0001681903-21-000029 | 10-Q | XBRL Viewer

Income Taxes

6 Months Ended

Jun. 30, 2021

7. INCOME TAXES

The Company’s effective tax rate for the three and six-month periods ended June 30, 2021 were 22.0% and 21.4%, respectively, compared to 20.1% and 22.2% for the same periods in 2020, respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects.

Income tax expense for the three and six-month periods ended June 30, 2021 and 2020 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:



	For the Three-Months Ended
	June 30,
	2021		2020
Provision for income taxes at the statutory federal tax rates	$	151,435	$	205,528
Increase (reduction) in taxes resulting from:
Dividends received deduction		(7,967)		(7,161)
Tax-exempt interest income		(14,753)		(15,784)
Proration of tax-exempt interest and dividends received deduction		5,499		5,600
Nondeductible expenses		24,069		8,725
Officer life insurance, net		167		(170)
Total	$	158,450	$	196,738



	For the Six-Months Ended
	June 30,
	2021		2020
Provision for income taxes at the statutory federal tax rates	$	460,532	$	(321,768)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(16,075)		(13,696)
Tax-exempt interest income		(29,547)		(31,264)
Proration of tax-exempt interest and dividends received deduction		11,063		10,968
Nondeductible expenses		42,095		14,228
Officer life insurance, net		333		633
Total	$	468,401	$	(340,899)

Management believes it is more likely than not that all deferred tax assets will be recovered as the result of future operations, which will generate sufficient taxable income to realize the deferred tax asset.

As of June 30, 2021 and December 31, 2020, the Company does not have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2017 through current year. There are currently no open tax exams.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment	$ 0	$ 0	$ 0	$ 0
Federal tax rate	21.00%	21.00%	21.00%	21.00%
Operating segments \| segment			1
Tax (benefit) expense			$ (304,510)	$ 482,172
Premiums [Member] \| Geographic Concentration Risk [Member] \| Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	24.80%	25.70%	24.80%	26.10%

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total cost	$ 9,119,283	$ 8,940,059
Accumulated depreciation	(6,038,689)	(6,079,728)
Net property and equipment	3,080,594	2,860,331
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	508,381	530,722
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	486,574	491,766
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	4,107,330	3,971,272
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 4,016,998	$ 3,946,299

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net earnings (loss)	$ 1,724,607	$ (1,191,331)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Net realized investment (gains) losses	(536,615)	342,987
Net unrealized (gains) losses on equity securities	(1,605,135)	979,584
Depreciation	321,015	338,409
Deferred income tax	267,950	(145,619)
Amortization of bond premium and discount	143,687	100,619
Stock-based compensation expense	261,827	220,357
Change in:
Accrued investment income	4,582	(33,964)
Premiums and reinsurance balances receivable	(1,352,895)	(2,703,362)
Ceded unearned premiums	(82,340)	(32,249)
Reinsurance balances payable	470,133	1,024,863
Reinsurance balances recoverable	(2,897,838)	(8,426,429)
Deferred policy acquisition costs	(652,178)	(216,763)
Unpaid losses and settlement expenses	2,282,563	9,576,812
Unearned premiums	3,611,517	(179,707)
Accrued expenses	391,232	(1,099,306)
Current federal income tax	179,075	(185,499)
Other	(107,600)	2,404,746
Net cash provided by operating activities	2,423,587	774,148
Purchases of:
Fixed maturity securities, available-for-sale	(12,878,221)	(12,628,366)
Other invested assets	(100,000)	(901,500)
Property held for investment	(994,832)	(1,262,417)
Property and equipment	(481,864)	(175,151)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	6,184,298	9,384,229
Other invested assets	300,000
Property held for investment	1,316,993
Property and equipment	15,135	10,430
Net cash used in investing activities	(9,926,282)	(5,981,649)
Cash flows from financing activities:
Proceeds from loans	9,000,000	11,629,800
Repayments of borrowed funds	(4,005,245)	(4,714)
Purchase of treasury stock	(92,414)	(15,958)
Net cash provided by financing activities	4,902,341	11,609,128
Net (decrease) increase in cash and cash equivalents	(2,600,354)	6,401,627
Cash and cash equivalents at beginning of year	6,598,842	6,626,585
Cash and cash equivalents at end of period	3,998,488	13,028,212
Supplemental information:
Interest paid	108,800	82,000
Common Stocks [Member]
Purchases of:
Equity securities	(5,259,415)	(2,173,439)
Proceeds from sales, maturities and calls of:
Equity securities	1,964,835	3,260,997
Preferred Stock [Member]
Purchases of:
Equity securities	(333,734)	(1,641,922)
Proceeds from sales, maturities and calls of:
Equity securities	$ 340,523	$ 145,490

Fair Value Disclosures

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Disclosures

3. FAIR VALUE DISCLOSURES

Fair value is defined as the price in the principal market that would be received for an asset to facilitate an orderly transaction between market participants on the measurement date. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value.

The following are the levels of the fair value hierarchy and a brief description of the type of valuation inputs that are used to establish each level:

Level 1 is applied to valuations based on readily available, unadjusted quoted prices in active markets for identical assets.

Level 2 is applied to valuations based upon quoted prices for similar assets in active markets, quoted prices for identical or similar assets in inactive markets; or valuations based on models where the significant inputs are observable (e.g. interest rates, yield curves, prepayment speeds, default rates, loss severities) or can be corroborated by observable market data.

Level 3 is applied to valuations that are derived from techniques in which one or more of the significant inputs are unobservable. Financial assets are classified based upon the lowest level of significant input that is used to determine fair value.

As a part of the process to determine fair value, management utilizes widely recognized, third-party pricing sources to determine fair values. Management has obtained an understanding of the third-party pricing sources’ valuation methodologies and inputs. The following is a description of the valuation techniques used for financial assets that are measured at fair value, including the general classification of such assets pursuant to the fair value hierarchy.

Corporate, Agencies, and Municipal Bonds—The pricing vendor employs a multi-dimensional model which uses standard inputs including (listed in order of priority for use) benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, market bids/offers and other reference data. The pricing vendor also monitors market indicators, as well as industry and economic events. All bonds valued using these techniques are classified as Level 2. All Corporate, Agencies, and Municipal securities are deemed Level 2.

Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS)—The pricing vendor evaluation methodology includes principally interest rate movements and new issue data. Evaluation of the tranches (non-volatile, volatile, or credit sensitivity) is based on the pricing vendors’ interpretation of accepted modeling and pricing conventions. This information is then used to determine the cash flows for each tranche, benchmark yields, pre-payment assumptions and to incorporate collateral performance. To evaluate CMO volatility, an option adjusted spread model is used in combination with models that simulate interest rate paths to determine market price information. This process allows the pricing vendor to obtain evaluations of a broad universe of securities in a way that reflects changes in yield curve, index rates, implied volatility, mortgage rates, and recent trade activity. MBS, CMBS, CMO and ABS with corroborated and observable inputs are classified as Level 2. All MBS, CMBS, CMO and ABS holdings are deemed Level 2.

U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds—U.S. treasury bonds and exchange traded equities have readily observable price levels and are classified as Level 1 (fair value based on quoted market prices). All common stock holdings are deemed Level 1.

Preferred Stock—Preferred stocks do not have readily observable prices, but do have quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices and are classified as Level 2. All preferred stock holdings are deemed Level 2.

Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets as well as debt obligations are carried at face value and given that there is no readily available market for these to trade in, management believes that face value accurately reflects fair value.

Assets measured at fair value on a recurring basis as of June 30, 2021, are summarized below:



			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,364,586	$	—	$	—	$	1,364,586
MBS/ABS/CMBS		—		44,137,083		—		44,137,083
Corporate		—		45,505,345		—		45,505,345
Municipal		—		19,605,726		—		19,605,726
Redeemable preferred stocks		—		236,748		—		236,748
Total fixed maturity securities		1,364,586		109,484,902		—		110,849,488
Equity securities
Common stocks		20,013,057		—		—		20,013,057
Perpetual preferred stocks		—		1,685,275		—		1,685,275
Total equity securities		20,013,057		1,685,275		—		21,698,332
Total marketable investments measured at fair value	$	21,377,643	$	111,170,177	$	—	$	132,547,820

Assets measured at fair value on a recurring basis as of December 31, 2020, are summarized below:


			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,385,406	$	—	$	—	$	1,385,406
MBS/ABS/CMBS		—		41,743,304		—		41,743,304
Corporate		—		43,580,743		—		43,580,743
Municipal		—		18,788,674		—		18,788,674
Redeemable preferred stocks		—		242,439		—		242,439
Total fixed maturity securities		1,385,406		104,355,160		—		105,740,566
Equity securities
Common stocks		14,724,814		—		—		14,724,814
Perpetual preferred stocks		—		1,683,892		—		1,683,892
Total equity securities		14,724,814		1,683,892		—		16,408,706
Total marketable investments measured at fair value	$	16,110,220	$	106,039,052	$	—	$	122,149,272

As noted in the previous tables, the Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2021 and December 31, 2020. Additionally, there were no securities transferred in or out of Levels 1 or 2 during the six-month periods ended June 30, 2021 and 2020.

- 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

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Condensed Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 105,311,994	$ 98,753,027
Property held for investment, accumulated depreciation	408,351	465,364
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	150,000	150,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,038,689	$ 6,079,728
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)	3,294,623	3,291,125
Treasury stock (in shares)	205,377	208,875
Unearned Employee Stock Ownership Plan	246,189	257,811

Investments (Summary of Recognized Impairments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Proceeds			$ 6,184,298	$ 9,384,229
Fixed Maturity Securities [Member]
Proceeds	$ 2,699,867	$ 5,581,636	6,184,298	9,384,229
Gains	18,137	111,782	19,456	345,475
Losses	(9,553)		(9,582)	(926)
Net realized gain/(losses)	8,584	111,782	9,874	344,549
Common Stocks [Member]
Proceeds	1,277,820	2,736,179	1,964,835	3,260,997
Gains	342,408	329,296	554,769	376,422
Losses	(33,342)	(882,526)	(65,739)	(1,056,025)
Net realized gain/(losses)	309,065	(553,230)	489,030	(679,603)
Preferred Stock [Member]
Proceeds	262,054	53,652	340,523	145,490
Gains	32,256	2,829	37,711	2,829
Losses				(10,762)
Net realized gain/(losses)	$ 32,256	$ 2,829	$ 37,711	$ (7,933)

Fair Value Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0	$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	132,547,820	122,149,272
Fair Value, Measurements, Recurring [Member] \| US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,364,586	1,385,406
Fair Value, Measurements, Recurring [Member] \| MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	44,137,083	41,743,304
Fair Value, Measurements, Recurring [Member] \| Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	45,505,345	43,580,743
Fair Value, Measurements, Recurring [Member] \| State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	19,605,726	18,788,674
Fair Value, Measurements, Recurring [Member] \| Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	236,748	242,439
Fair Value, Measurements, Recurring [Member] \| Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	110,849,488	105,740,566
Fair Value, Measurements, Recurring [Member] \| Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	20,013,057	14,724,814
Fair Value, Measurements, Recurring [Member] \| Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,685,275	1,683,892
Fair Value, Measurements, Recurring [Member] \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	21,698,332	16,408,706
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	21,377,643	16,110,220
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,364,586	1,385,406
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,364,586	1,385,406
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	20,013,057	14,724,814
Fair Value, Measurements, Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	20,013,057	14,724,814
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	111,170,177	106,039,052
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| MBS/ABS/CMBS [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	44,137,083	41,743,304
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	45,505,345	43,580,743
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	19,605,726	18,788,674
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Redeemable Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	236,748	242,439
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Fixed Maturity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	109,484,902	104,355,160
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Perpetual Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,685,275	1,683,892
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 1,685,275	$ 1,683,892

Unpaid Losses and Settlement Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Unpaid Losses and Settlement Expenses [Abstract]

Reconciliation of Unpaid Losses and Settlement Expenses


	For the Three-Months Ended
	June 30,
(In thousands)	2021		2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,808	$	58,274
Less: Ceded		14,011		11,318
Net		47,797		46,956
Increase in incurred losses and settlement expense:
Current year		8,094		8,294
Prior years		570		914
Total incurred		8,664		9,208
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,523		4,444
Prior years		4,998		4,768
Total paid		8,521		9,212
Net unpaid losses and settlement expense - end of the period		47,940		46,952
Plus: Reinsurance recoverable on unpaid losses		15,918		19,463
Gross unpaid losses and settlement expense - end of the period	$	63,858	$	66,415



	For the Six-Months Ended
	June 30,
(In thousands)	2021		2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,576	$	56,838
Less: Ceded		13,020		11,036
Net		48,556		45,802
Increase in incurred losses and settlement expense:
Current year		15,236		14,540
Prior years		1,231		2,511
Total incurred		16,467		17,051
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,811		5,649
Prior years		12,272		10,252
Total paid		17,083		15,901
Net unpaid losses and settlement expense - end of the period		47,940		46,952
Plus: Reinsurance recoverable on unpaid losses		15,918		19,463
Gross unpaid losses and settlement expense - end of the period	$	63,858	$	66,415

Investments (Tables)

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Summary of Recognized Impairments



	For the Three-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2021
Fixed maturity securities	$	2,699,867	$	18,137	$	(9,553)	$	8,584
Common stocks		1,277,820		342,408		(33,342)		309,065
Preferred stocks		262,054		32,256		—		32,256
2020
Fixed maturity securities	$	5,581,636	$	111,782	$	—	$	111,782
Common stocks		2,736,179		329,296		(882,526)		(553,230)
Preferred stocks		53,652		2,829		—		2,829



	For the Six-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2021
Fixed maturity securities	$	6,184,298	$	19,456	$	(9,582)	$	9,874
Common stocks		1,964,835		554,769		(65,739)		489,030
Preferred stocks		340,523		37,711		—		37,711
2020
Fixed maturity securities	$	9,384,229	$	345,475	$	(926)	$	344,549
Common stocks		3,260,997		376,422		(1,056,025)		(679,603)
Preferred stocks		145,490		2,829		(10,762)		(7,933)

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



	Amortized Cost		Fair Value
Due in one year or less	$	1,850,255	$	1,880,743
Due after one year through five years		21,414,895		22,649,135
Due after five years through 10 years		15,113,009		16,491,383
Due after 10 years		23,403,945		25,454,396
Asset and mortgage backed securities without a specific due date		43,314,085		44,137,082
Redeemable preferred stocks		215,805		236,749
Total fixed maturity securities	$	105,311,994	$	110,849,488

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



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2021
Fixed maturity securities:
U.S. Treasury	$	1,352,403	$	1,364,586	$	21,769	$	(9,586)
MBS/ABS/CMBS		43,314,085		44,137,083		1,033,712		(210,714)
Corporate		42,105,796		45,505,345		3,460,240		(60,691)
Municipal		18,323,904		19,605,726		1,301,359		(19,537)
Redeemable preferred stock		215,805		236,748		20,943		—
Total fixed maturity securities	$	105,311,994	$	110,849,488	$	5,838,023	$	(300,528)



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2020
Fixed maturity securities:
U.S. Treasury	$	1,352,758	$	1,385,406	$	33,336	$	(688)
MBS/ABS/CMBS		40,509,172		41,743,304		1,367,411		(133,279)
Corporate		39,186,671		43,580,743		4,429,000		(34,928)
Municipal		17,488,621		18,788,674		1,316,358		(16,305)
Redeemable preferred stock		215,805		242,439		26,634		—
Total fixed maturity securities	$	98,753,027	$	105,740,566	$	7,172,739	$	(185,200)

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



	June 30, 2021						December 31, 2020
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	690,953	$	—	$	690,953	$	299,391	$	—	$	299,391
Amortized cost		700,539		—		700,539		300,078		—		300,078
Unrealized loss		(9,586)		—		(9,586)		(688)		—		(688)
MBS/ABS/CMBS
Fair value		14,308,570		1,102,402		15,410,972		7,120,339		2,010,434		9,130,773
Amortized cost		14,439,762		1,181,924		15,621,686		7,236,360		2,027,692		9,264,052
Unrealized loss		(131,192)		(79,522)		(210,714)		(116,021)		(17,258)		(133,279)
Corporate
Fair value		3,763,888		—		3,763,888		1,739,691		—		1,739,691
Amortized cost		3,824,579		—		3,824,579		1,774,619		—		1,774,619
Unrealized loss		(60,691)		—		(60,691)		(34,928)		—		(34,928)
Municipal
Fair value		1,254,074		—		1,254,074		756,678		—		756,678
Amortized cost		1,273,611		—		1,273,611		772,984		—		772,984
Unrealized loss		(19,537)		—		(19,537)		(16,306)		—		(16,306)
Total
Fair value		20,017,485		1,102,402		21,119,887		9,916,099		2,010,434		11,926,533
Amortized cost		20,238,491		1,181,924		21,420,415		10,084,041		2,027,692		12,111,733
Unrealized loss	$	(221,006)	$	(79,522)	$	(300,528)	$	(167,942)	$	(17,258)	$	(185,200)

Reinsurance

6 Months Ended

Jun. 30, 2021

Reinsurance [Abstract]

Reinsurance

5. REINSURANCE

In the ordinary course of business, the Company assumes and cedes premiums and selected insured risks with other insurance companies, known as reinsurance. A large portion of the reinsurance is put into effect under contracts known as treaties and, in some instances, by negotiation on each individual risk (known as facultative reinsurance). In addition, there are several types of treaties including quota share, excess of loss and catastrophe reinsurance contracts that protect against losses over stipulated amounts arising from any one occurrence or event. The arrangements allow the Company to pursue greater diversification of business and serve to limit the maximum net loss to a single event, such as a catastrophe. Through the quantification of exposed policy limits in each region and the extensive use of computer-assisted modeling techniques, management monitors the concentration of risks exposed to catastrophic events.

Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $1,000,000 for casualty and workers’ compensation business and $750,000 for property, although certain treaties contain an annual aggregate deductible before reinsurance applies.

Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows:



	Three-Month Periods Ended June 30,
	2021		2020
WRITTEN
Direct	$	18,516,434	$	14,911,845
Reinsurance assumed		(34,245)		25,839
Reinsurance ceded		(2,898,257)		(3,215,430)
Net	$	15,583,932	$	11,722,254
EARNED
Direct	$	15,576,595	$	14,521,350
Reinsurance assumed		(26,862)		20,347
Reinsurance ceded		(2,816,926)		(3,166,951)
Net	$	12,732,807	$	11,374,746
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	12,038,753	$	18,072,820
Reinsurance assumed		(15,194)		11,818
Reinsurance ceded		(3,359,279)		(8,876,154)
Net	$	8,664,280	$	9,208,484



	Six-Month Periods Ended June 30,
	2021		2020
WRITTEN
Direct	$	33,688,469	$	29,706,379
Reinsurance assumed		(6,347)		63,373
Reinsurance ceded		(5,371,425)		(5,592,974)
Net	$	28,310,697	$	24,176,778
EARNED
Direct	$	30,058,645	$	29,884,164
Reinsurance assumed		11,960		65,296
Reinsurance ceded		(5,289,085)		(5,560,725)
Net	$	24,781,520	$	24,388,735
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	22,806,187	$	26,834,499
Reinsurance assumed		10,251		38,336
Reinsurance ceded		(6,349,452)		(9,822,269)
Net	$	16,466,986	$	17,050,566

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Aug. 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-38046
Entity Registrant Name	ICC Holdings, Inc.
Entity Central Index Key	0001681903
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	81-3359409
Entity Address, Address Line One	225 20th Street
Entity Address, City or Town	Rock Island
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61201
City Area Code	309
Local Phone Number	793-1700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ICCH
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		3,294,366
Amendment Flag	false

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Notes to Unaudited Condensed 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-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; and Illinois Casualty Company (ICC), an operating insurance company that is the parent company of ICC Properties, LLC, a real estate series limited liability company. Both ICC and ICC Properties, LLC are Illinois domiciled companies.

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 Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 24.8% and 25.7% of the premium is written in Illinois for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, approximately 24.8% and 26.1%, respectively, of the premium is written in Illinois. The Company operates as one segment.

B. PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2020 (the “2020 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2021, and the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.

The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.

C. SIGNIFICANT ACCOUNTING POLICIES

The Company reported its significant accounting policies in the 2020 10-K.

D. PROSPECTIVE ACCOUNTING STANDARDS

For information regarding accounting standards that the Company has not yet adopted, see the “Prospective Accounting Standards” in Note 1 – Summary of Significant Accounting Policies in the 2020 10-K. The Company maintains its status as an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). We have taken advantage of the extended transition period provided by Section 107 of the JOBS Act. We decided to comply with the effective dates for financial accounting standards applicable to emerging growth companies later in compliance with the requirements in Sections 107(b)(2) and (3) of the JOBS Act. Such decision is irrevocable.

E. PROPERTY AND EQUIPMENT

Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2021 and 2020, the Company recognized no impairments. Property and equipment are summarized as follows:



	As of
	June 30,		December 31,
	2021		2020
Automobiles	$	508,381	$	530,722
Furniture and fixtures		486,574		491,766
Computer equipment and software		4,107,330		3,971,272
Home office		4,016,998		3,946,299
Total cost		9,119,283		8,940,059
Accumulated depreciation		(6,038,689)		(6,079,728)
Net property and equipment	$	3,080,594	$	2,860,331

F. COMPREHENSIVE EARNINGS

Comprehensive earnings (loss) include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) expense of $(304,510) and $482,172 for the six months ended June 30, 2021 and 2020, respectively.

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


	Six-Months Ended June 30,
	2021		2020
Beginning balance	$	5,520,091	$	2,953,936

Other comprehensive (loss) earnings before reclassification		(1,137,734)		2,086,077
Amount reclassified from accumulated other comprehensive (loss) earnings		(7,801)		(272,194)
Net current period other comprehensive (loss) earnings		(1,145,535)		1,813,883
Ending balance	$	4,374,556	$	4,767,819

The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.



	Three-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding gains arising during the period	$	1,376,922	$	(289,153)	$	1,087,769	$	4,573,465	$	(960,428)	$	3,613,037
Reclassification adjustment for gains included in net earnings		(8,584)		1,802		(6,782)		(111,782)		23,474		(88,308)
Total other comprehensive earnings	$	1,368,338	$	(287,351)	$	1,080,987	$	4,461,683	$	(936,953)	$	3,524,729

‎



	Six-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive (loss) earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding (losses) gains arising during the period	$	(1,440,170)	$	302,436	$	(1,137,734)	$	2,640,604	$	(554,527)	$	2,086,077
Reclassification adjustment for gains included in net earnings		(9,874)		2,073		(7,801)		(344,549)		72,355		(272,194)
Total other comprehensive (loss) earnings	$	(1,450,044)	$	304,509	$	(1,145,535)	$	2,296,055	$	(482,172)	$	1,813,883

The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings

	Three-Month Periods Ended				Six-Month Periods Ended
Details about Accumulated Other	June 30,				June 30,					Affected Line Item in the Statement
Comprehensive Earnings Component	2021		2020		2021		2020			where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(8,584)	$	(111,782)	$	(9,874)		$	(344,549)		Net realized investment (gains)
		1,802		23,474		2,073			72,355		Income tax expense
Total reclassification adjustment, net of tax	$	(6,782)	$	(88,308)	$	(7,801)		$	(272,194)

G. RISKS AND UNCERTAINTIES

Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID-19 pandemic has resulted in, and could continue to result in, significant disruptions in economic activity and financial markets. The cumulative effects of COVID-19 on the Company, and the effect of any other public health outbreak, cannot be predicted, but could reduce demand for our insurance policies, result in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Summary of Significant Accounting Policies [Abstract]

Summary of Property, Plant and Equipment



	As of
	June 30,		December 31,
	2021		2020
Automobiles	$	508,381	$	530,722
Furniture and fixtures		486,574		491,766
Computer equipment and software		4,107,330		3,971,272
Home office		4,016,998		3,946,299
Total cost		9,119,283		8,940,059
Accumulated depreciation		(6,038,689)		(6,079,728)
Net property and equipment	$	3,080,594	$	2,860,331

Accumulated Other Comprehensive Earnings (Loss)


	Six-Months Ended June 30,
	2021		2020
Beginning balance	$	5,520,091	$	2,953,936

Other comprehensive (loss) earnings before reclassification		(1,137,734)		2,086,077
Amount reclassified from accumulated other comprehensive (loss) earnings		(7,801)		(272,194)
Net current period other comprehensive (loss) earnings		(1,145,535)		1,813,883
Ending balance	$	4,374,556	$	4,767,819

Summary of Components of Other Comprehensive Earnings



	Three-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding gains arising during the period	$	1,376,922	$	(289,153)	$	1,087,769	$	4,573,465	$	(960,428)	$	3,613,037
Reclassification adjustment for gains included in net earnings		(8,584)		1,802		(6,782)		(111,782)		23,474		(88,308)
Total other comprehensive earnings	$	1,368,338	$	(287,351)	$	1,080,987	$	4,461,683	$	(936,953)	$	3,524,729

‎



	Six-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive (loss) earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding (losses) gains arising during the period	$	(1,440,170)	$	302,436	$	(1,137,734)	$	2,640,604	$	(554,527)	$	2,086,077
Reclassification adjustment for gains included in net earnings		(9,874)		2,073		(7,801)		(344,549)		72,355		(272,194)
Total other comprehensive (loss) earnings	$	(1,450,044)	$	304,509	$	(1,145,535)	$	2,296,055	$	(482,172)	$	1,813,883

Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings



Amounts Reclassified from
Accumulated Other Comprehensive Earnings

	Three-Month Periods Ended				Six-Month Periods Ended
Details about Accumulated Other	June 30,				June 30,					Affected Line Item in the Statement
Comprehensive Earnings Component	2021		2020		2021		2020			where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(8,584)	$	(111,782)	$	(9,874)		$	(344,549)		Net realized investment (gains)
		1,802		23,474		2,073			72,355		Income tax expense
Total reclassification adjustment, net of tax	$	(6,782)	$	(88,308)	$	(7,801)		$	(272,194)

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Taxes [Abstract]

Schedule of Effective Income Tax Rate Reconciliation



	For the Three-Months Ended
	June 30,
	2021		2020
Provision for income taxes at the statutory federal tax rates	$	151,435	$	205,528
Increase (reduction) in taxes resulting from:
Dividends received deduction		(7,967)		(7,161)
Tax-exempt interest income		(14,753)		(15,784)
Proration of tax-exempt interest and dividends received deduction		5,499		5,600
Nondeductible expenses		24,069		8,725
Officer life insurance, net		167		(170)
Total	$	158,450	$	196,738



	For the Six-Months Ended
	June 30,
	2021		2020
Provision for income taxes at the statutory federal tax rates	$	460,532	$	(321,768)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(16,075)		(13,696)
Tax-exempt interest income		(29,547)		(31,264)
Proration of tax-exempt interest and dividends received deduction		11,063		10,968
Nondeductible expenses		42,095		14,228
Officer life insurance, net		333		633
Total	$	468,401	$	(340,899)

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

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

Significant Accounting Policies

C. SIGNIFICANT ACCOUNTING POLICIES

The Company reported its significant accounting policies in the 2020 10-K.

Prospective Accounting Standards

D. PROSPECTIVE ACCOUNTING STANDARDS

Property and Equipment

E. PROPERTY AND EQUIPMENT



	As of
	June 30,		December 31,
	2021		2020
Automobiles	$	508,381	$	530,722
Furniture and fixtures		486,574		491,766
Computer equipment and software		4,107,330		3,971,272
Home office		4,016,998		3,946,299
Total cost		9,119,283		8,940,059
Accumulated depreciation		(6,038,689)		(6,079,728)
Net property and equipment	$	3,080,594	$	2,860,331

Comprehensive Earnings

F. COMPREHENSIVE EARNINGS

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


	Six-Months Ended June 30,
	2021		2020
Beginning balance	$	5,520,091	$	2,953,936

Other comprehensive (loss) earnings before reclassification		(1,137,734)		2,086,077
Amount reclassified from accumulated other comprehensive (loss) earnings		(7,801)		(272,194)
Net current period other comprehensive (loss) earnings		(1,145,535)		1,813,883
Ending balance	$	4,374,556	$	4,767,819

The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements.



	Three-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding gains arising during the period	$	1,376,922	$	(289,153)	$	1,087,769	$	4,573,465	$	(960,428)	$	3,613,037
Reclassification adjustment for gains included in net earnings		(8,584)		1,802		(6,782)		(111,782)		23,474		(88,308)
Total other comprehensive earnings	$	1,368,338	$	(287,351)	$	1,080,987	$	4,461,683	$	(936,953)	$	3,524,729

‎



	Six-Month Periods Ended June 30,
	2021						2020
	Pre-tax		Tax		After-tax		Pre-tax		Tax		After-tax
Other comprehensive (loss) earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding (losses) gains arising during the period	$	(1,440,170)	$	302,436	$	(1,137,734)	$	2,640,604	$	(554,527)	$	2,086,077
Reclassification adjustment for gains included in net earnings		(9,874)		2,073		(7,801)		(344,549)		72,355		(272,194)
Total other comprehensive (loss) earnings	$	(1,450,044)	$	304,509	$	(1,145,535)	$	2,296,055	$	(482,172)	$	1,813,883

The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented:



Amounts Reclassified from
Accumulated Other Comprehensive Earnings

	Three-Month Periods Ended				Six-Month Periods Ended
Details about Accumulated Other	June 30,				June 30,					Affected Line Item in the Statement
Comprehensive Earnings Component	2021		2020		2021		2020			where Net Earnings is Presented
Unrealized (gains) on AFS investments:
	$	(8,584)	$	(111,782)	$	(9,874)		$	(344,549)		Net realized investment (gains)
		1,802		23,474		2,073			72,355		Income tax expense
Total reclassification adjustment, net of tax	$	(6,782)	$	(88,308)	$	(7,801)		$	(272,194)

Risks and Uncertainties

G. RISKS AND UNCERTAINTIES

Income Taxes (Narrative) (Details)	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020	Jun. 30, 2021 USD ($) item	Jun. 30, 2020	Dec. 31, 2020 USD ($)
Income Taxes [Abstract]
Federal tax rate	21.00%	21.00%	21.00%	21.00%
Effective tax rate	22.00%	20.10%	21.40%	22.20%
Capital loss carryforward	$ 0		$ 0		$ 0
Operating loss carryforward	$ 0		$ 0		$ 0
Number of open exams \| item	0		0

Unpaid Losses and Settlement Expenses (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense	$ 988,000
Increase in net unpaid losses and settlement expense, percent	2.10%
Liquor Liability And Business Owners Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense	$ 1,231,000
Liquor Liability And Umbrella Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense		$ 2,511,000

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 1,850,255
Due after one year through five years, amortized cost	21,414,895
Due after five years through 10 years, amortized cost	15,113,009
Due after 10 years, amortized cost	23,403,945
Fixed maturity securities, amortized cost	105,311,994	$ 98,753,027
Due in one year or less, fair value	1,880,743
Due after one year through five years, fair value	22,649,135
Due after five years through 10 years, fair value	16,491,383
Due after 10 years, fair value	25,454,396
Fixed maturity securities, fair value	110,849,488	$ 105,740,566
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	43,314,085
Other, fair value	44,137,082
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	215,805
Other, fair value	$ 236,749

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 20,017,485	$ 9,916,099
Less than 12 months, Cost or amortized cost	20,238,491	10,084,041
Less than 12 months, unrealized loss	(221,006)	(167,942)
Greater than 12 months, fair value	1,102,402	2,010,434
Greater than 12 months, Cost or amortized cost	1,181,924	2,027,692
Greater than 12 months, unrealized loss	(79,522)	(17,258)
Fair value	21,119,887	11,926,533
Cost or amortized cost	21,420,415	12,111,733
Unrealized loss	(300,528)	(185,200)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	690,953	299,391
Less than 12 months, Cost or amortized cost	700,539	300,078
Less than 12 months, unrealized loss	(9,586)	(688)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	690,953	299,391
Cost or amortized cost	700,539	300,078
Unrealized loss	(9,586)	(688)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	14,308,570	7,120,339
Less than 12 months, Cost or amortized cost	14,439,762	7,236,360
Less than 12 months, unrealized loss	(131,192)	(116,021)
Greater than 12 months, fair value	1,102,402	2,010,434
Greater than 12 months, Cost or amortized cost	1,181,924	2,027,692
Greater than 12 months, unrealized loss	(79,522)	(17,258)
Fair value	15,410,972	9,130,773
Cost or amortized cost	15,621,686	9,264,052
Unrealized loss	(210,714)	(133,279)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	3,763,888	1,739,691
Less than 12 months, Cost or amortized cost	3,824,579	1,774,619
Less than 12 months, unrealized loss	(60,691)	(34,928)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	3,763,888	1,739,691
Cost or amortized cost	3,824,579	1,774,619
Unrealized loss	(60,691)	(34,928)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	1,254,074	756,678
Less than 12 months, Cost or amortized cost	1,273,611	772,984
Less than 12 months, unrealized loss	(19,537)	(16,306)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	1,254,074	756,678
Cost or amortized cost	1,273,611	772,984
Unrealized loss	(19,537)	$ (16,306)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Greater than 12 months, unrealized loss	$ (79,522)

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized investment (gains) losses	$ (349,906)	$ 438,619	$ (536,615)	$ 342,987
Income tax expense	158,450	196,738	468,401	(340,899)
Net income (loss)			(1,724,607)	1,191,331
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 investment (gains) losses	(8,584)	(111,782)	(9,874)	(344,549)
Income tax expense	1,802	23,474	2,073	72,355
Net income (loss)	$ (6,782)	$ (88,308)	$ (7,801)	$ (272,194)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies (Summary of Components of Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Summary of Significant Accounting Policies [Abstract]
Unrealized holding (losses) gains arising during the period, Pre-tax	$ 1,376,922	$ 4,573,465	$ (1,440,170)	$ 2,640,604
Reclassification adjustment for (gains) losses included in net earnings, Pre-tax	(8,584)	(111,782)	(9,874)	(344,549)
Total other comprehensive (loss) earnings, Pre-tax	1,368,338	4,461,683	(1,450,044)	2,296,055
Unrealized holding (losses) gains arising during the period, Tax	(289,153)	(960,428)	302,436	(554,527)
Reclassification adjustment for (gains) losses included in net earnings, Tax	1,802	23,474	2,073	72,355
Total other comprehensive (loss) earnings, Tax	(287,351)	(936,953)	304,509	(482,172)
Unrealized holding (losses) gains arising during the period, After-tax	1,087,769	3,613,037	(1,137,734)	2,086,077
Reclassification adjustment for (gains) losses included in net earnings, After-tax	(6,782)	(88,308)	(7,801)	(272,194)
Net current period other comprehensive loss	$ 1,080,987	$ 3,524,729	$ (1,145,535)	$ 1,813,883

Debt

6 Months Ended

Jun. 30, 2021

Debt [Abstract]

Debt

4. DEBT

Debt Obligation

ICC Holdings, Inc. secured a loan with a commercial bank in March 2017 in the amount of $3.5 million and used the proceeds to repay ICC for the money borrowed by the ESOP. The term of the loan is five years bearing interest at 3.65%. The Company pledged stock and $1.0 million of marketable assets as collateral for the loan.

The Company also has borrowing capacity up to approximately $37 million in the aggregate from its membership with the Federal Home Loan Bank of Chicago (FHLBC).

As part of the Company’s response to COVID-19, the Company obtained, in March 2020, a $6.0 million loan from the FHLBC as a precautionary measure to increase its cash position, to provide increased liquidity, and to compensate for potential reductions in premium receivable collections. The term of the loan is five years bearing interest at 1.4%. The Company pledged $6.8 million of fixed income securities as collateral for this loan.

The Company’s $4.0 million, 0% interest, one-year FHLBC loan, obtained in May 2020, matured on May 3, 2021. On this date, a new $4.0 million, 0.74% fixed interest, one-year FHLBC loan became effective. This loan agreement was arranged in July 2020. Collateral totaling $7.4 million supports both the $6.0 million and $4.0 million outstanding FHLBC loans and consists of fixed income securities.

A one-year FHLBC loan for $5.0 million, 0% interest was entered into on May 28, 2021. Upon maturity in May 2022, this loan will rollover to a $5.0 million, 1.36% fixed interest loan. Collateral totaling $5.8 million supports this new FHLBC loan and consists of fixed income securities.

The total balance of the debt agreements at June 30, 2021 and December 31, 2020 was $18,460,329 and $13,465,574, respectively. The average interest rate on remaining debt was 2.7% as of June 30, 2021 and 1.6% as of December 31, 2020.

Revolving Line of Credit

We maintained a revolving line of credit with a commercial bank, which permitted borrowing up to an aggregate principal amount of $1.75 million. This facility was initially entered into during 2013 and expired August 2020. The line of credit was 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 would draw down on the line of credit. There were no financial covenants governing this agreement.

Effective August 2020, the Company replaced its expiring line of credit with a $2.0 million revolving line of credit with another commercial bank, which renews annually and has a current expiration date of July 2022. This new line of credit is priced at Prime plus 0.5%. The Company pledged $2.0 million of business assets in the event the Company draws down on the line of credit. There are no financial covenants governing this agreement.

There was no interest paid on these lines of credit during the six months ended June 30, 2021 and 2020.

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
WRITTEN
Direct	$ 18,516,434	$ 14,911,845	$ 33,688,469	$ 29,706,379
Reinsurance assumed	(34,245)	25,839	(6,347)	63,373
Reinsurance ceded	(2,898,257)	(3,215,430)	(5,371,425)	(5,592,974)
Net	15,583,932	11,722,254	28,310,697	24,176,778
EARNED
Direct	15,576,595	14,521,350	30,058,645	29,884,164
Reinsurance assumed	(26,862)	20,347	11,960	65,296
Reinsurance ceded	(2,816,926)	(3,166,951)	(5,289,085)	(5,560,725)
Net	12,732,807	11,374,746	24,781,520	24,388,735
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	12,038,753	18,072,820	22,806,187	26,834,499
Reinsurance assumed	(15,194)	11,818	10,251	38,336
Reinsurance ceded	(3,359,279)	(8,876,154)	(6,349,452)	(9,822,269)
Total incurred	$ 8,664,280	$ 9,208,484	$ 16,466,986	$ 17,050,566

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 105,311,994	$ 98,753,027
AFS securities, amortized cost	105,311,994	98,753,027
Fixed maturity securities, fair value	110,849,488	105,740,566
AFS securities, fair value	110,849,488	105,740,566
Total AFS securities, gross unrealized gains	5,838,023	7,172,739
Total AFS securities, gross unrealized losses	(300,528)	(185,200)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	1,352,403	1,352,758
Fixed maturity securities, fair value	1,364,586	1,385,406
Fixed maturity securities, gross unrealized gains	21,769	33,336
Fixed maturity securities, gross unrealized losses	(9,586)	(688)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	43,314,085	40,509,172
Fixed maturity securities, fair value	44,137,083	41,743,304
Fixed maturity securities, gross unrealized gains	1,033,712	1,367,411
Fixed maturity securities, gross unrealized losses	(210,714)	(133,279)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	42,105,796	39,186,671
Fixed maturity securities, fair value	45,505,345	43,580,743
Fixed maturity securities, gross unrealized gains	3,460,240	4,429,000
Fixed maturity securities, gross unrealized losses	(60,691)	(34,928)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	18,323,904	17,488,621
Fixed maturity securities, fair value	19,605,726	18,788,674
Fixed maturity securities, gross unrealized gains	1,301,359	1,316,358
Fixed maturity securities, gross unrealized losses	(19,537)	(16,305)
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	215,805	215,805
Fixed maturity securities, fair value	236,748	242,439
Fixed maturity securities, gross unrealized gains	$ 20,943	$ 26,634

Investments

6 Months Ended

Jun. 30, 2021

Investments [Abstract]

Investments

2. INVESTMENTS

The Company’s investments are primarily composed of fixed income debt securities and common and preferred stock equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company’s investments. If a quoted market price is not available, fair value is estimated using a secondary pricing source or using quoted market prices of similar securities. The Company has no investment securities for which fair value is determined using Level 3 inputs as defined in Note 3 – Fair Value Disclosures. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting.

‎

Available-for-Sale Fixed Maturity and Equity Securities

The following tables are a summary of the proceeds from sales, maturities, and calls of AFS fixed maturity and equity securities and the related gross realized gains and losses.



	For the Three-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2021
Fixed maturity securities	$	2,699,867	$	18,137	$	(9,553)	$	8,584
Common stocks		1,277,820		342,408		(33,342)		309,065
Preferred stocks		262,054		32,256		—		32,256
2020
Fixed maturity securities	$	5,581,636	$	111,782	$	—	$	111,782
Common stocks		2,736,179		329,296		(882,526)		(553,230)
Preferred stocks		53,652		2,829		—		2,829



	For the Six-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2021
Fixed maturity securities	$	6,184,298	$	19,456	$	(9,582)	$	9,874
Common stocks		1,964,835		554,769		(65,739)		489,030
Preferred stocks		340,523		37,711		—		37,711
2020
Fixed maturity securities	$	9,384,229	$	345,475	$	(926)	$	344,549
Common stocks		3,260,997		376,422		(1,056,025)		(679,603)
Preferred stocks		145,490		2,829		(10,762)		(7,933)

The amortized cost and estimated fair value of fixed income securities at June 30, 2021, by contractual maturity, are shown as follows:



	Amortized Cost		Fair Value
Due in one year or less	$	1,850,255	$	1,880,743
Due after one year through five years		21,414,895		22,649,135
Due after five years through 10 years		15,113,009		16,491,383
Due after 10 years		23,403,945		25,454,396
Asset and mortgage backed securities without a specific due date		43,314,085		44,137,082
Redeemable preferred stocks		215,805		236,749
Total fixed maturity securities	$	105,311,994	$	110,849,488

Expected maturities may differ from contractual maturities due to call provisions on some existing securities.

The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at June 30, 2021 and December 31, 2020:



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2021
Fixed maturity securities:
U.S. Treasury	$	1,352,403	$	1,364,586	$	21,769	$	(9,586)
MBS/ABS/CMBS		43,314,085		44,137,083		1,033,712		(210,714)
Corporate		42,105,796		45,505,345		3,460,240		(60,691)
Municipal		18,323,904		19,605,726		1,301,359		(19,537)
Redeemable preferred stock		215,805		236,748		20,943		—
Total fixed maturity securities	$	105,311,994	$	110,849,488	$	5,838,023	$	(300,528)



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2020
Fixed maturity securities:
U.S. Treasury	$	1,352,758	$	1,385,406	$	33,336	$	(688)
MBS/ABS/CMBS		40,509,172		41,743,304		1,367,411		(133,279)
Corporate		39,186,671		43,580,743		4,429,000		(34,928)
Municipal		17,488,621		18,788,674		1,316,358		(16,305)
Redeemable preferred stock		215,805		242,439		26,634		—
Total fixed maturity securities	$	98,753,027	$	105,740,566	$	7,172,739	$	(185,200)

All the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are residential mortgage backed securities with fair values of $15,032,763 and $16,220,343 and commercial mortgage backed securities of $12,522,068 and $12,721,455 at June 30, 2021 and December 31, 2020, respectively.

ANALYSIS

The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of June 30, 2021 and December 31, 2020. The tables segregate the securities based on type, noting the fair value, amortized cost, and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position.



	June 30, 2021						December 31, 2020
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	690,953	$	—	$	690,953	$	299,391	$	—	$	299,391
Amortized cost		700,539		—		700,539		300,078		—		300,078
Unrealized loss		(9,586)		—		(9,586)		(688)		—		(688)
MBS/ABS/CMBS
Fair value		14,308,570		1,102,402		15,410,972		7,120,339		2,010,434		9,130,773
Amortized cost		14,439,762		1,181,924		15,621,686		7,236,360		2,027,692		9,264,052
Unrealized loss		(131,192)		(79,522)		(210,714)		(116,021)		(17,258)		(133,279)
Corporate
Fair value		3,763,888		—		3,763,888		1,739,691		—		1,739,691
Amortized cost		3,824,579		—		3,824,579		1,774,619		—		1,774,619
Unrealized loss		(60,691)		—		(60,691)		(34,928)		—		(34,928)
Municipal
Fair value		1,254,074		—		1,254,074		756,678		—		756,678
Amortized cost		1,273,611		—		1,273,611		772,984		—		772,984
Unrealized loss		(19,537)		—		(19,537)		(16,306)		—		(16,306)
Total
Fair value		20,017,485		1,102,402		21,119,887		9,916,099		2,010,434		11,926,533
Amortized cost		20,238,491		1,181,924		21,420,415		10,084,041		2,027,692		12,111,733
Unrealized loss	$	(221,006)	$	(79,522)	$	(300,528)	$	(167,942)	$	(17,258)	$	(185,200)

The fixed income portfolio contained 33 securities in an unrealized loss position as of June 30, 2021. Of these 33 securities, 2 have been in an unrealized loss position for 12 consecutive months or longer and represent $79,522 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest.

There were no other-than-temporary impairment losses recognized in net earnings during the first six months ended June 30, 2021. For all fixed income securities at a loss at June 30, 2021, management believes it is probable that the Company will receive all contractual payments in the form of principal and interest. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be at maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at June 30, 2021 and December 31, 2020.

UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES

Net unrealized gains for the three and six months ended June 30, 2021 for equity securities held as of June 30, 2021 were $728,819 and $1,605,135, respectively. Net unrealized gains (losses) for the three and six months ended June 30, 2020 for equity securities held as of June 30, 2020 were $2,709,763 and $(979,584), respectively.

Other Invested Assets

Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. Our $300,000 investment in FHLBC stock is carried at cost. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value.

In addition, other invested assets include privately held investments of $204,800, and notes issued. Two of the notes, issued for $625,000 and $650,000 on July 30, 2019 and January 28, 2020, respectively, bear interest at 6.5% and are amortized

over 20 years with a balloon payment due July 30, 2029. Thus far, $300,000 in note payments has been received. A third note issued for $94,000 on October 30, 2020, bears interest at 6.0% and is amortized over 29 years with monthly payments due beginning July 31, 2021. As of June 30, 2021 this note has $6,970 in accrued escrow and interest receivable. The Company had no allowance recorded related to uncollectible notes receivables at June 30, 2021 and December 31, 2020.

Employee Benefits

6 Months Ended

Jun. 30, 2021

Employee Benefits [Abstract]

Employee Benefits

8. EMPLOYEE BENEFITS

ESOP

In connection with our conversion and public offering, we established an ESOP. The ESOP borrowed from the Company to purchase 350,000 shares in the offering. The issuance of the shares to the ESOP resulted in a contra account established in the equity section of the balance sheet for the unallocated shares at an amount equal to their $10.00 per share purchase price.

The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. No contributions to the ESOP were made during the six months ended June 30, 2021 and 2020, respectively.

A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the six months ended June 30, 2021, we recognized compensation expense of $174,613 related to 11,622 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2021. Of the 11,622 shares committed to be released, 1,926 shares were committed on June 30, 2021 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2021. For the six months ended June 30, 2020, we recognized compensation expense of $138,936 related to 11,654 shares of our common stock that were committed to be

released to participants’ accounts at December 31, 2020. Of the 11,654 shares committed to be released at December 31, 2020, 1,921 shares were committed on June 30, 2020 and had no impact on the weighted average common shares outstanding for the six months ended June 30, 2020.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 with additional RSUs granted in March 2019, April 2020, and April 2021. 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 one third over three years beginning the first anniversary of the date of grant.

As of June 30, 2021, 15,000, 18,040, 13,071, and 11,700 RSUs have been granted at a fair market value of $14.78, $11.03, $13.70, and $15.10, respectively. We recognized $87,214 and $81,421 of expense on these units in the six months ended June 30, 2021 and 2020, respectively. Total unrecognized compensation expense relating to outstanding and unvested RSUs was $354,520 as of June 30, 2021, which will be recognized over the remainder of their respective three years of vesting.

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a recurring Basis

Assets measured at fair value on a recurring basis as of June 30, 2021, are summarized below:



			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,364,586	$	—	$	—	$	1,364,586
MBS/ABS/CMBS		—		44,137,083		—		44,137,083
Corporate		—		45,505,345		—		45,505,345
Municipal		—		19,605,726		—		19,605,726
Redeemable preferred stocks		—		236,748		—		236,748
Total fixed maturity securities		1,364,586		109,484,902		—		110,849,488
Equity securities
Common stocks		20,013,057		—		—		20,013,057
Perpetual preferred stocks		—		1,685,275		—		1,685,275
Total equity securities		20,013,057		1,685,275		—		21,698,332
Total marketable investments measured at fair value	$	21,377,643	$	111,170,177	$	—	$	132,547,820

Assets measured at fair value on a recurring basis as of December 31, 2020, are summarized below:


			Significant
	Quoted in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
AFS securities
Fixed maturity securities
U.S. treasury	$	1,385,406	$	—	$	—	$	1,385,406
MBS/ABS/CMBS		—		41,743,304		—		41,743,304
Corporate		—		43,580,743		—		43,580,743
Municipal		—		18,788,674		—		18,788,674
Redeemable preferred stocks		—		242,439		—		242,439
Total fixed maturity securities		1,385,406		104,355,160		—		105,740,566
Equity securities
Common stocks		14,724,814		—		—		14,724,814
Perpetual preferred stocks		—		1,683,892		—		1,683,892
Total equity securities		14,724,814		1,683,892		—		16,408,706
Total marketable investments measured at fair value	$	16,110,220	$	106,039,052	$	—	$	122,149,272

Reinsurance (Narrative) (Details)	6 Months Ended
Reinsurance (Narrative) (Details)	Jun. 30, 2021 USD ($)
Casualty Business [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 1,000,000
Workers Compensation [Member]
Ceded Credit Risk [Line Items]
Individual risk	$ 750,000

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current period other comprehensive loss	$ 1,080,987	$ 3,524,729	$ (1,145,535)	$ 1,813,883
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			5,520,091	2,953,936
Other comprehensive loss before reclassification			(1,137,734)	2,086,077
Amount reclassified from accumulated other comprehensive loss			(7,801)	(272,194)
Net current period other comprehensive loss			(1,145,535)	1,813,883
Balance	$ 4,374,556	$ 4,767,819	$ 4,374,556	$ 4,767,819

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Fair Value Disclosures (Narrative) (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Securities transferred from level 1 to level 2	$ 0		$ 0
Securities transferred from level 2 to level 1	0		0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount	0		0
Fair Value, Equity, Level 1 to Level 2 Transfers, Amount	0		0
Fair Value, Equity, Level 2 to Level 1 Transfers, Amount	0		$ 0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	132,547,820	$ 122,149,272
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 0	$ 0

Investments (Narrative) (Details)		3 Months Ended		6 Months Ended
Investments (Narrative) (Details)	Oct. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) item	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Jan. 28, 2020 USD ($)	Jul. 30, 2019 USD ($)	Feb. 28, 2018 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer		$ 79,522	$ 17,258	$ 79,522	$ 17,258
OTTI losses recognized in other comprehensive earnings				0
Other invested assets		204,800		204,800
Allowance recorded		$ 0		$ 0		$ 0
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Amount funded	$ 94,000						$ 650,000	$ 625,000
Interest rate	6.00%	6.50%		6.50%
Term	29 years			20 years
Interest Receivable		$ 6,970		$ 6,970
Other invested assets									$ 300,000
Debt Instrument, Accumulated Payments Received		300,000		300,000
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss)		728,819		1,605,135
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss)			2,709,763		(979,584)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer		79,522	$ 17,258	79,522	$ 17,258
MBS/ABS/CMBS [Member] \| Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value		15,032,763		15,032,763		16,220,343
MBS/ABS/CMBS [Member] \| Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value		$ 12,522,068		$ 12,522,068		$ 12,721,455
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item		33		33
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item		2		2
Unrealized losses for 12 consecutive months or longer		$ 79,522		$ 79,522
Significant Unobservable Inputs (Level 3)
Schedule of Available-for-sale Securities [Line Items]
Fair value		$ 0		$ 0

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2021

Reinsurance [Abstract]

Summary of the Effects of Reinsurance



	Three-Month Periods Ended June 30,
	2021		2020
WRITTEN
Direct	$	18,516,434	$	14,911,845
Reinsurance assumed		(34,245)		25,839
Reinsurance ceded		(2,898,257)		(3,215,430)
Net	$	15,583,932	$	11,722,254
EARNED
Direct	$	15,576,595	$	14,521,350
Reinsurance assumed		(26,862)		20,347
Reinsurance ceded		(2,816,926)		(3,166,951)
Net	$	12,732,807	$	11,374,746
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	12,038,753	$	18,072,820
Reinsurance assumed		(15,194)		11,818
Reinsurance ceded		(3,359,279)		(8,876,154)
Net	$	8,664,280	$	9,208,484



	Six-Month Periods Ended June 30,
	2021		2020
WRITTEN
Direct	$	33,688,469	$	29,706,379
Reinsurance assumed		(6,347)		63,373
Reinsurance ceded		(5,371,425)		(5,592,974)
Net	$	28,310,697	$	24,176,778
EARNED
Direct	$	30,058,645	$	29,884,164
Reinsurance assumed		11,960		65,296
Reinsurance ceded		(5,289,085)		(5,560,725)
Net	$	24,781,520	$	24,388,735
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	$	22,806,187	$	26,834,499
Reinsurance assumed		10,251		38,336
Reinsurance ceded		(6,349,452)		(9,822,269)
Net	$	16,466,986	$	17,050,566

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Condensed Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Net premiums earned	$ 12,732,807	$ 11,374,746	$ 24,781,520	$ 24,388,735
Net investment income	783,718	908,550	1,585,124	1,743,950
Net realized investment gains (losses)	349,906	(438,619)	536,615	(342,987)
Net unrealized gains (losses) on equity securities	728,819	2,709,763	1,605,135	(979,584)
Other income	91,318	69,069	138,034	119,267
Consolidated revenues	14,686,568	14,623,509	28,646,428	24,929,381
Losses and settlement expenses	8,664,280	9,208,484	16,466,986	17,050,566
Policy acquisition costs and other operating expenses	5,047,023	4,254,266	9,514,601	9,019,240
Interest expense on debt	58,014	56,721	111,716	92,049
General corporate expenses	196,133	125,335	360,117	299,756
Total expenses	13,965,450	13,644,806	26,453,420	26,461,611
Earnings (loss) before income taxes	721,118	978,703	2,193,008	(1,532,230)
Total income tax expense (benefit)	158,450	196,738	468,401	(340,899)
Net earnings (loss)	562,668	781,965	1,724,607	(1,191,331)
Other comprehensive (loss) earnings, net of tax	1,080,987	3,524,729	(1,145,535)	1,813,883
Comprehensive earnings	$ 1,643,655	$ 4,306,694	$ 579,072	$ 622,552
Basic:
Basic net earnings (loss) per share	$ 0.18	$ 0.26	$ 0.57	$ (0.39)
Diluted:
Diluted net earnings (loss) per share	$ 0.18	$ 0.26	$ 0.57	$ (0.39)
Weighted average number of common shares outstanding:
Basic	3,051,010	3,029,693	3,037,738	3,019,788
Diluted	3,064,455	3,036,116	3,051,183	3,026,210

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ 151,435	$ 205,528	$ 460,532	$ (321,768)
Increase (reduction) in taxes resulting from:
Dividends received deduction	(7,967)	(7,161)	(16,075)	(13,696)
Tax-exempt interest income	(14,753)	(15,784)	(29,547)	(31,264)
Proration of tax-exempt interest and dividends received deduction	5,499	5,600	11,063	10,968
Nondeductible expenses	24,069	8,725	42,095	14,228
Officer life insurance, net	167	(170)	333	633
Total income tax expense (benefit)	$ 158,450	$ 196,738	$ 468,401	$ (340,899)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2021

Dec. 31, 2020

Investments and cash:

Fixed maturity securities (amortized cost - $105,311,993 at 6/30/2021 and $98,753,027 at 12/31/2020)

$ 110,849,488

$ 105,740,566

Other invested assets

1,580,837

1,772,867

Property held for investment, at cost, net of accumulated depreciation of $408,351 at 6/30/2021 and $465,364 at 12/31/2020

5,003,116

5,399,826

Cash and cash equivalents

3,998,488

6,598,842

Total investments and cash

143,130,261

135,920,807

Accrued investment income

656,211

660,793

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $150,000 at 6/30/2021 and 12/31/2020

24,859,066

23,506,171

Ceded unearned premiums

943,245

860,905

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2021 and 12/31/2020

15,917,703

13,019,865

Federal income taxes

193,911

372,986

Deferred policy acquisition costs, net

6,081,798

5,429,620

Property and equipment, at cost, net of accumulated depreciation of $6,038,689 at 6/30/2021 and $6,079,728 at 12/31/2020

3,080,594

2,860,331

Other assets

1,246,916

1,307,794

Total assets

196,109,705

183,939,272

Liabilities:

Unpaid losses and settlement expenses

63,858,229

61,575,666

Unearned premiums

33,400,351

29,788,834

Reinsurance balances payable

841,328

371,195

Corporate debt

18,460,329

13,465,574

Accrued expenses

3,863,743

3,472,511

Income taxes - deferred

1,194,709

1,231,271

Other liabilities

998,843

1,290,532

Total liabilities

122,617,532

111,195,583

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(3,108,653)

(3,153,838)

Additional paid-in capital

32,788,441

32,780,436

Accumulated other comprehensive earnings, net of tax

4,374,556

5,520,091

Retained earnings

41,864,722

40,140,115

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,461,893)

(2,578,115)

Total equity

73,492,173

72,743,689

Total liabilities and equity

196,109,705

183,939,272

Common Stocks [Member]

Investments and cash:

Stocks at fair value

20,013,057

14,724,814

Preferred Stock [Member]

Investments and cash:

Stocks at fair value

$ 1,685,275

$ 1,683,892

[1]	Par value $0.01; authorized: 2021 - 10,000,000 shares and 2020 – 10,000,000 shares; issued: 2021 – 3,500,000 shares and 2020 – 3,500,000 shares; outstanding: 2021 –3,294,623 and 2020 - 3,291,125 shares.
[2]	2021 –205,377 shares and 2020 –208,875 shares
[3]	2021 –246,189 shares and 2020 –257,811 shares

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 61,808,000	$ 58,274,000	$ 61,575,666	$ 56,838,000
Less: Ceded	14,011,000	11,318,000	13,019,865	11,036,000
Net	47,940,000	46,952,000	47,940,000	46,952,000	$ 47,797,000	$ 48,556,000	$ 46,956,000	$ 45,802,000
Increase in incurred losses and settlement expense:
Current year	8,094,000	8,294,000	15,236,000	14,540,000
Prior years	570,000	914,000	1,231,000	2,511,000
Total incurred	8,664,280	9,208,484	16,466,986	17,050,566
Deduct: Loss and settlement expense payments for claims incurred:
Current year	3,523,000	4,444,000	4,811,000	5,649,000
Prior years	4,998,000	4,768,000	12,272,000	10,252,000
Total paid	8,521,000	9,212,000	17,083,000	15,901,000
Net unpaid losses and settlement expense - end of the period	47,940,000	46,952,000	47,940,000	46,952,000
Plus: Reinsurance recoverable on unpaid losses	15,917,703	19,463,000	15,917,703	19,463,000
Gross unpaid losses and settlement expense - end of the period	$ 63,858,229	$ 66,415,000	$ 63,858,229	$ 66,415,000

Condensed 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, 2019

$ 35,000

$ (3,146,576)

$ (2,812,485)

$ 32,703,209

$ 36,608,750

$ 2,953,936

$ 66,341,834

Purchase of treasury stock

(15,958)

Net earnings (loss)

(1,191,331)

Other comprehensive (loss) earnings, net of tax

1,813,883

Restricted stock unit expense

143,380

^[1]

(61,959)

81,421

ESOP compensation expense

116,545

22,391

138,936

Balance at Jun. 30, 2020

35,000

(3,019,154)

(2,695,940)

32,663,641

35,417,419

4,767,819

67,168,785

Balance at Dec. 31, 2020

35,000

(3,153,838)

(2,578,115)

32,780,436

40,140,115

5,520,091

72,743,689

Purchase of treasury stock

(92,414)

Net earnings (loss)

1,724,607

Other comprehensive (loss) earnings, net of tax

(1,145,535)

Restricted stock unit expense

137,599

^[1]

(50,386)

87,213

ESOP compensation expense

116,222

58,391

174,613

Balance at Jun. 30, 2021

$ 35,000

$ (3,108,653)

$ (2,461,893)

$ 32,788,441

$ 41,864,722

$ 4,374,556

$ 73,492,173

[1]	Amount represents restricted stock units that have fully vested in the period

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	9. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date the financial statements were issued.

Employee Benefits (Details) - USD ($)	6 Months Ended
Employee Benefits (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee stock ownership plan, shares	350,000
Employee stock ownership plan, share purchase price	$ 10.00
Contributions to ESOP	$ 0	$ 0
Shares committed		1,921
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Share compensation expense	87,214	$ 81,421
Unrecognized compensation expense	$ 354,520
Vesting period	3 years
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche One [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Two [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| Share-based Payment Arrangement, Tranche Three [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Vesting percentage	33.00%
Restricted Stock Units (RSUs) \| $14.78 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted	15,000
Fair value of shares granted	$ 14.78
Restricted Stock Units (RSUs) \| $11.03 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares granted	18,040
Fair value of shares granted	$ 11.03
Restricted Stock Units (RSUs) \| $13.70 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares 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]
Shares granted	11,700
Fair value of shares granted	$ 15.10
November 2022 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Shares committed to be released	1,926
Impact on weighted average shares outstanding	0
November 2017 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense	$ 174,613
Shares committed to be released	11,622
November 2027 [Member]
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Compensation expense		$ 138,936
Shares committed to be released		11,654
Impact on weighted average shares outstanding		0

Debt (Details) - USD ($)		1 Months Ended	6 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Aug. 03, 2020	Mar. 31, 2020	Jun. 30, 2021	Dec. 31, 2020	May 03, 2021	Mar. 31, 2017
Revolver [Member]
Debt Instrument [Line Items]
Interest expense			$ 0
Collateral	$ 2,000,000.0		5,000,000.0
Maximum borrowing capacity	$ 2,000,000.0		$ 1,750,000
London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate			2.00%
London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate			3.50%
Prime Rate [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate	0.50%
Debt Obligation [Member]
Debt Instrument [Line Items]
Face amount of debt instrument						$ 3,500,000
Interest rate			3.65%
Collateral			$ 1,000,000.0
Debt Obligation [Member] \| Bofi Federal Bank B & C [Member]
Debt Instrument [Line Items]
Debt			$ 18,460,329	$ 13,465,574
Current interest rate			2.70%	1.60%
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Interest rate		1.40%
Collateral			$ 7,400,000
Term of debt instrument		5 years
Maximum borrowing capacity			37,000,000
FHLBC advances		$ 6,000,000.0
Securities pledged		$ 6,800,000
Federal Home Loan Bank of Chicago [Member] \| Debt Obligation 1 [Member]
Debt Instrument [Line Items]
Face amount of debt instrument			$ 4,000,000.0
Interest rate			0.00%
Debt			$ 6,000,000.0
Federal Home Loan Bank of Chicago [Member] \| Debt Obligation 2 [Member]
Debt Instrument [Line Items]
Face amount of debt instrument					$ 4,000,000.0
Interest rate					0.74%
Debt			4,000,000.0
Federal Home Loan Bank of Chicago [Member] \| Debt Obligation 3 [Member]
Debt Instrument [Line Items]
Face amount of debt instrument			$ 5,000,000.0
Interest rate			0.00%
Collateral			$ 5,800,000
Federal Home Loan Bank of Chicago [Member] \| Debt Obligation 4 [Member]
Debt Instrument [Line Items]
Face amount of debt instrument			$ 5,000,000.0
Interest rate			1.36%

Unpaid Losses and Settlement Expenses

6 Months Ended

Jun. 30, 2021

Unpaid Losses and Settlement Expenses [Abstract]

Unpaid Losses and Settlement Expenses

6. UNPAID LOSSES AND SETTLEMENT EXPENSES

The following table is a reconciliation of the Company’s unpaid losses and settlement expenses:


	For the Three-Months Ended
	June 30,
(In thousands)	2021		2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,808	$	58,274
Less: Ceded		14,011		11,318
Net		47,797		46,956
Increase in incurred losses and settlement expense:
Current year		8,094		8,294
Prior years		570		914
Total incurred		8,664		9,208
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,523		4,444
Prior years		4,998		4,768
Total paid		8,521		9,212
Net unpaid losses and settlement expense - end of the period		47,940		46,952
Plus: Reinsurance recoverable on unpaid losses		15,918		19,463
Gross unpaid losses and settlement expense - end of the period	$	63,858	$	66,415



	For the Six-Months Ended
	June 30,
(In thousands)	2021		2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,576	$	56,838
Less: Ceded		13,020		11,036
Net		48,556		45,802
Increase in incurred losses and settlement expense:
Current year		15,236		14,540
Prior years		1,231		2,511
Total incurred		16,467		17,051
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,811		5,649
Prior years		12,272		10,252
Total paid		17,083		15,901
Net unpaid losses and settlement expense - end of the period		47,940		46,952
Plus: Reinsurance recoverable on unpaid losses		15,918		19,463
Gross unpaid losses and settlement expense - end of the period	$	63,858	$	66,415

Net unpaid losses and settlement expense increased $988,000, or 2.1%, in the six months ended June 30, 2021 as compared to the same period in 2020. For the six months ended June 30, 2021 and 2020, we experienced unfavorable development of $1,231,000 and $2,511,000, respectively. The unfavorable development for the three and six months ended June 30, 2021 was primarily driven by the Business Owners Liability and Business Owners Property lines of business. Similarly, Business Owners Liability and Business Owners Property lines of business were the primary drivers of adverse development for the three and six months ended June 30, 2020.