SETTLEMENT EXPENSES INCURRED  Direct $ 26,834,499 $ 24,744,162  Reinsurance assumed 38,336 83,201  Reinsurance ceded (9,822,269) (6,319,341)  Net $ 17,050,566 $ 18,508,022   |
Unpaid Losses and Settlement Ex
Unpaid Losses and Settlement Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Unpaid Losses and Settlement Expenses [Abstract] | |
Unpaid Losses and Settlement Expenses | 6. UNPAID LOSSES AND SETTLEMENT EXPENSES  The following table is a reconciliation of the Company’s unpaid losses and settlement expenses:     For the Three-Months Ended  June 30,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 58,274 $ 61,017  Less: Ceded 11,318 15,109  Net 46,956 45,908  Increase in incurred losses and settlement expense:  Current year 8,294 8,328  Prior years 914 573  Total incurred 9,208 8,901  Deduct: Loss and settlement expense payments for claims incurred:  Current year 4,444 2,799  Prior years 4,768 4,720  Total paid 9,212 7,519  Net unpaid losses and settlement expense - end of the period 46,952 47,290  Plus: Reinsurance recoverable on unpaid losses 19,463 13,974  Gross unpaid losses and settlement expense - end of the period $ 66,415 $ 61,264        For the Six-Months Ended  June 30,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 56,838 $ 51,447  Less: Ceded 11,036 6,736  Net 45,802 44,711  Increase in incurred losses and settlement expense:  Current year 14,540 16,687  Prior years 2,511 1,821  Total incurred 17,051 18,508  Deduct: Loss and settlement expense payments for claims incurred:  Current year 5,649 4,391  Prior years 10,252 11,538  Total paid 15,901 15,929  Net unpaid losses and settlement expense - end of the period 46,952 47,290  Plus: Reinsurance recoverable on unpaid losses 19,463 13,974  Gross unpaid losses and settlement expense - end of the period $ 66,415 $ 61,264 Net unpaid losses and settlement expense decreased $338,000 , or 0.7% , in the six months ended June 30, 2020 as compared to the same period in 2019 . For the six months ended June 30, 2020 and 2019 , we experienced unfavorable development of $2,511,000 and $1,821,000 , respectively. The increase in unfavorable development for the three and six months ended June 30, 2020 was primarily driven by the Business Owners Liability and Business Owners Property lines of business. Business Owners Liability and Liquor Liability lines of business were the primary drivers of adverse development for the three and six months ended June 30, 2019 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | 7. INCOME TAXES  The Company’s effective tax rate for the three and six- month periods ended June 30, 2020 , were 20.1% and 22.2% , respectively compared to 14.8% and 15.7% for the same periods in 2019, respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects.  Income tax expense for the three and six month periods ended June 30, 2020 and 2019 , differed from the amounts computed by applying the U.S. federal tax rate of 21% to pretax income from continuing operations as demonstrated in the following tables:      For the Three-Months Ended  June 30,  2020 2019  Provision for income taxes at the statutory federal tax rates $ 205,528 $ 108,999  Increase (reduction) in taxes resulting from:  Dividends received deduction (7,161) (9,764)  Tax-exempt interest income (15,784) (20,650)  Proration of tax-exempt interest and dividends received deduction 5,600 7,604  Nondeductible expenses 8,725 8,959  Officer life insurance, net (170) (18,195)  Total $ 196,738 $ 76,953      For the Six-Months Ended  June 30,  2020 2019  Provision for income taxes at the statutory federal tax rates $ (321,768) $ 182,025  Increase (reduction) in taxes resulting from:  Dividends received deduction (13,696) (19,527)  Tax-exempt interest income (31,264) (43,816)  Proration of tax-exempt interest and dividends received deduction 10,968 15,836  Nondeductible expenses 14,228 16,046  Officer life insurance, net 633 (14,618)  Total $ (340,899) $ 135,946  Management believes it is more likely than not that all deferred tax assets will be recovered as the result of future operations, which will generate sufficient taxable income to realize the deferred tax asset.  As of June 30, 2020 and December 31, 2019, the Company does no t have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2016 through current year. There are currently no open tax exams. |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2020 | |
Employee Benefits [Abstract] | |
Employee Benefits | 8. EMPLOYEE BENEFITS  ESOP  In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price.  The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensatio n . No contributions to the ESOP were made during the six months ended June 30, 2020 and 2019 , respectively.  A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the six months ended June 30, 2020 , we recognized compensation expense of $138,936 related to 11,654 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2020. Of the 11,654 shares committed to be released, 1,921 shares were committed on June 30, 2020 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2020 . For the six months ended June 30, 2019 , we recognized compensation expense of $161,835 related to 11,622 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2019 . Of the 11,622 shares committed to be released at December 31, 2019 , 1,926 shares were committed on June 30, 2019 and had no impact on the weighted average common shares outstanding for the three and six months ended June 30, 2019 .  RESTRICTED STOCK UNITS  Restricted stock units (RSUs) were granted for the first time in February 2018 with additional RSUs granted in March 2019 and April 2020 . RSUs have a grant date value equal to the closing price of the Company’s stock on the dates the shares are granted. The RSUs vest 1/3 over three years from the date of grant.  As of June 30, 2020 , 18,040 , 13,071 , and 11,700 RSUs have been granted at a fair market value of $11.03 , $13.70 , and $15.10 , respectively. We recognized $81,421 and $48,337 of expense on these units in the six months ended June 30, 2020 and June 30, 2019, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $314,526 as of June 30, 2020 , which will be recognized over the remainder of the three -year vesting periods. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. SUBSEQUENT EVENTS  Subsequent events have been evaluated through the date the financial statements were issued. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Description of Business | A. DESCRIPTION OF BUSINESS  ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; and Illinois Casualty Company (ICC), an operating insurance company. ICC is an Illinois domiciled company.  We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 25.7% and 25.6% of the premium is written in Illinois for the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019 , approximately 26.1% and 27.5% of the premium is written in Illinois, respectively. The Company operates as a single segment. |
Principles of Consolidation and Basis of Presentation | B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION  The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2019 (the “2019 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2020 , and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.  The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates. |
Significant Accounting Policies | C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10-K. |
Prospective Accounting Standards |  D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2019 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable. |
Property and Equipment | E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2020 and 2019 , the Company recognized no impairments. Property and equipment are summarized as follows:      As of  June 30, December 31,  2020 2019  Automobiles $ 530,722 $ 505,788  Furniture and fixtures 469,659 457,218  Computer equipment and software 3,875,559 3,823,416  Home office 3,871,179 3,866,632  Total cost 8,747,120 8,653,054  Accumulated depreciation (5,818,924) (5,619,706)  Net property and equipment $ 2,928,196 $ 3,033,348  |
Comprehensive Earnings | F. COMPREHENSIVE EARNINGS  Comprehensive earnings (loss) include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% tax rate . Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense of $271,932 and $636,537 for the six months ended June 30, 2020 and 2019, respectively.  The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities:     Six-Month Periods Ended June 30,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Other comprehensive earnings before reclassification 2,086,077 2,837,836  Amount reclassified from accumulated other comprehensive earnings (272,194) (117,823)  Net current period other comprehensive earnings 1,813,883 2,720,013  Ending balance $ 4,767,819 $ 2,505,334  The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.      Three-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding gains arising during the period $ 4,456,968 $ (843,931) $ 3,613,037 $ 1,576,968 $ (224,377) $ 1,352,591  Reclassification adjustment for losses included in net earnings (111,782) 23,474 (88,308) (135,173) 28,386 (106,787)  Total other comprehensive earnings $ 4,345,186 $ (820,457) $ 3,524,729 $ 1,441,795 $ (195,991) $ 1,245,804      Six-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on AFS investments:  Unrealized holding gains arising during the period $ 2,285,654 $ (199,577) $ 2,086,077 $ 3,443,053 $ (605,217) $ 2,837,836  Reclassification adjustment for (gains) included in net earnings (344,549) 72,355 (272,194) (149,143) 31,320 (117,823)  Total other comprehensive earnings $ 1,941,105 $ (127,222) $ 1,813,883 $ 3,293,910 $ (573,897) $ 2,720,013  The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:      Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended Six-Month Period Ended  Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (111,782) $ (135,173) $ (344,549) $ (149,143) Net realized investment (gains)  23,474 28,386 72,355 31,320 Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (88,308) $ (106,787) $ (272,194) $ (117,823)  |
Risk and Uncertainties | G. RISKS AND UNCERTAINTIES  Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The COVID-19 pandemic has resulted in, and is expected to continue to result in, significant disruptions in economic activity and financial markets. The cumulative effects of COVID-19 on the Company, and the effect of any other public health outbreak, cannot be predicted at this time, but could reduce demand for our insurance policies, result in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Property, Plant and Equipment |    As of  June 30, December 31,  2020 2019  Automobiles $ 530,722 $ 505,788  Furniture and fixtures 469,659 457,218  Computer equipment and software 3,875,559 3,823,416  Home office 3,871,179 3,866,632  Total cost 8,747,120 8,653,054  Accumulated depreciation (5,818,924) (5,619,706)  Net property and equipment $ 2,928,196 $ 3,033,348  |
Accumulated Other Comprehensive Earnings (Loss) |   Six-Month Periods Ended June 30,  2020 2019  Beginning balance $ 2,953,936 $ (1,580,976)  Cumulative effect of adoption of ASU 2016-01 - 1,366,297  Adjusted beginning balance 2,953,936 (214,679)  Other comprehensive earnings before reclassification 2,086,077 2,837,836  Amount reclassified from accumulated other comprehensive earnings (272,194) (117,823)  Net current period other comprehensive earnings 1,813,883 2,720,013  Ending balance $ 4,767,819 $ 2,505,334  |
Summary of Components of Other Comprehensive Earnings |      Three-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive earnings, net of tax  Unrealized gains and losses on investments:  Unrealized holding gains arising during the period $ 4,456,968 $ (843,931) $ 3,613,037 $ 1,576,968 $ (224,377) $ 1,352,591  Reclassification adjustment for losses included in net earnings (111,782) 23,474 (88,308) (135,173) 28,386 (106,787)  Total other comprehensive earnings $ 4,345,186 $ (820,457) $ 3,524,729 $ 1,441,795 $ (195,991) $ 1,245,804      Six-Month Periods Ended June 30,  2020 2019  Pre-tax Tax After-tax Pre-tax Tax After-tax  Other comprehensive (loss) earnings, net of tax  Unrealized gains and losses on AFS investments:  Unrealized holding gains arising during the period $ 2,285,654 $ (199,577) $ 2,086,077 $ 3,443,053 $ (605,217) $ 2,837,836  Reclassification adjustment for (gains) included in net earnings (344,549) 72,355 (272,194) (149,143) 31,320 (117,823)  Total other comprehensive earnings $ 1,941,105 $ (127,222) $ 1,813,883 $ 3,293,910 $ (573,897) $ 2,720,013  |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings |    Amounts Reclassified from  Accumulated Other Comprehensive Earnings  Three-Month Periods Ended Six-Month Period Ended  Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement  Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented  Unrealized (gains) losses on AFS investments:  $ (111,782) $ (135,173) $ (344,549) $ (149,143) Net realized investment (gains)  23,474 28,386 72,355 31,320 Income tax expense (benefit)  Total reclassification adjustment, net of tax $ (88,308) $ (106,787) $ (272,194) $ (117,823)  |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments [Abstract] | |
Summary of Recognized Impairments |    For the Three-Months Ended June 30,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 5,581,636 $ 111,782 $ — $ 111,782  Common stocks 2,736,179 329,296 (882,526) (553,230)  Preferred stocks 53,652 2,829 — 2,829  2019  Fixed maturity securities $ 7,971,580 $ 139,703 $ (4,530) $ 135,173  Common stocks 4,124,060 711,524 (199,629) 511,895       For the Six-Months Ended June 30,  Net Realized  Proceeds Gains Losses Gains (Losses)  2020  Fixed maturity securities $ 9,384,229 $ 345,475 $ (926) $ 344,549  Common stocks 3,260,997 376,422 (1,056,025) (679,603)  Preferred stocks 145,490 2,829 (10,762) (7,933)  2019  Fixed maturity securities $ 13,750,473 $ 165,292 $ (16,149) $ 149,143  Common stocks 4,677,473 775,101 (324,602) 450,499  |
Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity |    Amortized Cost Fair Value  Due in one year or less $ 1,225,054 $ 1,229,164  Due after one year through five years 17,358,664 18,537,886  Due after five years through 10 years 17,113,692 19,116,349  Due after 10 years 19,869,012 21,827,971  Asset and mortgage backed securities without a specific due date 36,054,824 36,934,688  Redeemable preferred stocks 215,805 226,846  Total fixed maturity securities $ 91,837,051 $ 97,872,904  |
Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments |       Cost or Gross Unrealized  Amortized Cost Fair Value Gains Losses  2020  Fixed maturity securities:  U.S. Treasury $ 1,753,081 $ 1,792,641 $ 39,560 $ —  MBS/ABS/CMBS 36,054,824 36,934,688 1,155,282 (275,418)  Corporate 37,012,131 40,877,709 3,951,611 (86,033)  Municipal 16,801,210 18,041,020 1,253,021 (13,211)  Redeemable preferred stock 215,805 226,846 11,041 —  Total fixed maturity securities $ 91,837,051 $ 97,872,904 $ 6,410,515 $ (374,662)      Gross Unrealized  Amortized Cost Fair Value Gains Losses  2019  Fixed maturity securities:  U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927)  MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659)  Corporate 39,442,202 41,915,103 2,482,378 (9,477)  Municipal 14,302,840 15,081,255 808,081 (29,666)  Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729)  |
Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position |       June 30, 2020 December 31, 2019  12 Months 12 Months  < 12 Months & Greater Total < 12 Months & Greater Total  Fixed Maturity Securities:  U.S. Treasury  Fair value $ — $ — $ — $ — $ 699,391 $ 699,391  Amortized cost — — — — 700,318 700,318  Unrealized loss — — — — (927) (927)  MBS/ABS/CMBS  Fair value 7,535,981 1,983,734 9,519,715 6,398,581 5,056,732 11,455,313  Amortized cost 7,751,022 2,044,111 9,795,133 6,420,488 5,087,484 11,507,972  Unrealized loss (215,041) (60,377) (275,418) (21,907) (30,752) (52,659)  Corporate  Fair value 1,657,745 — 1,657,745 1,396,706 — 1,396,706  Amortized cost 1,743,778 — 1,743,778 1,406,183 — 1,406,183  Unrealized loss (86,033) — (86,033) (9,477) — (9,477)  Municipal  Fair value 496,110 — 496,110 1,969,468 — 1,969,468  Amortized cost 509,321 — 509,321 1,999,134 — 1,999,134  Unrealized loss (13,211) — (13,211) (29,666) — (29,666)  Total  Fair value 9,689,836 1,983,734 11,673,570 9,764,755 5,756,123 15,520,878  Amortized cost 10,004,121 2,044,111 12,048,232 9,825,805 5,787,802 15,613,607  Unrealized loss $ (314,285) $ (60,377) $ (374,662) $ (61,050) $ (31,679) $ (92,729)  |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value on a recurring Basis | Assets measured at fair value on a recurring basis as of June 30, 2020 , are summarized below:      Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 1,792,641 $ — $ — $ 1,792,641  MBS/ABS/CMBS — 36,934,688 — 36,934,688  Corporate — 40,877,709 — 40,877,709  Municipal — 18,041,020 — 18,041,020  Redeemable preferred stocks — 226,846 — 226,846  Total fixed maturity securities 1,792,641 96,080,263 — 97,872,904  Equity securities  Common stocks 11,702,141 — — 11,702,141  Perpetual preferred stocks — 1,555,041 — 1,555,041  Total equity securities 11,702,141 1,555,041 — 13,257,182  Total marketable investments measured at fair value $ 13,494,782 $ 97,635,304 $ — $ 111,130,086  Assets measured at fair value on a recurring basis as of December 31, 2019 , are summarized below:     Significant  Quoted in Active Other Significant  Markets for Observable Unobservable  Identical Assets Inputs Inputs  (Level 1) (Level 2) (Level 3) Total  AFS securities  Fixed maturity securities  U.S. treasury $ 800,219 $ — $ — $ 800,219  MBS/ABS/CMBS — 34,290,995 — 34,290,995  Corporate — 41,915,103 — 41,915,103  Municipal — 15,081,255 — 15,081,255  Total fixed maturity securities 800,219 91,287,353 — 92,087,572  Equity securities  Common stocks 14,448,773 — — 14,448,773  Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345  |
Reinsurance (Tables)
Reinsurance (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Reinsurance [Abstract] | |
Summary of the Effects of Reinsurance |        Three-Month Periods Ended June 30,  2020 2019  WRITTEN  Direct $ 14,911,845 $ 16,785,541  Reinsurance assumed 25,839 63,111  Reinsurance ceded (3,215,430) (2,485,245)  Net $ 11,722,254 $ 14,363,407  EARNED  Direct $ 14,521,350 $ 15,465,164  Reinsurance assumed 20,347 54,348  Reinsurance ceded (3,166,951) (2,425,290)  Net $ 11,374,746 $ 13,094,222  LOSS AND SETTLEMENT EXPENSES INCURRED  Direct $ 18,072,820 $ 10,027,809  Reinsurance assumed 11,818 36,895  Reinsurance ceded (8,876,154) (1,163,972)  Net $ 9,208,484 $ 8,900,732      Six-Month Periods Ended June 30,  2020 2019  WRITTEN  Direct $ 29,706,379 $ 32,044,244  Reinsurance assumed 63,373 108,246  Reinsurance ceded (5,592,974) (5,320,288)  Net $ 24,176,778 $ 26,832,202  EARNED  Direct $ 29,884,164 $ 30,703,119  Reinsurance assumed 65,296 109,721  Reinsurance ceded (5,560,725) (5,272,704)  Net $ 24,388,735 $ 25,540,136  LOSSES AND SETTLEMENT EXPENSES INCURRED  Direct $ 26,834,499 $ 24,744,162  Reinsurance assumed 38,336 83,201  Reinsurance ceded (9,822,269) (6,319,341)  Net $ 17,050,566 $ 18,508,022  |
Unpaid Losses and Settlement _2
Unpaid Losses and Settlement Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Unpaid Losses and Settlement Expenses [Abstract] | |
Reconciliation of Unpaid Losses and Settlement Expenses |      For the Three-Months Ended  June 30,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 58,274 $ 61,017  Less: Ceded 11,318 15,109  Net 46,956 45,908  Increase in incurred losses and settlement expense:  Current year 8,294 8,328  Prior years 914 573  Total incurred 9,208 8,901  Deduct: Loss and settlement expense payments for claims incurred:  Current year 4,444 2,799  Prior years 4,768 4,720  Total paid 9,212 7,519  Net unpaid losses and settlement expense - end of the period 46,952 47,290  Plus: Reinsurance recoverable on unpaid losses 19,463 13,974  Gross unpaid losses and settlement expense - end of the period $ 66,415 $ 61,264        For the Six-Months Ended  June 30,  (In thousands) 2020 2019  Unpaid losses and settlement expense - beginning of the period:  Gross $ 56,838 $ 51,447  Less: Ceded 11,036 6,736  Net 45,802 44,711  Increase in incurred losses and settlement expense:  Current year 14,540 16,687  Prior years 2,511 1,821  Total incurred 17,051 18,508  Deduct: Loss and settlement expense payments for claims incurred:  Current year 5,649 4,391  Prior years 10,252 11,538  Total paid 15,901 15,929  Net unpaid losses and settlement expense - end of the period 46,952 47,290  Plus: Reinsurance recoverable on unpaid losses 19,463 13,974  Gross unpaid losses and settlement expense - end of the period $ 66,415 $ 61,264  |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Taxes [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation |      For the Three-Months Ended  June 30,  2020 2019  Provision for income taxes at the statutory federal tax rates $ 205,528 $ 108,999  Increase (reduction) in taxes resulting from:  Dividends received deduction (7,161) (9,764)  Tax-exempt interest income (15,784) (20,650)  Proration of tax-exempt interest and dividends received deduction 5,600 7,604  Nondeductible expenses 8,725 8,959  Officer life insurance, net (170) (18,195)  Total $ 196,738 $ 76,953      For the Six-Months Ended  June 30,  2020 2019  Provision for income taxes at the statutory federal tax rates $ (321,768) $ 182,025  Increase (reduction) in taxes resulting from:  Dividends received deduction (13,696) (19,527)  Tax-exempt interest income (31,264) (43,816)  Proration of tax-exempt interest and dividends received deduction 10,968 15,836  Nondeductible expenses 14,228 16,046  Officer life insurance, net 633 (14,618)  Total $ (340,899) $ 135,946  |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020USD ($)segment | Jun. 30, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment | $ 0 | $ 0 | ||
Federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% |
Operating segments | segment | 1 | |||
Tax (benefit) expense | $ 271,932 | $ 636,537 | ||
Illinois [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Concentration risk | 25.70% | 25.60% | 26.10% | 27.50% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 8,747,120 | $ 8,653,054 |
Accumulated depreciation | (5,818,924) | (5,619,706) |
Net property and equipment | 2,928,196 | 3,033,348 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 530,722 | 505,788 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 469,659 | 457,218 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | 3,875,559 | 3,823,416 |
Home Office [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total cost | $ 3,871,179 | $ 3,866,632 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total other comprehensive earnings (loss) | $ 3,524,729 | $ 1,245,804 | $ 1,813,883 | $ 2,720,013 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 2,953,936 | (1,580,976) | ||
Other comprehensive earnings before reclassification | 2,086,077 | 2,837,836 | ||
Amount reclassified from accumulated other comprehensive earnings | (272,194) | (117,823) | ||
Total other comprehensive earnings (loss) | 1,813,883 | 2,720,013 | ||
Balance | $ 4,767,819 | $ 2,505,334 | 4,767,819 | 2,505,334 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | 1,366,297 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance | $ 2,953,936 | $ (214,679) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Summary of Components of Other Comprehensive Earnings) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Summary of Significant Accounting Policies [Abstract] | ||||
Unrealized holding (losses) gains arising during the period, Pre-tax | $ 4,456,968 | $ 1,576,968 | $ 2,285,654 | $ 3,443,053 |
Reclassification adjustment for (gains) losses included in net earnings, Pre-tax | (111,782) | (135,173) | (344,549) | (149,143) |
Total other comprehensive (loss) earnings, Pre-tax | 4,345,186 | 1,441,795 | 1,941,105 | 3,293,910 |
Unrealized holding (losses) gains arising during the period, Tax | (843,931) | (224,377) | (199,577) | (605,217) |
Reclassification adjustment for (gains) losses included in net earnings, Tax | 23,474 | 28,386 | 72,355 | 31,320 |
Total other comprehensive (loss) earnings, Tax | (820,457) | (195,991) | (127,222) | (573,897) |
Unrealized holding (losses) gains arising during the period, After-tax | 3,613,037 | 1,352,591 | 2,086,077 | 2,837,836 |
Reclassification adjustment for (gains) losses included in net earnings, After-tax | (88,308) | (106,787) | (272,194) | (117,823) |
Total other comprehensive earnings (loss) | $ 3,524,729 | $ 1,245,804 | $ 1,813,883 | $ 2,720,013 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized invesment (gains) losses | $ 438,619 | $ (647,068) | $ 342,987 | $ (599,642) |
Income tax expense | 196,738 | 76,953 | (340,899) | 135,946 |
Net income (loss) | 1,191,331 | (730,839) | ||
Unrealized (Gains) Losses On AFS Investments [Member] | Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net realized invesment (gains) losses | (111,782) | (135,173) | (344,549) | (149,143) |
Income tax expense | 23,474 | 28,386 | 72,355 | 31,320 |
Net income (loss) | $ (88,308) | $ (106,787) | $ (272,194) | $ (117,823) |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)item | Jun. 30, 2019USD ($) | Jan. 28, 2020USD ($) | Dec. 31, 2019USD ($) | Jul. 30, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unrealized gain (loss) | $ 2,709,763 | $ (116,691) | $ (979,584) | $ 1,723,727 | |||
Unrealized losses for 12 consecutive months or longer | 60,377 | 31,679 | 60,377 | 31,679 | |||
OTTI losses recognized in other comprehensive earnings | 0 | 0 | |||||
Other invested assets | $ 305,000 | $ 305,000 | |||||
Federal Home Loan Bank of Chicago [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Amount funded | $ 650,000 | $ 625,000 | |||||
Interest rate | 6.50% | 6.50% | |||||
Term | 20 years | ||||||
MBS/ABS/CMBS [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Unrealized losses for 12 consecutive months or longer | $ 60,377 | $ 30,752 | $ 60,377 | $ 30,752 | |||
MBS/ABS/CMBS [Member] | Residential Mortgage Backed Securities [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Fair value | 11,790,074 | 11,790,074 | $ 9,909,462 | ||||
MBS/ABS/CMBS [Member] | Commercial Mortgage Backed Securities [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Fair value | $ 13,679,490 | $ 13,679,490 | $ 13,408,898 | ||||
Fixed Maturity Securities [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Number of securities in an unrealized loss position | item | 26 | 26 | |||||
Number of securities in an unrealized loss position for 12 consecutive months or longer | item | 4 | 4 | |||||
Unrealized losses for 12 consecutive months or longer | $ 60,377 | $ 60,377 | |||||
Significant Unobservable Inputs (Level 3) | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Fair value | $ 0 | $ 0 |
Investments (Summary of Recogni
Investments (Summary of Recognized Impairments) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Proceeds | $ 9,384,229 | $ 13,750,473 | ||
Fixed Maturity Securities [Member] | ||||
Proceeds | $ 5,581,636 | $ 7,971,580 | 9,384,229 | 13,750,473 |
Gains | 111,782 | 139,703 | 345,475 | 165,292 |
Losses | (4,530) | (926) | (16,149) | |
Net realized gain/(losses) | 111,782 | 135,173 | 344,549 | 149,143 |
Common Stocks [Member] | ||||
Proceeds | 2,736,179 | 4,124,060 | 3,260,997 | 4,677,473 |
Gains | 329,296 | 711,524 | 376,422 | 775,101 |
Losses | (882,526) | (199,629) | (1,056,025) | (324,602) |
Net realized gain/(losses) | (553,230) | $ 511,895 | (679,603) | $ 450,499 |
Preferred Stock | ||||
Proceeds | 53,652 | 145,490 | ||
Gains | 2,829 | 2,829 | ||
Losses | (10,762) | |||
Net realized gain/(losses) | $ 2,829 | $ (7,933) |
Investments (Summary of Amortiz
Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in one year or less, amortized cost | $ 1,225,054 | |
Due after one year through five years, amortized cost | 17,358,664 | |
Due after five years through 10 years, amortized cost | 17,113,692 | |
Due after 10 years, amortized cost | 19,869,012 | |
Fixed maturity securities, amortized cost | 91,837,051 | $ 88,348,415 |
Due in one year or less, fair value | 1,229,164 | |
Due after one year through five years, fair value | 18,537,886 | |
Due after five years through 10 years, fair value | 19,116,349 | |
Due after 10 years, fair value | 21,827,971 | |
Fixed maturity securities, fair value | 97,872,904 | $ 92,087,572 |
Collateralized Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other, amortized cost | 36,054,824 | |
Other, fair value | 36,934,688 | |
Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Other, amortized cost | 215,805 | |
Other, fair value | $ 226,846 |
Investments (Schedule of Cost o
Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | $ 91,837,051 | $ 88,348,415 |
AFS securities, amortized cost | 91,837,051 | 88,348,415 |
Fixed maturity securities, fair value | 97,872,904 | 92,087,572 |
AFS securities, fair value | 97,872,904 | 92,087,572 |
Total AFS securities, gross unrealized gains | 6,410,515 | 3,831,886 |
Total AFS securities, gross unrealized losses | (374,662) | (92,729) |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 1,753,081 | 800,462 |
Fixed maturity securities, fair value | 1,792,641 | 800,219 |
Fixed maturity securities, gross unrealized gains | 39,560 | 684 |
Fixed maturity securities, gross unrealized losses | (927) | |
MBS/ABS/CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 36,054,824 | 33,802,911 |
Fixed maturity securities, fair value | 36,934,688 | 34,290,995 |
Fixed maturity securities, gross unrealized gains | 1,155,282 | 540,743 |
Fixed maturity securities, gross unrealized losses | (275,418) | (52,659) |
Corporate Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 37,012,131 | 39,442,202 |
Fixed maturity securities, fair value | 40,877,709 | 41,915,103 |
Fixed maturity securities, gross unrealized gains | 3,951,611 | 2,482,378 |
Fixed maturity securities, gross unrealized losses | (86,033) | (9,477) |
State And Local Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fixed maturity securities, amortized cost | 16,801,210 | 14,302,840 |
Fixed maturity securities, fair value | 18,041,020 | 15,081,255 |
Fixed maturity securities, gross unrealized gains | 1,253,021 | 808,081 |
Fixed maturity securities, gross unrealized losses | (13,211) | $ (29,666) |
Redeemable Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity securities, amortized cost | 215,805 | |
Equity securities, fair value | 226,846 | |
Equity securities, gross unrealized gains | $ 11,041 |
Investments (Summary of Impairm
Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | $ 9,689,836 | $ 9,764,755 |
Less than 12 months, Cost or amortized cost | 10,004,121 | 9,825,805 |
Less than 12 months, unrealized loss | (314,285) | (61,050) |
Greater than 12 months, fair value | 1,983,734 | 5,756,123 |
Greater than 12 months, Cost or amortized cost | 2,044,111 | 5,787,802 |
Greater than 12 months, unrealized loss | (60,377) | (31,679) |
Fair value | 11,673,570 | 15,520,878 |
Cost or amortized cost | 12,048,232 | 15,613,607 |
Unrealized loss | (374,662) | (92,729) |
US Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | ||
Less than 12 months, Cost or amortized cost | ||
Less than 12 months, unrealized loss | ||
Greater than 12 months, fair value | 699,391 | |
Greater than 12 months, Cost or amortized cost | 700,318 | |
Greater than 12 months, unrealized loss | (927) | |
Fair value | 699,391 | |
Cost or amortized cost | 700,318 | |
Unrealized loss | (927) | |
MBS/ABS/CMBS [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 7,535,981 | 6,398,581 |
Less than 12 months, Cost or amortized cost | 7,751,022 | 6,420,488 |
Less than 12 months, unrealized loss | (215,041) | (21,907) |
Greater than 12 months, fair value | 1,983,734 | 5,056,732 |
Greater than 12 months, Cost or amortized cost | 2,044,111 | 5,087,484 |
Greater than 12 months, unrealized loss | (60,377) | (30,752) |
Fair value | 9,519,715 | 11,455,313 |
Cost or amortized cost | 9,795,133 | 11,507,972 |
Unrealized loss | (275,418) | (52,659) |
Corporate Debt [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 1,657,745 | 1,396,706 |
Less than 12 months, Cost or amortized cost | 1,743,778 | 1,406,183 |
Less than 12 months, unrealized loss | (86,033) | (9,477) |
Greater than 12 months, fair value | ||
Greater than 12 months, Cost or amortized cost | ||
Greater than 12 months, unrealized loss | ||
Fair value | 1,657,745 | 1,396,706 |
Cost or amortized cost | 1,743,778 | 1,406,183 |
Unrealized loss | (86,033) | (9,477) |
State And Local Government [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, fair value | 496,110 | 1,969,468 |
Less than 12 months, Cost or amortized cost | 509,321 | 1,999,134 |
Less than 12 months, unrealized loss | (13,211) | (29,666) |
Greater than 12 months, fair value | ||
Greater than 12 months, Cost or amortized cost | ||
Greater than 12 months, unrealized loss | ||
Fair value | 496,110 | 1,969,468 |
Cost or amortized cost | 509,321 | 1,999,134 |
Unrealized loss | (13,211) | $ (29,666) |
Fixed Maturity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Greater than 12 months, unrealized loss | $ (60,377) |
Fair Value Disclosures (Narrati
Fair Value Disclosures (Narrative) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities transferred from level 1 to level 2 | $ 0 | $ 0 | |
Securities transferred from level 2 to level 1 | 0 | 0 | |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | |
Fair Value, Equity, Level 1 to Level 2 Transfers, Amount | 0 | 0 | |
Fair Value, Equity, Level 2 to Level 1 Transfers, Amount | 0 | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total AFS securities | 111,130,086 | $ 106,536,345 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total AFS securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total AFS securities |
Fair Value Disclosures (Summary
Fair Value Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | $ 0 | $ 0 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 111,130,086 | 106,536,345 |
Fair Value, Measurements, Recurring [Member] | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,792,641 | 800,219 |
Fair Value, Measurements, Recurring [Member] | MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 36,934,688 | 34,290,995 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 40,877,709 | 41,915,103 |
Fair Value, Measurements, Recurring [Member] | State And Local Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 18,041,020 | 15,081,255 |
Fair Value, Measurements, Recurring [Member] | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 226,846 | |
Fair Value, Measurements, Recurring [Member] | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 97,872,904 | 92,087,572 |
Fair Value, Measurements, Recurring [Member] | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 11,702,141 | 14,448,773 |
Fair Value, Measurements, Recurring [Member] | Perpetual Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,555,041 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 13,257,182 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 13,494,782 | 15,248,992 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,792,641 | 800,219 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | State And Local Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,792,641 | 800,219 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 11,702,141 | 14,448,773 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Perpetual Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 11,702,141 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 97,635,304 | 91,287,353 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 36,934,688 | 34,290,995 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 40,877,709 | 41,915,103 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | State And Local Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 18,041,020 | 15,081,255 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 226,846 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 96,080,263 | 91,287,353 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Perpetual Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,555,041 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | 1,555,041 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | US Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | MBS/ABS/CMBS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Corporate Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | State And Local Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Redeemable Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Fixed Maturity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Common Stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Perpetual Preferred Stock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities | ||
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total AFS securities |
Debt (Details)
Debt (Details) - USD ($) | Aug. 01, 2020 | May 31, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | May 03, 2021 | Apr. 30, 2020 | Mar. 31, 2017 |
Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense | $ 0 | |||||||
Debt maturity | Aug. 5, 2020 | |||||||
Collateral | $ 5,000,000 | |||||||
Maximum borrowing capacity | $ 1,750,000 | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 2.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 3.50% | |||||||
Paycheck Protection Program Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt instrument | $ 1,600,000 | |||||||
Interest rate | 1.00% | |||||||
Debt Obligation [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt instrument | $ 3,500,000 | |||||||
Interest rate | 3.65% | |||||||
Collateral | $ 1,000,000 | |||||||
Term of debt instrument | 5 years | |||||||
Debt Obligation [Member] | Bofi Federal Bank B & C [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt | $ 15,100,173 | $ 3,475,088 | ||||||
Current interest rate | 1.50% | 3.70% | ||||||
Federal Home Loan Bank of Chicago [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt instrument | $ 4,000,000 | |||||||
Interest rate | 0.00% | 1.40% | ||||||
Term of debt instrument | 1 year | 5 years | ||||||
Maximum borrowing capacity | $ 33,000,000 | |||||||
FHLBC advances | $ 4,000,000 | $ 6,000,000 | ||||||
Securities pledged | $ 6,800,000 | |||||||
Federal Home Loan Bank of Chicago [Member] | Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount of debt instrument | $ 4,000,000 | |||||||
Interest rate | 0.74% | |||||||
Collateral | $ 0 | |||||||
Subsequent Event [Member] | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Collateral | $ 2,000,000 | |||||||
Maximum borrowing capacity | $ 2,000,000 | |||||||
Subsequent Event [Member] | Prime Rate [Member] | Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable interest rate | 0.50% |
Reinsurance (Narrative) (Detail
Reinsurance (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Casualty Business [Member] | |
Ceded Credit Risk [Line Items] | |
Individual risk | $ 1,000,000 |
Property [Member] | |
Ceded Credit Risk [Line Items] | |
Individual risk | 500,000 |
Workers Compensation [Member] | |
Ceded Credit Risk [Line Items] | |
Individual risk | $ 500,000 |
Reinsurance (Summary of the Eff
Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
WRITTEN | ||||
Direct | $ 14,911,845 | $ 16,785,541 | $ 29,706,379 | $ 32,044,244 |
Reinsurance assumed | 25,839 | 63,111 | 63,373 | 108,246 |
Reinsurance ceded | (3,215,430) | (2,485,245) | (5,592,974) | (5,320,288) |
Net | 11,722,254 | 14,363,407 | 24,176,778 | 26,832,202 |
EARNED | ||||
Direct | 14,521,350 | 15,465,164 | 29,884,164 | 30,703,119 |
Reinsurance assumed | 20,347 | 54,348 | 65,296 | 109,721 |
Reinsurance ceded | (3,166,951) | (2,425,290) | (5,560,725) | (5,272,704) |
Net | 11,374,746 | 13,094,222 | 24,388,735 | 25,540,136 |
LOSSES AND SETTLEMENT EXPENSES INCURRED | ||||
Direct | 18,072,820 | 10,027,809 | 26,834,499 | 24,744,162 |
Reinsurance assumed | 11,818 | 36,895 | 38,336 | 83,201 |
Reinsurance ceded | (8,876,154) | (1,163,972) | (9,822,269) | (6,319,341) |
Total incurred | $ 9,208,484 | $ 8,900,732 | $ 17,050,566 | $ 18,508,022 |
Unpaid Losses and Settlement _3
Unpaid Losses and Settlement Expenses (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Increase in net unpaid losses and settlement expense | $ 338,000 | |
Increase in net unpaid losses and settlement expense, percent | 0.70% | |
Liquor Liability And Business Owners Liability [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Increase in net unpaid losses and settlement expense | $ 2,511,000 | |
Liquor Liability And Umbrella Liability [Member] | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Increase in net unpaid losses and settlement expense | $ 1,821,000 |
Unpaid Losses and Settlement _4
Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Unpaid losses and settlement expense - beginning of the period: | ||||||||
Gross | $ 58,274,000 | $ 61,017,000 | $ 56,838,307 | $ 51,447,000 | ||||
Less: Ceded | 11,318,000 | 15,109,000 | 11,036,170 | 6,736,000 | ||||
Net | 46,952,000 | 47,290,000 | 46,952,000 | 47,290,000 | $ 46,956,000 | $ 45,802,000 | $ 45,908,000 | $ 44,711,000 |
Increase in incurred losses and settlement expense: | ||||||||
Current year | 8,294,000 | 8,328,000 | 14,540,000 | 16,687,000 | ||||
Prior years | 914,000 | 573,000 | 2,511,000 | 1,821,000 | ||||
Total incurred | 9,208,484 | 8,900,732 | 17,050,566 | 18,508,022 | ||||
Deduct: Loss and settlement expense payments for claims incurred: | ||||||||
Current year | 4,444,000 | 2,799,000 | 5,649,000 | 4,391,000 | ||||
Prior years | 4,768,000 | 4,720,000 | 10,252,000 | 11,538,000 | ||||
Total paid | 9,212,000 | 7,519,000 | 15,901,000 | 15,929,000 | ||||
Net unpaid losses and settlement expense - end of the period | 46,952,000 | 47,290,000 | 46,952,000 | 47,290,000 | ||||
Plus: Reinsurance recoverable on unpaid losses | 19,462,599 | 13,974,000 | 19,462,599 | 13,974,000 | ||||
Gross unpaid losses and settlement expense - end of the period | $ 66,415,119 | $ 61,264,000 | $ 66,415,119 | $ 61,264,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)item | Jun. 30, 2019 | Jun. 30, 2020USD ($)item | Jun. 30, 2019 | Dec. 31, 2019USD ($) | |
Income Taxes [Abstract] | |||||
Federal tax rate | 21.00% | 21.00% | 21.00% | 21.00% | |
Effective tax rate | 20.10% | 14.80% | 22.20% | 15.70% | |
Capital loss carryforward | $ 0 | $ 0 | $ 0 | ||
Operating loss carryforward | $ 0 | $ 0 | $ 0 | ||
Number of open exams | item | 0 | 0 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Taxes [Abstract] | ||||
Provision for income taxes at the statutory federal tax rates | $ 205,528 | $ 108,999 | $ (321,768) | $ 182,025 |
Increase (reduction) in taxes resulting from: | ||||
Dividends received deduction | (7,161) | (9,764) | (13,696) | (19,527) |
Tax-exempt interest income | (15,784) | (20,650) | (31,264) | (43,816) |
Proration of tax-exempt interest and dividends received deduction | 5,600 | 7,604 | 10,968 | 15,836 |
Nondeductible expenses | 8,725 | 8,959 | 14,228 | 16,046 |
Officer life insurance, net | (170) | (18,195) | 633 | (14,618) |
Total income tax expense | $ 196,738 | $ 76,953 | $ (340,899) | $ 135,946 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Employee stock ownership plan, shares | 350,000 | |
Employee stock ownership plan, share purchase price | $ 10 | |
Contributions to ESOP | $ 0 | $ 0 |
Shares committed | 1,926 | |
Restricted Stock Units (RSUs) | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Share compensation expense | 81,421 | $ 48,337 |
Unrecognized compensation expense | $ 314,526 | |
Vesting period | 3 years | |
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Vesting percentage | 33.00% | |
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Vesting percentage | 33.00% | |
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Vesting percentage | 33.00% | |
Restricted Stock Units (RSUs) | $11.03 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shaes granted | 18,040 | |
Fair value of shares granted | $ 11.03 | |
Restricted Stock Units (RSUs) | $13.70 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shaes granted | 13,071 | |
Fair value of shares granted | $ 13.70 | |
Restricted Stock Units (RSUs) | $15.10 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shaes granted | 11,700 | |
Fair value of shares granted | $ 15.10 | |
November 2017 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Compensation expense | $ 138,936 | |
Shares committed to be released | 11,654 | |
November 2022 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Shares committed to be released | 1,921 | |
Impact on weighted average shares outstanding | 0 | |
November 2027 [Member] | ||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Compensation expense | $ 161,835 | |
Shares committed to be released | 11,622 | |
Impact on weighted average shares outstanding | 0 |