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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Mar. 06, 2020	Jun. 28, 2019
Document And Entity Information
Entity Registrant Name	ICC Holdings, Inc.
Entity Central Index Key	0001681903
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,296,189
Entity Public Float			$ 31,435,159

Consolidated Balance Sheets - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Investments and cash:

Fixed maturity securities (amortized cost - $88,348,415 at 12/31/2019 and $89,252,906 at 12/31/2018)

$ 92,087,572

$ 88,981,159

Common stocks at fair value

14,448,773

11,843,223

Other invested assets

877,900

154,200

Property held for investment, at cost, net of accumulated depreciation of $332,218 at 12/31/2019 and $222,825 at 12/31/2018

4,353,713

3,586,273

Cash and cash equivalents

6,626,585

4,644,784

Total investments and cash

118,394,543

109,209,639

Accrued investment income

646,504

648,321

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 12/31/2019 and $50,000 at 12/31/2018

22,368,526

21,404,344

Ceded unearned premiums

822,818

796,065

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 12/31/2019 and 12/31/2018

11,036,170

6,735,964

Income taxes - current

192,559

847,271

Income taxes - deferred

1,021,398

Deferred policy acquisition costs, net

5,269,256

5,247,188

Property and equipment, at cost, net of accumulated depreciation of $5,619,706 at 12/31/2019 and $5,099,090 at 12/31/2018

3,033,348

3,332,810

Other assets

1,239,794

1,040,193

Total assets

163,003,518

150,283,193

Liabilities:

Unpaid losses and settlement expenses

56,838,307

51,447,440

Unearned premiums

30,392,817

29,972,623

Reinsurance balances payable

374,998

993,004

Corporate debt

3,475,088

3,484,606

Accrued expenses

4,216,988

4,536,218

Income taxes - deferred

39,213

Other liabilities

1,324,273

1,256,003

Total liabilities

96,661,684

91,689,894

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(3,146,576)

(2,999,995)

Additional paid-in capital

32,703,209

32,505,423

Accumulated other comprehensive earnings (loss), net of tax

2,953,936

(1,580,976)

Retained earnings

36,608,750

33,680,702

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,812,485)

(3,046,855)

Total equity

66,341,834

58,593,299

Total liabilities and equity

$ 163,003,518

$ 150,283,193

[1]	Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 - 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 - 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 - 2,992,734 shares.
[2]	2019 - 203,811 shares and 2018 - 196,721 shares
[3]	2019 - 281,248 shares and 2018 - 304,685 shares

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 88,348,415	$ 89,252,906
Property held for investment, accumulated depreciation	332,218	222,825
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	50,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 5,619,706	$ 5,099,090
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)	3,014,941	2,992,734
Treasury stock (in shares)	203,811	196,721
Unearned Employee Stock Ownership Plan	281,248	304,685

Consolidated Statements of Earnings and Comprehensive Earnings (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) [Abstract]
Net premiums earned	$ 52,841,766	$ 47,116,961
Net investment income	3,185,153	2,890,266
Net realized investment gains	1,200,765	975,993
Other-than-temporary impairment losses		(16,178)
Other (loss) income	(53,297)	196,649
Consolidated revenues	59,524,900	51,163,691
Losses and settlement expenses	33,714,837	31,262,462
Policy acquisition costs and other operating expenses	20,020,005	18,214,983
Interest expense on debt	128,790	140,877
General corporate expenses	579,708	545,986
Total expenses	54,443,340	50,164,308
Earnings before income taxes	5,081,560	999,383
Income tax expense (benefit):
Current	568,893	(234,037)
Deferred	218,322	340,124
Total income tax expense	787,215	106,087
Net earnings	$ 4,294,345	$ 893,296
Basic:
Basic net earnings per share	$ 1.43	$ 0.29
Diluted:
Diluted net earnings per share	$ 1.42	$ 0.29
Weighted average number of common shares outstanding:
Basic	3,008,564	3,119,968
Diluted	3,013,867	3,121,140
Net earnings	$ 4,294,345	$ 893,296
Unrealized gains and losses on investments:
Unrealized holding gains (losses) arising during the period, net of income tax expense (benefit) of $617,319 in 2019 and $(810,701) in 2018	3,393,585	(3,049,791)
Reclassification adjustment for (gains) included in net income, net of income tax expense of $59,802 in 2019 and $201,561 in 2018	(224,970)	(758,254)
Total other comprehensive earnings (loss)	3,168,615	(3,808,045)
Comprehensive earnings (loss)	$ 7,462,960	$ (2,914,749)

Consolidated Statements of Earnings and Comprehensive Earnings (Loss) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statements of Earnings and Comprehensive Earnings (Loss) [Abstract]
Unrealized holding gains (losses) arising during the period, tax	$ 617,319	$ (810,701)
Reclassification adjustment for (gains) included in net income, tax	$ 59,802	$ 201,561

Consolidated Statements of Stockholders’ Equity - USD ($)

Common Stock [Member]

Treasury Stock [Member]

Unearned ESOP [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Earnings (Loss) [Member]

Total

Balance at Dec. 31, 2017

$ 35,000

$ (3,281,220)

$ 32,333,290

$ 32,787,406

$ 2,227,069

$ 64,101,545

Purchase of common stock

$ (2,999,995)

(2,999,995)

Net earnings

893,296

Other comprehensive earnings (loss), net of tax

(3,808,045)

Restricted stock unit expense

50,662

ESOP shares released

234,365

121,471

355,836

Balance at Dec. 31, 2018

35,000

(2,999,995)

(3,046,855)

32,505,423

33,680,702

(1,580,976)

58,593,299

Cumulative-effect adjustment from ASU 2016-01

(1,366,297)

^[1]

1,366,297

^[1]

1,400,000

Purchase of common stock

(146,581)

Net earnings

4,294,345

Other comprehensive earnings (loss), net of tax

3,168,615

Restricted stock unit expense

108,115

ESOP shares released

234,370

89,671

324,041

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

[1]	See discussion of Accounting Standards Update 2016-01 adoption in Note 1 - Summary of Significant Accounting Policies

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net earnings	$ 4,294,345	$ 893,296
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized investment gains	(1,200,765)	(975,993)
Other-than-temporary impairment losses		16,178
Net unrealized gains on equity securities	(2,350,513)
Depreciation	794,506	733,493
Deferred income tax	218,322	340,124
Amortization of bond premium and discount	257,685	296,050
Stock-based compensation expense	432,156	406,498
Change in:
Accrued investment income	1,817	39,132
Premiums and reinsurance balances receivable	(964,182)	(2,391,082)
Ceded unearned premiums	(26,753)	(521,093)
Reinsurance balances payable	(618,006)	665,521
Reinsurance balances recoverable	(4,300,206)	3,293,870
Deferred policy acquisition costs	(22,068)	(654,773)
Unpaid losses and settlement expenses	5,390,867	373,314
Unearned premiums	420,194	3,417,041
Accrued expenses	(319,230)	262,216
Current federal income tax	654,712	(274,124)
Other	(131,331)	(146,185)
Net cash provided by operating activities	2,531,550	5,773,483
Purchases of:
Fixed maturity securities, available-for-sale	(26,101,621)	(18,697,057)
Other invested assets	(738,300)	(54,200)
Property held for investment	(876,833)	(555,371)
Property and equipment	(444,430)	(497,011)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	27,033,200	16,966,599
Property and equipment	58,779	30,277
Net cash used in investing activities	(393,650)	(4,150,621)
Cash flows from financing activities:
Repayments of borrowed funds	(9,518)	(854,602)
Purchase of common stock	(146,581)	(2,999,995)
Net cash used in financing activities	(156,099)	(3,854,597)
Net increase (decrease) in cash and cash equivalents	1,981,801	(2,231,735)
Cash and cash equivalents at beginning of year	4,644,784	6,876,519
Cash and cash equivalents at end of period	6,626,585	4,644,784
Supplemental information:
Federal income tax paid	164,543
Interest paid	128,800	173,053
Common Stocks [Member]
Purchases of:
Equity securities	(7,563,198)	(16,974,453)
Proceeds from sales, maturities and calls of:
Equity securities	$ 8,238,753	11,843,798
Preferred Stocks [Member]
Purchases of:
Equity securities		(140,925)
Proceeds from sales, maturities and calls of:
Equity securities		$ 3,927,722

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Notes to Consolidated Financial Statements

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-K, 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 26.1% and 29.7% of the premium was written in Illinois for the years ended December 31, 2019 and December 31, 2018, respectively. The Company operates as a single segment.

B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

The accompanying consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (GAAP), which differ in some respects from those followed in reports to insurance regulatory authorities. The consolidated financial statements include the accounts of our subsidiaries. All significant intercompany balances and transactions have been eliminated.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet, revenues and expenses for the periods then ended, and the accompanying notes to the consolidated financial statements. Such estimates and assumptions could change in the future as more information becomes known which could impact the amounts reported and disclosed herein. The most significant of these amounts is the liability for unpaid losses and settlement expenses. Other estimates include investment valuation and other-than-temporary impairments (OTTIs), the collectibility of reinsurance balances, recoverability of deferred tax assets, and deferred policy acquisition costs. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Although recorded estimates are supported by actuarial computations and other supportive data, the estimates are ultimately based on expectations of future events. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.

C. INVESTMENTS

AVAILABLE-FOR-SALE SECURITIES

Debt securities are classified as available-for-sale (AFS) and reported at fair value. Unrealized gains and losses on these securities are excluded from net earnings but are recorded as a separate component of comprehensive earnings and shareholders’ equity, net of deferred income taxes.

EQUITY SECURITIES

Equity securities include common stock, mutual funds, and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recorded in net earnings effective January 1, 2019. Prior to January 1, 2019, the accounting for subsequent changes in fair value of equity securities was consistent with the treatment of AFS unrealized gains and losses.

OTHER-THAN-TEMPORARY IMPAIRMENT

Under current accounting standards, an OTTI write-down of fixed maturity securities, where fair value is below amortized cost, is triggered by circumstances where (1) an entity has the intent to sell a security, (2) it is more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis or (3) the entity does not expect to recover the entire amortized cost basis of the security. If an entity intends to sell a security in a loss position or if it is more likely than not the entity will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the difference between the security’s amortized cost and its fair value. If an entity does not intend to sell the security or it is not more likely than not that it will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to all other factors is recognized in other comprehensive income. Impairment losses result in a reduction of the underlying investment’s cost basis.

The Company regularly evaluates its fixed maturity securities using both quantitative and qualitative criteria to determine impairment losses for other-than-temporary declines in the fair value of the investments. The following are the key factors for determining if a security is other-than-temporarily impaired:

The extent to which the fair value is less than cost,

The assessment of significant adverse changes to the cash flows on a fixed maturity investment,

The occurrence of a discrete credit event resulting in the issuer defaulting on a material obligation, the issuer seeking protection from creditors under the bankruptcy laws, the issuer proposing a voluntary reorganization under which creditors are asked to exchange their claims for cash or securities having a fair value substantially lower than par value,

The probability that the Company will recover the entire amortized cost basis of the fixed income securities prior to maturity, or

The ability and intent to hold fixed maturity securities until maturity.

Quantitative and qualitative criteria are considered to varying degrees depending on the sector the analysis is being performed. The sectors are as follows:

Corporates

The Company performs a qualitative evaluation of holdings that fall below the price threshold. The analysis begins with an opinion of industry and competitive position. This includes an assessment of factors that enable the profit structure of the business (e.g., reserve profile for exploration and production companies), competitive advantage (e.g., distribution system), management strategy, and an analysis of trends in return on invested capital. Analysts may also review other factors to determine whether an impairment exists including liquidity, asset value cash flow generation, and industry multiples.

Municipals

The Company analyzes the screened impairment candidates on a quantitative and qualitative basis. This includes an assessment of the factors that may be contributing to the unrealized loss and whether the recovery value is greater or less than current market value.

Structured Securities

The “stated assumptions” analytic approach relies on actual 6-month average collateral performance measures (voluntary prepayment rate, gross default rate, and loss severity) sourced through third party data providers or remittance reports. The analysis applies the stated assumptions throughout the remaining term of the transaction using forecasted cashflows, which are then applied through the transaction structure (reflecting the priority of payments and performance triggers) to determine whether there is a loss to the security (“Loss to Tranche”). For securities or sectors for which no actual loss or minimal loss has been observed (certain Prime Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS), for example), sector-based assumptions are applied or an alternative quantitative or qualitative analysis is performed.

Investment Income

Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. 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

D. OTHER INVESTED ASSETS

Other invested assets include privately held investments and a promissory note. Other invested assets are carried at face value and given that there is no readily available market for these to trade in, management believes face value accurately reflects fair value.

E. PROPERTY HELD FOR INVESTMENT

Property held for investment purposes is initially recorded at the purchase price, which is generally fair value, and is subsequently reported at cost less accumulated depreciation. Buildings are depreciated on a straight-line basis over the estimated useful life of the building, which we estimate to be 39 years. Income from property held for investment is reported as net investment income.

F. CASH AND CASH EQUIVALENTS

Cash consists of uninvested balances in bank accounts. Cash equivalents consist of investments with original maturities of 90 days or less, primarily AAA-rated prime and government money market funds. Cash equivalents are carried at cost, which approximates fair value. The Company has not experienced losses on these instruments. We maintain cash balances primarily at one bank, which is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. During the normal course of business, balances are maintained above the FDIC insurance limit.

G. REINSURANCE

Ceded unearned premiums and reinsurance balances recoverable on paid and unpaid losses and settlement expenses are reported separately as assets instead of being netted with the related liabilities, since reinsurance does not relieve us of our legal liability to our policyholders.

Quarterly, the Company monitors the financial condition of its reinsurers. The Company’s monitoring efforts include, but are not limited to, the review of annual summarized reinsurer financial data and analysis of the credit risk associated with reinsurance balances recoverable by monitoring the A.M. Best and Standard & Poor’s (S&P) ratings. In addition, the Company subjects its reinsurance recoverables to detailed recoverable tests, including an analysis based on average default by A.M. Best rating. Based upon the review and testing, the Company’s policy is to charge to earnings, in the form of an allowance, an estimate of unrecoverable amounts from reinsurers. This allowance is reviewed on an ongoing basis to ensure that the amount makes a reasonable provision for reinsurance balances that the Company may be unable to recover.

H. POLICY ACQUISITION COSTS

The Company defers commissions, premium taxes, and certain other costs that are incrementally or directly related to the successful acquisition of new or renewal insurance contracts. Acquisition-related costs may be deemed ineligible for deferral when they are based on contingent or performance criteria beyond the basic acquisition of the insurance contract or when efforts to obtain or renew the insurance contract are unsuccessful. All eligible costs are capitalized and charged to expense in proportion to premium revenue recognized. The method followed in computing deferred policy acquisition costs limits the amount of such deferred costs to their estimated realizable value. This deferral methodology applies to both gross and ceded premiums and acquisition costs.

I. PROPERTY AND EQUIPMENT

Property and equipment are presented at cost, less accumulated depreciation, and are depreciated using accelerated methods for financial statement purposes for a period based on their economic life. Computer equipment is depreciated over 3 years and equipment over a range of 5 to 7 years. Buildings are depreciated over 39 years and related improvements over 15 years. Annually, the Company reviews the major asset classes held for impairment. For the years ended December 31, 2019 and 2018, the Company recognized no impairments. Property and equipment are summarized as follows:



	As of
	December 31,		December 31,
	2019		2018
Automobiles	$	505,788	$	603,046
Furniture and fixtures		457,218		436,568
Computer equipment and software		3,823,416		3,542,339
Home office		3,866,632		3,849,947
Total cost		8,653,054		8,431,900
Accumulated depreciation		(5,619,706)		(5,099,090)
Net property and equipment	$	3,033,348	$	3,332,810

J. UNPAID LOSSES AND SETTLEMENT EXPENSES

The liability for unpaid losses and settlement expenses represents estimates of both reported and unreported claims and related expenses. The estimates are based on certain actuarial and other assumptions related to the ultimate cost to settle such claims. Such assumptions are subject to occasional changes due to evolving economic, social, and political conditions. All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Based on the current assumptions used in estimating reserves, we believe that our overall reserve levels at December 31, 2019, make a reasonable provision to meet our future obligations. See Note 7 – Unpaid Losses and Settlement Expenses for further discussion.

K. PREMIUMS

Premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Unearned premiums represent the portion of premiums written relative to the unexpired terms of coverage. Unearned premiums are calculated on a daily pro rata basis. A premium deficiency reserve should be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums. The Company utilizes anticipated investment income as a factor in its premium deficiency calculation. The Company concluded that no premium deficiency adjustments were necessary in either of the years ended December 31, 2019 and 2018.

L. GENERAL CORPORATE EXPENSES

General corporate expenses consist primarily of real estate and occupancy costs, such as utilities and maintenance. These costs do not vary significantly with premium volume but rather with square footage of real estate owned.

M. INCOME TAXES

The Company files a consolidated federal income tax return. Federal income taxes are accounted for using the asset and liability method under which deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities, operating losses and tax credit carry forwards. The effect on deferred taxes for a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance if it is more likely than not all or some of the deferred tax assets will not be realized.

The Company considers uncertainties in income taxes and recognizes those in its consolidated financial statements as required. As it relates to uncertainties in income taxes, unrecognized tax benefits, including interest and penalty accruals, are not considered material to the consolidated financial statements. Also, no tax uncertainties are expected to result in significant increases or decreases to unrecognized tax benefits within the next 12-month period. Penalties and interest related to income tax uncertainties, should they occur, would be included in income tax expense in the period in which they are incurred.

ICC is subject to minimal state income tax liabilities. On a state basis, since the majority of income is from insurance operations, the Company pays premium taxes in lieu of state income tax. Premium taxes are a component of policy acquisition costs and calculated as a percentage of gross premiums written.

N. EMPLOYEE STOCK OWNERSHIP PLAN

The Company recognizes employee stock ownership plan (ESOP) compensation expense ratably during each year for the shares committed to be allocated to participants that year. This expense is determined by the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For purposes of balance sheet disclosures of shares outstanding, the Company includes only the number of ESOP shares that have been committed to be released for the period. For purposes of calculating earnings per share, the Company includes the weighted average ESOP shares committed to be released for the period. The ESOP covers all employees who have worked a minimum of 1,000 hours in the plan year.

O. EARNINGS PER SHARE

Basic and diluted earnings per share (EPS) are calculated by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. The denominator for basic and diluted EPS includes ESOP shares committed to be released. Dilutive earnings per share includes the effect of all potentially dilutive instruments, such as restricted stock units (RSUs), outstanding during the period.

P. COMPREHENSIVE EARNINGS

Comprehensive earnings include net earnings plus unrealized (gains) losses on AFS investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the consolidated statement of earnings, the Company used a 21% tax rate for the years ended December 31, 2019, and 2018. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense (benefit) of $677,121 and $(609,140) for 2019 and 2018, respectively.

The following table presents changes in accumulated other comprehensive earnings (loss) for unrealized gains and losses on available-for-sale securities:


	Year Ended December 31,
	2019		2018
Beginning balance	$	(1,580,976)	$	2,227,069
Cumulative effect of adoption of ASU 2016-01		1,366,297		-
Adjusted beginning balance		(214,679)		2,227,069
Oher comprehensive earnings (loss) before reclassifications		3,393,585		(3,049,791)
Amount reclassified from accumulated other comprehensive earnings		(224,970)		(758,254)
Net current period other comprehensive earnings (loss)		3,168,615		(3,808,045)
Ending balance	$	2,953,936	$	(1,580,976)

The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
	Twelve-Month Period Ended
Details about Accumulated Other	December 31,				Affected Line Item in the Statement
Comprehensive Earnings Component	2019		2018		where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(284,772)	$	(975,993)	Net realized investment (gains)
		—		16,178	Other-than-temporary impairment losses
		59,802		201,561	Income tax expense
Total reclassification adjustment, net of tax	$	(224,970)	$	(758,254)

Q. ADOPTED ACCOUNTING PRONOUNCEMENTS

Revenue Recognition (ASU 2017-13, ASU 2016-20, ASU 2016-12, ASU 2016-11, ASU 2016-10, ASU 2016-08, ASU 2015-14 and ASU 2014-09) – This update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition. The ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. We adopted these updates effective January 1, 2019. All contracts within the scope of Topic 944, Financial Services – Insurance, investment income, investment related gains and losses and equity in earnings of unconsolidated investees are outside the scope of this ASU. As such, the adoption did not have a material effect on our consolidated financial statements.

Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15) – This guidance addresses eight specific cash flow issues with the objective of reducing existing diversity in practice. We adopted this update effective January 1, 2019, and the adoption did not have a material effect on our consolidated financial statements.

Financial Instruments – Recognition and Measurement (ASU 2016-01) – This guidance affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements of financial instruments. This update requires equity investments to be measured at fair value with subsequent changes recognized in net earnings, except for those accounted for under the equity method or requiring consolidation. Prior to the effective date of this update, changes in fair value related to available-for-sale (AFS) equity securities were recognized in OCI. We adopted this update effective January 1, 2019. Upon adoption, we recognized a cumulative-effect decrease to beginning retained earnings of $1.4 million and a corresponding increase to accumulated other comprehensive income (AOCI).

R.PROSPECTIVE ACCOUNTING STANDARDS

The dates presented below represent the implementation dates for the Company. The Company’s status as an Emerging Growth Company could delay the required adoption of each of these standards.

Financial Instruments Credit Losses (ASU 2018-19 and ASU 2016-13) – This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments and reinsurance balances recoverable. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model, but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2023. We are currently evaluating the impact of this guidance on our consolidated financial statements.

Leases (ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) – These updates are intended to increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged.

The updates are effective for the Company’s year-end December 31, 2021 and quarters beginning January 1, 2022. ASU 2016-02 required the adoption on a modified retrospective basis. However, with the issuance of ASU 2018-11, we have the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates provide optional practical expedients in transition. The effect of applying the new lease guidance on the consolidated financial statements is expected to be minimal due to current and future lease obligations being immaterial.

Fair Value Measurement – Disclosure Requirements (ASU 2018-13) – The amendments in this update modify the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. We will be required to adopt this update on January 1, 2020, and depending on the specific amendment will be required to adopt prospectively or retrospectively. We early adopted the removal and modification of certain disclosures as permitted. We are currently evaluating the impact of the remaining guidance on our consolidated financial statements.

S. RISKS AND UNCERTAINTIES

Certain risks and uncertainties are inherent to day-to-day operations and to the process of preparing the Company’s consolidated financial statements. The more significant risks and uncertainties, as well as the Company’s attempt to mitigate, quantify, and minimize such risks, are presented below and throughout the notes to the consolidated financial statements.

Catastrophe Exposures

The Company’s insurance coverages include exposure to catastrophic events. All catastrophe exposures are monitored by quantifying exposed policy limits in each region and by using computer-assisted modeling techniques. Additionally, the Company limits its risk to such catastrophes through restraining the total policy limits written in each region and by purchasing reinsurance. The Company’s major catastrophe exposure is to losses caused by tornado/hail and freeze to commercial properties throughout the Midwest.

The Company had protection of $14.5 million and $9.5 million in excess of $500,000 first-dollar retention for the years ended December 31, 2019 and 2018, respectively. The catastrophe program is actively managed to keep net retention in line with risk tolerances and to optimize the risk/return trade off. The catastrophe reinsurance treaty renewed on January 1, 2020.

Reinsurance

Reinsurance does not discharge the Company from its primary liability to policyholders, and to the extent that a reinsurer is unable to meet its obligations, the Company would be liable. On a quarterly basis, the financial condition of prospective and existing reinsurers is monitored. As a result, the Company purchases reinsurance from a number of financially strong reinsurers. Accordingly, no allowance for reinsurance balances deemed uncollectible has been made. See Note 6 –Reinsurance for further discussion.

Investment Risk

The investment portfolio is subject to market, credit, and interest rate risks. The equity portfolio will fluctuate with movements in the overall stock market. While the equity portfolio has been constructed to have lower downside risk than the market, the portfolio is sensitive to movements in the market. The bond portfolio is affected by interest rate changes and movement in credit spreads. The Company attempts to mitigate its interest rate and credit risks by constructing a well-diversified portfolio with high-quality securities with varied maturities. Downturns in the financial markets could have a negative effect on the portfolio. However, the Company attempts to manage this risk through asset allocation, duration, and security selection.

Liquidity Risk

Liquidity is essential to the Company’s business and a key component of the concept of asset-liability matching. The Company’s liquidity may be impaired by an inability to collect premium receivable or reinsurance recoverable balances in a timely manner, an inability to sell assets or redeem investments, unforeseen outflows of cash or large claim payments, or an inability to access debt. Liquidity risk may arise due to circumstances that the Company may be unable to control, such as a general market disruption, an operational problem that affects third parties or the Company, or even by the perception among market participants that the Company, or other market participants, are experiencing greater liquidity risk.

The Company’s A.M. Best rating is important to its liquidity. A reduction in credit ratings could adversely affect the Company’s liquidity and competitive position by increasing borrowing costs or limiting access to the capital markets.

External Factors

The Company is highly regulated by the state of Illinois and by the states in which it underwrites business. Such regulations, among other things, limit the amount of dividends, impose restrictions on the amount and types of investments, and regulate rates insurers may charge for various coverages. The Company is also subject to insolvency and guarantee fund assessments for various programs designed to ensure policyholder indemnification. Assessments are generally accrued during the period in which it becomes probable that a liability has been incurred from an insolvency and the amount of the related assessment can be reasonably estimated.

The National Association of Insurance Commissioners (NAIC) has developed Property/Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support asset (investment and credit) risk and underwriting (loss reserves, premiums written and unearned premium) risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. As of December 31, 2019, the Company determined that its capital levels are well in excess of the minimum capital requirements for all RBC action levels and that its capital levels are sufficient to support the level of risk inherent in its operations. See Note 10 – Statutory Information and Dividend Restrictions for further discussion of statutory information and related insurance regulatory restrictions.

In addition, ratings are a critical factor in establishing the competitive position of insurance companies. The Company is rated by A.M. Best. This rating reflects their opinion of the insurance company’s financial strength, operating performance, strategic position, and ability to meet its obligations to policyholders.

Investments

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Investments

2. INVESTMENTS

NET INVESTMENT INCOME

A summary of net investment income for the years ended December 31, 2019 and 2018 is as follows:



	2019		2018
AFS, fixed maturity securities	$	2,998,342	$	2,943,083
Investment property		610,642		555,350
Equity securities		300,584		266,530
Cash and short-term investments		75,585		25,303
Investment revenue		3,985,153		3,790,266
Less investment expenses		(800,000)		(900,000)
Net investment income	$	3,185,153	$	2,890,266

INVESTMENT RELATED GAINS (LOSSES)

The following is a summary of the proceeds from sales, maturities, and calls of fixed maturity and equity securities and the related gross realized gains and losses for the years ended December 31, 2019 and 2018.


							Net Realized
	Proceeds		Gains		Losses		Gains
2019
Fixed maturity securities	$	27,033,200	$	321,032	$	(36,260)	$	284,772
Common stocks		8,238,753		1,443,507		(527,514)		915,993
2018
Fixed maturity securities	$	16,966,599	$	122,900	$	(78,194)	$	44,706
Common stocks		11,843,798		1,290,148		(363,094)		927,054
Preferred stocks		3,927,722		86,862		(82,629)		4,233

The amortized cost and estimated fair value of fixed income securities at December 31, 2019, are shown as follows:



	Amortized Cost		Fair Value
Due in one year or less	$	3,228,881	$	3,244,534
Due after one year through five years		18,956,885		19,738,798
Due after five years through 10 years		15,091,864		16,340,507
Due after 10 years		17,267,874		18,472,738
Asset and mortgage backed securities without a specific due date		33,802,911		34,290,995
Total fixed maturity securities	$	88,348,415	$	92,087,572

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 December 31, 2019 and 2018.



					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 AFS securities	$	88,348,415	$	92,087,572	$	3,831,886	$	(92,729)



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2018
Fixed maturity securities:
U.S. Treasury	$	1,348,575	$	1,328,925	$	—	$	(19,650)
MBS/ABS/CMBS		34,372,133		33,799,024		33,955		(607,064)
Corporate		37,383,903		37,366,690		376,029		(393,242)
Municipal		16,148,295		16,486,520		398,569		(60,344)
Total fixed maturity securities		89,252,906		88,981,159		808,553		(1,080,300)
Equity securities:
Common stocks		13,572,713		11,843,223		406,812		(2,136,302)
Total equity securities1		13,572,713		11,843,223		406,812		(2,136,302)
Total AFS securities	$	102,825,619	$	100,824,382	$	1,215,365	$	(3,216,602)

1Effective January 1, 2019, the Company adopted ASU No. 2016-01. As a result, equity securities are no longer classified as available-for-sale. Prior periods have not been recast to conform to the current presentation.

MORTGAGE-BACKED, COMMERCIAL MORTGAGE-BACKED AND ASSET-BACKED SECURITIES

All of the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS are residential mortgage backed securities with fair values of $9,909,462 and $13,696,585 and commercial mortgage backed securities of $13,408,898 and $10,126,352 at December 31, 2019 and 2018, respectively.

UNREALIZED LOSSES ON AFS SECURITIES

The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of December 31, 2019 and 2018. The table segregates 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.



	December 31, 2019
			12 Months
	< 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		6,398,581		5,056,732		11,455,313
Amortized cost		6,420,488		5,087,484		11,507,972
Unrealized loss		(21,907)		(30,752)		(52,659)
Corporate
Fair value		1,396,706		—		1,396,706
Amortized cost		1,406,183		—		1,406,183
Unrealized loss		(9,477)		—		(9,477)
Municipal
Fair value		1,969,468		—		1,969,468
Amortized cost		1,999,134		—		1,999,134
Unrealized loss		(29,666)		—		(29,666)
Total debt securities available for sale
Fair value		9,764,755		5,756,123		15,520,878
Amortized cost		9,825,805		5,787,802		15,613,607
Unrealized loss	$	(61,050)	$	(31,679)	$	(92,729)


	December 31, 2018
			12 Months
	< 12 Months		& Greater		Total
U.S. Treasury
Fair value	$	—	$	1,328,925	$	1,328,925
Cost or amortized cost		—		1,348,575		1,348,575
Unrealized loss		—		(19,650)		(19,650)
MBS/ABS/CMBS
Fair value		16,890,857		11,956,493		28,847,350
Cost or amortized cost		17,039,357		12,415,057		29,454,414
Unrealized loss		(148,500)		(458,564)		(607,064)
Corporate
Fair value		14,304,322		5,745,289		20,049,611
Cost or amortized cost		14,550,153		5,892,700		20,442,853
Unrealized loss		(245,831)		(147,411)		(393,242)
Municipal
Fair value		3,069,720		838,980		3,908,700
Cost or amortized cost		3,100,036		869,008		3,969,044
Unrealized loss		(30,316)		(30,028)		(60,344)
Subtotal, fixed income
Fair value		34,264,899		19,869,687		54,134,586
Cost or amortized cost		34,689,546		20,525,340		55,214,886
Unrealized loss		(424,647)		(655,653)		(1,080,300)
Common stock1
Fair value		8,187,764		—		8,187,764
Cost or amortized cost		10,324,066		—		10,324,066
Unrealized loss		(2,136,302)		—		(2,136,302)
Total
Fair value		42,452,663		19,869,687		62,322,350
Cost or amortized cost		45,013,612		20,525,340		65,538,952
Unrealized loss	$	(2,560,949)	$	(655,653)	$	(3,216,602)

As of December 31, 2018, the Company held 200 equity securities that were in unrealized loss positions. Of these 200 securities, none were in an unrealized loss position for 12 consecutive months or longer prior to December 31, 2018.

The fixed income portfolio contained 32 securities in an unrealized loss position as of December 31, 2019. Of these 32 securities, 14 have been in an unrealized loss position for 12 consecutive months or longer and represent $31,679 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 year ended December 31, 2019. During 2018, the Company recognized $16,178 of OTTI on three common stock securities that were impaired during the fourth quarter of 2018. For all fixed income securities at a loss at December 31, 2019, 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 maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at December 31, 2019 and 2018.

As required by law, certain fixed maturity investments amounting to $3,827,627 and $3,742,450 at December 31, 2019 and 2018, respectively, were on deposit with either regulatory authorities or banks.

UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES

The portion of net unrealized gains for the twelve months ended December 31, 2019 that relates to equity securities held as of December 31, 2019 was $2,350,513.

OTHER INVESTED ASSETS

Other invested assets include privately held investments, including 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. As of December 31, 2019, there were no investments pledged as collateral with the FHLBC. There may be investments pledged as collateral with the FHLBC to ensure timely access to the secured lending facility that ownership of FHLBC stock provides. As of and during the twelve month period ending December 31, 2019, there were no outstanding borrowings with the FHLBC.

Also included in other invest assets is a promissory note with the option to borrow up to $1,275,000. The Company funded $625,000 on July 30, 2019. The note bears interest at 6.5%, and is amortized over 20 years with a balloon payment due July 30, 2029.

PROPERTY HELD FOR INVESTMENT

As of December 31, 2019, investment property comprised of 67 apartment rental units located in Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. As of December 31, 2018, investment property comprised of 57 apartment rental units located in Rock Island, Illinois; Moline, Illinois; Silvis, Illinois; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $332,218 and $222,825 as of December 31, 2019, and 2018, respectively. Related depreciation expense was $109,393 and $95,664 for the years ended December 31, 2019, and 2018, respectively.

Fair Value Disclosures

12 Months Ended

Dec. 31, 2019

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. We determined the fair value of certain financial instruments 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 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 December 31, 2019, are as 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

Assets measured at fair value on a recurring basis as of December 31, 2018, are as 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	$	1,328,925	$	—	$	—	$	1,328,925
MBS/ABS/CMBS		—		33,799,024		—		33,799,024
Corporate		—		37,366,690		—		37,366,690
Municipal		—		16,486,520		—		16,486,520
Total fixed maturity securities		1,328,925		87,652,234		—		88,981,159
Equity securities
Common stocks		11,843,223		—		—		11,843,223
Total marketable investments measured at fair value	$	13,172,148	$	87,652,234	$	—	$	100,824,382

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 December 31, 2019 and 2018. Additionally, there were no securities transferred in or out of levels 1 or 2 during the years ended December 31, 2019 and 2018.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Policy Acquisition Costs

12 Months Ended

Dec. 31, 2019

Policy Acquisition Costs [Abstract]

Policy Acquisition Costs

4. POLICY ACQUISITION COSTS

Policy acquisition costs deferred and amortized to income for the years ended December 31 are summarized as follows:



	2019		2018
Deferred policy acquisition costs (DAC), beginning of year	$	5,247,188	$	4,592,415
Deferred:
Direct commission		9,172,742		8,938,953
Premium taxes		1,091,575		1,184,884
Ceding commissions		(738,756)		(1,986,128)
Underwriting		891,612		912,589
Net deferred		10,417,173		9,050,298
Amortized		10,395,105		8,395,525
DAC, end of year	$	5,269,256	$	5,247,188

Policy acquisition costs:
Amortized to expense	$	10,395,105	$	8,395,525
Period costs:
Contingent commission		1,365,254		1,859,311
Other underwriting expenses		8,259,646		7,960,147
Total policy acquisition costs	$	20,020,005	$	18,214,983

Debt	12 Months Ended
Debt	Dec. 31, 2019
Debt [Abstract]
Debt	5. 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% and the Company pledged stock and $1.0 million of marketable assets as collateral for the loan. The total balance of debt agreements at year end 2019 and 2018 was $3,475,088 and $3,484,606, respectively. Revolving Line of Credit The Company has borrowing capacity up to approximately $33 million in the aggregate from its membership with FHLBC. We also 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 entered into during 2013 and is renewed annually with a current expiration of 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 year ended December 31, 2019 and December 31, 2018. There are no financial covenants governing this agreement.

Reinsurance

12 Months Ended

Dec. 31, 2019

Reinsurance [Abstract]

Reinsurance

6. 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 years ended December 31 are summarized as follows:


	2019		2018
WRITTEN
Direct	$	62,982,820	$	61,125,339
Reinsurance assumed		204,268		168,096
Reinsurance ceded		(9,951,880)		(11,280,526)
Net	$	53,235,208	$	50,012,909
EARNED
Direct	$	62,559,208	$	57,702,159
Reinsurance assumed		207,685		174,235
Reinsurance ceded		(9,925,127)		(10,759,433)
Net	$	52,841,766	$	47,116,961
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	44,334,298	$	35,263,637
Reinsurance assumed		139,618		77,909
Reinsurance ceded		(10,759,079)		(4,079,084)
Net	$	33,714,837	$	31,262,462

The reinsurance assumed business consists of assigned risk pools, which require the Company to participate in certain workers’ compensation and other liability pools, as a result of their licensure and premium writings in the various states in which it does business.

At December 31, 2019 and 2018, the Company had reinsurance recoverable on unpaid losses and settlement expenses totaling $11,036,170 and $6,735,964, respectively. All of the Company’s reinsurance recoverables are due from companies with financial strength ratings of “A” or better by A.M. Best.

The following table displays net reinsurance balances recoverable, after consideration of collateral, on paid losses and settlement expenses, known case and IBNR loss and settlement expense reserves, unearned premiums, and contingent commissions from the Company’s top 10 reinsurers as of December 31, 2019. These reinsurers all have financial strength ratings of “A” or better by A.M. Best. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2019.



		Net Reinsurer			Ceded
	A.M. Best	Exposure as of		Percent of	Premiums		Percent of
(In thousands)	Rating	December 31, 2019		Total	Written		Total
Aspen Insurance UK Ltd	A	$	2,219	17.2%	$	1,174	11.8%
Platinum Underwriters	A		1,868	14.5%		1,792	18.0%
Hannover Ruckversicherungs	A+		1,386	10.8%		1,318	13.2%
Partner Reinsurance Company	A+		1,362	10.6%		281	2.8%
Everest Reinsurance Company	A+		1,252	9.7%		781	7.9%
Swiss Reinsurance	A+		902	7.0%		340	3.4%
Endurance Reinsurance	A+		709	5.5%		—	0.0%
General Reinsurance Corporation	A++		677	5.3%		1,334	13.4%
Allied World Reinsurance	A		500	3.9%		634	6.4%
Axis Reinsurance Company	A+		468	3.6%		408	4.1%
All other reinsurers including anticipated subrogation			1,531	11.9%		1,890	19.0%
		$	12,874	100.0%	$	9,952	100.0%

Ceded unearned premiums and reinsurance balances recoverable on paid losses and settlement expenses are reported separately as an asset, rather than being netted with the related liability, since reinsurance does not relieve the Company of its liability to policyholders. Such balances are subject to the credit risk associated with the individual reinsurer. On a quarterly basis, the financial condition of the Company’s reinsurers is monitored. As part of the monitoring efforts, management reviews annual summarized financial data and publically available information. The credit risk associated with the reinsurance balances recoverable is analyzed by monitoring the A.M. Best and S&P ratings of the reinsurers. In addition, the Company subjects its reinsurance recoverables to detailed recoverability tests, including one based on average default by A.M. Best rating.

Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through the use of the allowance for estimated unrecoverable amounts from reinsurers. When such a balance is written off, it is done in full. The Company then re-evaluates the remaining allowance and determines whether the balance is sufficient as detailed above, and if needed, an additional allowance is recognized and income charged. The Company had no allowance recorded related to uncollectible amounts on paid and unpaid recoverables at December 31, 2019 and 2018. The Company has no receivables with a due date that extends beyond 90 days from the date of billing that are not included in the allowance for uncollectible amounts.

Unpaid Losses and Settlement Expenses

12 Months Ended

Dec. 31, 2019

Unpaid Losses and Settlement Expenses [Abstract]

Unpaid Losses and Settlement Expenses

7. UNPAID LOSSES AND SETTLEMENT EXPENSES

Loss Development Tables

The following tables represent cumulative incurred losses and settlement expenses, net of reinsurance, by accident year and cumulative paid loss and settlement expenses, net of reinsurance, by accident year, for the years ended December 31, 2010 to 2019, as well as total IBNR and the cumulative number of reported claims for the year ended December 31, 2018. The information about incurred and paid claims development for the years ended December 31, 2010 to 2018, is presented as unaudited required supplementary information. The property line of business has been disaggregated based on the shorter payout period in comparison to the workers compensation and liability lines of business.


PROPERTY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	5,644	$	5,105	$	4,831	$	4,992	$	5,118	$	5,006	$	4,891	$	4,899	$	4,862	$	4,860	$	14	674
2011				7,427		6,708		6,621		6,752		6,733		6,645		6,631		6,632		6,621		—	905
2012						6,143		6,374		6,406		6,546		6,482		6,411		6,455		6,167		(6)	672
2013								9,266		8,302		8,290		8,415		8,471		8,282		8,272		14	637
2014										8,865		7,586		7,798		7,883		7,817		7,785		(2)	743
2015												7,693		7,494		7,717		7,634		7,654		6	563
2016														8,941		7,981		8,372		8,381		(13)	582
2017																13,993		13,568		13,741		214	726
2018																		11,454		11,114		65	736
2019																				13,933		(125)	795
Total																			$	88,528


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*	2011*	2012*	2013*	2014*	2015*	2016*	2017*	2018*		2019
2010	$	3,166	4,584	4,719	4,740	4,791	4,818	4,873	4,874	4,874	$	4,874
2011			5,327	6,351	6,459	6,520	6,556	6,589	6,623	6,623		6,620
2012				4,949	6,401	6,369	6,362	6,326	6,472	6,469		6,176
2013					6,856	8,079	8,200	8,238	8,265	8,272		8,271
2014						6,243	7,631	7,746	7,796	7,795		7,795
2015							5,057	7,040	7,474	7,645		7,660
2016								6,157	7,624	8,236		8,356
2017									10,055	13,482		13,610
2018										8,487		11,009
2019												11,621
Total												85,992
Unpaid losses and settlement expense - years 2010 through 2019												2,536
Unpaid losses and settlement expense - prior to 2010												(10)
Unpaid loss and settlement expense, net of reinsurance											$	2,526

*Presented as unaudited required supplementary information.


WORKERS' COMPENSATION AND LIABILITY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	10,475	$	11,039	$	10,683	$	11,371	$	11,701	$	11,474	$	11,422	$	11,431	$	11,469	$	11,484	$	7	906
2011				12,375		12,126		11,894		12,039		12,098		12,027		11,819		11,723		11,720		7	1,106
2012						13,122		11,338		11,407		11,638		12,692		12,845		12,632		12,836		26	1,161
2013								12,584		13,559		13,169		12,960		13,696		13,858		14,076		76	1,161
2014										13,385		14,744		15,341		16,718		16,881		16,996		313	1,247
2015												16,596		13,876		13,440		13,862		14,486		538	1,113
2016														16,677		14,843		16,240		16,855		1,196	1,054
2017																15,808		15,803		15,842		2,484	1,043
2018																		18,308		17,122		5,804	1,115
2019																				19,630		10,813	912
Total																			$	151,047


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019
2010	$	1,248	$	3,395	$	5,865	$	8,462	$	10,022	$	10,733	$	11,067	$	11,194	$	11,345	$	11,429
2011				1,669		3,761		5,841		8,072		10,122		10,971		11,484		11,627		11,682
2012						1,180		3,021		5,589		8,327		10,913		11,753		12,156		12,572
2013								1,579		4,156		7,634		10,423		12,181		12,978		13,564
2014										1,539		4,087		9,515		13,602		15,232		15,912
2015												1,405		4,319		7,400		10,527		12,485
2016														1,490		5,485		8,190		12,202
2017																1,523		5,419		8,753
2018																		1,963		5,656
2019																				3,664
Total																				107,919
Unpaid losses and settlement expense - years 2010 through 2019																				43,128
Unpaid losses and settlement expense - prior to 2010																				148
Unpaid loss and settlement expense, net of reinsurance																			$	43,276

*Presented as unaudited required supplementary information.


TOTAL LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	16,119	$	16,144	$	15,514	$	16,363	$	16,819	$	16,480	$	16,313	$	16,330	$	16,331	$	16,344	$	21	1,580
2011				19,802		18,834		18,515		18,791		18,831		18,672		18,450		18,355		18,341		7	2,011
2012						19,265		17,712		17,813		18,184		19,174		19,256		19,087		19,003		20	1,833
2013								21,850		21,861		21,459		21,375		22,167		22,140		22,348		90	1,798
2014										22,250		22,330		23,139		24,601		24,698		24,781		311	1,990
2015												24,289		21,370		21,157		21,496		22,140		544	1,676
2016														25,618		22,824		24,612		25,236		1,183	1,636
2017																29,801		29,371		29,583		2,698	1,769
2018																		29,762		28,236		5,869	1,851
2019																				33,563		10,688	1,707
Total																			$	239,575


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*	2011*	2012*	2013*	2014*	2015*	2016*	2017*	2018*		2019
2010	$	4,414	7,979	10,584	13,202	14,813	15,551	15,940	16,068	16,219	$	16,303
2011			6,996	10,112	12,300	14,592	16,678	17,560	18,107	18,250		18,302
2012				6,129	9,422	11,958	14,689	17,239	18,225	18,625		18,748
2013					8,435	12,235	15,834	18,661	20,446	21,250		21,835
2014						7,782	11,718	17,261	21,398	23,027		23,707
2015							6,462	11,359	14,874	18,172		20,145
2016								7,647	13,109	16,426		20,558
2017									11,578	18,901		22,363
2018										10,450		16,665
2019												15,285
Total												193,911
Unpaid losses and settlement expense - years 2010 through 2019												45,664
Unpaid losses and settlement expense - prior to 2010												138
Unpaid loss and settlement expense, net of reinsurance											$	45,802

*Presented as unaudited required supplementary information.

The following table reconciles the loss development information to the consolidated balance sheet for the year ended December 31, 2019, by reportable segement.


(In thousands)	December 31, 2019
Net unpaid losses and settlement expense
Property Lines	$	2,526
Workers' Compensation and Liability Lines		43,276
Total unpaid losses and settlement expense, net of reinsurance		45,802
Reinsurance recoverable on losses and settlement expense
Property Lines		3,238
Workers' Compensation and Liability Lines		7,798
Total reinsurance recoverable on unpaid losses and settlement expense		11,036
Total gross unpaid losses and LAE	$	56,838

Loss Duration Disclosure

The following table represents the average annual percentage payout of incurred losses by age, net of reinsurance and is presented as unaudited required supplementary information.


	Average annual percentage payout of incurred losses by age, net of reinsurance
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9+
Property Lines	71.7%	25.1%	1.7%	-0.5%	-0.2%	1.6%	0.7%	-0.1%	0.2%
Liability Lines	11.5%	19.9%	22.9%	20.5%	12.0%	5.9%	4.0%	1.7%	1.6%
Total Lines	34.4%	21.0%	14.9%	12.4%	7.7%	4.4%	2.8%	1.0%		1.2%

The following table is a reconciliation of the Company’s unpaid losses and settlement expenses for the years 2019 and 2018.


(In thousands)	2019		2018
Unpaid losses and settlement expense - beginning of the period:
Gross	$	51,447	$	51,074
Less: Ceded		6,736		10,030
Net		44,711		41,044
Increase in incurred losses and settlement expense:
Current year		33,564		29,762
Prior years		151		1,500
Total incurred		33,715		31,262
Deduct: Loss and settlement expense payments for claims incurred:
Current year		15,285		10,450
Prior years		17,339		17,145
Total paid		32,624		27,595
Net unpaid losses and settlement expense - end of the period		45,802		44,711
Plus: Reinsurance recoverable on unpaid losses		11,036		6,736
Gross unpaid losses and settlement expense - end of the period	$	56,838	$	51,447



(In thousands)	2019		2018
Supplemental ceded unpaid losses and settlement expense at end of year disclosure:
Reinsurance balances recoverable on unpaid losses and settlement expenses,
net of allowances for uncollectible amounts of $0 in 2019 and 2018	$	11,036	$	6,736
Less: Reinsurance balances payable		—		—
Reinsurance recoverable on unpaid losses	$	11,036	$	6,736

Differences, from the initial reserve estimates, emerged as changes in the ultimate loss estimates were updated through the reserve analysis process. The recognition of the changes in initial reserve estimates occurred over time as claims were reported, initial case reserves were established, initial reserves were reviewed in light of additional information and ultimate payments were made on the collective set of claims incurred as of that evaluation date. The new information on the ultimate settlement value of claims is updated until all claims in a defined set are settled. As a small specialty insurer with a niche product portfolio, the Company’s experience will ordinarily exhibit fluctuations from period to period. While management attempts to identify and react to systematic changes in the loss environment, it must also consider the volume of experience directly available to the Company and interpret any particular period’s indications with a realistic technical understanding of the reliability of those observations.

A discussion of significant components of reserve development for the two most recent calendar years follows:

2019

For calendar year 2019, the Company experienced adverse development relative to prior years’ reserve estimates in its liability line of business relating to Liquor Liability and Business Liability, primarily from the 2015 and 2016 accident years. This adverse development was largely offset by favorable development in Workers’ Compensation.

2018

For calendar year 2018, the Company experienced adverse development relative to prior years’ reserve estimates in its casualty line of business relating to Business Liability, primarily from the 2016 accident year. This adverse development was partially offset by favorable development in Liquor Liability and Workers’ Compensation.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Taxes

8. INCOME TAXES

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are summarized as follows:



	December 31,
	2019		2018
Deferred tax assets:
Tax discounting of claim reserves	$	765,820	$	814,193
Unearned premium reserve		1,264,887		1,255,183
Deferred compensation		140,141		103,178
Provision for uncollectible accounts		21,000		10,500
Net unrealized depreciation of securities		—		420,259
Other		93,631		53,193
Deferred tax assets before allowance		2,285,479		2,656,506
Less valuation allowance		—		—
Total deferred tax assets	$	2,285,479	$	2,656,506
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	$	226,176	$	292,176
Net unrealized appreciation of securities		959,204		—
Deferred policy acquisition costs		1,110,676		1,101,910
Property and equipment		25,093		237,581
Other		3,543		3,441
Total deferred tax liabilities		2,324,692		1,635,108
Net deferred tax (liability) asset	$	(39,213)	$	1,021,398

In July 2019, the Treasury issued Rev Proc 2019-31, which included final revised loss reserve discounting factors and transitional guidance necessary to complete the accounting for the impacts of the Tax Act. The transitional adjustment for loss reserve discounting was recalculated as of January 1, 2018 and the resulting adjustment is being recognized in taxable income evenly over an eight-year period beginning in 2018.

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.

Income tax expense for the years ended December 31, 2019 and 2018, 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 table:



	Years Ended December 31,
	2019		2018
Provision for income taxes at the statutory federal tax rates	$	1,067,128	$	209,870
Increase (reduction) in taxes resulting from:
Dividends received deduction		(22,542)		(35,802)
Tax-exempt interest income		(75,766)		(128,292)
15% proration of tax-exempt interest and dividends received deduction		24,034		40,522
Officer life insurance, net		(14,004)		4,429
Nondeductible expenses		57,980		44,505
Prior year true-ups and other		(249,615)		(29,145)
Total	$	787,215	$	106,087

The Company’s effective tax rate was 15.5% and 10.6% for 2019 and 2018, respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects.

As of December 31, 2019, the Company does not have any capital or operating loss carryforwards. Periods still subject to Internal Revenue Service (IRS) audit include 2016 through current year. There are currently no open tax exams.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2019
Employee Benefits [Abstract]
Employee Benefits	9. EMPLOYEE BENEFITS 401(K) AND BONUS AND INCENTIVE PLANS The Company maintains a 401(k) and bonus and incentive plans covering executives, managers, and employees. Excluding the 401(k), at the CEO’s discretion, funding of these plans is primarily dependent upon reaching predetermined levels of combined ratio, reduction in operating expenses, growth in direct written premium, and overall renewal retention ratios. Bonuses are earned as the Company generates earnings in excess of this required return. While some management incentive plans may be affected somewhat by other performance factors, the larger influence of corporate performance ensures that the interests of the executives, managers, and employees corresponds with those of the stakeholders. The 401(k) plan offers a matching percentage up to 4% of eligible compensation, as well as a profit sharing percentage of each employee’s compensation. Participants are 100% vested in the matching percentage and vest at a rate of 25% per year for the profit sharing distribution. The total contribution to the 401(k) profit sharing plan was $311,370 and $239,813 for 2019 and 2018, respectively. Additionally, bonuses may be awarded to executives, managers, and associates through company incentive plans, provided certain financial or operational goals are met. DEFERRED COMPENSATION In November 2012, the Company entered into a deferred compensation agreement with an executive of the Company. The agreement requires the Company to make payments to the executive beginning at retirement (age 62). In the event of separation of service without cause prior to age 62, benefits under this agreement vest 25% in November 2017, 50% in November 2022, 75% in November 2027, and 100% on January 1, 2032. In the event of death prior to retirement, benefits become fully vested and are payable to the executive’s beneficiaries. Using a discount rate of 4.22%, the fully vested obligation under the agreement would total approximately $1,689,467 on January 1, 2032. As of December 31, 2019 and 2018, the accrued liability related to this agreement totaled $347,987 and $235,932, respectively. The Company’s recognized $112,055 of expense and $12,549 of benefit in 2019 and 2018, respectively. 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. The ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. The Company contributed $288,538 to the ESOP during the fourth quarter of 2019. The Company contributed $288,538 to the ESOP during the fourth quarter of 2018. A compensation expense charge is booked monthly during each year for the shares commited 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 year ended December 31, 2019, we recognized compensation expense of $324,041 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2019. Of the 23,437 shares committed to be released, 1,991 shares were committed on December 31, 2019 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2019. For the year ended December 31, 2018, we recognized compensation expense of $355,836 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2018. Of the 23,437 shares committed to be released, 1,867 shares were committed on December 31, 2018 and had no impact on the weighted average common shares outstanding for the year ended December 31, 2018. The fair value of the unearned ESOP shares as of December 31, 2019 and December 31, 2018 was $3,962,789 and $4,158,955, respectively. RESTRICTED STOCK UNITS RSUs were granted for the first time in February 2018 with additional RSUs being granted in March 2019. 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 December 31, 2019, 13,071 and 11,700 RSUs have been granted at a fair market value of $13.70 and $15.10, respectively. As of December 31, 2018, 11,700 RSUs have been granted at a fair market value of $15.10 per share. We recognized $108,115 and $50,662 of expense on these units in the twelve months ended December 31, 2019 and 2018, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $196,967 and $126,008 as of December 31, 2019 and 2018, respectively, which is recognized over the remainder of the three-year vesting periods.

Statutory Information and Dividend Restrictions

12 Months Ended

Dec. 31, 2019

Statutory Information and Dividend Restrictions [Abstract]

Statutory Information and Dividend Restrictions

10. STATUTORY INFORMATION AND DIVIDEND RESTRICTIONS

The statutory financial statements of ICC are presented on the basis of accounting practices prescribed or permitted by the Illinois Department of Insurance, which has adopted the National Association of Insurance Commissioners (NAIC) statutory accounting practices as the basis of its statutory accounting practices. ICC did not use any permitted statutory accounting practices that differ from NAIC prescribed statutory accounting practices. In converting from statutory to GAAP, typical adjustments include deferral of policy acquisition costs, the inclusion of statutory non-admitted assets, recording debt securities at fair value versus amortized cost, net unrealized gains or losses on equity securities are recorded in earnings as opposed to being a component of surplus, and the reclassification of surplus notes from equity to debt.

The NAIC has RBC requirements that require insurance companies to calculate and report information under a risk-based formula, which measures statutory capital and surplus needs based upon a regulatory definition of risk relative to the Company’s balance sheet and mix of products. As of December 31, 2019 and 2018, ICC had RBC amounts in excess of the authorized control level RBC, as defined by the NAIC. ICC had an authorized control level RBC of $6,959,512 and $6,751,399 as of December 31, 2019 and 2018, respectively, compared to actual statutory capital and surplus of $55,357,446 and $50,552,167, respectively, for these same periods.

The following table includes selected information for our insurance subsidiary:



	As of and Periods Ended December 31,
	2019		2018
Net income, statutory basis	$	3,037,554	$	1,206,160
Consolidated surplus, statutory basis	$	55,357,446	$	50,552,167

No Illinois domiciled company may pay any extraordinary dividend or make any other extraordinary distribution to its security holders until: (a) 30 days after the Director has received notice of the declaration thereof and has not within such period disapproved the payment, or (b) the Director approves such payment within the 30-day period. For purposes of this subsection, an extraordinary dividend or distribution is any dividend or distribution of cash or other property whose fair market value, together with that of other dividends or distributions, made within the period of 12 consecutive months ending on the date on which the proposed dividend is scheduled for payment or distribution exceeds the greater of: (a) 10% of the Company’s surplus as regards policyholders as of the 31st day of December next preceding, or (b) the net income of the Company for the 12-month period ending the 31st day of December next preceding, but does not include pro rata distributions of any class of the Company’s own securities.

The Company did not pay any dividends to security holders in 2019 or 2018. It did, however, make cash dividend payments in the amount of $18,793 and $6,836 in 2019 and 2018, respectively, to Wisconsin policyholders in accordance with policy contractual obligations.

Related Party	12 Months Ended
Related Party	Dec. 31, 2019
Related Party [Abstract]
Related Party	11. RELATED PARTY Mr. John R. Klockau, a director of the Company, is a claims consultant and was paid $13,325 and $15,680 in 2019 and 2018, respectively, related to his services to the Company. Mr. Scott T. Burgess is a director of the Company and a Senior Managing Director of Griffin Financial Group. Mr. Burgess was paid $3,794 and $3,812 in 2019 and 2018, respectively for travel reimbursement costs. Griffin and Stevens & Lee are affiliated. Stevens & Lee is a full-service law firm that was paid $41,910 and $99,591 as of December 31, 2019 and 2018, respectively.

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2019
Commitments and Contingent Liabilities [Abstract]
Commitments and Contingent Liabilities	12. COMMITMENTS AND CONTINGENT LIABILITIES The Company is party to numerous claims, losses, and litigation matters that arise in the normal course of business. Many of such claims, losses, or litigation matters involve claims under policies that the Company underwrites as an insurer. Management believes that the resolution of these claims and losses will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows. The Company has operating lease obligations related to managing the business. Minimum future rental payments under non-cancellable agreements total $387,717, $28,414, $25,008, and $4,195 in 2020, 2021, 2022, and 2023, respectively.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS Beverage Insurance loaned an additional $650,000 to Kevin Harrison on January 28, 2020. At its March 10, 2020 Board of Directors meeting, the Board unanimously approved ICC’s offering of cannabis coverage in states that allow for recreational cannabis consumption. In March 2020, the World Health Organization declared a pandemic related to the rapidly spreading coronavirus (COVID-19) outbreak, which has lead to a global health emergency. As a result, economic uncertainties have arisen which could impact the Company’s operations and its financial position. The extent of the impact of COVID-19 on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, as well as the impact on our policyholders, employees and vendors, all of which are uncertain and cannot be predicted. The related financial impact cannot be reasonably estimated at this time. In response to COVID-19, the Company decided to temporarily suspend all insurance premium billing for 30 days beginning March 20, 2020. Additionally, the Company obtained in March 2020 a $6.0 million loan from the Federal Home Loan Bank of Chicago (FHLBC) as a precautionary measure to increase its cash position and compensate for potential reductions in premium receivable collections.

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2019

Condensed Financial Information of Registrant [Abstract]

Schedule II - Condensed Financial Information of Registrant

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only


	As of		As of
	December 31, 2019		December 31, 2018
Assets
Investment in subsidiaries	$	70,094,982	$	60,766,224
Fixed maturity securities		3,360,454		2,048,604
Common Stocks		1,172,369		812,938
Other invested assets		117,000		115,000
Cash and cash equivalents		791,266		861,739
Due from subsidiaries		385,693		9,292
Accrued investment income		18,124		9,403
Income taxes - current		37,496		438,347
Income taxes - deferred		-		34,860
Other assets		408,776		679,117
Total assets	$	76,386,160	$	65,775,524

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	9,284,640	$	6,459,293
Accrued expenses		104,618		145,085
Income taxes - deferred		32,529		-
Other liabilities		622,539		577,847
Total liabilities		10,044,327		7,182,225
Equity:
Common stock1		35,000		35,000
Treasury stock, at cost2		(3,146,576)		(2,999,995)
Additional paid-in capital		32,703,209		32,505,423
Accumulated other comprehensive earnings, net of tax		2,953,936		(1,580,976)
Retained earnings		36,608,750		33,680,702
Less: Unearned Employee Stock Ownership Plan shares at cost3		(2,812,485)		(3,046,855)
Total equity		66,341,833		58,593,299
Total liabilities and equity	$	76,386,160	$	65,775,524

1 Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 – 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 – 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 – 2,992,734 shares.

2 2019 – 203,811 shares and 2018 – 196,721 shares

3 2019 – 281,248 shares and 2018 – 304,685 shares

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Earnings and Comprehensive Earnings – Parent Company Only


	Year Ended		Year Ended
	December 31, 2019		December 31, 2018
Net investment income	$	723,497	$	897,051
Net realized investment gains		15,695		42,554
Net unrealized gains on equity securities		217,376		—
Other income (expense)		21,810		(116,397)
Total revenue		978,378		823,208
Policy acquisition costs and other operating expenses		1,749,159		1,639,796
Interest expense on debt		128,790		129,243
General corporate expenses		—		8,930
Total expenses		1,877,949		1,777,968

Loss before equity earnings of subsidiaries and income taxes		(899,571)		(954,760)
Total income tax expense (benefit)		88,782		(326,055)
Net loss before equity earnings of subsidiaries		(988,353)		(628,705)
Equity earnings in subsidiaries		5,282,698		1,522,001
Net earnings	$	4,294,345	$	893,296

Other comprehensive earnings, net of tax	$	68,144	$	(264,789)
Equity in other comprehensive earnings of subsidiaries		3,100,471		(3,543,256)
Comprehensive earnings (loss)	$	7,462,960	$	(2,914,749)

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only


	Year Ended		Year Ended
	December 31, 2019		December 31, 2018
Cash flows from operating activities:
Net earnings	$	4,294,345	$	893,296
Adjustments to reconcile net earnings to net cash provided
by operating activities
Net realized gains		(15,695)		(42,554)
Depreciation		363,242		237,134
Deferred income tax		22,911		50,816
Equity in undistributed (income) of subsidiaries		(5,282,698)		(1,522,001)
Amortization of bond premium and discount		7,934		6,624
Stock-based compensation expense		432,156		406,498
Change in:
Due from subsidiaries		(492,051)		106,358
Accrued investment income		(8,721)		(2,763)
Accrued expenses		(40,467)		65,824
Current federal income tax		400,851		(438,347)
Other		315,033		707,864
Net cash (used in) provided by operating activities		(3,160)		468,749
Cash flows from investing activities:
Contributions to subsidiaries		(1,461,381)		(770,483)
Purchases of:
Fixed maturity securities		(1,502,582)		(749,824)
Common stocks		(367,425)		(1,346,958)
Other invested assets		(2,000)		(15,000)
Property and equipment		(56,022)		(887,574)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		269,076		1,220,578
Common stocks		341,047		1,380,293
Property and equipment		33,208		6,790
Net cash (used in) investing activities		(2,746,079)		(1,162,178)
Cash flows from financing activities:
Proceeds from loan		3,000,000		3,000,000
Repayments of borrowed funds		(174,652)		(36,816)
Purchase of common stock		(146,581)		(2,999,995)
Net cash provided by (used in) financing activities		2,678,766		(36,811)
Net (decrease) in cash and cash equivalents		(70,473)		(730,240)
Cash and cash equivalents at beginning of year		861,739		1,591,979
Cash and cash equivalents at end of period	$	791,266	$	861,739
Supplemental information:
Federal income tax paid	$	—	$	—
Interest paid		159,909		194,680

Schedule III - Supplemental Insurance Information

12 Months Ended

Dec. 31, 2019

Schedule III - Supplemental Insurance Information [Abstract]

Schedule III - Supplemental Insurance Information

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule III — Supplemental Insurance Information

Years ended December 31, 2019 and 2018



			Future policy
			benefits, losses,				Other policy
	Deferred policy		claims and loss		Unearned		and benefits		Net premiums
(In thousands)	acquisition costs		expenses		premiums		payable		earned
December 31, 2019
Commercial Business	$	5,269	$	56,838	$	30,393	$	375	$	52,842
Total	$	5,269	$	56,838	$	30,393	$	375	$	52,842
December 31, 2018
Commercial Business	$	5,247	$	51,447	$	29,973	$	993	$	47,117
Total	$	5,247	$	51,447	$	29,973	$	993	$	47,117



			Benefits, claims,
			losses and
	Net investment		settlement		Amortization		Other operating		Net premiums
(In thousands)	income		expenses		of DAC		expenses		written
December 31, 2019
Commercial Business	$	3,185	$	33,715	$	10,395	$	10,333	$	53,235
Total	$	3,185	$	33,715	$	10,395	$	10,333	$	53,235
December 31, 2018
Commercial Business	$	2,890	$	31,262	$	8,396	$	10,506	$	50,013
Total	$	2,890	$	31,262	$	8,396	$	10,506	$	50,013

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2019

Schedule IV - Reinsurance [Abstract]

Schedule IV - Reinsurance

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule IV — Reinsurance

Years ended December 31, 2019 and 2018



(In thousands)			Ceded to		Assumed from				Percentage of
Premiums	Gross		other		other				mount
earned	amount		companies		companies		Net amount		assumed to net
2019	$	62,559	$	9,925	$	208	$	52,842	0.4%
2018	$	57,702	$	10,759	$	174	$	47,117	0.4%

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

Schedule V - Allowance for Uncollectible Premiums and Other Receivables

12 Months Ended

Dec. 31, 2019

Schedule V - Allowance for Uncollectible Premiums and Other Receivables [Abstract]

Schedule V - Allowance for Uncollectible Premiums and Other Receivables

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule V — Allowance for Uncollectible Premiums and Other Receivables

Years ended December 31, 2019 and 2018



(In thousands)	2019		2018
Beginning balance	$	50	$	50
Additions		50		—
Deletions		—		—
Ending balance	$	100	$	50

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

Schedule VI - Supplemental Information

12 Months Ended

Dec. 31, 2019

Schedule VI - Supplemental Information [Abstract]

Schedule VI - Supplemental Information

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule VI — Supplemental Information

Years ended December 31, 2019 and 2018



	Deferred		Reserve for
	policy		Losses and		Discount if						Net
	acquisition		settlement		any deducted		Unearned		Net earned		investment
(In thousands)	costs		expenses		from reserves		premium		premiums		income
2019	$	5,269	$	56,838	$	—	$	30,393	$	52,842	$	3,185
2018	$	5,247	$	51,447	$	—	$	29,973	$	47,117	$	2,890



							Paid losses
	Losses and settlment						and
	expenses incurred related to				Amortization		settlement		Net written
(In thousands)	Current year		Prior year		of DAC		expenses		premiums
2019	$	33,564	$	151	$	10,395	$	(32,624)	$	53,235
2018	$	29,762	$	1,500	$	8,396	$	(27,595)	$	50,013

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Description of Business

A. DESCRIPTION OF BUSINESS

Principles of Consolidation and Basis of Presentation

B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

Investments

C. INVESTMENTS

AVAILABLE-FOR-SALE SECURITIES

EQUITY SECURITIES

OTHER-THAN-TEMPORARY IMPAIRMENT

The extent to which the fair value is less than cost,

The assessment of significant adverse changes to the cash flows on a fixed maturity investment,

The probability that the Company will recover the entire amortized cost basis of the fixed income securities prior to maturity, or

The ability and intent to hold fixed maturity securities until maturity.

Quantitative and qualitative criteria are considered to varying degrees depending on the sector the analysis is being performed. The sectors are as follows:

Corporates

Municipals

Structured Securities

Investment Income

Other Invested Assets

D. OTHER INVESTED ASSETS

Property Held for Investment

E. PROPERTY HELD FOR INVESTMENT

Cash and Cash Equivalents

F. CASH AND CASH EQUIVALENTS

Reinsurance

G. REINSURANCE

Policy Acquisition Costs

H. POLICY ACQUISITION COSTS

Property and Equipment

I. PROPERTY AND EQUIPMENT



	As of
	December 31,		December 31,
	2019		2018
Automobiles	$	505,788	$	603,046
Furniture and fixtures		457,218		436,568
Computer equipment and software		3,823,416		3,542,339
Home office		3,866,632		3,849,947
Total cost		8,653,054		8,431,900
Accumulated depreciation		(5,619,706)		(5,099,090)
Net property and equipment	$	3,033,348	$	3,332,810

Unpaid Losses and Settlement Expenses

J. UNPAID LOSSES AND SETTLEMENT EXPENSES

Premiums

K. PREMIUMS

General Corporate Expense

L. GENERAL CORPORATE EXPENSES

Income Taxes

M. INCOME TAXES

Employee Stock Ownership Plan

N. EMPLOYEE STOCK OWNERSHIP PLAN

Earnings Per Share

O. EARNINGS PER SHARE

Comprehensive Earnings

P. COMPREHENSIVE EARNINGS

The following table presents changes in accumulated other comprehensive earnings (loss) for unrealized gains and losses on available-for-sale securities:


	Year Ended December 31,
	2019		2018
Beginning balance	$	(1,580,976)	$	2,227,069
Cumulative effect of adoption of ASU 2016-01		1,366,297		-
Adjusted beginning balance		(214,679)		2,227,069
Oher comprehensive earnings (loss) before reclassifications		3,393,585		(3,049,791)
Amount reclassified from accumulated other comprehensive earnings		(224,970)		(758,254)
Net current period other comprehensive earnings (loss)		3,168,615		(3,808,045)
Ending balance	$	2,953,936	$	(1,580,976)

The following table provides the reclassifications out of accumulated other comprehensive income for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
	Twelve-Month Period Ended
Details about Accumulated Other	December 31,				Affected Line Item in the Statement
Comprehensive Earnings Component	2019		2018		where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(284,772)	$	(975,993)	Net realized investment (gains)
		—		16,178	Other-than-temporary impairment losses
		59,802		201,561	Income tax expense
Total reclassification adjustment, net of tax	$	(224,970)	$	(758,254)

Adopted and Prospective Accounting Standards

Q. ADOPTED ACCOUNTING PRONOUNCEMENTS

R.PROSPECTIVE ACCOUNTING STANDARDS

The dates presented below represent the implementation dates for the Company. The Company’s status as an Emerging Growth Company could delay the required adoption of each of these standards.

Risk and Uncertainties

S. RISKS AND UNCERTAINTIES

Catastrophe Exposures

Reinsurance

Investment Risk

Liquidity Risk

External Factors

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies [Abstract]

Summary of Property, Plant and Equipment



	As of
	December 31,		December 31,
	2019		2018
Automobiles	$	505,788	$	603,046
Furniture and fixtures		457,218		436,568
Computer equipment and software		3,823,416		3,542,339
Home office		3,866,632		3,849,947
Total cost		8,653,054		8,431,900
Accumulated depreciation		(5,619,706)		(5,099,090)
Net property and equipment	$	3,033,348	$	3,332,810

Accumulated Other Comprehensive Earnings (Loss)


	Year Ended December 31,
	2019		2018
Beginning balance	$	(1,580,976)	$	2,227,069
Cumulative effect of adoption of ASU 2016-01		1,366,297		-
Adjusted beginning balance		(214,679)		2,227,069
Oher comprehensive earnings (loss) before reclassifications		3,393,585		(3,049,791)
Amount reclassified from accumulated other comprehensive earnings		(224,970)		(758,254)
Net current period other comprehensive earnings (loss)		3,168,615		(3,808,045)
Ending balance	$	2,953,936	$	(1,580,976)

Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings



Amounts Reclassified from
Accumulated Other Comprehensive Earnings
	Twelve-Month Period Ended
Details about Accumulated Other	December 31,				Affected Line Item in the Statement
Comprehensive Earnings Component	2019		2018		where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(284,772)	$	(975,993)	Net realized investment (gains)
		—		16,178	Other-than-temporary impairment losses
		59,802		201,561	Income tax expense
Total reclassification adjustment, net of tax	$	(224,970)	$	(758,254)

Investments (Tables)

12 Months Ended

Dec. 31, 2019

Investments [Abstract]

Summary of Net Investment Income



	2019		2018
AFS, fixed maturity securities	$	2,998,342	$	2,943,083
Investment property		610,642		555,350
Equity securities		300,584		266,530
Cash and short-term investments		75,585		25,303
Investment revenue		3,985,153		3,790,266
Less investment expenses		(800,000)		(900,000)
Net investment income	$	3,185,153	$	2,890,266

Summary of Recognized Impairments


							Net Realized
	Proceeds		Gains		Losses		Gains
2019
Fixed maturity securities	$	27,033,200	$	321,032	$	(36,260)	$	284,772
Common stocks		8,238,753		1,443,507		(527,514)		915,993
2018
Fixed maturity securities	$	16,966,599	$	122,900	$	(78,194)	$	44,706
Common stocks		11,843,798		1,290,148		(363,094)		927,054
Preferred stocks		3,927,722		86,862		(82,629)		4,233

Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity



	Amortized Cost		Fair Value
Due in one year or less	$	3,228,881	$	3,244,534
Due after one year through five years		18,956,885		19,738,798
Due after five years through 10 years		15,091,864		16,340,507
Due after 10 years		17,267,874		18,472,738
Asset and mortgage backed securities without a specific due date		33,802,911		34,290,995
Total fixed maturity securities	$	88,348,415	$	92,087,572

Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments



					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 AFS securities	$	88,348,415	$	92,087,572	$	3,831,886	$	(92,729)



	Cost or				Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2018
Fixed maturity securities:
U.S. Treasury	$	1,348,575	$	1,328,925	$	—	$	(19,650)
MBS/ABS/CMBS		34,372,133		33,799,024		33,955		(607,064)
Corporate		37,383,903		37,366,690		376,029		(393,242)
Municipal		16,148,295		16,486,520		398,569		(60,344)
Total fixed maturity securities		89,252,906		88,981,159		808,553		(1,080,300)
Equity securities:
Common stocks		13,572,713		11,843,223		406,812		(2,136,302)
Total equity securities1		13,572,713		11,843,223		406,812		(2,136,302)
Total AFS securities	$	102,825,619	$	100,824,382	$	1,215,365	$	(3,216,602)

Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position



	December 31, 2019
			12 Months
	< 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		6,398,581		5,056,732		11,455,313
Amortized cost		6,420,488		5,087,484		11,507,972
Unrealized loss		(21,907)		(30,752)		(52,659)
Corporate
Fair value		1,396,706		—		1,396,706
Amortized cost		1,406,183		—		1,406,183
Unrealized loss		(9,477)		—		(9,477)
Municipal
Fair value		1,969,468		—		1,969,468
Amortized cost		1,999,134		—		1,999,134
Unrealized loss		(29,666)		—		(29,666)
Total debt securities available for sale
Fair value		9,764,755		5,756,123		15,520,878
Amortized cost		9,825,805		5,787,802		15,613,607
Unrealized loss	$	(61,050)	$	(31,679)	$	(92,729)

Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019, are as 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

Assets measured at fair value on a recurring basis as of December 31, 2018, are as 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	$	1,328,925	$	—	$	—	$	1,328,925
MBS/ABS/CMBS		—		33,799,024		—		33,799,024
Corporate		—		37,366,690		—		37,366,690
Municipal		—		16,486,520		—		16,486,520
Total fixed maturity securities		1,328,925		87,652,234		—		88,981,159
Equity securities
Common stocks		11,843,223		—		—		11,843,223
Total marketable investments measured at fair value	$	13,172,148	$	87,652,234	$	—	$	100,824,382

Policy Acquisition Costs (Tables)

12 Months Ended

Dec. 31, 2019

Policy Acquisition Costs [Abstract]

Schedule of Deferred and Amortized Policy Acquisition Costs



	2019		2018
Deferred policy acquisition costs (DAC), beginning of year	$	5,247,188	$	4,592,415
Deferred:
Direct commission		9,172,742		8,938,953
Premium taxes		1,091,575		1,184,884
Ceding commissions		(738,756)		(1,986,128)
Underwriting		891,612		912,589
Net deferred		10,417,173		9,050,298
Amortized		10,395,105		8,395,525
DAC, end of year	$	5,269,256	$	5,247,188

Policy acquisition costs:
Amortized to expense	$	10,395,105	$	8,395,525
Period costs:
Contingent commission		1,365,254		1,859,311
Other underwriting expenses		8,259,646		7,960,147
Total policy acquisition costs	$	20,020,005	$	18,214,983

Reinsurance (Tables)

12 Months Ended

Dec. 31, 2019

Reinsurance [Abstract]

Summary of the Effects of Reinsurance


	2019		2018
WRITTEN
Direct	$	62,982,820	$	61,125,339
Reinsurance assumed		204,268		168,096
Reinsurance ceded		(9,951,880)		(11,280,526)
Net	$	53,235,208	$	50,012,909
EARNED
Direct	$	62,559,208	$	57,702,159
Reinsurance assumed		207,685		174,235
Reinsurance ceded		(9,925,127)		(10,759,433)
Net	$	52,841,766	$	47,116,961
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	44,334,298	$	35,263,637
Reinsurance assumed		139,618		77,909
Reinsurance ceded		(10,759,079)		(4,079,084)
Net	$	33,714,837	$	31,262,462

Summary of Net Reinsurance Balances Recoverable



		Net Reinsurer			Ceded
	A.M. Best	Exposure as of		Percent of	Premiums		Percent of
(In thousands)	Rating	December 31, 2019		Total	Written		Total
Aspen Insurance UK Ltd	A	$	2,219	17.2%	$	1,174	11.8%
Platinum Underwriters	A		1,868	14.5%		1,792	18.0%
Hannover Ruckversicherungs	A+		1,386	10.8%		1,318	13.2%
Partner Reinsurance Company	A+		1,362	10.6%		281	2.8%
Everest Reinsurance Company	A+		1,252	9.7%		781	7.9%
Swiss Reinsurance	A+		902	7.0%		340	3.4%
Endurance Reinsurance	A+		709	5.5%		—	0.0%
General Reinsurance Corporation	A++		677	5.3%		1,334	13.4%
Allied World Reinsurance	A		500	3.9%		634	6.4%
Axis Reinsurance Company	A+		468	3.6%		408	4.1%
All other reinsurers including anticipated subrogation			1,531	11.9%		1,890	19.0%
		$	12,874	100.0%	$	9,952	100.0%

Unpaid Losses and Settlement Expenses (Tables)

12 Months Ended

Dec. 31, 2019

Unpaid Losses and Settlement Expenses [Abstract]

Summary of Cumulative Paid Losses and Settlement Expenses


PROPERTY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	5,644	$	5,105	$	4,831	$	4,992	$	5,118	$	5,006	$	4,891	$	4,899	$	4,862	$	4,860	$	14	674
2011				7,427		6,708		6,621		6,752		6,733		6,645		6,631		6,632		6,621		—	905
2012						6,143		6,374		6,406		6,546		6,482		6,411		6,455		6,167		(6)	672
2013								9,266		8,302		8,290		8,415		8,471		8,282		8,272		14	637
2014										8,865		7,586		7,798		7,883		7,817		7,785		(2)	743
2015												7,693		7,494		7,717		7,634		7,654		6	563
2016														8,941		7,981		8,372		8,381		(13)	582
2017																13,993		13,568		13,741		214	726
2018																		11,454		11,114		65	736
2019																				13,933		(125)	795
Total																			$	88,528


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*	2011*	2012*	2013*	2014*	2015*	2016*	2017*	2018*		2019
2010	$	3,166	4,584	4,719	4,740	4,791	4,818	4,873	4,874	4,874	$	4,874
2011			5,327	6,351	6,459	6,520	6,556	6,589	6,623	6,623		6,620
2012				4,949	6,401	6,369	6,362	6,326	6,472	6,469		6,176
2013					6,856	8,079	8,200	8,238	8,265	8,272		8,271
2014						6,243	7,631	7,746	7,796	7,795		7,795
2015							5,057	7,040	7,474	7,645		7,660
2016								6,157	7,624	8,236		8,356
2017									10,055	13,482		13,610
2018										8,487		11,009
2019												11,621
Total												85,992
Unpaid losses and settlement expense - years 2010 through 2019												2,536
Unpaid losses and settlement expense - prior to 2010												(10)
Unpaid loss and settlement expense, net of reinsurance											$	2,526

*Presented as unaudited required supplementary information.


WORKERS' COMPENSATION AND LIABILITY LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	10,475	$	11,039	$	10,683	$	11,371	$	11,701	$	11,474	$	11,422	$	11,431	$	11,469	$	11,484	$	7	906
2011				12,375		12,126		11,894		12,039		12,098		12,027		11,819		11,723		11,720		7	1,106
2012						13,122		11,338		11,407		11,638		12,692		12,845		12,632		12,836		26	1,161
2013								12,584		13,559		13,169		12,960		13,696		13,858		14,076		76	1,161
2014										13,385		14,744		15,341		16,718		16,881		16,996		313	1,247
2015												16,596		13,876		13,440		13,862		14,486		538	1,113
2016														16,677		14,843		16,240		16,855		1,196	1,054
2017																15,808		15,803		15,842		2,484	1,043
2018																		18,308		17,122		5,804	1,115
2019																				19,630		10,813	912
Total																			$	151,047


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019
2010	$	1,248	$	3,395	$	5,865	$	8,462	$	10,022	$	10,733	$	11,067	$	11,194	$	11,345	$	11,429
2011				1,669		3,761		5,841		8,072		10,122		10,971		11,484		11,627		11,682
2012						1,180		3,021		5,589		8,327		10,913		11,753		12,156		12,572
2013								1,579		4,156		7,634		10,423		12,181		12,978		13,564
2014										1,539		4,087		9,515		13,602		15,232		15,912
2015												1,405		4,319		7,400		10,527		12,485
2016														1,490		5,485		8,190		12,202
2017																1,523		5,419		8,753
2018																		1,963		5,656
2019																				3,664
Total																				107,919
Unpaid losses and settlement expense - years 2010 through 2019																				43,128
Unpaid losses and settlement expense - prior to 2010																				148
Unpaid loss and settlement expense, net of reinsurance																			$	43,276

*Presented as unaudited required supplementary information.


TOTAL LINES
Incurred loss and settlement expenses, net of reinsurance (in thousands)																					As of December 31, 2019
	Year Ended December 31,
Accident Year		2010*		2011*		2012*		2013*		2014*		2015*		2016*		2017*		2018*		2019	Total IBNR plus expected development on reported claims		Cumulative number of reported claims
2010	$	16,119	$	16,144	$	15,514	$	16,363	$	16,819	$	16,480	$	16,313	$	16,330	$	16,331	$	16,344	$	21	1,580
2011				19,802		18,834		18,515		18,791		18,831		18,672		18,450		18,355		18,341		7	2,011
2012						19,265		17,712		17,813		18,184		19,174		19,256		19,087		19,003		20	1,833
2013								21,850		21,861		21,459		21,375		22,167		22,140		22,348		90	1,798
2014										22,250		22,330		23,139		24,601		24,698		24,781		311	1,990
2015												24,289		21,370		21,157		21,496		22,140		544	1,676
2016														25,618		22,824		24,612		25,236		1,183	1,636
2017																29,801		29,371		29,583		2,698	1,769
2018																		29,762		28,236		5,869	1,851
2019																				33,563		10,688	1,707
Total																			$	239,575


Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2010*	2011*	2012*	2013*	2014*	2015*	2016*	2017*	2018*		2019
2010	$	4,414	7,979	10,584	13,202	14,813	15,551	15,940	16,068	16,219	$	16,303
2011			6,996	10,112	12,300	14,592	16,678	17,560	18,107	18,250		18,302
2012				6,129	9,422	11,958	14,689	17,239	18,225	18,625		18,748
2013					8,435	12,235	15,834	18,661	20,446	21,250		21,835
2014						7,782	11,718	17,261	21,398	23,027		23,707
2015							6,462	11,359	14,874	18,172		20,145
2016								7,647	13,109	16,426		20,558
2017									11,578	18,901		22,363
2018										10,450		16,665
2019												15,285
Total												193,911
Unpaid losses and settlement expense - years 2010 through 2019												45,664
Unpaid losses and settlement expense - prior to 2010												138
Unpaid loss and settlement expense, net of reinsurance											$	45,802

*Presented as unaudited required supplementary information.

The following table reconciles the loss development information to the consolidated balance sheet for the year ended December 31, 2019, by reportable segement.


(In thousands)	December 31, 2019
Net unpaid losses and settlement expense
Property Lines	$	2,526
Workers' Compensation and Liability Lines		43,276
Total unpaid losses and settlement expense, net of reinsurance		45,802
Reinsurance recoverable on losses and settlement expense
Property Lines		3,238
Workers' Compensation and Liability Lines		7,798
Total reinsurance recoverable on unpaid losses and settlement expense		11,036
Total gross unpaid losses and LAE	$	56,838

Reconciliation of Loss Development


(In thousands)	December 31, 2019
Net unpaid losses and settlement expense
Property Lines	$	2,526
Workers' Compensation and Liability Lines		43,276
Total unpaid losses and settlement expense, net of reinsurance		45,802
Reinsurance recoverable on losses and settlement expense
Property Lines		3,238
Workers' Compensation and Liability Lines		7,798
Total reinsurance recoverable on unpaid losses and settlement expense		11,036
Total gross unpaid losses and LAE	$	56,838

Summary of Annual Percentage Payout


	Average annual percentage payout of incurred losses by age, net of reinsurance
	Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9+
Property Lines	71.7%	25.1%	1.7%	-0.5%	-0.2%	1.6%	0.7%	-0.1%	0.2%
Liability Lines	11.5%	19.9%	22.9%	20.5%	12.0%	5.9%	4.0%	1.7%	1.6%
Total Lines	34.4%	21.0%	14.9%	12.4%	7.7%	4.4%	2.8%	1.0%		1.2%

Reconciliation of Unpaid Losses and Settlement Expenses


(In thousands)	2019		2018
Unpaid losses and settlement expense - beginning of the period:
Gross	$	51,447	$	51,074
Less: Ceded		6,736		10,030
Net		44,711		41,044
Increase in incurred losses and settlement expense:
Current year		33,564		29,762
Prior years		151		1,500
Total incurred		33,715		31,262
Deduct: Loss and settlement expense payments for claims incurred:
Current year		15,285		10,450
Prior years		17,339		17,145
Total paid		32,624		27,595
Net unpaid losses and settlement expense - end of the period		45,802		44,711
Plus: Reinsurance recoverable on unpaid losses		11,036		6,736
Gross unpaid losses and settlement expense - end of the period	$	56,838	$	51,447



(In thousands)	2019		2018
Supplemental ceded unpaid losses and settlement expense at end of year disclosure:
Reinsurance balances recoverable on unpaid losses and settlement expenses,
net of allowances for uncollectible amounts of $0 in 2019 and 2018	$	11,036	$	6,736
Less: Reinsurance balances payable		—		—
Reinsurance recoverable on unpaid losses	$	11,036	$	6,736

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Deferred Tax Assets and Deferred Tax Liabilities



	December 31,
	2019		2018
Deferred tax assets:
Tax discounting of claim reserves	$	765,820	$	814,193
Unearned premium reserve		1,264,887		1,255,183
Deferred compensation		140,141		103,178
Provision for uncollectible accounts		21,000		10,500
Net unrealized depreciation of securities		—		420,259
Other		93,631		53,193
Deferred tax assets before allowance		2,285,479		2,656,506
Less valuation allowance		—		—
Total deferred tax assets	$	2,285,479	$	2,656,506
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	$	226,176	$	292,176
Net unrealized appreciation of securities		959,204		—
Deferred policy acquisition costs		1,110,676		1,101,910
Property and equipment		25,093		237,581
Other		3,543		3,441
Total deferred tax liabilities		2,324,692		1,635,108
Net deferred tax (liability) asset	$	(39,213)	$	1,021,398

Schedule of Effective Income Tax Rate Reconciliation



	Years Ended December 31,
	2019		2018
Provision for income taxes at the statutory federal tax rates	$	1,067,128	$	209,870
Increase (reduction) in taxes resulting from:
Dividends received deduction		(22,542)		(35,802)
Tax-exempt interest income		(75,766)		(128,292)
15% proration of tax-exempt interest and dividends received deduction		24,034		40,522
Officer life insurance, net		(14,004)		4,429
Nondeductible expenses		57,980		44,505
Prior year true-ups and other		(249,615)		(29,145)
Total	$	787,215	$	106,087

Statutory Information and Dividend Restrictions (Tables)

12 Months Ended

Dec. 31, 2019

Statutory Information and Dividend Restrictions [Abstract]

Summary of Insurance Subsidiary



	As of and Periods Ended December 31,
	2019		2018
Net income, statutory basis	$	3,037,554	$	1,206,160
Consolidated surplus, statutory basis	$	55,357,446	$	50,552,167

- Definition

Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority.

+ References + Details

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Dec. 31, 2019 USD ($) segment	Dec. 31, 2018 USD ($) segment
Summary Of Significant Accounting Policies [Line Items]
Impairment	$ 0	$ 0
Federal tax rate	21.00%
Reinsurance protection		$ 9,500,000
Operating segments \| segment	1	1
ESOP threshold	1000 hours
Cumulative-effect		$ 1,400,000
Income Tax Expense (Benefit)	$ 787,215	106,087
Available-for-sale Securities [Member]
Summary Of Significant Accounting Policies [Line Items]
Income Tax Expense (Benefit)	677,121	(609,140)
Catastrophe Reinsurance Treaty [Member]
Summary Of Significant Accounting Policies [Line Items]
Reinsurance protection	14,500,000
Excess reinsurance protection	$ 500,000	$ 500,000
Building [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	39 years
Building Improvements [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	15 years
Computer Equipment and Software [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	3 years
Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	26.10%	29.70%
Minimum [Member] \| Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	5 years
Maximum [Member] \| Equipment [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life	7 years

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total cost	$ 8,653,054	$ 8,431,900
Accumulated depreciation	(5,619,706)	(5,099,090)
Net property and equipent	3,033,348	3,332,810
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	505,788	603,046
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	457,218	436,568
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	3,823,416	3,542,339
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 3,866,632	$ 3,849,947

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative-effect adjustment from ASU 2016-01		$ 1,400,000
Total other comprehensive earnings (loss)	$ 3,168,615	(3,808,045)
Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,580,976)	2,227,069
Cumulative-effect adjustment from ASU 2016-01		1,366,297
Adjusted beginning balance	(214,679)	2,227,069
Oher comprehensive earnings (loss) before reclassifications	3,393,585	(3,049,791)
Amount reclassified from accumulated other comprehensive earnings	(224,970)	(758,254)
Total other comprehensive earnings (loss)	3,168,615	(3,808,045)
Balance	$ 2,953,936	$ (1,580,976)

Summary of Significant Accounting Policies (Schedule of Reclassification Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized invesment (gains) losses	$ (1,200,765)	$ (975,993)
Other-than-temporary impairment losses		16,178
Income tax expense	787,215	106,087
Net income (loss)	(4,294,345)	(893,296)
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	(284,772)	(975,993)
Other-than-temporary impairment losses		16,178
Income tax expense	59,802	201,561
Net income (loss)	$ (224,970)	$ (758,254)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Investments (Narrative) (Details)	12 Months Ended
Investments (Narrative) (Details)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($) item	Jul. 31, 2019 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer		$ 655,653
OTTI losses recognized in net earnings	$ 0
Number of OTTI securities \| item		3
Securities pledged	$ 0
Apartment rental units \| item	67	57
Depreciation expense	$ 109,393	$ 95,664
Property held for investment, accumulated depreciation	332,218	222,825
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
FHLBC outstanding balance	0
Promissory note	$ 1,275,000
Amount funded			$ 625,000
Interest rate	6.50%
Term	20 years
Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 9,909,462	13,696,585
Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	13,408,898	$ 10,126,352
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gains	$ 2,350,513
Number of securities in an unrealized loss position \| item		200
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item		0
AFS, Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item	32
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item	14
Unrealized losses for 12 consecutive months or longer	$ 31,679
Securities on deposit with regulatory authorities or banks	$ 3,827,627	$ 3,742,450
Common Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
OTTI impairment losses		$ 16,178

Investments (Summary of Net Investment Income) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net Investment Income [Line Items]
Investment revenue	$ 3,985,153	$ 3,790,266
Less investment expenses	(800,000)	(900,000)
Net investment income	3,185,153	2,890,266
AFS, Fixed Maturity Securities [Member]
Net Investment Income [Line Items]
Investment revenue	2,998,342	2,943,083
Real Estate Investment [Member]
Net Investment Income [Line Items]
Investment revenue	610,642	555,350
Equity Securities [Member]
Net Investment Income [Line Items]
Investment revenue	300,584	266,530
Cash and Short-Term Investments [Domain]
Net Investment Income [Line Items]
Investment revenue	$ 75,585	$ 25,303

Investments (Summary of Recognized Impairments) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Proceeds	$ 27,033,200	$ 16,966,599
Fixed Maturity Securities [Member]
Proceeds	27,033,200	16,966,599
Gains	321,032	122,900
Losses	(36,260)	(78,194)
Net realized gain/(losses)	284,772	44,706
Common Stocks [Member]
Proceeds	8,238,753	11,843,798
Gains	1,443,507	1,290,148
Losses	(527,514)	(363,094)
Net realized gain/(losses)	$ 915,993	927,054
Preferred Stocks [Member]
Proceeds		3,927,722
Gains		86,862
Losses		(82,629)
Net realized gain/(losses)		$ 4,233

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Investments [Abstract]
Due in one year or less, amortized cost	$ 3,228,881
Due after one year through five years, amortized cost	18,956,885
Due after five years through 10 years, amortized cost	15,091,864
Due after 10 years, amortized cost	17,267,874
Asset and mortgage backed securities without a specific due date, amortized cost	33,802,911
Fixed maturity securities, amortized cost	88,348,415	$ 89,252,906
Due in one year or less, fair value	3,244,534
Due after one year through five years, fair value	19,738,798
Due after five years through 10 years, fair value	16,340,507
Due after 10 years, fair value	18,472,738
Asset and mortgage backed securities witout a specific due date, fair value	34,290,995
Fixed maturity securities, fair value	$ 92,087,572	$ 88,981,159

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 88,348,415	$ 89,252,906
AFS securities, amortized cost		102,825,619
Fixed maturity securities, fair value	92,087,572	88,981,159
Equity securities, fair value	14,448,773	11,843,223
AFS securities, fair value		100,824,382
Total AFS securities, gross unrealized gains		1,215,365
Total AFS securities, gross unrealized losses		(3,216,602)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	800,462	1,348,575
Fixed maturity securities, fair value	800,219	1,328,925
Fixed maturity securities, gross unrealized gains	684
Fixed maturity securities, gross unrealized losses	(927)	(19,650)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	33,802,911	34,372,133
Fixed maturity securities, fair value	34,290,995	33,799,024
Fixed maturity securities, gross unrealized gains	540,743	33,955
Fixed maturity securities, gross unrealized losses	(52,659)	(607,064)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	39,442,202	37,383,903
Fixed maturity securities, fair value	41,915,103	37,366,690
Fixed maturity securities, gross unrealized gains	2,482,378	376,029
Fixed maturity securities, gross unrealized losses	(9,477)	(393,242)
Municipal [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	14,302,840	16,148,295
Fixed maturity securities, fair value	15,081,255	16,486,520
Fixed maturity securities, gross unrealized gains	808,081	398,569
Fixed maturity securities, gross unrealized losses	(29,666)	(60,344)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost		89,252,906
AFS securities, amortized cost	88,348,415
Fixed maturity securities, fair value		88,981,159
AFS securities, fair value	92,087,572
Fixed maturity securities, gross unrealized gains		808,553
Total AFS securities, gross unrealized gains	3,831,886
Fixed maturity securities, gross unrealized losses		(1,080,300)
Total AFS securities, gross unrealized losses	$ (92,729)
Common Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity securities, amortized cost		13,572,713
Equity securities, fair value		11,843,223
Equity securities, gross unrealized gains		406,812
Equity securities, gross unrealized losses		(2,136,302)
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Equity securities, amortized cost		13,572,713
Equity securities, fair value		11,843,223
Equity securities, gross unrealized gains		406,812
Equity securities, gross unrealized losses		$ (2,136,302)

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value		$ 42,452,663
Less than 12 months, Cost or amortized cost		45,013,612
Less than 12 months, unrealized loss		(2,560,949)
Greater than 12 months, fair value		19,869,687
Greater than 12 months, Cost or amortized cost		20,525,340
Greater than 12 months, unrealized loss		(655,653)
Fair value		62,322,350
Cost or amortized cost		65,538,952
Unrealized loss		(3,216,602)
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	1,328,925
Greater than 12 months, Cost or amortized cost	700,318	1,348,575
Greater than 12 months, unrealized loss	(927)	(19,650)
Fair value	699,391	1,328,925
Cost or amortized cost	700,318	1,348,575
Unrealized loss	(927)	(19,650)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	6,398,581	16,890,857
Less than 12 months, Cost or amortized cost	6,420,488	17,039,357
Less than 12 months, unrealized loss	(21,907)	(148,500)
Greater than 12 months, fair value	5,056,732	11,956,493
Greater than 12 months, Cost or amortized cost	5,087,484	12,415,057
Greater than 12 months, unrealized loss	(30,752)	(458,564)
Fair value	11,455,313	28,847,350
Cost or amortized cost	11,507,972	29,454,414
Unrealized loss	(52,659)	(607,064)
Corporate [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	1,396,706	14,304,322
Less than 12 months, Cost or amortized cost	1,406,183	14,550,153
Less than 12 months, unrealized loss	(9,477)	(245,831)
Greater than 12 months, fair value		5,745,289
Greater than 12 months, Cost or amortized cost		5,892,700
Greater than 12 months, unrealized loss		(147,411)
Fair value	1,396,706	20,049,611
Cost or amortized cost	1,406,183	20,442,853
Unrealized loss	(9,477)	(393,242)
Municipal [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	1,969,468	3,069,720
Less than 12 months, Cost or amortized cost	1,999,134	3,100,036
Less than 12 months, unrealized loss	(29,666)	(30,316)
Greater than 12 months, fair value		838,980
Greater than 12 months, Cost or amortized cost		869,008
Greater than 12 months, unrealized loss		(30,028)
Fair value	1,969,468	3,908,700
Cost or amortized cost	1,999,134	3,969,044
Unrealized loss	(29,666)	(60,344)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	9,764,755	34,264,899
Less than 12 months, Cost or amortized cost	9,825,805	34,689,546
Less than 12 months, unrealized loss	(61,050)	(424,647)
Greater than 12 months, fair value	5,756,123	19,869,687
Greater than 12 months, Cost or amortized cost	5,787,802	20,525,340
Greater than 12 months, unrealized loss	(31,679)	(655,653)
Fair value	15,520,878	54,134,586
Cost or amortized cost	15,613,607	55,214,886
Unrealized loss	$ (92,729)	(1,080,300)
Common Stocks [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value		8,187,764
Less than 12 months, Cost or amortized cost		10,324,066
Less than 12 months, unrealized loss		(2,136,302)
Fair value		8,187,764
Cost or amortized cost		10,324,066
Unrealized loss		$ (2,136,302)

Fair Value Disclosures (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
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, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	106,536,345	100,824,382
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	$ 0	$ 0

Fair Value Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 106,536,345	$ 100,824,382
US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	800,219	1,328,925
MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	34,290,995	33,799,024
Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	41,915,103	37,366,690
Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	15,081,255	16,486,520
Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	92,087,572	88,981,159
Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	14,448,773	11,843,223
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	15,248,992	13,172,148
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	800,219	1,328,925
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	800,219	1,328,925
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	14,448,773	11,843,223
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	91,287,353	87,652,234
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	34,290,995	33,799,024
Significant Other Observable Inputs (Level 2) \| Corporate [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	41,915,103	37,366,690
Significant Other Observable Inputs (Level 2) \| Municipal [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	15,081,255	16,486,520
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	91,287,353	87,652,234
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0	$ 0

Policy Acquisition Costs (Details) - USD ($)	12 Months Ended
Policy Acquisition Costs (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Policy Acquisition Costs [Abstract]
Deferred policy acquisition costs (DAC), beginning of year	$ 5,247,188	$ 4,592,415
Deferred:
Direct commission	9,172,742	8,938,953
Premium taxes	1,091,575	1,184,884
Ceding commissions	(738,756)	(1,986,128)
Underwriting	891,612	912,589
Net deferred	10,417,173	9,050,298
Amortized	10,395,105	8,395,525
DAC, end of year	5,269,256	5,247,188
Policy acquisition costs:
Amortized to expense	10,395,105	8,395,525
Period costs:
Contingent commission	1,365,254	1,859,311
Other underwriting expenses	8,259,646	7,960,147
Total policy acquisition costs	$ 20,020,005	$ 18,214,983

Debt (Details) - USD ($)	12 Months Ended
Debt (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Jan. 30, 2020
Debt Instrument [Line Items]
Corporate debt	$ 3,475,088	$ 3,484,606
Revolver
Debt Instrument [Line Items]
Interest expense	$ 0	0
Debt maturity	Aug. 05, 2020
Additional bonds pledged as collateral	$ 5,000,000
Maximum borrowing capacity	$ 1,750,000
London Interbank Offered Rate (LIBOR) [Member] \| Revolver
Debt Instrument [Line Items]
Variable interest rate	2.00%
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Revolver
Debt Instrument [Line Items]
Variable interest rate	3.50%
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	$ 3,475,088	$ 3,484,606
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 33,000,000
Subsequent Event [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument			$ 6,000,000

Reinsurance (Narrative) (Details) - USD ($)	12 Months Ended
Reinsurance (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Prepaid reinsurance premiums and recoverables on paid and unpaid losses and settlement expenses	$ 11,036,170	$ 6,735,964
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	0	$ 0
Casualty Business [Member]
Ceded Credit Risk [Line Items]
Excess reinsurance protection	1,000,000
Property [Member]
Ceded Credit Risk [Line Items]
Excess reinsurance protection	500,000
Workers Compensation [Member]
Ceded Credit Risk [Line Items]
Excess reinsurance protection	$ 500,000

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
WRITTEN
Direct	$ 62,982,820	$ 61,125,339
Reinsurance assumed	204,268	168,096
Reinsurance ceded	(9,951,880)	(11,280,526)
Net	53,235,208	50,012,909
EARNED
Direct	62,559,208	57,702,159
Reinsurance assumed	207,685	174,235
Reinsurance ceded	(9,925,127)	(10,759,433)
Net	52,841,766	47,116,961
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	44,334,298	35,263,637
Reinsurance assumed	139,618	77,909
Reinsurance ceded	(10,759,079)	(4,079,084)
Total incurred	$ 33,714,837	$ 31,262,462

Reinsurance (Summary of Net Reinsurance Balances Recoverable) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 9,951,880	$ 11,280,526
Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 12,874,000
Percent of Total	100.00%
Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 9,952,000
Percent of Total	100.00%
All Other Reinsurers Including Anticipated Subrogation [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,531,000
Percent of Total	11.90%
All Other Reinsurers Including Anticipated Subrogation [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,890,000
Percent of Total	19.00%
AM Best, A++ Rating [Member] \| General Reinsurance Corporation [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 677,000
Percent of Total	5.30%
AM Best, A++ Rating [Member] \| General Reinsurance Corporation [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,334,000
Percent of Total	13.40%
AM Best, A+ Rating [Member] \| Hannover Ruckversicherungs [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,386,000
Percent of Total	10.80%
AM Best, A+ Rating [Member] \| Hannover Ruckversicherungs [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,318,000
Percent of Total	13.20%
AM Best, A+ Rating [Member] \| Partner Reinsurance Company [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,362,000
Percent of Total	10.60%
AM Best, A+ Rating [Member] \| Partner Reinsurance Company [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 281,000
Percent of Total	2.80%
AM Best, A+ Rating [Member] \| Everest Reinsurance Company [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,252,000
Percent of Total	9.70%
AM Best, A+ Rating [Member] \| Everest Reinsurance Company [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 781,000
Percent of Total	7.90%
AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 902,000
Percent of Total	7.00%
AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 340,000
Percent of Total	3.40%
AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 709,000
Percent of Total	5.50%
AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Percent of Total	0.00%
AM Best, A+ Rating [Member] \| Axis Reinsurance Company [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 468,000
Percent of Total	3.60%
AM Best, A+ Rating [Member] \| Axis Reinsurance Company [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 408,000
Percent of Total	4.10%
AM Best, A Rating [Member] \| Aspen Insurance UK Ltd [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 2,219,000
Percent of Total	17.20%
AM Best, A Rating [Member] \| Aspen Insurance UK Ltd [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,174,000
Percent of Total	11.80%
AM Best, A Rating [Member] \| Platinum Underwriters [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 1,868,000
Percent of Total	14.50%
AM Best, A Rating [Member] \| Platinum Underwriters [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 1,792,000
Percent of Total	18.00%
AM Best, A Rating [Member] \| Allied World Reinsurance [Member] \| Net Reinsurer Exposure [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Net Reinsurer Exposure	$ 500,000
Percent of Total	3.90%
AM Best, A Rating [Member] \| Allied World Reinsurance [Member] \| Ceded Premiums Written [Member] \| Reinsurer Concentration Risk [Member]
Ceded Credit Risk [Line Items]
Ceded Premiums Written	$ 634,000
Percent of Total	6.40%

Unpaid Losses and Settlement Expenses (Summary of Cumulative Paid Losses and Settlement Expenses) (Details) item in Thousands, $ in Thousands	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 31, 2009 USD ($)
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	$ 239,575
Cumulative paid loss and settlement expenses, net of reinsurance	193,911
Unpaid loss and settlement expense, net of reinsurance	45,802
Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	88,528
Cumulative paid loss and settlement expenses, net of reinsurance	85,992
Unpaid loss and settlement expense, net of reinsurance	2,526
Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		$ 151,047
Cumulative paid loss and settlement expenses, net of reinsurance	107,919
Unpaid loss and settlement expense, net of reinsurance	43,276
2010 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	16,344	16,331	$ 16,330	$ 16,313	$ 16,480	$ 16,819	$ 16,363	$ 15,514	$ 16,144	$ 16,119
Total IBNR plus expected development on reported claims	$ 21
Cumulative number of reported claims \| item	1,580
Cumulative paid loss and settlement expenses, net of reinsurance	$ 16,303	16,219	16,068	15,940	15,551	14,813	13,202	10,584	7,979	4,414
2010 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	4,860	4,862	4,899	4,891	5,006	5,118	4,992	4,831	5,105	5,644
Total IBNR plus expected development on reported claims	$ 14
Cumulative number of reported claims \| item	674
Cumulative paid loss and settlement expenses, net of reinsurance	$ 4,874	4,874	4,874	4,873	4,818	4,791	4,740	4,719	4,584	3,166
2010 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		11,484	11,469	11,431	11,422	11,474	11,701	11,371	10,683	11,039	$ 10,475
Total IBNR plus expected development on reported claims	$ 7
Cumulative number of reported claims \| item	906
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,429	11,345	11,194	11,067	10,733	10,022	8,462	5,865	3,395	1,248
2011 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	18,341	18,355	18,450	18,672	18,831	18,791	18,515	18,834	19,802
Total IBNR plus expected development on reported claims	$ 7
Cumulative number of reported claims \| item	2,011
Cumulative paid loss and settlement expenses, net of reinsurance	$ 18,302	18,250	18,107	17,560	16,678	14,592	12,300	10,112	6,996
2011 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	$ 6,621	6,632	6,631	6,645	6,733	6,752	6,621	6,708	7,427
Cumulative number of reported claims \| item	905
Cumulative paid loss and settlement expenses, net of reinsurance	$ 6,620	6,623	6,623	6,589	6,556	6,520	6,459	6,351	5,327
2011 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		11,720	11,723	11,819	12,027	12,098	12,039	11,894	12,126	12,375
Total IBNR plus expected development on reported claims	$ 7
Cumulative number of reported claims \| item	1,106
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,682	11,627	11,484	10,971	10,122	8,072	5,841	3,761	1,669
2012 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	19,003	19,087	19,256	19,174	18,184	17,813	17,712	19,265
Total IBNR plus expected development on reported claims	$ 20
Cumulative number of reported claims \| item	1,833
Cumulative paid loss and settlement expenses, net of reinsurance	$ 18,748	18,625	18,225	17,239	14,689	11,958	9,422	6,129
2012 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	6,167	6,455	6,411	6,482	6,546	6,406	6,374	6,143
Total IBNR plus expected development on reported claims	$ (6)
Cumulative number of reported claims \| item	672
Cumulative paid loss and settlement expenses, net of reinsurance	$ 6,176	6,469	6,472	6,326	6,362	6,369	6,401	4,949
2012 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		12,836	12,632	12,845	12,692	11,638	11,407	11,338	13,122
Total IBNR plus expected development on reported claims	$ 26
Cumulative number of reported claims \| item	1,161
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,572	12,156	11,753	10,913	8,327	5,589	3,021	1,180
2013 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	22,348	22,140	22,167	21,375	21,459	21,861	21,850
Total IBNR plus expected development on reported claims	$ 90
Cumulative number of reported claims \| item	1,798
Cumulative paid loss and settlement expenses, net of reinsurance	$ 21,835	21,250	20,446	18,661	15,834	12,235	8,435
2013 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	8,272	8,282	8,471	8,415	8,290	8,302	9,266
Total IBNR plus expected development on reported claims	$ 14
Cumulative number of reported claims \| item	637
Cumulative paid loss and settlement expenses, net of reinsurance	$ 8,271	8,272	8,265	8,238	8,200	8,079	6,856
2013 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		14,076	13,858	13,696	12,960	13,169	13,559	12,584
Total IBNR plus expected development on reported claims	$ 76
Cumulative number of reported claims \| item	1,161
Cumulative paid loss and settlement expenses, net of reinsurance	$ 13,564	12,978	12,181	10,423	7,634	4,156	1,579
2014 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	24,781	24,698	24,601	23,139	22,330	22,250
Total IBNR plus expected development on reported claims	$ 311
Cumulative number of reported claims \| item	1,990
Cumulative paid loss and settlement expenses, net of reinsurance	$ 23,707	23,027	21,398	17,261	11,718	7,782
2014 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	7,785	7,817	7,883	7,798	7,586	8,865
Total IBNR plus expected development on reported claims	$ (2)
Cumulative number of reported claims \| item	743
Cumulative paid loss and settlement expenses, net of reinsurance	$ 7,795	7,795	7,796	7,746	7,631	6,243
2014 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		16,996	16,881	16,718	15,341	14,744	13,385
Total IBNR plus expected development on reported claims	$ 313
Cumulative number of reported claims \| item	1,247
Cumulative paid loss and settlement expenses, net of reinsurance	$ 15,912	15,232	13,602	9,515	4,087	1,539
2015 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	22,140	21,496	21,157	21,370	24,289
Total IBNR plus expected development on reported claims	$ 544
Cumulative number of reported claims \| item	1,676
Cumulative paid loss and settlement expenses, net of reinsurance	$ 20,145	18,172	14,874	11,359	6,462
2015 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	7,654	7,634	7,717	7,494	7,693
Total IBNR plus expected development on reported claims	$ 6
Cumulative number of reported claims \| item	563
Cumulative paid loss and settlement expenses, net of reinsurance	$ 7,660	7,645	7,474	7,040	5,057
2015 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		14,486	13,862	13,440	13,876	16,596
Total IBNR plus expected development on reported claims	$ 538
Cumulative number of reported claims \| item	1,113
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,485	10,527	7,400	4,319	1,405
2016 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	25,236	24,612	22,824	25,618
Total IBNR plus expected development on reported claims	$ 1,183
Cumulative number of reported claims \| item	1,636
Cumulative paid loss and settlement expenses, net of reinsurance	$ 20,558	16,426	13,109	7,647
2016 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	8,381	8,372	7,981	8,941
Total IBNR plus expected development on reported claims	$ (13)
Cumulative number of reported claims \| item	582
Cumulative paid loss and settlement expenses, net of reinsurance	$ 8,356	8,236	7,624	6,157
2016 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		16,855	16,240	14,843	16,677
Total IBNR plus expected development on reported claims	$ 1,196
Cumulative number of reported claims \| item	1,054
Cumulative paid loss and settlement expenses, net of reinsurance	$ 12,202	8,190	5,485	1,490
2017 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	29,583	29,371	29,801
Total IBNR plus expected development on reported claims	$ 2,698
Cumulative number of reported claims \| item	1,769
Cumulative paid loss and settlement expenses, net of reinsurance	$ 22,363	18,901	11,578
2017 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	13,741	13,568	13,993
Total IBNR plus expected development on reported claims	$ 214
Cumulative number of reported claims \| item	726
Cumulative paid loss and settlement expenses, net of reinsurance	$ 13,610	13,482	10,055
2017 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		15,842	15,803	15,808
Total IBNR plus expected development on reported claims	$ 2,484
Cumulative number of reported claims \| item	1,043
Cumulative paid loss and settlement expenses, net of reinsurance	$ 8,753	5,419	1,523
2018 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	28,236	29,762
Total IBNR plus expected development on reported claims	$ 5,869
Cumulative number of reported claims \| item	1,851
Cumulative paid loss and settlement expenses, net of reinsurance	$ 16,665	10,450
2018 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	11,114	11,454
Total IBNR plus expected development on reported claims	$ 65
Cumulative number of reported claims \| item	736
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,009	8,487
2018 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		17,122	18,308
Total IBNR plus expected development on reported claims	$ 5,804
Cumulative number of reported claims \| item	1,115
Cumulative paid loss and settlement expenses, net of reinsurance	$ 5,656	1,963
2019 [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	33,563
Total IBNR plus expected development on reported claims	$ 10,688
Cumulative number of reported claims \| item	1,707
Cumulative paid loss and settlement expenses, net of reinsurance	$ 15,285
2019 [Member] \| Property Line [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance	13,933
Total IBNR plus expected development on reported claims	$ (125)
Cumulative number of reported claims \| item	795
Cumulative paid loss and settlement expenses, net of reinsurance	$ 11,621
2019 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Incurred loss and settlement expenses, net of reinsurance		19,630
Total IBNR plus expected development on reported claims	$ 10,813
Cumulative number of reported claims \| item	912
Cumulative paid loss and settlement expenses, net of reinsurance	$ 3,664
Years 2010 Through 2019 [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	45,664
Years 2010 Through 2019 [Member] \| Property Line [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	2,536
Years 2010 Through 2019 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	43,128
Prior To 2010 [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	138
Prior To 2010 [Member] \| Property Line [Member]
Claims Development [Line Items]
Cumulative paid loss and settlement expenses, net of reinsurance		$ 2,010	$ 2,010	$ 2,010	$ 2,010	$ 2,010	$ 2,010	$ 2,010	$ 2,010	$ 2,010
Unpaid losses and settlement expense	(10)
Prior To 2010 [Member] \| Workers Compensation and Liability Lines [Member]
Claims Development [Line Items]
Unpaid losses and settlement expense	$ 148

Unpaid Losses and Settlement Expenses (Reconciliation of Loss Development) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	$ 45,802,000
Reinsurance recoverable on losses and settlement expense	11,036,170	$ 6,735,964	$ 10,030,000
Total gross unpaid losses and LAE	56,838,307	$ 51,447,440	$ 51,074,000
Property Line [Member]
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	2,526,000
Reinsurance recoverable on losses and settlement expense	3,238,000
Workers Compensation and Liability Lines [Member]
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]
Net unpaid losses and settlement expense	43,276,000
Reinsurance recoverable on losses and settlement expense	$ 7,798,000

Unpaid Losses and Settlement Expenses (Summary of Annual Percentage Payout) (Details)	Dec. 31, 2019
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	34.40%
Year 2	21.00%
Year 3	14.90%
Year 4	12.40%
Year 5	7.70%
Year 6	4.40%
Year 7	2.80%
Year 8	1.00%
Property Line [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	71.70%
Year 2	25.10%
Year 3	1.70%
Year 4	(0.50%)
Year 5	(0.20%)
Year 6	1.60%
Year 7	0.70%
Year 8	(0.10%)
Year 9+	0.20%
Liability Lines [Member]
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]
Year 1	11.50%
Year 2	19.90%
Year 3	22.90%
Year 4	20.50%
Year 5	12.00%
Year 6	5.90%
Year 7	4.00%
Year 8	1.70%
Year 9+	1.60%

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 51,447,440	$ 51,074,000
Less: Ceded	6,735,964	10,030,000
Net	45,802,000	44,711,000	$ 45,802,000	$ 44,711,000	$ 41,044,000
Increase in incurred losses and settlement expense:
Current year	33,564,000	29,762,000
Prior years	151,000	1,500,000
Total incurred	33,714,837	31,262,462
Deduct: Loss and settlement expense payments for claims incurred:
Current year	15,285,000	10,450,000
Prior years	17,339,000	17,145,000
Total paid	32,624,000	27,595,000
Net unpaid losses and settlement expense - end of the period	45,802,000	44,711,000
Plus: Reinsurance recoverable on unpaid losses	11,036,170	6,735,964
Gross unpaid losses and settlement expense - end of the period	56,838,307	51,447,440
Supplemental ceded unpaid losses and settlement expense at end of year disclosure:
Reinsurance recoverable on losses and settlement expense	$ 6,735,964	$ 10,030,000	11,036,170	6,735,964	$ 10,030,000
Prepaid Reinsurance Premiums
Reinsurance Recoverables			$ 11,036,170	$ 6,735,964

Income Taxes (Narrative) (Details)	12 Months Ended
Income Taxes (Narrative) (Details)	Dec. 31, 2019 USD ($) item	Dec. 31, 2018
Income Taxes [Abstract]
Federal tax rate	21.00%
Effective tax rate	15.50%	10.60%
Capital loss carryforward	$ 0
Operating loss carryforward	$ 0
Number of open exams \| item	0

Income Taxes (Schedule of Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Tax discounting of claim reserves	$ 765,820	$ 814,193
Unearned premium reserve	1,264,887	1,255,183
Deferred compensation	140,141	103,178
Provision for uncollectible accounts	21,000	10,500
Net unrealized depreciation of securities		420,259
Other	93,631	53,193
Deferred tax assets before allowance	2,285,479	2,656,506
Less valuation allowance
Total deferred tax assets	2,285,479	2,656,506
Deferred tax liabilities:
Transition adjustment for loss reserve discounting	226,176	292,176
Net unrealized appreciation of securities	959,204
Deferred policy acquisition costs	1,110,676	1,101,910
Property and equipment	25,093	237,581
Other	3,543	3,441
Total deferred tax liabilities	2,324,692	1,635,108
Net deferred tax asset		$ 1,021,398
Net deferred tax liability	$ (39,213)

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ 1,067,128	$ 209,870
Increase (reduction) in taxes resulting from:
Dividends received deduction	(22,542)	(35,802)
Tax-exempt interest income	(75,766)	(128,292)
Proration of tax-exempt interest and dividends received deduction	24,034	40,522
Officer life insurance, net	(14,004)	4,429
Nondeductible expenses	57,980	44,505
Prior year true-ups and other	(249,615)	(29,145)
Total income tax expense	$ 787,215	$ 106,087
Proration percentage	15.00%	15.00%

Employee Benefits (Details) - USD ($)		3 Months Ended		12 Months Ended
Employee Benefits (Details) - USD ($)	Mar. 24, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Matching percentage of eligible compensation				4.00%
Employee stock ownership plan, shares	350,000
Employee stock ownership plan, share purchase price	$ 10.00
Compensation expense				$ 324,041	$ 355,836
Shares committed to be released		23,437	23,437	23,437	23,437
Contributions to ESOP		$ 288,538	$ 288,538
Shares committed		1,991	1,867	1,991	1,867
Fair value of unearned ESOP		$ 3,962,789	$ 4,158,955	$ 3,962,789	$ 4,158,955
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share compensation expense				108,115	50,662
Unrecognized compensation expense		196,967	126,008	$ 196,967	$ 126,008
Vesting period				3 years
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	11,700
Fair value of shares granted				$ 15.10	$ 15.10
401(k) Eligible Compensation [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				100.00%
401(k) Profit Sharing [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				25.00%
Total contribution		$ 311,370	239,813	$ 311,370	$ 239,813
Deferred Compensation Agreement [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Discount rate		4.22%		4.22%
Accrued liability		$ 347,987	$ 235,932	$ 347,987	235,932
Deferred compensation benefit (cost)				$ (112,055)	$ 12,549
Deferred Compensation Agreement [Member] \| November 2017 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				25.00%
Deferred Compensation Agreement [Member] \| November 2022 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				50.00%
Deferred Compensation Agreement [Member] \| November 2027 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				75.00%
Deferred Compensation Agreement [Member] \| January 1, 2032 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage				100.00%
Fully vested obligation				$ 1,689,467

Statutory Information and Dividend Restrictions (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statutory Accounting Practices [Line Items]
Authorized control level	$ 6,959,512	$ 6,751,399
Statutory capital and surplus	55,357,446	50,552,167
Dividends To Security Holders [Member]
Statutory Accounting Practices [Line Items]
Dividend payments	0	0
Cash Dividends [Member]
Statutory Accounting Practices [Line Items]
Dividend payments	$ 18,793	$ 6,836

Statutory Information and Dividend Restrictions (Summary of Insurance Subsidiary) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statutory Information and Dividend Restrictions [Abstract]
Net income, statutory basis	$ 3,037,554	$ 1,206,160
Consolidated surplus, statutory basis	$ 55,357,446	$ 50,552,167

Related Party (Details) - USD ($)	12 Months Ended
Related Party (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Scott T. Burgess [Member]
Related Party Transaction [Line Items]
Fees paid to related party	$ 3,794	$ 3,812
Stevens Lee [Member]
Related Party Transaction [Line Items]
Fees paid to related party	41,910	99,591
John R. Klockau [Member]
Related Party Transaction [Line Items]
Fees paid to related party	$ 13,325	$ 15,680

Commitments and Contingent Liabilities (Details)	Dec. 31, 2019 USD ($)
Commitments and Contingent Liabilities [Abstract]
2020	$ 387,717
2021	28,414
2022	25,008
2023	$ 4,195

Subsequent Events (Details) - Subsequent Event [Member] - USD ($)	Jan. 30, 2020	Jan. 28, 2020
Debt Obligation [Member] \| Kevin Harrison [Member]
Subsequent Event [Line Items]
Face amount of debt instrument		$ 650,000
Federal Home Loan Bank of Chicago [Member]
Subsequent Event [Line Items]
Face amount of debt instrument	$ 6,000,000

Schedule II - Condensed Financial Information of Registrant (Balance Sheet) (Details) - USD ($)

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Available for sale securities, at fair value

Fixed maturity securities

$ 92,087,572

$ 88,981,159

Common Stocks

14,448,773

11,843,223

Other invested assets

877,900

154,200

Cash and cash equivalents

6,626,585

4,644,784

Accrued investment income

646,504

648,321

Income taxes - current

192,559

847,271

Income taxes - deferred

1,021,398

Other assets

1,239,794

1,040,193

Total assets

163,003,518

150,283,193

Liabilities:

Debt

3,475,088

3,484,606

Accrued expenses

4,216,988

4,536,218

Income taxes - deferred

39,213

Other liabilities

1,324,273

1,256,003

Total liabilities

96,661,684

91,689,894

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(3,146,576)

(2,999,995)

Additional paid-in capital

32,703,209

32,505,423

Accumulated other comprehensive earnings (loss), net of tax

2,953,936

(1,580,976)

Retained earnings

36,608,750

33,680,702

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,812,485)

(3,046,855)

Total equity

66,341,834

58,593,299

$ 64,101,545

Total liabilities and equity

163,003,518

150,283,193

Parent Company [Member]

Assets

Investment in subsidiaries

70,094,982

60,766,224

Available for sale securities, at fair value

Fixed maturity securities

3,360,454

2,048,604

Common Stocks

1,172,369

812,938

Other invested assets

117,000

115,000

Cash and cash equivalents

791,266

861,739

$ 1,591,979

Due from subsidiaries

385,693

9,292

Accrued investment income

18,124

9,403

Income taxes - current

37,496

438,347

Income taxes - deferred

34,860

Other assets

408,776

679,117

Total assets

76,386,160

65,775,524

Liabilities:

Debt

9,284,640

6,459,293

Accrued expenses

104,618

145,085

Income taxes - deferred

32,529

Other liabilities

622,539

577,847

Total liabilities

10,044,327

7,182,225

Equity:

Common stock

35,000

Treasury stock, at cost

(3,146,576)

(2,999,995)

Additional paid-in capital

32,703,209

32,505,423

Accumulated other comprehensive earnings (loss), net of tax

2,953,936

(1,580,976)

Retained earnings

36,608,750

33,680,702

Less: Unearned Employee Stock Ownership Plan shares at cost

(2,812,485)

(3,046,855)

Total equity

66,341,833

58,593,299

Total liabilities and equity

$ 76,386,160

$ 65,775,524

[1]	Par value $0.01; authorized: 2019 - 10,000,000 shares and 2018 - 10,000,000 shares; issued: 2019 - 3,500,000 and 2018 - 3,500,000 shares; outstanding: 2019 - 3,014,941 and 2018 - 2,992,734 shares.
[2]	2019 - 203,811 shares and 2018 - 196,721 shares
[3]	2019 - 281,248 shares and 2018 - 304,685 shares

Schedule II - Condensed Financial Information of Registrant (Balance Sheet II) (Details) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Information of Registrant [Abstract]
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)	3,014,941	2,992,734
Treasury stock (in shares)	203,811	196,721
Unearned Employee Stock Ownership Plan	281,248	304,685

Schedule II - Condensed Financial Information of Registrant (Statement of Earnings and Comprehensive Earnings) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net investment income	$ 3,185,153	$ 2,890,266
Net realized investment gains	1,200,765	975,993
Other (loss) income	(53,297)	196,649
Consolidated revenues	59,524,900	51,163,691
Policy acquisition costs and other operating expenses	20,020,005	18,214,983
Interest expense on debt	128,790	140,877
General corporate expenses	579,708	545,986
Total expenses	54,443,340	50,164,308
Total income tax expense (benefit)	787,215	106,087
Net loss before equity earnings of subsidiaries	4,294,345	893,296
Net earnings	4,294,345	893,296
Other comprehensive earnings, net of tax	3,168,615	(3,808,045)
Comprehensive earnings (loss)	7,462,960	(2,914,749)
Parent Company [Member]
Net investment income	723,497	897,051
Net realized investment gains	15,695	42,554
Net unrealized losses on equity securities	217,376
Other (loss) income	21,810	(116,397)
Consolidated revenues	978,378	823,208
Policy acquisition costs and other operating expenses	1,749,159	1,639,796
Interest expense on debt	128,790	129,243
General corporate expenses		8,930
Total expenses	1,877,949	1,777,968
Loss before equity earnings of subsidiaries and income taxes	(899,571)	(954,760)
Total income tax expense (benefit)	88,782	(326,055)
Net loss before equity earnings of subsidiaries	(988,353)	(628,705)
Equity earnings in subsidiaries	5,282,698	1,522,001
Net earnings	4,294,345	893,296
Other comprehensive earnings, net of tax	68,144	(264,789)
Equity in other comprehensive income of subsidiaries	3,100,471	(3,543,256)
Comprehensive earnings (loss)	$ 7,462,960	$ (2,914,749)

Schedule II - Condensed Financial Information of Registrant (Statement of Cash Flows) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net earnings	$ 4,294,345	$ 893,296
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized gains	(1,200,765)	(975,993)
Depreciation	794,506	733,493
Deferred income tax	218,322	340,124
Amortization of bond premium and discount	257,685	296,050
Stock-based compensation expense	432,156	406,498
Change in:
Accrued investment income	1,817	39,132
Accrued expenses	(319,230)	262,216
Current federal income tax	654,712	(274,124)
Other	(131,331)	(146,185)
Net cash provided by operating activities	2,531,550	5,773,483
Purchases of:
Fixed maturity securities, available-for-sale	(26,101,621)	(18,697,057)
Other invested assets	(738,300)	(54,200)
Property and equipment	(444,430)	(497,011)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	27,033,200	16,966,599
Property and equipment	58,779	30,277
Net cash used in investing activities	(393,650)	(4,150,621)
Cash flows from financing activities:
Repayments of borrowed funds	(9,518)	(854,602)
Purchase of common stock	(146,581)	(2,999,995)
Net cash used in financing activities	(156,099)	(3,854,597)
Net increase (decrease) in cash and cash equivalents	1,981,801	(2,231,735)
Cash and cash equivalents at beginning of year	4,644,784
Cash and cash equivalents at end of period	6,626,585	4,644,784
Supplemental information:
Federal income tax paid	164,543
Interest paid	128,800	173,053
Parent Company [Member]
Cash flows from operating activities:
Net earnings	4,294,345	893,296
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized gains	(15,695)	(42,554)
Depreciation	363,242	237,134
Deferred income tax	22,911	50,816
Equity in undistributed (income) of subsidiaries	(5,282,698)	(1,522,001)
Amortization of bond premium and discount	7,934	6,624
Stock-based compensation expense	432,156	406,498
Change in:
Due from subsidiaries	(492,051)	106,358
Accrued investment income	(8,721)	(2,763)
Accrued expenses	(40,467)	65,824
Current federal income tax	400,851	(438,347)
Other	315,033	707,864
Net cash provided by operating activities	(3,160)	468,749
Cash flows from investing activities:
Contributions to subsidiaries	(1,461,381)	(770,483)
Purchases of:
Fixed maturity securities, available-for-sale	(1,502,582)	(749,824)
Other invested assets	(2,000)	(15,000)
Property and equipment	(56,022)	(887,574)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	269,076	1,220,578
Property and equipment	33,208	6,790
Net cash used in investing activities	(2,746,079)	(1,162,178)
Cash flows from financing activities:
Proceeds from loan	3,000,000	3,000,000
Repayments of borrowed funds	(174,652)	(36,816)
Purchase of common stock	(146,581)	(2,999,995)
Net cash used in financing activities	2,678,766	(36,811)
Net increase (decrease) in cash and cash equivalents	(70,473)	(730,240)
Cash and cash equivalents at beginning of year	861,739	1,591,979
Cash and cash equivalents at end of period	791,266	861,739
Supplemental information:
Federal income tax paid
Interest paid	159,909	194,680
Common Stocks [Member]
Purchases of:
Stocks	(7,563,198)	(16,974,453)
Proceeds from sales, maturities and calls of:
Stocks	8,238,753	11,843,798
Common Stocks [Member] \| Parent Company [Member]
Purchases of:
Stocks	(367,425)	(1,346,958)
Proceeds from sales, maturities and calls of:
Stocks	$ 341,047	$ 1,380,293

Schedule III - Supplemental Insurance Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	$ 5,269,000	$ 5,247,000
Future policy benefits, losses, claims and loss expenses	56,838,000	51,447,000
Unearned premiums	30,393,000	29,973,000
Other policy and benefits payable	375,000	993,000
Net premiums earned	52,842,000	47,117,000
Net investment income	3,185	2,890
Benefits, claims, losses and settlement expenses	33,715	31,262
Amortization of DAC	10,395	8,396
Other operating expenses	10,333	10,506
Net premiums written	53,235	50,013
Commercial Business [Member]
Supplementary Insurance Information, by Segment [Line Items]
Deferred policy acquisition costs	5,269,000	5,247,000
Future policy benefits, losses, claims and loss expenses	56,838,000	51,447,000
Unearned premiums	30,393,000	29,973,000
Other policy and benefits payable	375,000	993,000
Net premiums earned	52,842,000	47,117,000
Net investment income	3,185	2,890
Benefits, claims, losses and settlement expenses	33,715	31,262
Amortization of DAC	10,395	8,396
Other operating expenses	10,333	10,506
Net premiums written	$ 53,235	$ 50,013

Schedule IV - Reinsurance (Details) - USD ($)	12 Months Ended
Schedule IV - Reinsurance (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Schedule IV - Reinsurance [Abstract]
Gross amount	$ 62,559,208	$ 57,702,159
Ceded to other companies	9,925,127	10,759,433
Assumed from other companies	207,685	174,235
Net	$ 52,841,766	$ 47,116,961
Percentage of amount assumed to net	0.40%	0.40%

Schedule V - Allowance for Uncollectible Premiums and Other Receivables (Details) - Allowance for Uncollectible Premiums and Other Recievables [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Valuation and Qualifying Accounts Disclosure [Line Items]
Beginning balance	$ 50	$ 50
Additions	50
Deletion
Ending balance	$ 100	$ 50

Schedule VI - Supplemental Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule VI - Supplemental Information [Abstract]
Deferred policy acquisition costs	$ 5,269	$ 5,247
Reserve for Losses and settlement expenses	56,838	51,447
Discount if any deducted from reserves
Unearned premium	30,393	29,973
Net earned premiums	52,842	47,117
Net investment income	3,185	2,890
Losses and settlement expenses incurred related to Current year	33,564	29,762
Losses and settlement expenses incurred related to Prior year	151	1,500
Amortization of DAC	10,395	8,396
Paid losses and settlement expenses	(32,624)	(27,595)
Net written premiums	$ 53,235	$ 50,013