0001681903-22-000034 | 10-Q | XBRL Viewer

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
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		3,284,768
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($)

Jun. 30, 2022

Dec. 31, 2021

Investments and cash:

Fixed maturity securities (amortized cost of $100,018,472 at 6/30/2022 and $102,145,223 at 12/31/2021)

$ 92,371,500

$ 105,841,543

Other invested assets

3,792,362

3,086,568

Property held for investment, at cost, net of accumulated depreciation of $521,315 at 6/30/2022 and $464,713 at 12/31/2021

5,581,481

5,509,114

Cash and cash equivalents

8,041,975

4,606,378

Total investments and cash

130,912,938

145,432,250

Accrued investment income

707,190

659,413

Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 6/30/2022 and 12/31/2021

29,759,983

27,199,804

Ceded unearned premiums

981,211

967,022

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 6/30/2022 and 12/31/2021

15,526,114

14,521,219

Federal income taxes

3,324,334

195,694

Deferred policy acquisition costs, net

7,156,770

6,538,844

Property and equipment, at cost, net of accumulated depreciation of $6,378,208 at 6/30/2022 and $6,243,055 at 12/31/2021

3,206,245

3,144,218

Other assets

1,327,125

1,343,504

Total assets

192,901,910

200,001,968

Liabilities:

Unpaid losses and settlement expenses

70,381,083

61,834,809

Unearned premiums

39,512,116

36,212,266

Reinsurance balances payable

813,069

1,368,294

Corporate debt

15,000,000

18,455,342

Accrued expenses

4,640,904

5,441,611

Other liabilities

1,047,109

1,030,870

Total liabilities

131,394,281

125,298,054

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(3,192,640)

(3,155,399)

Additional paid-in capital

32,939,978

32,965,136

Accumulated other comprehensive earnings, net of tax

(6,041,174)

2,920,027

Retained earnings

39,993,988

44,282,895

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,227,523)

(2,343,745)

Total equity

61,507,629

74,703,914

Total liabilities and equity

192,901,910

200,001,968

Common Stocks [Member]

Investments and cash:

Stocks at fair value

18,092,308

23,608,197

Preferred Stock [Member]

Investments and cash:

Stocks at fair value

$ 3,033,312

$ 2,780,450

[1]	Par value $0.01; authorized: 2022 - 10,000,000 shares and 2021 – 10,000,000 shares; issued: 2022 – 3,500,000 shares and 2021 – 3,500,000 shares; outstanding: 2022 –3,289,558 and 2021 - 3,291,852 shares
[2]	2022 –210,442 shares and 2021 –208,148 shares
[3]	2022 –222,752 shares and 2021 –234,374 shares

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets [Abstract]
Fixed maturity securities, amortized cost	$ 100,018,472	$ 102,145,223
Property held for investment, accumulated depreciation	521,315	464,713
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,378,208	$ 6,243,055
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)	3,289,558	3,291,852
Treasury stock (in shares)	210,442	208,148
Unearned Employee Stock Ownership Plan	222,752	234,374

Condensed Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Earnings and Comprehensive Earnings [Abstract]
Net premiums earned	$ 17,024,642	$ 12,732,807	$ 33,041,319	$ 24,781,520
Net investment income	952,189	783,718	1,869,270	1,585,124
Net realized investment gains	536,809	349,906	744,394	536,615
Net unrealized (losses) gains on equity securities	(3,804,511)	728,819	(5,097,203)	1,605,135
Other income	88,226	91,318	247,657	138,034
Consolidated revenues	14,797,355	14,686,568	30,805,437	28,646,428
Losses and settlement expenses	13,808,605	8,664,280	24,003,806	16,466,986
Policy acquisition costs and other operating expenses	6,002,808	5,047,023	11,775,208	9,514,601
Interest expense on debt	42,241	58,014	103,252	111,716
General corporate expenses	184,503	196,133	373,918	360,117
Total expenses	20,038,157	13,965,450	36,256,184	26,453,420
(Loss) earnings before income taxes	(5,240,802)	721,118	(5,450,747)	2,193,008
Total income tax (benefit) expense	(1,112,035)	158,450	(1,161,840)	468,401
Net (loss) earnings	(4,128,767)	562,668	(4,288,907)	1,724,607
Unrealized gains and losses on fixed maturity securities:
Other comprehensive loss, net of tax	(3,992,132)	1,080,987	(8,961,201)	(1,145,535)
Comprehensive (loss) earnings	$ (8,120,899)	$ 1,643,655	$ (13,250,108)	$ 579,072
Basic:
Basic net (loss) earnings per share	$ (1.35)	$ 0.18	$ (1.40)	$ 0.57
Diluted:
Diluted net (loss) earnings per share	$ (1.34)	$ 0.18	$ (1.40)	$ 0.57
Weighted average number of common shares outstanding:
Basic	3,069,430	3,051,010	3,061,119	3,037,738
Diluted	3,082,000	3,064,455	3,073,689	3,051,183

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, 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)					(92,414)
Net earnings (loss)					1,724,607		1,724,607
Other comprehensive loss, net of tax						(1,145,535)	(1,145,535)
Restricted stock unit expense		137,599		(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
Balance at Dec. 31, 2021	35,000	(3,155,399)	(2,343,745)	32,965,136	44,282,895	2,920,027	74,703,914
Purchase of treasury stock		(238,686)					(238,686)
Net earnings (loss)					(4,288,907)		(4,288,907)
Other comprehensive loss, net of tax						(8,961,201)	(8,961,201)
Restricted stock unit expense		201,445		(103,699)			97,746
ESOP compensation expense			116,222	78,541			194,763
Balance at Jun. 30, 2022	$ 35,000	$ (3,192,640)	$ (2,227,523)	$ 32,939,978	$ 39,993,988	$ (6,041,174)	$ 61,507,629

- Definition

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

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

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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.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) earnings	$ (4,288,907)	$ 1,724,607
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized investment gains	(744,394)	(536,615)
Net unrealized losses (gains) on equity securities	5,097,203	(1,605,135)
Depreciation	341,014	321,015
Deferred income tax	(1,191,849)	267,950
Amortization of bond premium and discount	115,225	143,687
Stock-based compensation expense	292,509	261,826
Change in:
Accrued investment income	(47,777)	4,582
Premiums and reinsurance balances receivable	(2,560,179)	(1,352,895)
Ceded unearned premiums	(14,189)	(82,340)
Reinsurance balances payable	(555,225)	470,133
Reinsurance balances recoverable	(1,004,895)	(2,897,838)
Deferred policy acquisition costs	(617,926)	(652,178)
Unpaid losses and settlement expenses	8,546,274	2,282,563
Unearned premiums	3,299,850	3,611,517
Accrued expenses	(800,707)	391,232
Current federal income tax	(509,561)	179,075
Other	257,609	(107,600)
Net cash provided by operating activities	5,614,074	2,423,587
Purchases of:
Fixed maturity securities	(10,602,574)	(12,878,221)
Other invested assets	(725,000)	(100,000)
Property held for investment	(432,279)	(994,832)
Property and equipment	(329,264)	(481,864)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	12,614,074	6,184,298
Other invested assets	18,518	300,000
Property held for investment	278,679	1,316,993
Property and equipment	7,454	15,135
Net cash provided by (used in) investing activities	1,515,552	(9,926,282)
Cash flows from financing activities:
Proceeds from loans	5,000,000	9,000,000
Repayments of borrowed funds	(8,455,342)	(4,005,245)
Purchase of treasury stock	(238,686)	(92,414)
Net cash (used in) provided by financing activities	(3,694,029)	4,902,341
Net increase (decrease) in cash and cash equivalents	3,435,597	(2,600,354)
Cash and cash equivalents at beginning of year	4,606,378	6,598,842
Cash and cash equivalents at end of period	8,041,975	3,998,488
Supplemental information:
Interest paid	97,900	108,800
Common Stocks [Member]
Purchases of:
Equity securities	(1,927,583)	(5,259,415)
Proceeds from sales, maturities and calls of:
Equity securities	3,376,818	1,964,835
Preferred Stock [Member]
Purchases of:
Equity securities	(1,166,999)	(333,734)
Proceeds from sales, maturities and calls of:
Equity securities	$ 403,708	$ 340,523

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A. DESCRIPTION OF BUSINESS

ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education 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 23.2% and 24.8% of the premium is written in Illinois for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, approximately 23.2% and 24.8%, 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, 2021 (the “2021 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, 2022 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 2021 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 2021 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, 2022 and 2021, the Company recognized no impairments. Property and equipment are summarized as follows:



	As of
	June 30,		December 31,
	2022		2021
Automobiles	$	494,770	$	507,889
Furniture and fixtures		516,741		512,268
Computer equipment and software		4,555,944		4,350,118
Home office		4,016,998		4,016,998
Total cost		9,584,453		9,387,273
Accumulated depreciation		(6,378,208)		(6,243,055)
Net property and equipment	$	3,206,245	$	3,144,218

F. COMPREHENSIVE EARNINGS

Comprehensive (loss) earnings include net (loss) earnings plus unrealized (losses) gains 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 and comprehensive 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) of $(2,382,091) and $(304,509) for the six months ended June 30, 2022 and 2021, respectively.

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


	Six-Months Ended June 30,
	2022		2021
Beginning balance	$	2,920,027	$	5,520,091

Other comprehensive loss before reclassification		(8,961,697)		(1,137,734)
Amount reclassified from accumulated other comprehensive loss		496		(7,801)
Net current period other comprehensive loss		(8,961,201)		(1,145,535)
Ending balance	$	(6,041,174)	$	4,374,556

‎

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,
	2022						2021
	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	$	(5,063,685)	$	1,063,373	$	(4,000,312)	$	1,376,922	$	(289,153)	$	1,087,769
Reclassification adjustment for losses (gains) included in net earnings		10,355		(2,175)		8,180		(8,584)		1,802		(6,782)
Total other comprehensive (loss) earnings	$	(5,053,330)	$	1,061,198	$	(3,992,132)	$	1,368,338	$	(287,351)	$	1,080,987



	Six-Month Periods Ended June 30,
	2022						2021
	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 arising during the period	$	(11,343,920)	$	2,382,223	$	(8,961,697)	$	(1,440,170)	$	302,436	$	(1,137,734)
Reclassification adjustment for losses (gains) included in net earnings		628		(132)		496		(9,874)		2,073		(7,801)
Total other comprehensive loss	$	(11,343,292)	$	2,382,091	$	(8,961,201)	$	(1,450,044)	$	304,509	$	(1,145,535)

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	2022		2021		2022		2021		where Net Earnings is Presented
Unrealized losses (gains) on AFS investments:
	$	10,355	$	(8,584)	$	628	$	(9,874)	Net realized investment losses (gains)
		(2,175)		1,802		(132)		2,073	Income tax expense
Total reclassification adjustment, net of tax	$	8,180	$	(6,782)	$	496	$	(7,801)

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. Russia’s invasion of Ukraine, inflation and related monetary policy responses, and recession fears are also causing volatility. The cumulative effects of these events on the Company 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.

Investments

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Investments

2. INVESTMENTS

The Company’s investments are primarily composed of fixed income debt securities and common and preferred 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)
2022
Fixed maturity securities	$	10,168,949	$	96,191	$	(106,546)	$	(10,355)
Common stocks		2,740,714		736,152		(186,562)		549,590
Preferred stocks		38,200		—		(2,426)		(2,426)
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



	For the Six-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2022
Fixed maturity securities	$	12,614,074	$	105,918	$	(106,546)	$	(628)
Common stocks		3,376,818		940,342		(194,632)		745,710
Preferred stocks		403,708		7,745		(8,433)		(688)
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

The amortized cost and estimated fair value of fixed income securities at June 30, 2022, by contractual maturity, are shown as follows:



	Amortized Cost		Fair Value
Due in one year or less	$	598,599	$	600,352
Due after one year through five years		16,090,223		15,725,521
Due after five years through 10 years		18,130,639		16,524,045
Due after 10 years		26,877,655		23,362,604
Asset and mortgage backed securities without a specific due date		38,105,551		35,947,073
Redeemable preferred stocks		215,805		211,905
Total fixed maturity securities	$	100,018,472	$	92,371,500

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, 2022 and December 31, 2021



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2022
Fixed maturity securities:
U.S. Treasury	$	1,353,242	$	1,278,703	$	—	$	(74,539)
MBS/ABS/CMBS		38,105,551		35,947,073		4,743		(2,163,221)
Corporate		38,820,084		36,002,420		94,211		(2,911,876)
Municipal		21,523,790		18,931,399		129,114		(2,721,505)
Redeemable preferred stock		215,805		211,905		3,840		(7,740)
Total fixed maturity securities	$	100,018,472	$	92,371,500	$	231,908	$	(7,878,881)



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2021
Fixed maturity securities:
U.S. Treasury	$	1,352,044	$	1,345,992	$	11,276	$	(17,328)
MBS/ABS/CMBS		40,712,275		41,023,871		607,483		(295,887)
Corporate		38,959,905		41,206,964		2,434,738		(187,679)
Municipal		20,905,194		22,031,831		1,149,998		(23,361)
Redeemable preferred stock		215,805		232,885		17,080		—
Total fixed maturity securities	$	102,145,223	$	105,841,543	$	4,220,575	$	(524,255)

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 asset backed securities with fair values of $11,461,525 and $14,351,099, residential mortgage backed securities of $15,129,817 and $14,975,101, and commercial mortgage backed securities of $9,355,731 and $11,697,671 at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021. 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, 2022						December 31, 2021
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	630,063	$	648,641	$	1,278,704	$	391,250	$	291,891	$	683,141
Amortized cost		652,843		700,400		1,353,243		400,408		300,061		700,469
Unrealized loss		(22,780)		(51,759)		(74,539)		(9,158)		(8,170)		(17,328)
MBS/ABS/CMBS
Fair value		26,290,190		8,213,254		34,503,444		20,403,757		1,124,095		21,527,852
Amortized cost		27,523,725		9,142,940		36,666,665		20,647,568		1,176,171		21,823,739
Unrealized loss		(1,233,535)		(929,686)		(2,163,221)		(243,811)		(52,076)		(295,887)
Corporate
Fair value		27,074,435		1,516,798		28,591,233		6,428,166		995,235		7,423,401
Amortized cost		29,745,958		1,757,151		31,503,109		6,590,227		1,020,853		7,611,080
Unrealized loss		(2,671,523)		(240,353)		(2,911,876)		(162,061)		(25,618)		(187,679)
Municipal
Fair value		13,669,863		211,521		13,881,384		2,676,052		269,247		2,945,299
Amortized cost		16,329,722		273,167		16,602,889		2,695,269		273,391		2,968,660
Unrealized loss		(2,659,859)		(61,646)		(2,721,505)		(19,217)		(4,144)		(23,361)
Redeemable preferred stock
Fair value		139,155		—		139,155		—		—		—
Cost		146,895		—		146,895		—		—		—
Unrealized loss		(7,740)		—		(7,740)		—		—		—
Total
Fair value		67,803,706		10,590,214		78,393,920		29,899,225		2,680,468		32,579,693
Amortized cost		74,399,143		11,873,658		86,272,801		30,333,472		2,770,476		33,103,948
Unrealized loss		(6,595,437)	$	(1,283,444)	$	(7,878,881)	$	(434,247)	$	(90,008)	$	(524,255)

The fixed income portfolio contained 201 securities in an unrealized loss position as of June 30, 2022. Of these 201 securities, 21 have been in an unrealized loss position for 12 consecutive months or longer and represent $1,283,444 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, 2022. For all fixed income securities at a loss at June 30, 2022, 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, 2022 and December 31, 2021.

‎

UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES

Net unrealized (losses) for the three and six months ended June 30, 2022 for equity securities held as of June 30, 2022 were $(3,804,511) and $(5,097,203), respectively. 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.

Other Invested Assets

Other invested assets as of June 30, 2022 and December 31, 2021 were $3,792,362 and $3,086,568, respectively.

Other invested assets as of June 30, 2022 include privately held investments of $2,314,629 and notes receivable of $1,052,733, compared to $1,720,502 and $1,066,066, respectively, at December 31, 2021. The notes bear interest between 3.9% and 6.5%. As of June 30, 2022, $18,518 in note payments were received and $5,185 in accrued escrow and interest receivable was recorded. Comparatively, as of June 30, 2021, no note payments were received and $6,970 in accrued escrow and interest receivable was recorded. The Company had no allowance recorded related to uncollectible note receivables at June 30, 2022 and December 31, 2021.

In addition, other invested assets includes a membership in the Federal Home Loan Bank of Chicago (FHLBC) worth $425,000 and $300,000 as of June 30, 2022 and December 31, 2021, respectively.

In November 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. As of June 30, 2022 and December 31, 2021, no calls were received.

Fair Value Disclosures

6 Months Ended

Jun. 30, 2022

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, 2022, 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	$	1,278,703	$	—	$	—	$	1,278,703
MBS/ABS/CMBS		—		35,947,073		—		35,947,073
Corporate		—		36,002,420		—		36,002,420
Municipal		—		18,931,399		—		18,931,399
Redeemable preferred stocks		—		211,905		—		211,905
Total fixed maturity securities		1,278,703		91,092,797		—		92,371,500
Equity securities
Common stocks		18,092,308		—		—		18,092,308
Perpetual preferred stocks		—		3,033,312		—		3,033,312
Total equity securities		18,092,308		3,033,312		—		21,125,620
Total marketable investments measured at fair value	$	19,371,011	$	94,126,109	$	—	$	113,497,120

Assets measured at fair value on a recurring basis as of December 31, 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	$	1,345,992	$	—	$	—	$	1,345,992
MBS/ABS/CMBS		—		41,023,871		—		41,023,871
Corporate		—		41,206,964		—		41,206,964
Municipal		—		22,031,831		—		22,031,831
Redeemable preferred stocks		—		232,885		—		232,885
Total fixed maturity securities		1,345,992		104,495,551		—		105,841,543
Equity securities
Common stocks		23,608,197		—		—		23,608,197
Perpetual preferred stocks		—		2,780,450		—		2,780,450
Total equity securities		23,608,197		2,780,450		—		26,388,647
Total marketable investments measured at fair value	$	24,954,189	$	107,276,001	$	—	$	132,230,190

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, 2022 or December 31, 2021. Additionally, there were no securities transferred in or out of Levels 1 and 2 during the six-month periods ended June 30, 2022 and 2021.

- 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

Debt

6 Months Ended

Jun. 30, 2022

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 paid off this loan in April 2022.

The Company also has borrowing capacity of $42.0 million, which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end.

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.

In May 2021, the Company entered into a $4.0 million, 0.74% fixed interest, five-year FHLBC loan.

A one year FHLBC loan for $5.0 million, 0% interest was entered into in May 2021. Upon maturity in May 2022, this loan rolled over to a $5.0 million, 1.36% fixed interest loan.

The Company has $19.3 million in bonds pledged as collateral for all FHLBC loans.

The total balance of the debt agreements at June 30, 2022 and December 31, 2021 was $15,000,000 and $18,455,342, respectively. The average interest rate on remaining debt was 1.2% as of June 30, 2022 and 1.3% as of December 31, 2021.

Revolving Line of Credit

We increased our revolving line of credit with a commercial bank from $2.0 million to $4.0 million in July 2022. This line of credit is priced at Prime plus 0.5% with a floor of 4.75% and renews annually with a current expiration date of July 2023. The Company pledged $4.0 million of business assets in the event the Company draws down on the line of credit. This agreement includes an annually calculated financial debt covenant requiring a minimum total adjusted capital of $21.0 million. Total adjusted capital is the sum of an insurer’s statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed with Illinois Department of Insurance.

There was no interest paid on the line of credit during the six months ended June 30, 2022 and 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Reinsurance

6 Months Ended

Jun. 30, 2022

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,
	2022		2021
WRITTEN
Direct	$	21,228,432	$	18,516,434
Reinsurance assumed		32,410		(34,245)
Reinsurance ceded		(2,266,365)		(2,898,257)
Net	$	18,994,477	$	15,583,932
EARNED
Direct	$	19,231,944	$	15,576,595
Reinsurance assumed		25,851		(26,862)
Reinsurance ceded		(2,233,153)		(2,816,926)
Net	$	17,024,642	$	12,732,807
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	15,524,735	$	12,038,753
Reinsurance assumed		2,284		(15,194)
Reinsurance ceded		(1,718,414)		(3,359,279)
Net	$	13,808,605	$	8,664,280



	Six-Month Periods Ended June 30,
	2022		2021
WRITTEN
Direct	$	40,794,615	$	33,688,469
Reinsurance assumed		69,358		(6,347)
Reinsurance ceded		(4,536,993)		(5,371,425)
Net	$	36,326,980	$	28,310,697
EARNED
Direct	$	37,496,644	$	30,058,645
Reinsurance assumed		67,479		11,960
Reinsurance ceded		(4,522,804)		(5,289,085)
Net	$	33,041,319	$	24,781,520
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	28,137,877	$	22,806,187
Reinsurance assumed		47,693		10,251
Reinsurance ceded		(4,181,764)		(6,349,452)
Net	$	24,003,806	$	16,466,986

Unpaid Losses and Settlement Expenses

6 Months Ended

Jun. 30, 2022

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)	2022		2021
Unpaid losses and settlement expense - beginning of the period:
Gross	$	67,407	$	61,808
Less: Ceded		16,089		14,011
Net		51,318		47,797
Increase in incurred losses and settlement expense:
Current year		11,960		8,094
Prior years		1,849		570
Total incurred		13,809		8,664
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,605		3,523
Prior years		5,667		4,998
Total paid		10,272		8,521
Net unpaid losses and settlement expense - end of the period		54,855		47,940
Plus: Reinsurance recoverable on unpaid losses		15,526		15,918
Gross unpaid losses and settlement expense - end of the period	$	70,381	$	63,858



	For the Six-Months Ended
	June 30,

(In thousands)	2022		2021
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,835	$	61,576
Less: Ceded		14,521		13,020
Net		47,314		48,556
Increase in incurred losses and settlement expense:
Current year		19,485		15,236
Prior years		4,519		1,231
Total incurred		24,004		16,467
Deduct: Loss and settlement expense payments for claims incurred:
Current year		5,994		4,811
Prior years		10,469		12,272
Total paid		16,463		17,083
Net unpaid losses and settlement expense - end of the period		54,855		47,940
Plus: Reinsurance recoverable on unpaid losses		15,526		15,918
Gross unpaid losses and settlement expense - end of the period	$	70,381	$	63,858

For the six months ended June 30, 2022 and 2021, we experienced unfavorable development of $4,519,000 and $1,231,000, respectively. The unfavorable development for the six months ended June 30, 2022 was primarily driven by new claims and additional information received for a handful of prior year claims in the following lines of business and denoted accident years: Business Owners Liability (2020; one claim & 2017; two claims) and Liquor Liability (2019; one claim). The Business Owners Property line of business was the primary driver of adverse development for the six months ended June 30, 2022.

Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Income Taxes

7. INCOME TAXES

The Company’s effective tax rate for the six month periods ended June 30, 2022 was 21.3% compared to 21.4% for the same period in 2021. Effective rates are dependent upon components of pretax earnings and losses and the related tax effects.

Income tax expense for the six month periods ended June 30, 2022 and 2021 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,
	2022		2021
Provision for income taxes at the statutory federal tax rates	$	(1,100,569)	$	151,435
Increase (reduction) in taxes resulting from:
Dividends received deduction		(11,117)		(7,967)
Tax-exempt interest income		(12,961)		(14,753)
Proration of tax-exempt interest and dividends received deduction		5,828		5,499
Nondeductible expenses		10,119		24,069
Officer life insurance, net		(3,335)		167
Total	$	(1,112,035)	$	158,450



	For the Six-Months Ended
	June 30,
	2022		2021
Provision for income taxes at the statutory federal tax rates	$	(1,144,657)	$	460,532
Increase (reduction) in taxes resulting from:
Dividends received deduction		(22,398)		(16,075)
Tax-exempt interest income		(26,312)		(29,547)
Proration of tax-exempt interest and dividends received deduction		11,798		11,063
Nondeductible expenses		27,411		42,095
Officer life insurance, net		(7,682)		333
Total	$	(1,161,840)	$	468,401

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, 2022 and December 31, 2021, the Company does not have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2018 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Employee Benefits

6 Months Ended

Jun. 30, 2022

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. The Company repurchases shares from participants that have left our employment. ICC Holdings contributed $92,080 and $0 to the ESOP for the six months ended June 30, 2022 and 2021, respectively. No other contributions were made to the ESOP during these time periods.

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, 2022, we recognized compensation expense of $194,763 related to 11,622 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2022. 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 were committed to be released to participants’ accounts at December 31, 2021.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 and more recently in April of each year. 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.



		RSUs		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021	$		259,059		$	13.30
Granted			219,945			17.05
Vested			(97,747)			13.47
Nonvested at June 30, 2022	$		381,257		$	15.17

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

9. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date the financial statements were issued.

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2022

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 2021 10-K.

Prospective Accunting Standards

D. PROSPECTIVE ACCOUNTING STANDARDS

Property and Equipment

E. PROPERTY AND EQUIPMENT



	As of
	June 30,		December 31,
	2022		2021
Automobiles	$	494,770	$	507,889
Furniture and fixtures		516,741		512,268
Computer equipment and software		4,555,944		4,350,118
Home office		4,016,998		4,016,998
Total cost		9,584,453		9,387,273
Accumulated depreciation		(6,378,208)		(6,243,055)
Net property and equipment	$	3,206,245	$	3,144,218

Comprehensive Earnings

F. COMPREHENSIVE EARNINGS

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


	Six-Months Ended June 30,
	2022		2021
Beginning balance	$	2,920,027	$	5,520,091

Other comprehensive loss before reclassification		(8,961,697)		(1,137,734)
Amount reclassified from accumulated other comprehensive loss		496		(7,801)
Net current period other comprehensive loss		(8,961,201)		(1,145,535)
Ending balance	$	(6,041,174)	$	4,374,556

‎

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,
	2022						2021
	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	$	(5,063,685)	$	1,063,373	$	(4,000,312)	$	1,376,922	$	(289,153)	$	1,087,769
Reclassification adjustment for losses (gains) included in net earnings		10,355		(2,175)		8,180		(8,584)		1,802		(6,782)
Total other comprehensive (loss) earnings	$	(5,053,330)	$	1,061,198	$	(3,992,132)	$	1,368,338	$	(287,351)	$	1,080,987



	Six-Month Periods Ended June 30,
	2022						2021
	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 arising during the period	$	(11,343,920)	$	2,382,223	$	(8,961,697)	$	(1,440,170)	$	302,436	$	(1,137,734)
Reclassification adjustment for losses (gains) included in net earnings		628		(132)		496		(9,874)		2,073		(7,801)
Total other comprehensive loss	$	(11,343,292)	$	2,382,091	$	(8,961,201)	$	(1,450,044)	$	304,509	$	(1,145,535)

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	2022		2021		2022		2021		where Net Earnings is Presented
Unrealized losses (gains) on AFS investments:
	$	10,355	$	(8,584)	$	628	$	(9,874)	Net realized investment losses (gains)
		(2,175)		1,802		(132)		2,073	Income tax expense
Total reclassification adjustment, net of tax	$	8,180	$	(6,782)	$	496	$	(7,801)

Risks and Uncertainties

G. RISKS AND UNCERTAINTIES

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policies [Abstract]

Summary of Property, Plant and Equipment



	As of
	June 30,		December 31,
	2022		2021
Automobiles	$	494,770	$	507,889
Furniture and fixtures		516,741		512,268
Computer equipment and software		4,555,944		4,350,118
Home office		4,016,998		4,016,998
Total cost		9,584,453		9,387,273
Accumulated depreciation		(6,378,208)		(6,243,055)
Net property and equipment	$	3,206,245	$	3,144,218

Accumulated Other Comprehensive Earnings (Loss)


	Six-Months Ended June 30,
	2022		2021
Beginning balance	$	2,920,027	$	5,520,091

Other comprehensive loss before reclassification		(8,961,697)		(1,137,734)
Amount reclassified from accumulated other comprehensive loss		496		(7,801)
Net current period other comprehensive loss		(8,961,201)		(1,145,535)
Ending balance	$	(6,041,174)	$	4,374,556

Summary of Components of Other Comprehensive Earnings



	Three-Month Periods Ended June 30,
	2022						2021
	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	$	(5,063,685)	$	1,063,373	$	(4,000,312)	$	1,376,922	$	(289,153)	$	1,087,769
Reclassification adjustment for losses (gains) included in net earnings		10,355		(2,175)		8,180		(8,584)		1,802		(6,782)
Total other comprehensive (loss) earnings	$	(5,053,330)	$	1,061,198	$	(3,992,132)	$	1,368,338	$	(287,351)	$	1,080,987



	Six-Month Periods Ended June 30,
	2022						2021
	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 arising during the period	$	(11,343,920)	$	2,382,223	$	(8,961,697)	$	(1,440,170)	$	302,436	$	(1,137,734)
Reclassification adjustment for losses (gains) included in net earnings		628		(132)		496		(9,874)		2,073		(7,801)
Total other comprehensive loss	$	(11,343,292)	$	2,382,091	$	(8,961,201)	$	(1,450,044)	$	304,509	$	(1,145,535)

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	2022		2021		2022		2021		where Net Earnings is Presented
Unrealized losses (gains) on AFS investments:
	$	10,355	$	(8,584)	$	628	$	(9,874)	Net realized investment losses (gains)
		(2,175)		1,802		(132)		2,073	Income tax expense
Total reclassification adjustment, net of tax	$	8,180	$	(6,782)	$	496	$	(7,801)

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments [Abstract]

Summary of Recognized Impairments



	For the Three-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2022
Fixed maturity securities	$	10,168,949	$	96,191	$	(106,546)	$	(10,355)
Common stocks		2,740,714		736,152		(186,562)		549,590
Preferred stocks		38,200		—		(2,426)		(2,426)
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



	For the Six-Months Ended June 30,
							Net Realized
	Proceeds		Gains		Losses		Gains (Losses)
2022
Fixed maturity securities	$	12,614,074	$	105,918	$	(106,546)	$	(628)
Common stocks		3,376,818		940,342		(194,632)		745,710
Preferred stocks		403,708		7,745		(8,433)		(688)
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

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



	Amortized Cost		Fair Value
Due in one year or less	$	598,599	$	600,352
Due after one year through five years		16,090,223		15,725,521
Due after five years through 10 years		18,130,639		16,524,045
Due after 10 years		26,877,655		23,362,604
Asset and mortgage backed securities without a specific due date		38,105,551		35,947,073
Redeemable preferred stocks		215,805		211,905
Total fixed maturity securities	$	100,018,472	$	92,371,500

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

December 31, 2021



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2022
Fixed maturity securities:
U.S. Treasury	$	1,353,242	$	1,278,703	$	—	$	(74,539)
MBS/ABS/CMBS		38,105,551		35,947,073		4,743		(2,163,221)
Corporate		38,820,084		36,002,420		94,211		(2,911,876)
Municipal		21,523,790		18,931,399		129,114		(2,721,505)
Redeemable preferred stock		215,805		211,905		3,840		(7,740)
Total fixed maturity securities	$	100,018,472	$	92,371,500	$	231,908	$	(7,878,881)



					Gross Unrealized
	Amortized Cost		Fair Value		Gains		Losses
2021
Fixed maturity securities:
U.S. Treasury	$	1,352,044	$	1,345,992	$	11,276	$	(17,328)
MBS/ABS/CMBS		40,712,275		41,023,871		607,483		(295,887)
Corporate		38,959,905		41,206,964		2,434,738		(187,679)
Municipal		20,905,194		22,031,831		1,149,998		(23,361)
Redeemable preferred stock		215,805		232,885		17,080		—
Total fixed maturity securities	$	102,145,223	$	105,841,543	$	4,220,575	$	(524,255)

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



	June 30, 2022						December 31, 2021
			12 Months						12 Months
	< 12 Months		& Greater		Total		< 12 Months		& Greater		Total
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	630,063	$	648,641	$	1,278,704	$	391,250	$	291,891	$	683,141
Amortized cost		652,843		700,400		1,353,243		400,408		300,061		700,469
Unrealized loss		(22,780)		(51,759)		(74,539)		(9,158)		(8,170)		(17,328)
MBS/ABS/CMBS
Fair value		26,290,190		8,213,254		34,503,444		20,403,757		1,124,095		21,527,852
Amortized cost		27,523,725		9,142,940		36,666,665		20,647,568		1,176,171		21,823,739
Unrealized loss		(1,233,535)		(929,686)		(2,163,221)		(243,811)		(52,076)		(295,887)
Corporate
Fair value		27,074,435		1,516,798		28,591,233		6,428,166		995,235		7,423,401
Amortized cost		29,745,958		1,757,151		31,503,109		6,590,227		1,020,853		7,611,080
Unrealized loss		(2,671,523)		(240,353)		(2,911,876)		(162,061)		(25,618)		(187,679)
Municipal
Fair value		13,669,863		211,521		13,881,384		2,676,052		269,247		2,945,299
Amortized cost		16,329,722		273,167		16,602,889		2,695,269		273,391		2,968,660
Unrealized loss		(2,659,859)		(61,646)		(2,721,505)		(19,217)		(4,144)		(23,361)
Redeemable preferred stock
Fair value		139,155		—		139,155		—		—		—
Cost		146,895		—		146,895		—		—		—
Unrealized loss		(7,740)		—		(7,740)		—		—		—
Total
Fair value		67,803,706		10,590,214		78,393,920		29,899,225		2,680,468		32,579,693
Amortized cost		74,399,143		11,873,658		86,272,801		30,333,472		2,770,476		33,103,948
Unrealized loss		(6,595,437)	$	(1,283,444)	$	(7,878,881)	$	(434,247)	$	(90,008)	$	(524,255)

Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022, 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	$	1,278,703	$	—	$	—	$	1,278,703
MBS/ABS/CMBS		—		35,947,073		—		35,947,073
Corporate		—		36,002,420		—		36,002,420
Municipal		—		18,931,399		—		18,931,399
Redeemable preferred stocks		—		211,905		—		211,905
Total fixed maturity securities		1,278,703		91,092,797		—		92,371,500
Equity securities
Common stocks		18,092,308		—		—		18,092,308
Perpetual preferred stocks		—		3,033,312		—		3,033,312
Total equity securities		18,092,308		3,033,312		—		21,125,620
Total marketable investments measured at fair value	$	19,371,011	$	94,126,109	$	—	$	113,497,120

Assets measured at fair value on a recurring basis as of December 31, 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	$	1,345,992	$	—	$	—	$	1,345,992
MBS/ABS/CMBS		—		41,023,871		—		41,023,871
Corporate		—		41,206,964		—		41,206,964
Municipal		—		22,031,831		—		22,031,831
Redeemable preferred stocks		—		232,885		—		232,885
Total fixed maturity securities		1,345,992		104,495,551		—		105,841,543
Equity securities
Common stocks		23,608,197		—		—		23,608,197
Perpetual preferred stocks		—		2,780,450		—		2,780,450
Total equity securities		23,608,197		2,780,450		—		26,388,647
Total marketable investments measured at fair value	$	24,954,189	$	107,276,001	$	—	$	132,230,190

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2022

Reinsurance [Abstract]

Summary of the Effects of Reinsurance



	Three-Month Periods Ended June 30,
	2022		2021
WRITTEN
Direct	$	21,228,432	$	18,516,434
Reinsurance assumed		32,410		(34,245)
Reinsurance ceded		(2,266,365)		(2,898,257)
Net	$	18,994,477	$	15,583,932
EARNED
Direct	$	19,231,944	$	15,576,595
Reinsurance assumed		25,851		(26,862)
Reinsurance ceded		(2,233,153)		(2,816,926)
Net	$	17,024,642	$	12,732,807
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	15,524,735	$	12,038,753
Reinsurance assumed		2,284		(15,194)
Reinsurance ceded		(1,718,414)		(3,359,279)
Net	$	13,808,605	$	8,664,280



	Six-Month Periods Ended June 30,
	2022		2021
WRITTEN
Direct	$	40,794,615	$	33,688,469
Reinsurance assumed		69,358		(6,347)
Reinsurance ceded		(4,536,993)		(5,371,425)
Net	$	36,326,980	$	28,310,697
EARNED
Direct	$	37,496,644	$	30,058,645
Reinsurance assumed		67,479		11,960
Reinsurance ceded		(4,522,804)		(5,289,085)
Net	$	33,041,319	$	24,781,520
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	28,137,877	$	22,806,187
Reinsurance assumed		47,693		10,251
Reinsurance ceded		(4,181,764)		(6,349,452)
Net	$	24,003,806	$	16,466,986

Unpaid Losses and Settlement Expenses (Tables)

6 Months Ended

Jun. 30, 2022

Unpaid Losses and Settlement Expenses [Abstract]

Reconciliation of Unpaid Losses and Settlement Expenses


	For the Three-Months Ended
	June 30,

(In thousands)	2022		2021
Unpaid losses and settlement expense - beginning of the period:
Gross	$	67,407	$	61,808
Less: Ceded		16,089		14,011
Net		51,318		47,797
Increase in incurred losses and settlement expense:
Current year		11,960		8,094
Prior years		1,849		570
Total incurred		13,809		8,664
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,605		3,523
Prior years		5,667		4,998
Total paid		10,272		8,521
Net unpaid losses and settlement expense - end of the period		54,855		47,940
Plus: Reinsurance recoverable on unpaid losses		15,526		15,918
Gross unpaid losses and settlement expense - end of the period	$	70,381	$	63,858



	For the Six-Months Ended
	June 30,

(In thousands)	2022		2021
Unpaid losses and settlement expense - beginning of the period:
Gross	$	61,835	$	61,576
Less: Ceded		14,521		13,020
Net		47,314		48,556
Increase in incurred losses and settlement expense:
Current year		19,485		15,236
Prior years		4,519		1,231
Total incurred		24,004		16,467
Deduct: Loss and settlement expense payments for claims incurred:
Current year		5,994		4,811
Prior years		10,469		12,272
Total paid		16,463		17,083
Net unpaid losses and settlement expense - end of the period		54,855		47,940
Plus: Reinsurance recoverable on unpaid losses		15,526		15,918
Gross unpaid losses and settlement expense - end of the period	$	70,381	$	63,858

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Taxes [Abstract]

Schedule of Effective Income Tax Rate Reconciliation



	For the Three-Months Ended
	June 30,
	2022		2021
Provision for income taxes at the statutory federal tax rates	$	(1,100,569)	$	151,435
Increase (reduction) in taxes resulting from:
Dividends received deduction		(11,117)		(7,967)
Tax-exempt interest income		(12,961)		(14,753)
Proration of tax-exempt interest and dividends received deduction		5,828		5,499
Nondeductible expenses		10,119		24,069
Officer life insurance, net		(3,335)		167
Total	$	(1,112,035)	$	158,450



	For the Six-Months Ended
	June 30,
	2022		2021
Provision for income taxes at the statutory federal tax rates	$	(1,144,657)	$	460,532
Increase (reduction) in taxes resulting from:
Dividends received deduction		(22,398)		(16,075)
Tax-exempt interest income		(26,312)		(29,547)
Proration of tax-exempt interest and dividends received deduction		11,798		11,063
Nondeductible expenses		27,411		42,095
Officer life insurance, net		(7,682)		333
Total	$	(1,161,840)	$	468,401

Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Employee Benefits [Abstract]

Restricted Stock Unit, Activity



		RSUs		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2021	$		259,059		$	13.30
Granted			219,945			17.05
Vested			(97,747)			13.47
Nonvested at June 30, 2022	$		381,257		$	15.17

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Impairment			$ 0	$ 0
Federal tax rate			21.00%	21.00%
Operating segments \| segment			1
Tax (benefit) expense			$ (2,382,091)	$ (304,509)
Premiums [Member] \| Geographic Concentration Risk [Member] \| Illinois [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk	23.20%	24.80%	23.20%	24.80%

Summary of Significant Accounting Policies (Summary of Property, Plant and Equipment) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total cost	$ 9,584,453	$ 9,387,273
Accumulated depreciation	(6,378,208)	(6,243,055)
Net property and equipment	3,206,245	3,144,218
Automobiles [Member]
Property, Plant and Equipment [Line Items]
Total cost	494,770	507,889
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total cost	516,741	512,268
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Total cost	4,555,944	4,350,118
Home Office [Member]
Property, Plant and Equipment [Line Items]
Total cost	$ 4,016,998	$ 4,016,998

Summary of Significant Accounting Policies (Accumulated Other Comprehensive Earnings (Loss)) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net current period other comprehensive loss	$ (3,992,132)	$ 1,080,987	$ (8,961,201)	$ (1,145,535)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			2,920,027	5,520,091
Other comprehensive loss before reclassification			(8,961,697)	(1,137,734)
Amount reclassified from accumulated other comprehensive loss			496	(7,801)
Net current period other comprehensive loss			(8,961,201)	(1,145,535)
Balance	$ (6,041,174)	$ 4,374,556	$ (6,041,174)	$ 4,374,556

- Definition

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

+ References

+ 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 23
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124436220&loc=d3e21914-107793

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124442411-227067

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4568740-111683

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
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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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary of Significant Accounting Policies [Abstract]
Unrealized holding losses arising during the period, Pre-tax	$ (5,063,685)	$ 1,376,922	$ (11,343,920)	$ (1,440,170)
Reclassification adjustment fo gains included in net earnings, Pre-tax	10,355	(8,584)	628	(9,874)
Total other comprehensive loss, Pre-tax	(5,053,330)	1,368,338	(11,343,292)	(1,450,044)
Unrealized holding losses arising during the period, Tax	1,063,373	(289,153)	2,382,223	302,436
Reclassification adjustment for gains included in net earnings, Tax	(2,175)	1,802	(132)	2,073
Total other comprehensive loss, Tax	1,061,198	(287,351)	2,382,091	304,509
Unrealized holding losses arising during the period, After-tax	(4,000,312)	1,087,769	(8,961,697)	(1,137,734)
Reclassification adjustment for gains included in net earnings, After-tax	8,180	(6,782)	496	(7,801)
Net current period other comprehensive loss	$ (3,992,132)	$ 1,080,987	$ (8,961,201)	$ (1,145,535)

Summary of Significant Accounting Policies (Schedule of Reclassifications Out of Accumulated Other Comprehensive Earnings) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net realized investment losses (gains)	$ (536,809)	$ (349,906)	$ (744,394)	$ (536,615)
Income tax expense	(1,112,035)	158,450	(1,161,840)	468,401
Net income (loss)			4,288,907	(1,724,607)
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 losses (gains)	10,355	(8,584)	628	(9,874)
Income tax expense	(2,175)	1,802	(132)	2,073
Net income (loss)	$ 8,180	$ (6,782)	$ 496	$ (7,801)

- 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

+ Details

Investments (Narrative) (Details)	3 Months Ended		6 Months Ended
Investments (Narrative) (Details)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Unrealized losses for 12 consecutive months or longer	$ 1,283,444		$ 1,283,444		$ 90,008
OTTI losses recognized in other comprehensive earnings			0
Other invested assets	3,792,362		3,792,362		3,086,568
Notes Receivable [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	1,052,733		1,052,733		1,066,066
Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest Receivable	5,185		5,185
Other invested assets	425,000		425,000		300,000
Allowance recorded	0	$ 0	0	$ 0
Debt Instrument, Accumulated Payments Received	18,518		18,518
Accrued Escrow And Interest Receivable		6,970		6,970
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Unrealized gain (loss)	(3,804,511)	$ 728,819	(5,097,203)	$ 1,605,135
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	11,461,525		11,461,525		14,351,099
Unrealized losses for 12 consecutive months or longer	929,686		929,686		52,076
MBS/ABS/CMBS [Member] \| Residential Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	15,129,817		15,129,817		14,975,101
MBS/ABS/CMBS [Member] \| Commercial Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 9,355,731		$ 9,355,731		11,697,671
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Number of securities in an unrealized loss position \| item	201		201
Number of securities in an unrealized loss position for 12 consecutive months or longer \| item	21		21
Unrealized losses for 12 consecutive months or longer	$ 1,283,444		$ 1,283,444
Privately Help Investments [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets	2,314,629		2,314,629		$ 1,720,502
Private Investment Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Other invested assets						$ 10,000,000.0
Significant Unobservable Inputs (Level 3)
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 0		$ 0
Minimum [Member] \| Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	3.90%		3.90%
Maximum [Member] \| Federal Home Loan Bank of Chicago [Member]
Schedule of Available-for-sale Securities [Line Items]
Interest rate	6.50%		6.50%

Investments (Summary of Recognized Impairments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Proceeds			$ 12,614,074	$ 6,184,298
Fixed Maturity Securities [Member]
Proceeds	$ 10,168,949	$ 2,699,867	12,614,074	6,184,298
Gains	96,191	18,137	105,918	19,456
Losses	(106,546)	(9,553)	(106,546)	(9,582)
Net Realized Gain/(Losses)	(10,355)	8,584	(628)	9,874
Common Stocks [Member]
Proceeds	2,740,714	1,277,820	3,376,818	1,964,835
Gains	736,152	342,408	940,342	554,769
Losses	(186,562)	(33,342)	(194,632)	(65,739)
Net Realized Gain/(Losses)	549,590	309,065	745,710	489,030
Preferred Stock [Member]
Proceeds	38,200	262,054	403,708	340,523
Gains		32,256	7,745	37,711
Losses	(2,426)		(8,433)
Net Realized Gain/(Losses)	$ (2,426)	$ 32,256	$ (688)	$ 37,711

Investments (Summary of Amortized Cost and Fair Value of Securities by Contractual Maturity) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Due in one year or less, amortized cost	$ 598,599
Due after one year through five years, amortized cost	16,090,223
Due after five years through 10 years, amortized cost	18,130,639
Due after 10 years, amortized cost	26,877,655
Fixed maturity securities, amortized cost	100,018,472	$ 102,145,223
Due in one year or less, fair value	600,352
Due after one year through five years, fair value	15,725,521
Due after five years through 10 years, fair value	16,524,045
Due after 10 years, fair value	23,362,604
Fixed maturity securities, fair value	92,371,500	105,841,543
Collateralized Mortgage Backed Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	38,105,551
Other, fair value	35,947,073
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Other, amortized cost	215,805
Fixed maturity securities, amortized cost	215,805	215,805
Other, fair value	211,905
Fixed maturity securities, fair value	$ 211,905	$ 232,885

Investments (Schedule of Cost or Amortized Cost and Estimated Fair Values of Investments) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	$ 100,018,472	$ 102,145,223
Fixed maturity securities, fair value	92,371,500	105,841,543
Fixed maturity securities, gross unrealized gains	231,908	4,220,575
Fixed maturity securities, gross unrealized losses	(7,878,881)	(524,255)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	1,353,242	1,352,044
Fixed maturity securities, fair value	1,278,703	1,345,992
Fixed maturity securities, gross unrealized gains		11,276
Fixed maturity securities, gross unrealized losses	(74,539)	(17,328)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	38,105,551	40,712,275
Fixed maturity securities, fair value	35,947,073	41,023,871
Fixed maturity securities, gross unrealized gains	4,743	607,483
Fixed maturity securities, gross unrealized losses	(2,163,221)	(295,887)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	38,820,084	38,959,905
Fixed maturity securities, fair value	36,002,420	41,206,964
Fixed maturity securities, gross unrealized gains	94,211	2,434,738
Fixed maturity securities, gross unrealized losses	(2,911,876)	(187,679)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Fixed maturity securities, amortized cost	21,523,790	20,905,194
Fixed maturity securities, fair value	18,931,399	22,031,831
Fixed maturity securities, gross unrealized gains	129,114	1,149,998
Fixed maturity securities, gross unrealized losses	(2,721,505)	(23,361)
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	211,905	232,885
Fixed maturity securities, gross unrealized gains	3,840	$ 17,080
Fixed maturity securities, gross unrealized losses	$ (7,740)

Investments (Summary of Impairment Analysis and Value of Securities in an Unrealized Loss Position) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	$ 67,803,706	$ 29,899,225
Less than 12 months, Cost or amortized cost	74,399,143	30,333,472
Less than 12 months, unrealized loss	(6,595,437)	(434,247)
Greater than 12 months, fair value	10,590,214	2,680,468
Greater than 12 months, Cost or amortized cost	11,873,658	2,770,476
Greater than 12 months, unrealized loss	(1,283,444)	(90,008)
Fair value	78,393,920	32,579,693
Cost or amortized cost	86,272,801	33,103,948
Unrealized loss	(7,878,881)	(524,255)
US Treasury [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	630,063	391,250
Less than 12 months, Cost or amortized cost	652,843	400,408
Less than 12 months, unrealized loss	(22,780)	(9,158)
Greater than 12 months, fair value	648,641	291,891
Greater than 12 months, Cost or amortized cost	700,400	300,061
Greater than 12 months, unrealized loss	(51,759)	(8,170)
Fair value	1,278,704	683,141
Cost or amortized cost	1,353,243	700,469
Unrealized loss	(74,539)	(17,328)
MBS/ABS/CMBS [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	26,290,190	20,403,757
Less than 12 months, Cost or amortized cost	27,523,725	20,647,568
Less than 12 months, unrealized loss	(1,233,535)	(243,811)
Greater than 12 months, fair value	8,213,254	1,124,095
Greater than 12 months, Cost or amortized cost	9,142,940	1,176,171
Greater than 12 months, unrealized loss	(929,686)	(52,076)
Fair value	34,503,444	21,527,852
Cost or amortized cost	36,666,665	21,823,739
Unrealized loss	(2,163,221)	(295,887)
Corporate Debt [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	27,074,435	6,428,166
Less than 12 months, Cost or amortized cost	29,745,958	6,590,227
Less than 12 months, unrealized loss	(2,671,523)	(162,061)
Greater than 12 months, fair value	1,516,798	995,235
Greater than 12 months, Cost or amortized cost	1,757,151	1,020,853
Greater than 12 months, unrealized loss	(240,353)	(25,618)
Fair value	28,591,233	7,423,401
Cost or amortized cost	31,503,109	7,611,080
Unrealized loss	(2,911,876)	(187,679)
State And Local Government [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	13,669,863	2,676,052
Less than 12 months, Cost or amortized cost	16,329,722	2,695,269
Less than 12 months, unrealized loss	(2,659,859)	(19,217)
Greater than 12 months, fair value	211,521	269,247
Greater than 12 months, Cost or amortized cost	273,167	273,391
Greater than 12 months, unrealized loss	(61,646)	(4,144)
Fair value	13,881,384	2,945,299
Cost or amortized cost	16,602,889	2,968,660
Unrealized loss	(2,721,505)	$ (23,361)
Fixed Maturity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Greater than 12 months, unrealized loss	(1,283,444)
Redeemable Preferred Stock [Member]
Schedule of Available-for-sale Securities [Line Items]
Less than 12 months, fair value	139,155
Less than 12 months, Cost or amortized cost	146,895
Less than 12 months, unrealized loss	(7,740)
Greater than 12 months, fair value
Greater than 12 months, Cost or amortized cost
Greater than 12 months, unrealized loss
Fair value	139,155
Cost or amortized cost	146,895
Unrealized loss	$ (7,740)

Fair Value Disclosures (Narrative) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	$ 113,497,120	$ 132,230,190
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 Disclosures (Summary of Assets Measured at Fair Value on a recurring Basis) (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
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	113,497,120	132,230,190
Fair Value, Measurements, Recurring [Member] \| US Treasury [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	1,278,703	1,345,992
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	35,947,073	41,023,871
Fair Value, Measurements, Recurring [Member] \| Corporate Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	36,002,420	41,206,964
Fair Value, Measurements, Recurring [Member] \| State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	18,931,399	22,031,831
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	211,905	232,885
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	92,371,500	105,841,543
Fair Value, Measurements, Recurring [Member] \| Common Stocks [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	18,092,308	23,608,197
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	3,033,312	2,780,450
Fair Value, Measurements, Recurring [Member] \| Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	21,125,620	26,388,647
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	19,371,011	24,954,189
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	1,278,703	1,345,992
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	1,278,703	1,345,992
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	18,092,308	23,608,197
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	18,092,308	23,608,197
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	94,126,109	107,276,001
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	35,947,073	41,023,871
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	36,002,420	41,206,964
Fair Value, Measurements, Recurring [Member] \| Significant Other Observable Inputs (Level 2) \| State And Local Government [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total AFS securities	18,931,399	22,031,831
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	211,905	232,885
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	91,092,797	104,495,551
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	3,033,312	2,780,450
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	$ 3,033,312	$ 2,780,450

Debt (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
Debt (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2022	Dec. 31, 2021	May 03, 2021	Aug. 03, 2020	Mar. 31, 2017
Debt Instrument [Line Items]
Corporate debt		$ 15,000,000	$ 18,455,342
Maximum borrowing capacity		$ 42,000,000.0
Line Of Credit Facility Maximum Borrowing Capacity, Percent		25.00%
Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Interest rate	1.40%
Collateral		$ 19,300,000
Term of debt instrument	5 years
FHLBC advances	$ 6,000,000.0
Securities pledged	$ 6,800,000
Revolver [Member]
Debt Instrument [Line Items]
Interest expense		0	0
Collateral					$ 4,000,000.0
Maximum borrowing capacity		2,000,000.0
Debt Obligation 2 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument				$ 4,000,000.0
Interest rate				0.74%
Debt Obligation 3 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 5,000,000.0
Interest rate		0.00%
Debt Obligation 4 [Member] \| Federal Home Loan Bank of Chicago [Member]
Debt Instrument [Line Items]
Face amount of debt instrument		$ 5,000,000.0
Interest rate		1.36%
Line Of Credit, July 2022 [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Debt Covenant, Adjusted Capital		$ 21.0
Maximum borrowing capacity		$ 4,000,000.0
Line Of Credit, July 2022 [Member] \| Prime Rate [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate		0.50%
Line Of Credit, July 2022 [Member] \| Prime Rate [Member] \| Minimum [Member] \| Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate		4.75%
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		$ 15,000,000	$ 18,455,342
Current interest rate		1.20%	1.30%

Reinsurance (Narrative) (Details) - USD ($)	6 Months Ended
Reinsurance (Narrative) (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
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

Reinsurance (Summary of the Effects of Reinsurance) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
WRITTEN
Direct	$ 21,228,432	$ 18,516,434	$ 40,794,615	$ 33,688,469
Reinsurance assumed	32,410	(34,245)	69,358	(6,347)
Reinsurance ceded	(2,266,365)	(2,898,257)	(4,536,993)	(5,371,425)
Net	18,994,477	15,583,932	36,326,980	28,310,697
EARNED
Direct	19,231,944	15,576,595	37,496,644	30,058,645
Reinsurance assumed	25,851	(26,862)	67,479	11,960
Reinsurance ceded	(2,233,153)	(2,816,926)	(4,522,804)	(5,289,085)
Net	17,024,642	12,732,807	33,041,319	24,781,520
LOSSES AND SETTLEMENT EXPENSES INCURRED
Direct	15,524,735	12,038,753	28,137,877	22,806,187
Reinsurance assumed	2,284	(15,194)	47,693	10,251
Reinsurance ceded	(1,718,414)	(3,359,279)	(4,181,764)	(6,349,452)
Total incurred	$ 13,808,605	$ 8,664,280	$ 24,003,806	$ 16,466,986

Unpaid Losses and Settlement Expenses (Narrative) (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 claim	Dec. 31, 2019 claim	Dec. 31, 2017 claim
Liability for Future Policy Benefit, by Product Segment [Line Items]
Number Of Claims \| claim			1	1	2
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	$ 4,519,000
Liquor Liability And Umbrella Liability [Member]
Liability for Future Policy Benefit, by Product Segment [Line Items]
Increase in net unpaid losses and settlement expense		$ 1,231,000

Unpaid Losses and Settlement Expenses (Reconciliation of Unpaid Losses and Settlement Expenses) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 67,407,000	$ 61,808,000	$ 61,834,809	$ 61,576,000
Less: Ceded	16,089,000	14,011,000	14,521,219	13,020,000
Net	54,855,000	47,940,000	54,855,000	47,940,000	$ 51,318,000	$ 47,314,000	$ 47,797,000	$ 48,556,000
Increase in incurred losses and settlement expense:
Current year	11,960,000	8,094,000	19,485,000	15,236,000
Prior years	1,849,000	570,000	4,519,000	1,231,000
Total incurred	13,808,605	8,664,280	24,003,806	16,466,986
Deduct: Loss and settlement expense payments for claims incurred:
Current year	4,605,000	3,523,000	5,994,000	4,811,000
Prior years	5,667,000	4,998,000	10,469,000	12,272,000
Total paid	10,272,000	8,521,000	16,463,000	17,083,000
Net unpaid losses and settlement expense - end of the period	54,855,000	47,940,000	54,855,000	47,940,000
Plus: Reinsurance recoverable on unpaid losses	15,526,114	15,918,000	15,526,114	15,918,000
Gross unpaid losses and settlement expense - end of the period	$ 70,381,083	$ 63,858,000	$ 70,381,083	$ 63,858,000

Income Taxes (Narrative) (Details)	6 Months Ended
Income Taxes (Narrative) (Details)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021	Dec. 31, 2021 USD ($)
Income Taxes [Abstract]
Federal tax rate	21.00%	21.00%
Effective tax rate	21.30%	21.40%
Capital loss carryforward	$ 0		$ 0
Operating loss carryforward	$ 0		$ 0
Number of open exams \| item	0

Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Taxes [Abstract]
Provision for income taxes at the statutory federal tax rates	$ (1,100,569)	$ 151,435	$ (1,144,657)	$ 460,532
Increase (reduction) in taxes resulting from:
Dividends received deduction	(11,117)	(7,967)	(22,398)	(16,075)
Tax-exempt interest income	(12,961)	(14,753)	(26,312)	(29,547)
Proration of tax-exempt interest and dividends received deduction	5,828	5,499	11,798	11,063
Nondeductible expenses	10,119	24,069	27,411	42,095
Officer life insurance, net	(3,335)	167	(7,682)	333
Total income tax (benefit) expense	$ (1,112,035)	$ 158,450	$ (1,161,840)	$ 468,401

- Definition

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

+ References + Details

Employee Benefits (Narrative) (Details) - USD ($)	6 Months Ended
Employee Benefits (Narrative) (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Employee stock ownership plan, shares	350,000
Employee stock ownership plan, share purchase price	$ 10.00
Compensation expense	$ 194,763	$ 174,613
Shares committed to be released	11,622	11,622
Contributions to ESOP	$ 92,080	$ 0
Shares granted	219,945
Fair value of shares granted	$ 17.05
Restricted Stock Units (RSUs)
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
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%

Employee Benefits (Restricted Stock Unit, Activity) (Details)	6 Months Ended
	Jun. 30, 2022 $ / shares shares
RSU
Nonvested \| shares	259,059
Granted \| shares	219,945
Vested \| shares	97,747
Nonvested \| shares	381,257
Weighted Average Grant Date Fair Value
Nonvested \| $ / shares	$ 13.30
Granted \| $ / shares	17.05
Vested \| $ / shares	13.47
Nonvested \| $ / shares	$ 15.17