0001437749-23-008562 | 10-K | XBRL Viewer

Deferred policy acquisition costs, net

3,296,688

7,167,036

6,538,844

Property and equipment, at cost, net of accumulated depreciation of $6,590,602 at 12/31/2022 and $6,243,055 at 12/31/2021

3,313,719

3,144,218

Other assets

1,277,469

1,343,504

Total assets

192,162,211

200,001,968

Liabilities:

Total gross unpaid losses and LAE

67,614,063

61,834,809

Unearned premiums

40,527,182

36,212,266

Reinsurance balances payable

1,405,337

1,368,294

Corporate debt

15,000,000

18,455,342

Accrued expenses

6,072,020

5,441,611

Additional paid-in capital

954,862

Other liabilities

1,102,678

1,030,870

Total liabilities

131,721,280

125,298,054

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(5,463,535)

(3,155,399)

33,119,125

32,965,136

Accumulated other comprehensive (loss) earnings, net of tax

(8,841,517)

2,920,027

Retained earnings

43,701,233

44,282,895

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,109,375)

(2,343,745)

Total equity

60,440,931

74,703,914

Total liabilities and equity

192,162,211

200,001,968

Common Stock [Member]

Investments and cash:

Common stocks at fair value

20,438,907

23,608,197

Preferred Stock [Member]

Investments and cash:

Common stocks at fair value

$ 2,772,605

$ 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 and 2021 – 3,500,000 shares; outstanding: 2022 – 3,153,741 and 2021 – 3,291,852 shares.
[2]	2022 – 346,259 shares and 2021 – 208,148 shares
[3]	2022 – 210,935 shares and 2021 – 234,374 shares

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fixed maturity securities, amortized cost	$ 104,580,681	$ 102,145,223
Property held for investment, accumulated depreciation	609,282	464,713
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	50,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,590,602	$ 6,243,055
Common stock, par value (in dollars per share)	$ 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)	3,153,741	3,291,852
Treasury stock, shares (in shares)	346,259	208,148
Unearned Employee Stock Ownership Plan (in shares)	210,935	234,374

Consolidated Statements of Earnings and Comprehensive Earnings - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net premiums earned	$ 69,057,343	$ 53,893,020
Net investment income	4,034,228	3,414,408
Net realized investment gains	874,470	982,547
Net unrealized (losses) gains on equity securities	(4,706,405)	2,801,991
Other income	420,202	348,709
Total revenue	69,679,838	61,440,675
Losses and settlement expenses	44,532,729	34,699,543
Policy acquisition costs and other operating expenses	24,896,120	20,824,900
Interest expense on debt	196,070	235,001
General corporate expenses	776,747	723,350
Total expenses	70,401,666	56,482,794
Loss before equity earnings of subsidiaries and income taxes	(721,828)	4,957,881
Income tax expense:
Current	984,897	400,355
Deferred income tax	(1,125,063)	414,747
Total	(140,166)	815,102
Net loss before equity earnings of subsidiaries	$ (581,662)	$ 4,142,779
Basic:
Basic net (loss) earnings per share (in dollars per share)	$ (0.19)	$ 1.36
Diluted:
Diluted net (loss) earnings per share (in dollars per share)	$ (0.19)	$ 1.35
Weighted average number of common shares outstanding:
Basic (in shares)	3,032,155	3,047,433
Diluted (in shares)	3,032,155	3,065,025
Net income (loss)	$ (581,662)	$ 4,142,779
Other comprehensive loss, net of tax
Unrealized holding (losses) arising during the period, net of income tax (benefit) of $(3,128,757) in 2022 and $(641,107) in 2021	(11,770,084)	(2,411,782)
Reclassification adjustment for losses (gains) included in net income, net of income tax (benefit) expense of $(2,270) in 2022 and $50,050 in 2021	(8,540)	188,282
Total other comprehensive loss	(11,761,544)	(2,600,064)
Comprehensive (loss) earnings	$ (12,343,206)	$ 1,542,715

Consolidated Statements of Earnings and Comprehensive Earnings (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unrealized holdings gains (losses) arising during the period, tax	$ (3,128,757)	$ (641,107)
Reclassification adjustment for (losses) gains included in net income, tax	$ (2,270)	$ 50,050

Consolidated Statements of Stockholders' Equity - USD ($)

Common Stock [Member]

Treasury Stock [Member]

Unearned ESOP [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

AOCI Attributable to Parent [Member]

Total

Balance at Dec. 31, 2020

$ 35,000

$ (3,153,838)

$ (2,578,115)

$ 32,780,436

$ 40,140,116

$ 5,520,091

$ 72,743,690

Purchase of treasury stock

(139,160)

Net income (loss)

4,142,779

Other comprehensive earnings, net of tax

(2,600,064)

Restricted stock unit expense

137,600

^[1]

49,297

186,897

ESOP compensation expense

234,370

135,403

369,773

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

(2,509,582)

Net income (loss)

(581,662)

Other comprehensive earnings, net of tax

(11,761,544)

Restricted stock unit expense

201,446

^[1]

3,957

205,403

ESOP compensation expense

234,370

150,032

384,402

Balance at Dec. 31, 2022

$ 35,000

$ (5,463,535)

$ (2,109,375)

$ 33,119,125

$ 43,701,233

$ (8,841,517)

$ 60,440,931

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

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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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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Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) earnings	$ (581,662)	$ 4,142,779
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized investment gains	(874,470)	(982,547)
Net unrealized losses (gains) on equity securities	4,706,405	(2,801,991)
Depreciation	693,067	708,378
Deferred income tax	(1,125,063)	414,747
Amortization of bond premium and discount	175,085	281,679
Stock-based compensation expense	589,805	556,670
Change in:
Accrued investment income	(132,399)	1,380
Premiums and reinsurance balances receivable	(4,070,656)	(3,693,633)
Ceded unearned premiums	19,171	(106,117)
Reinsurance balances payable	37,043	997,099
Reinsurance balances recoverable	910,924	(1,501,354)
Deferred policy acquisition costs	(628,192)	(1,109,224)
Unpaid losses and settlement expenses	5,779,254	259,143
Unearned premiums	4,314,916	6,423,432
Accrued expenses	630,409	1,969,100
Current federal income tax	173,652	177,292
Other	137,845	(424,907)
Net cash provided by operating activities	10,755,134	5,311,926
Cash flows from investing activities:
Fixed maturity securities	(20,443,812)	(21,860,180)
Other invested assets	(1,874,993)	(1,599,999)
Property held for investment	(940,997)	(1,725,358)
Property and equipment	(711,133)	(992,314)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	17,820,507	18,590,418
Other invested assets	238,723	315,077
Property held for investment	278,679	1,470,833
Property and equipment	17,763	145,287
Net cash used in investing activities	(6,256,602)	(12,154,999)
Cash flows from financing activities:
Proceeds from loans	5,000,000	9,000,000
Repayments of borrowed funds	(8,455,342)	(4,010,231)
Purchase of treasury stock	(2,509,582)	(139,160)
Net cash (used in) provided by financing activities	(5,964,924)	4,850,609
Net decrease in cash and cash equivalents	(1,466,392)	(1,992,464)
Cash and cash equivalents at beginning of year	4,606,378	6,598,842
Cash and cash equivalents at end of period	3,139,986	4,606,378
Supplemental information:
Federal income tax paid	370,000	145,000
Interest paid	190,200	230,700
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(4,481,474)	(8,399,079)
Proceeds from sales, maturities and calls of:
Equity securities	4,402,327	3,023,990
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(1,208,744)	(1,464,198)
Proceeds from sales, maturities and calls of:
Equity securities	$ 646,552	$ 340,523

Note 1 - Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

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 these financial statements, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. In March 2017, the Company’s stock began trading on the NASDAQ Capital Market under the ticker symbol “ICCH”. 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. ICC is an Illinois domiciled company.

We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers’ compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, Utah, and Wisconsin and markets through independent agents. Approximately 22.6% and 24.0% of the premium was written in Illinois for the years ended December 31, 2022 and December 31, 2021, respectively. The Company operates as a single segment.

B.	PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

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

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

C.

INVESTMENTS

AVAILABLE-FOR-SALE SECURITIES

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

EQUITY SECURITIES

Equity securities include common stock, mutual funds, and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recorded in net earnings.

OTHER-THAN-TEMPORARY IMPAIRMENT

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

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

•

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

•

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

•

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

•

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

•

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

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

Corporates

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

Municipals

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

Structured Securities

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

INVESTMENT INCOME

Interest on fixed maturities and short-term investments is credited to earnings on an accrual basis. Premiums and discounts are amortized or accreted over the lives of the related fixed maturities. Dividends on equity securities are credited to earnings on the ex-dividend date. Realized gains and losses on disposition of investments are based on specific identification of the investments sold on the settlement date, which does not differ significantly from trade date accounting.

D.

OTHER INVESTED ASSETS

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

E.

PROPERTY HELD FOR INVESTMENT

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

F.

CASH AND CASH EQUIVALENTS

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

G.

REINSURANCE

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

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

H.

POLICY ACQUISITION COSTS

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

I.

PROPERTY AND EQUIPMENT

Property and equipment are presented at cost, less accumulated depreciation, and are depreciated using accelerated methods for financial statement purposes for a period based on their economic life. Computer equipment is depreciated over 3 years and equipment over a range of 5 to 7 years. Buildings are depreciated over 39 years and related improvements over 15 years. Annually, the Company reviews the major asset classes held for impairment. For the years ended December 31, 2022 and 2021, the Company recognized no impairments. Property and equipment are summarized as follows:

	*As of*
	*December 31,*			*December 31,*
	*2022*			*2021*
Automobiles	$	637,306		$	507,889
Furniture and fixtures		520,835			512,268
Computer equipment and software		4,720,932			4,350,118
Home office		4,025,248			4,016,998
Total cost		9,904,321			9,387,273
Accumulated depreciation		(6,590,602	)		(6,243,055	)
Net property and equipment	$	3,313,719		$	3,144,218

J.

UNPAID LOSSES AND SETTLEMENT EXPENSES

The liability for unpaid losses and settlement expenses represents estimates of both reported and unreported claims and related expenses. The estimates are based on various actuarial reserving methodologies and other assumptions related to the ultimate cost to settle such claims. The reserving methodologies used are Loss Development for paid and incurred loss and settlement expense, Expected Loss Ratio for ultimate loss and settlement expense, Bornhuetter-Ferguson (B-F) for paid and incurred loss, and A&OE (also known as the “Wendy Johnson Method”) for unpaid adjusting and other expense. The assumptions used are subject to occasional changes due to evolving economic, social, and political conditions. There were no changes to the core methodologies used as of December 31, 2022.

All estimates are periodically reviewed and, as experience develops and new information becomes known, the reserves are adjusted, as necessary. Such adjustments are reflected in the results of operations in the period in which they are determined. Due to the inherent uncertainty in estimating reserves for losses and settlement expenses, there can be no assurance that the ultimate liability will not exceed recorded amounts. If actual liabilities do exceed recorded amounts, there will be an adverse effect. Based on the current assumptions used in estimating reserves, we believe that our overall reserve levels at December 31, 2022, make a reasonable provision to meet our future obligations. See Note 7 – Unpaid Losses and Settlement Expenses for further discussion.

K.

PREMIUMS

Premiums are recognized ratably over the term of the contracts, net of ceded reinsurance. Unearned premiums represent the portion of premiums written relative to the unexpired terms of coverage. Unearned premiums are calculated on a daily pro rata basis. A premium deficiency reserve should be recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance costs exceeds related unearned premiums. The Company concluded that no premium deficiency adjustments were necessary in either of the years ended December 31, 2022 and 2021.

L.

GENERAL CORPORATE EXPENSES

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

M.

INCOME TAXES

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

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

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

N.

EMPLOYEE STOCK OWNERSHIP PLAN

The Company recognizes employee stock ownership plan (ESOP) compensation expense ratably during each year for the shares committed to be allocated to participants that year. This expense is determined by the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For purposes of balance sheet disclosures of shares outstanding, the Company includes only the number of ESOP shares that have been committed to be released for the period. For purposes of calculating earnings per share, the Company includes the weighted average ESOP shares committed to be released for the period. The ESOP covers all employees who have worked a minimum of 500 hours in the plan year.

O.

EARNINGS PER SHARE

Basic earnings per share (EPS) is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the dilution that could occur if securities or other contracts to issue common stock or common stock equivalents were exercised or converted into common stock. When inclusion of these items increases the earnings per share or reduces the loss per share, the effect on earnings is anti-dilutive. Under these circumstances, the diluted net earnings or net loss per share is computed excluding these items.

P.

COMPREHENSIVE EARNINGS

Comprehensive earnings include net earnings plus unrealized gains (losses) on AFS investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the consolidated statement of earnings, the Company used a 21% tax rate for the years ended December 31, 2022, and 2021. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $(3,126,487) and $(691,157) for 2022 and 2021, respectively.

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


	*Year Ended December 31,*
	*2022*			*2021*
Beginning balance	$	2,920,027		$	5,520,091

Other comprehensive loss before reclassification		(11,770,084	)		(2,411,782	)
Amount reclassified from accumulated other comprehensive loss		8,540			(188,282	)
Net current period other comprehensive loss		(11,761,544	)		(2,600,064	)
Ending balance	$	(8,841,517	)	$	2,920,027

*Amounts Reclassified from*
*Accumulated Other Comprehensive Earnings*
	*Twelve-Month Periods Ended*
Details about Accumulated Other	*December 31,*						*Affected Line Item in the Statement*
Comprehensive Earnings Component	*2022*			*2021*			*where Net Earnings is Presented*
Unrealized losses (gains) on AFS investments:
	$	10,810		$	(238,332	)	Net realized investment losses (gains)
		(2,270	)		50,050		Income tax expense (benefit)
Total reclassification adjustment, net of tax	$	8,540		$	(188,282	)

Q.	ADOPTED ACCOUNTING PRONOUNCEMENTS

Income Taxes – Simplifying the Accounting for Income Taxes (ASU 2019-12) – The amendments in this update simplify the accounting for income taxes by eliminating certain exceptions to the tax accounting guidance related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities related to foreign investment ownership changes. It also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill and allocating consolidated income taxes to separate financial statements of entities not subject to income tax. We adopted this update January 1, 2021 with minimal impact to our consolidated financial statements.

Leases (ASU 2018-20, ASU 2018-11, ASU 2018-10, ASU 2018-01, ASU 2017-13 and ASU 2016-02) – These updates are intended to increase transparency and comparability for lease transactions. ASU 2016-02 requires a lessee to recognize a right-of-use asset and lease liability on the balance sheet for all leases with an original term longer than twelve months and disclose key information about leasing arrangements. Lessor accounting is largely unchanged. The updates are effective for the Company for the year ended December 31, 2022. ASU 2016-02 required the adoption on a modified retrospective basis. However, with the issuance of ASU 2018-11, we have the option to recognize the cumulative effect as an adjustment to the opening balance of retained earnings in the year of adoption, while continuing to present all prior periods under the previous lease guidance. These updates provide optional practical expedients in transition. The effect of applying the new lease guidance on the consolidated financial statements is minimal due to current and future lease obligations being immaterial.

R.PROSPECTIVE ACCOUNTING STANDARDS

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

Financial Instruments Credit Losses (ASU 2018-19 and ASU 2016-13) – This update is designed to reduce complexity by limiting the number of credit impairment models used for different assets. The model will result in accelerated credit loss recognition on assets held at amortized cost, which includes our commercial and residential mortgage investments and reinsurance balances recoverable. The identification of credit-deteriorated securities will include all assets that have experienced a more-than-insignificant deterioration in credit since origination. Additionally, any changes in the expected cash flows of credit-deteriorated securities will be recognized immediately in the income statement. AFS fixed maturity securities are not in scope of the new credit loss model but will undergo targeted improvements to the current reporting model including the establishment of a valuation allowance for credit losses versus the current direct write down approach. We will be required to adopt this update effective January 1, 2023. This update will have the largest impact on our reinsurance balances recoverable as we did not have an allowance before. That said we expect the total impact of adoption to be less than 0.1% of total assets.

S.

RISKS AND UNCERTAINTIES

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

Catastrophe Exposures

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

The Company had protection of $14 million in excess of $1 million for both the years ended December 31, 2022 and 2021. The catastrophe program is actively managed to keep net retention in line with risk tolerances and to optimize the risk/return trade off. The catastrophe reinsurance treaty renewed on January 1, 2023.

Reinsurance

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

Investment Risk

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

Liquidity Risk

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

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

External Factors

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

The National Association of Insurance Commissioners (NAIC) has developed Property/Casualty Risk-Based Capital (RBC) standards that relate an insurer’s reported statutory surplus to the risks inherent in its overall operations. The RBC formula uses the statutory annual statement to calculate the minimum indicated capital level to support asset (investment and credit) risk and underwriting (loss reserves, premiums written and unearned premium) risk. The NAIC model law calls for various levels of regulatory action based on the magnitude of an indicated RBC capital deficiency, if any. As of December 31, 2022, the Company determined that its capital levels are well in excess of the minimum capital requirements for all RBC action levels and that its capital levels are sufficient to support the level of risk inherent in its operations. See Note 10 – Statutory Information and Dividend Restrictions for further discussion of statutory information and related insurance regulatory restrictions.

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

Note 2 - Investments

12 Months Ended

Dec. 31, 2022

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

2.	INVESTMENTS

NET INVESTMENT INCOME

A summary of net investment income for the years ended December 31, 2022 and 2021 is as follows:

	*2022*			*2021*
AFS, fixed maturity securities	$	3,122,028		$	3,010,433
Investment property		904,533			802,071
Equity securities		778,707			488,562
Other Invested Assets		154,332			80,761
Cash and short-term investments		24,628			2,582
Investment revenue		4,984,228			4,384,408
Less investment expenses		(950,000	)		(970,000	)
Net investment income	$	4,034,228		$	3,414,408

INVESTMENT RELATED GAINS (LOSSES)

The following is a summary of the proceeds from sales, maturities, and calls of fixed maturity and equity securities and the related gross realized gains and losses for the years ended December 31, 2022 and 2021.

								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2022
Fixed maturity securities	$	17,820,507	$	107,368	$	(118,178	)	$	(10,810	)
Common stocks		4,402,327		1,213,519		(316,079	)		897,440
Preferred stocks		646,552		8,748		(20,909	)		(12,160	)
2021
Fixed maturity securities	$	18,590,418	$	247,913	$	(9,582	)	$	238,332
Common stocks		3,023,990		836,477		(129,972	)		706,504
Preferred stocks		340,523		37,711		—			37,711

The amortized cost and estimated fair value of fixed income securities at December 31, 2022, are shown as follows:

	*Amortized Cost*		*Fair Value*
Due in one year or less	$	250,007	$	246,576
Due after one year through five years		16,293,720		15,551,096
Due after five years through 10 years		19,109,519		16,765,406
Due after 10 years		26,853,034		21,833,630
Asset and mortgage backed securities without a specific due date		41,858,596		38,803,342
Redeemable preferred stocks		215,805		188,921
Total fixed maturity securities	$	104,580,681	$	93,388,971

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 December 31, 2022 and 2021.

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2022
Fixed maturity securities:
U.S. Treasury	$	1,352,752	$	1,252,960	$	—	$	(99,792	)
MBS/ABS/CMBS		41,858,596		38,803,341		51,477		(3,106,732	)
Corporate		39,716,139		35,602,055		38,867		(4,152,951	)
Municipal		21,437,389		17,541,694		78,117		(3,973,812	)
Redeemable preferred stock		215,805		188,921		—		(26,884	)
Total fixed maturity securities	$	104,580,681	$	93,388,971	$	168,461	$	(11,360,171	)

					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	)

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

All the Company’s collateralized securities carry an average credit rating of AA+ by one or more major rating agency and continue to pay according to contractual terms. Included within MBS/ABS/CMBS are residential mortgage backed securities with fair values of $19,288,540 and $14,975,101 and commercial mortgage backed securities of $8,946,897 and $11,697,671 at December 31, 2022 and 2021, respectively.

UNREALIZED LOSSES ON AFS SECURITIES

The following table is also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of December 31, 2022 and 2021. The table segregates 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.

	*December 31, 2022*									*December 31, 2021*
				*12 Months*									*12 Months*
	*< 12 Months*			*& Greater*			*Total*			*< 12 Months*			*& Greater*			*Total*
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	615,367		$	637,594		$	1,252,961		$	391,250		$	291,891		$	683,141
Amortized cost		652,424			700,329			1,352,753			400,408			300,061			700,469
Unrealized loss		(37,057	)		(62,735	)		(99,792	)		(9,158	)		(8,170	)		(17,328	)
MBS/ABS/CMBS
Fair value		21,199,819			12,833,310			34,033,129			20,403,757			1,124,095			21,527,852
Amortized cost		22,564,779			14,575,082			37,139,861			20,647,568			1,176,171			21,823,739
Unrealized loss		(1,364,960	)		(1,741,772	)		(3,106,732	)		(243,811	)		(52,076	)		(295,887	)
Corporate
Fair value		27,688,403			5,829,396			33,517,799			6,428,166			995,235			7,423,401
Amortized cost		30,584,890			7,085,860			37,670,750			6,590,227			1,020,853			7,611,080
Unrealized loss		(2,896,487	)		(1,256,464	)		(4,152,951	)		(162,061	)		(25,618	)		(187,679	)
Municipal
Fair value		11,502,050			2,079,831			13,581,881			2,676,052			269,247			2,945,299
Amortized cost		14,590,996			2,964,697			17,555,693			2,695,269			273,391			2,968,660
Unrealized loss		(3,088,946	)		(884,866	)		(3,973,812	)		(19,217	)		(4,144	)		(23,361	)
Redeemable preferred stock
Fair value		188,921			—			188,921			—			—			—
Amortized cost		215,805			—			215,805			—			—			—
Unrealized loss		(26,884	)		—			(26,884	)		—			—			—
Total
Fair value		61,194,560			21,380,131			82,574,691			29,899,225			2,680,468			32,579,693
Amortized cost		68,608,894			25,325,968			93,934,862			30,333,472			2,770,476			33,103,948
Unrealized loss		(7,414,334	)	$	(3,945,837	)	$	(11,360,171	)	$	(434,247	)	$	(90,008	)	$	(524,255	)

The fixed income portfolio contained 236 securities in an unrealized loss position as of December 31, 2022. Of these 236 securities, 45 have been in an unrealized loss position for 12 consecutive months or longer and represent $3,945,837 in unrealized losses. All fixed income securities in the investment portfolio continue to pay the expected coupon payments under the contractual terms of the securities. Credit-related impairments on fixed income securities that we do not plan to sell, and for which we are not more likely than not to be required to sell, are recognized in net earnings. Any non-credit related impairment is recognized in comprehensive earnings. Based on management’s analysis, the fixed income portfolio is of a high credit quality, and it is believed it will recover the amortized cost basis of the fixed income securities. Management monitors the credit quality of the fixed income investments to assess if it is probable that the Company will receive its contractual or estimated cash flows in the form of principal and interest.

There were no other-than-temporary impairment losses recognized in net earnings during the year ended December 31, 2022 and 2021. For all fixed income securities at a loss at December 31, 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 maturity. The fixed income securities in an unrealized loss position were not other-than-temporarily impaired at December 31, 2022 and December 31, 2021.

As required by law, certain fixed maturity investments amounting to $3,290,386 and $3,823,752 at December 31, 2022 and 2021, respectively, were on deposit with either regulatory authorities or banks.

UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES

Net unrealized (losses) gains for the twelve months ended December 31, 2022 and 2021 for equity securities held as of December 31, 2022 and December 31, 2021 were $(4,706,405) and $2,801,991, respectively.

OTHER INVESTED ASSETS

Other invested assets as of December 31, 2022 and December 31, 2021 were $4,722,137 and $3,086,568, respectively.

Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. As of December 31, 2022 and 2021, our investment in FHLBC stock was carried at cost of $425,000 and $300,000, respectively. Due to the nature of our membership in the FHLBC, the carrying amount approximates fair value.

In addition, other invested assets as of December 31, 2022, include privately held investments of $214,630 and notes receivable of $4,082,507, compared to $104,200 and $2,682,368, respectively, at December 31, 2021. Most of the notes bear interest between 3.9% and 7.25%. One note has interest at prime minus 25 basis points with a floor of 4.0%. As of December 31, 2022, $244,046 in note payments were received and $10,496 in accrued escrow and interest receivable was recorded. Comparatively, as of December 31, 2021, $315,077 in note payments were received and $12,075 in accrued escrow and interest receivable were recorded. The Company had no allowance recorded related to uncollectible note receivables at December 31, 2022 and 2021.

During the fourth quarter of 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 December 31, 2022, no calls were received.

PROPERTY HELD FOR INVESTMENT

As of December 31, 2022, investment property comprised of one storage facility in Davenport, Iowa and 58 rental units consisting of single-family homes, duplexes, condominiums, senior living units, and a seven-plex property. These rentals are in Colona, Illinois; East Moline, Illinois; Kissimmee, Florida; Milan, Illinois; Moline, Illinois; Rock Island, Illinois; Silvis, Illinois; and Le Claire, Iowa. Property held for investment is net of accumulated depreciation of $609,282 and $464,713 as of December 31, 2022, and 2021, respectively. Related depreciation expense was $169,199 and $145,237 for the years ended December 31, 2022, and 2021, respectively.

Note 3 - Fair Value Disclosures

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Text Block]

3.	FAIR VALUE DISCLOSURES

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

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

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

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

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

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

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

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

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

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

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

Assets measured at fair value on a recurring basis as of December 31, 2022, are as summarized below:

			*Significant*
	*Quoted in Active*		*Other*		*Significant*
	*Markets for*		*Observable*		*Unobservable*
	*Identical Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
AFS securities
Fixed maturity securities
U.S. treasury	$	1,252,960	$	—	$	—	$	1,252,960
MBS/ABS/CMBS		—		38,803,341		—		38,803,341
Corporate		—		35,602,055		—		35,602,055
Municipal		—		17,541,694		—		17,541,694
Redeemable preferred stocks		—		188,921		—		188,921
Total fixed maturity securities		1,252,960		92,136,011		—		93,388,971
Equity securities
Common stocks		20,438,907		—		—		20,438,907
Perpetual preferred stocks		—		2,772,605		—		2,772,605
Total equity securities		20,438,907		2,772,605		—		23,211,512
Total marketable investments measured at fair value	$	21,691,867	$	94,908,616	$	—	$	116,600,483

Assets measured at fair value on a recurring basis as of December 31, 2021, are as summarized below:

			Significant
	*Quoted in Active*		*Other*		*Significant*
	*Markets for*		*Observable*		*Unobservable*
	*Identical Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
AFS securities
Fixed maturity securities
U.S. treasury	$	1,345,992	$	—	$	—	$	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

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

Note 4 - Policy Acquisitions Costs

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs [Text Block]

4.	POLICY ACQUISITION COSTS

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

	*2022*			*2021*
Deferred policy acquisition costs (DAC), beginning of year	$	6,538,844		$	5,429,620
Deferred:
Direct commission		12,330,776			10,772,089
Premium taxes		1,271,971			1,215,613
Ceding commissions		(693,178	)		(827,540	)
Underwriting		1,186,150			1,003,215
Net deferred		14,095,719			12,163,377
Amortized		13,467,527			11,054,153
DAC, end of year	$	7,167,036		$	6,538,844

Policy acquisition costs:
Amortized to expense	$	13,467,527		$	11,054,153
Period costs:
Contingent commission		1,796,256			1,463,505
Other underwriting expenses		9,632,337			8,307,242
Total policy acquisition costs	$	24,896,120		$	20,824,900

Note 5 - Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Text Block]

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 repaid $3.5 million in April 2022, which fully extinguished the loan balance.

The Company has borrowing capacity of $44.3 million with the Federal Home Loan Bank of Chicago (FHLBC), which is 25% of net admitted statutory assets of ICC as of the prior year-end.

As a part of the Company's response to COVID-19, the Company obtained in March 2020 a $6.0 million 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 was rolled over to a $5.0 million, five-year, 1.36% fixed interest loan.

The Company has $18.2 million in bonds pledged as collateral for all FHLBC loans.

The total balance of the debt agreements at year end 2022 and 2021 was $15,000,000 and $18,455,342, respectively. The weighted average interest rate on remaining debt was 1.2% as of December 31, 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. As of December 31, 2022, the balance on the line of credit was $0. The 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 the Illinois Department of Insurance. As of December 31, 2022, our total adjusted capital is in excess of $59.7 million. There was no interest paid on the line of credit during the years ended December 31, 2022 and 2021.

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.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Note 6 - Reinsurance

12 Months Ended

Dec. 31, 2022

Reinsurance [Text Block]

6.	REINSURANCE

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

Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $1,000,000 for casualty and workers’ compensation business and $1,000,000 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 years ended December 31 are summarized as follows:

	*2022*			*2021*
WRITTEN
Direct	$	82,726,634		$	71,091,961
Reinsurance assumed		157,268			78,699
Reinsurance ceded		(9,492,472	)		(10,960,325	)
Net	$	73,391,430		$	60,210,335
EARNED
Direct	$	78,411,890		$	64,652,638
Reinsurance assumed		157,097			94,590
Reinsurance ceded		(9,511,644	)		(10,854,208	)
Net	$	69,057,343		$	53,893,020
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	50,290,695		$	45,685,603
Reinsurance assumed		94,482			47,536
Reinsurance ceded		(5,852,448	)		(11,033,596	)
Net	$	44,532,729		$	34,699,543

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

At December 31, 2022 and 2021, the Company had reinsurance recoverable on unpaid losses and settlement expenses totaling $13,610,295 and $14,521,219, respectively. All the Company’s reinsurance recoverables are due from companies with financial strength ratings of “A” or better by A.M. Best.

The following table displays net reinsurance balances recoverable, after consideration of collateral, on paid losses and settlement expenses, known case and IBNR loss and settlement expense reserves, unearned premiums, and contingent commissions from the Company’s top 10 reinsurers as of December 31, 2022. These reinsurers all have financial strength ratings of “A” or better by A.M. Best. Also shown are the amounts of written premium ceded to these reinsurers during the calendar year 2022.

		*Net Reinsurer*		*Percent*			*Ceded*		*Percent*
	*A.M. Best*	*Exposure as of*		of			*Premiums*		of
(In thousands)	*Rating*	*December 31, 2022*		*Total*			*Written*		*Total*
General Reinsurance Corporation	A++	$	8,423		53.9	%	$	6,325		66.6	%
Aspen Insurance UK Ltd	A		1,250		8.0	%		—		0.0	%
Partner Reinsurance Company	A+		1,076		6.9	%		—		0.0	%
Renaissance Reinsurance US Incorporated	A+		1,046		6.7	%		640		6.7	%
Everest Reinsurance Company	A+		896		5.7	%		—		0.0	%
Swiss Reinsurance	A+		810		5.2	%		308		3.2	%
Axis Reinsurance Company	A		443		2.8	%		—		0.0	%
Endurance Assurance Corporation	A+		407		2.6	%		2		0.0	%
Hannover Rueck SE	A+		392		2.5	%		278		3.0	%
Houston Casualty Company	A++		254		1.6	%		377		4.0	%
All other reinsurers including anticipated subrogation			643		4.1	%		1,562		16.5	%
		$	15,640		100.0	%	$	9,492		100.0	%

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

Once regulatory action (such as receivership, finding of insolvency, order of conservation or order of liquidation) is taken against a reinsurer, the paid and unpaid recoverable for the reinsurer are specifically identified and written off through the use of the allowance for estimated unrecoverable amounts from reinsurers. When such a balance is written off, it is done in full. The Company then re-evaluates the remaining allowance and determines whether the balance is sufficient as detailed above, and if needed, an additional allowance is recognized, and income charged. The Company had no allowance recorded related to uncollectible amounts on paid and unpaid recoverables at December 31, 2022 and 2021. The Company has no receivables with a due date that extends beyond 90 days from the date of billing that are not included in the allowance for uncollectible amounts.

Note 7 - Unpaid Losses and Settlement Expenses

12 Months Ended

Dec. 31, 2022

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

7.	UNPAID LOSSES AND SETTLEMENT EXPENSES

Loss Development Tables

The following tables represent cumulative incurred losses and settlement expenses, net of reinsurance, by accident year and cumulative paid loss and settlement expenses, net of reinsurance, by accident year, for the years ended December 31, 2013 to 2022, as well as total IBNR and the cumulative number of reported claims for the year ended December 31, 2021. The information about incurred and paid claims development for the years ended December 31, 2013 to 2021, is presented as unaudited required supplementary information. The property line of business has been disaggregated based on the shorter payout period in comparison to the workers compensation and liability lines of business.

PROPERTY LINES
Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)																					As of December 31, 2022
	Year Ended December 31,
Accident Year		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022	Total IBNR plus expected development on reported claims			Cumulative number of reported claims
2013	$	9,266	$	8,302	$	8,290	$	8,415	$	8,471	$	8,282	$	8,272	$	8,270	$	8,275	$	8,276	$	9			626
2014				8,865		7,586		7,798		7,883		7,817		7,785		7,784		7,792		7,794		—			740
2015						7,693		7,494		7,717		7,634		7,654		7,636		7,635		7,642		-			554
2016								8,941		7,981		8,372		8,381		8,404		8,327		8,387		6			576
2017										13,993		13,568		13,741		13,825		13,622		13,593		24			715
2018												11,454		11,114		10,966		11,030		11,073		44			725
2019														13,933		14,758		14,976		15,078		3			833
2020																13,997		15,056		15,195		431			937
2021																		12,968		14,799		312			746
2022																				16,568		(810	)		683
*Total*																			$	118,405

Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022
2013	$	6,856	$	8,079	$	8,200	$	8,238	$	8,265	$	8,272	$	8,271	$	8,270	$	8,271	$	8,270
2014				6,243		7,631		7,746		7,796		7,795		7,795		7,801		7,803		7,805
2015						5,057		7,040		7,474		7,645		7,660		7,657		7,645		7,642
2016								6,157		7,624		8,236		8,356		8,437		8,465		8,384
2017										10,055		13,482		13,610		13,595		13,363		13,451
2018												8,487		11,009		11,025		11,062		11,117
2019														11,621		14,161		14,855		14,902
2020																10,620		14,485		15,540
2021																		11,220		14,712
2022																				12,898
*Total*																				114,721
*Unpaid losses and settlement expense - years 2013 through 2022*																				3,684
*Unpaid losses and settlement expense - prior to 2013*																				5
*Unpaid loss and settlement expense, net of reinsurance*																			$	3,689

*Presented as unaudited required supplementary information.

*WORKERS' COMPENSATION AND LIABILITY LINES*
*Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)*																					*As of December 31, 2022*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*		*Total IBNR plus expected development on reported claims*		*Cumulative number of reported claims*
2013	$	12,584	$	13,559	$	13,169	$	12,960	$	13,696	$	13,858	$	14,076	$	14,081	$	14,144	$	14,180	$	11		1,145
2014				13,385		14,744		15,341		16,718		16,881		16,996		16,953		16,929		16,995		80		1,213
2015						16,596		13,876		13,440		13,862		14,486		14,714		15,182		15,210		91		1,095
2016								16,677		14,843		16,240		16,855		17,547		18,413		18,608		195		1,041
2017										15,808		15,803		15,842		15,977		17,067		18,049		292		1,042
2018												18,308		17,122		17,082		16,925		16,581		679		1,128
2019														19,630		19,200		19,575		19,364		1,817		1,094
2020																17,359		14,106		15,262		1,904		634
2021																		21,000		21,988		5,823		833
2022																				22,866		14,825		646
*Total*																			$	179,103

*Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*
2013	$	1,579	$	4,156	$	7,634	$	10,423	$	12,181	$	12,980	$	13,565	$	13,741	$	13,974	$	14,038
2014				1,539		4,087		9,515		13,602		15,232		15,912		16,374		16,401		16,749
2015						1,408		4,319		7,404		10,528		12,487		13,262		13,932		14,479
2016								1,497		5,488		8,189		12,205		14,206		16,649		17,618
2017										1,523		5,419		8,753		11,878		14,771		17,141
2018												1,964		5,656		9,312		12,419		14,688
2019														3,664		7,453		12,132		14,781
2020																2,435		4,882		8,026
2021																		3,520		7,825
2022																				3,614
*Total*																				128,959
*Unpaid losses and settlement expense - years 2013 through 2022*																				50,144
*Unpaid losses and settlement expense - prior to 2013*																				171
*Unpaid loss and settlement expense, net of reinsurance*																			$	50,315

*Presented as unaudited required supplementary information.

*TOTAL LINES*
*Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)*																					*As of December 31, 2022*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*		*Total IBNR plus expected development on reported claims*		*Cumulative number of reported claims*
2013	$	21,850	$	21,861	$	21,459	$	21,375	$	22,167	$	22,140	$	22,348	$	22,351	$	22,419	$	22,456	$	20		1,771
2014				22,250		22,330		23,139		24,601		24,698		24,781		24,737		24,721		24,789		80		1,953
2015						24,289		21,370		21,157		21,496		22,140		22,350		22,817		22,852		91		1,649
2016								25,618		22,824		24,612		25,236		25,951		26,740		26,995		201		1,617
2017										29,801		29,371		29,583		29,802		30,689		31,642		316		1,757
2018												29,762		28,236		28,048		27,955		27,654		723		1,853
2019														33,563		33,958		34,551		34,442		1,820		1,927
2020																31,356		29,162		30,457		2,335		1,571
2021																		33,968		36,787		6,135		1,579
2022																				39,434		14,015		1,329
*Total*																			$	297,508

*Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*
2013	$	8,435	$	12,235	$	15,834	$	18,661	$	20,446	$	21,252	$	21,836	$	22,011	$	22,245	$	22,308
2014				7,782		11,718		17,261		21,398		23,027		23,707		24,175		24,204		24,554
2015						6,465		11,359		14,878		18,173		20,147		20,919		21,577		22,121
2016								7,654		13,112		16,425		20,561		22,643		25,114		26,002
2017										11,578		18,901		22,363		25,473		28,134		30,592
2018												10,451		16,665		20,337		23,481		25,805
2019														15,285		21,614		26,987		29,683
2020																13,055		19,367		23,566
2021																		14,740		22,537
2022																				16,512
*Total*																				243,680
*Unpaid losses and settlement expense - years 2013 through 2022*																				53,828
*Unpaid losses and settlement expense - prior to 2013*																				176
*Unpaid loss and settlement expense, net of reinsurance*																			$	54,004

*Presented as unaudited required supplementary information.

The following table reconciles the loss development information to the consolidated balance sheet for the year ended December 31, 2022, by reportable segment.

(In thousands)	*December 31, 2022*
Net unpaid losses and settlement expense
Property Lines	$	3,689
Workers' Compensation and Liability Lines		50,315
Total unpaid losses and settlement expense, net of reinsurance		54,004
Reinsurance recoverable on losses and settlement expense
Property Lines		1,302
Workers' Compensation and Liability Lines		12,308
Total reinsurance recoverable on unpaid losses and settlement expense		13,610
Total gross unpaid losses and LAE	$	67,614

Loss Duration Disclosure

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

	*Average annual percentage payout of incurred losses by age, net of reinsurance*
	*Year 1*			*Year 2*			*Year 3*			*Year 4*			*Year 5*			*Year 6*			*Year 7*			*Year 8*			*Year 9+*
Property Lines		74.9	%		22.6	%		1.8	%		-0.2	%		0.2	%		0.8	%		-0.1	%		0.0	%		0.0	%
Liability Lines		12.7	%		20.9	%		22.6	%		20.1	%		10.6	%		5.7	%		2.3	%		1.7	%		3.4	%
Total Lines		37.6	%		21.7	%		14.3	%		11.5	%		6.3	%		3.7	%		1.4	%		1.1	%		2.3	%

The following table is a reconciliation of the Company’s unpaid losses and settlement expenses for the years 2022 and 2021.

(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		39,434		33,968
Prior years		5,099		732
		44,533		34,700
Deduct: Loss and settlement expense payments for claims incurred:
Current year		16,512		14,740
Prior years		21,331		21,203
Total paid		37,843		35,943
Net unpaid losses and settlement expense - end of the period		54,004		47,314
Plus: Reinsurance recoverable on unpaid losses		13,610		14,521
Gross unpaid losses and settlement expense - end of the period	$	67,614	$	61,835

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

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

2022

For calendar year 2022, the Company experienced unfavorable development relative to prior years’ reserve estimates in both its property and liability lines of business. Businessowners Property and Liability increased a total of $3.5M, most of which arose from the 2021 accident year. In addition, Liquor Liability increased $1.3M, most of which arose from the 2020 and 2021 accident years. These adverse developments were partially offset by favorable development of $1.8M in Workers’ Compensation, most of which arose from the 2021 accident year.

2021

For calendar year 2021, the Company experienced unfavorable development relative to prior years’ reserve estimates in both its property and liability lines of business relating to Businessowners Property 2020 accident year claims and Businessowners Liability 2017 accident year claims, respectively. These adverse developments were largely offset by favorable development in Workers' Compensation 2020 accident year claims.

Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Text Block]

8.	INCOME TAXES

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

	*December 31,*
	*2022*		*2021*
Deferred tax assets:
Tax discounting of claim reserves	$	931,054	$	829,619
Unearned premium reserve		1,686,905		1,503,989
Net unrealized depreciation of securities		2,105,391		—
Deferred compensation		316,051		237,599
Provision for uncollectible accounts		10,500		21,000
Other		89,347		101,166
Deferred tax assets before allowance		5,139,248		2,693,373
Less valuation allowance		—		—
Total deferred tax assets	$	5,139,248	$	2,693,373
Deferred tax liabilities:
Transition Adjustment for Loss Reserve Discounting	$	113,088	$	150,784
Net unrealized appreciation of securities		—		1,938,542
Deferred policy acquisition costs		1,505,078		1,373,157
Property and equipment		143,047		100,399
Other		81,347		85,353
Total deferred tax liabilities		1,842,560		3,648,235
Net deferred tax asset (liability)	$	3,296,688	$	(954,862	)

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

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

Income tax expense for the years ended December 31, 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 Year Ended December 31,*
	*2022*			*2021*
Provision for income taxes at the statutory federal tax rates	$	(151,584	)	$	1,041,155
Increase (reduction) in taxes resulting from:
Dividends received deduction		(71,819	)		(34,207	)
Tax-exempt interest income		(49,460	)		(58,153	)
Proration of tax-exempt interest and dividends received deduction		29,506			22,359
Nondeductible expenses		74,159			48,155
Officer life insurance, net		(2,500	)		188
Prior year true-up and other		31,532			(204,395	)
Total	$	(140,166	)	$	815,102

The Company’s effective tax rate was 19.4% and 16.4% for 2022 and 2021, respectively. Effective rates are dependent upon components of pretax earnings and the related tax effects.

As of December 31, 2022, the Company does not have any capital or operating loss carryforwards. Periods still subject to Internal Revenue Service (IRS) audit include 2018 through current year. There are currently no open tax exams.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 740
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Note 9 - Employee Benefits

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Text Block]

9.	EMPLOYEE BENEFITS

401(K) and Bonus and Incentive Plans

The Company maintains a 401(k) and bonus and incentive plans covering executives, managers, and employees. Excluding the 401(k), at the CEO’s discretion, funding of these plans is primarily dependent upon reaching predetermined levels of combined ratio, reduction in operating expenses, growth in direct written premium, and overall renewal retention ratios. Bonuses are earned as the Company generates earnings in excess of this required return. While some management incentive plans may be affected somewhat by other performance factors, the larger influence of corporate performance ensures that the interests of the executives, managers, and employees corresponds with those of the stakeholders.

The 401(k) plan offers a matching percentage up to 4% of eligible compensation, as well as a profit sharing percentage of each employee’s compensation. Participants are 100% vested in the matching percentage and vest at a rate of 25% per year for the profit sharing distribution. The total contribution to the 401(k) profit sharing plan was $273,851 and $272,527 for 2022 and 2021, respectively. Additionally, bonuses may be awarded to executives, managers, and associates through company incentive plans, provided certain financial or operational goals are met.

Deferred Compensation

In November 2012, the Company entered into a deferred compensation agreement with an executive of the Company. The agreement requires the Company to make payments to the executive beginning at retirement (age 62). In the event of separation of service without cause prior to age 62, benefits under this agreement vest 25% in November 2017, 50% in November 2022, 75% in November 2027, and 100% on January 1, 2032. In the event of death prior to retirement, benefits become fully vested and are payable to the executive’s beneficiaries. Using a discount rate of 3.6%, the fully vested obligation under the agreement would total approximately $1,689,467 on January 1, 2032. As of December 31, 2022 and 2021, the accrued liability related to this agreement totaled $486,387 and $529,117, respectively. The Company recognized $(42,731) and $58,671 of (benefit)/expense in 2022 and 2021, respectively.

ESOP

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

The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. The ESOP uses funds it receives to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation and expense is recorded. 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 year ended December 31, 2022, we recognized compensation expense of $476,482 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2022. For the year ended December 31, 2021, we recognized compensation expense of $375,097 related to 23,437 shares of our common stock that were committed to be released to participants’ accounts for the year ended December 31, 2021.

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 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. the Company recognized $205,403 and $186,897 in RSU expense as of December 31, 2022 and 2021, respectively.

	*RSUs*			*Weighted Average Grant Date Fair Value*
Nonvested at December 31, 2021	$	259,059		$	13.30
Granted		219,945			17.05
Vested		(205,403	)		13.71
Nonvested at December 31, 2022	$	273,601		$	15.72

Note 10 - Statutory Information and Divided Restrictions

12 Months Ended

Dec. 31, 2022

Insurance Disclosure [Text Block]

10.

STATUTORY INFORMATION AND DIVIDEND RESTRICTIONS

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

The NAIC has Risk-Based Capital (RBC) standards that require insurance companies to calculate and report information under a risk-based formula, which measures statutory capital and surplus needs based upon a regulatory definition of risk relative to the Company’s balance sheet and mix of products. As of December 31, 2022 and 2021, ICC had RBC amounts in excess of the authorized control level RBC, as defined by the NAIC. ICC’s statutory capital and surplus as of December 31, 2022 and 2021 were $59,735,420 and $62,511,840, respectively.

The following table includes selected information for our insurance subsidiary:

	*As of and Periods Ended December 31,*
	*2022*		*2021*
Net income, statutory basis	$	3,583,308	$	1,938,995
Surplus, statutory basis	$	59,735,420	$	62,511,840

No Illinois domiciled company may pay any extraordinary dividend or make any other extraordinary distribution to its security holders until: (a) 30 days after the Director has received notice of the declaration thereof and has not within such period disapproved the payment, or (b) the Director approves such payment within the 30-day period. For purposes of this subsection, an extraordinary dividend or distribution is any dividend or distribution of cash or other property whose fair market value, together with that of other dividends or distributions, made within the period of 12 consecutive months ending on the date on which the proposed dividend is scheduled for payment or distribution exceeds the greater of: (a) 10% of the Company’s surplus as regards policyholders as of the 31st day of December next preceding, or (b) the net income of the Company for the 12-month period ending the 31st day of December next preceding, but does not include pro rata distributions of any class of the Company’s own securities. As of December 31, 2022, the amount available for payment of dividends by ICC in 2023 without the prior approval of the Illinois Department of Insurance is approximately $6.0 million. ICC paid dividends of $3,000,000 and $800,000 to ICC Holdings, Inc. as of December 31, 2022 and 2021, respectively.

The Company did not pay any dividends to security holders in 2022 or 2021. It did, however, make cash dividend payments in the amount of $18,446 and $5,563 in 2022 and 2021, respectively, to Wisconsin policyholders in accordance with policy contractual obligations.

Note 11 - Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Text Block]

11.

COMMITMENTS AND CONTINGENT LIABILITIES

The Company is party to numerous claims, losses, and litigation matters that arise in the normal course of business. Many of such claims, losses, or litigation matters involve claims under policies that the Company underwrites as an insurer. Management believes that the resolution of these claims and losses will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

During the fourth quarter of 2021, the Company agreed to commit up to $10.0 million to a private investment fund. See Other Invested Assets within Note 2 – Investments for more information.

The Company has operating obligations related to managing the business. Minimum future payments under cancellable agreements total $47,000 and $45,000 in 2022 and 2021, respectively.

Note 12 - Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Text Block]

12.

SUBSEQUENT EVENTS

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

Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2022

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Balance Sheet – Parent Company Only

	*As of*			*As of*
	*December 31, 2022*			*December 31, 2021*

Assets
Investment in subsidiaries	$	58,973,935		$	74,209,041
Fixed maturity securities		3,108,898			3,223,307
Common Stocks		1,303,224			1,410,345
Other invested assets		213,230			218,403
Cash and cash equivalents		348,692			573,715
Due from subsidiaries		1,111,804			64,846
Accrued investment income		9,375			13,746
Income taxes - current		766,927			454,538
Goodwill and other intangibles		86,042			100,000
Fixed assets		15,161			49,561
Other assets		159,426			210,013
Total assets	$	66,096,714		$	80,527,514

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	5,463,608		$	5,515,098
Accrued expenses		112,722			116,894
Income taxes - deferred		24,372			56,016
Other liabilities		55,081			135,592
Total liabilities		5,655,783			5,823,601
Equity:
Common stock¹		35,000			35,000
Treasury stock, at cost²		(5,463,535	)		(3,155,399	)
Additional paid-in capital		33,119,125			32,965,136
Accumulated other comprehensive earnings, net of tax		(8,841,517	)		2,920,027
Retained earnings		43,701,233			44,282,895
Less: Unearned Employee Stock Ownership Plan shares at cost³		(2,109,375	)		(2,343,745	)
Total equity		60,440,931			74,703,914
Total liabilities and equity	$	66,096,714		$	80,527,514

^{1 P}ar 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 - 3,153,741 shares and 2021 - 3,291,852 shares

²2022 - 346,259 shares and 2021 - 208,148 shares

³2022 - 210,935 shares and 2021 - 234,374 shares

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Earnings and Comprehensive Earnings – Parent Company Only

	*Year Ended*			*Year Ended*
	*December 31, 2022*			*December 31, 2021*
Net investment income	$	19,504		$	139,907
Net realized investment gains		52,564			39,629
Net unrealized (losses) gains on equity securities		(189,059	)		234,537
Other income		197			6,717
Total revenue		(116,794	)		420,790
Policy acquisition costs and other operating expenses		1,732,482			1,676,944
Interest expense on debt		40,281			129,854
General corporate expenses		—			7,767
Total expenses		1,772,763			1,814,566

Loss before equity earnings of subsidiaries and income taxes		(1,889,557	)		(1,393,776	)
Total income tax benefit		(299,543	)		(54,646	)
Net loss before equity earnings of subsidiaries		(1,590,014	)		(1,339,130	)
Equity earnings in subsidiaries		1,008,352			5,481,909
Net (loss) earnings	$	(581,662	)	$	4,142,779

Other comprehensive loss, net of tax		(209,209	)		(78,861	)
Equity in other comprehensive loss of subsidiaries		(11,552,335	)		(2,521,202	)
Comprehensive (loss) earnings	$	(12,343,206	)	$	1,542,715

ICC HOLDINGS, INC.

Schedule II — Condensed Financial Information of Registrant

Statement of Cash Flows – Parent Company Only

	*Year Ended*			*Year Ended*
	*December 31, 2022*			*December 31, 2021*
Cash flows from operating activities:
Net (loss) earnings	$	(581,662	)	$	4,142,779
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized and unrealized losses (gains) on equity securities		136,495			(274,166	)
Depreciation		24,065			51,235
Deferred income tax		23,969			3,316
Equity in undistributed income of subsidiaries		(1,008,352	)		(5,481,909	)
Amortization of bond premium and discount		761			—
Stock-based compensation expense		388,359			419,070
Change in:
Intercompany notes receivable		4,473			(1,380,000	)
Due from subsidiaries		(1,046,958	)		16,321
Accrued investment income		4,371			255
Accrued expenses		(4,173	)		72,719
Current federal income tax		(312,389	)		(67,131	)
Other		(29,924	)		(476,240	)
Net cash used in operating activities		(2,400,965	)		(2,973,750	)
Cash flows from investing activities:
Contributions from subsidiaries		4,691,823			6,605,654
Purchases of:
Fixed maturity securities		(724,994	)		(312,114	)
Common stocks		(202,897	)		(216,473	)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		573,820			220,950
Common stocks		173,523			195,840
Other invested assets		—			16,403
Property and equipment		24,293			121,249
Net cash provided by investing activities		4,535,568			6,631,510
Cash flows from financing activities:
Repayments of borrowed funds		(51,490	)		(3,544,668	)
Purchase of treasury stock		(2,308,136	)		(1,561	)
Net cash used in financing activities		(2,359,626	)		(3,546,230	)
Net (decrease) increase in cash and cash equivalents		(225,023	)		111,530
Cash and cash equivalents at beginning of year		573,715			462,185
Cash and cash equivalents at end of period	$	348,692		$	573,715
Supplemental information:
Federal income tax paid	$	—		$	—
Interest paid		38,531			128,104

Schedule IV - Reinsurance

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-17, Insurance Companies, Reinsurance [Text Block]

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule IV — Reinsurance

Years ended December 31, 2022 and 2021

(In thousands)			*Ceded to*		*Assumed from*				*Percentage of*
Premiums	*Gross*		*other*		*other*		*Net*		*amount*
earned	*amount*		*companies*		*companies*		*amount*		*assumed to net*
2022	$	78,412	$	9,512	$	157	$	69,057		0.2	%
2021	$	64,653	$	10,854	$	95	$	53,893		0.2	%

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

Schedule V - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule V — Valuation and Qualifying Accounts

Years ended December 31, 2022 and 2021

(In thousands)	*2022*			*2021*
Beginning balance, allowance for uncollectible amounts	$	100		$	150
Write-offs, net of (recoveries)		141			68
Change in valuation allowance		(191	)		(118	)
Ending balance, allowance for uncollectible amounts	$	50		$	100

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

Schedule VI - Supplemental Information

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Text Block]

ICC HOLDINGS, INC. AND SUBSIDIARIES

Schedule VI — Supplemental Information

Years ended December 31, 2022 and 2021

	*Deferred*		*Reserve for*
	*policy*		*losses and*		*Discount if*						*Net*
	*acquisition*		*settlement*		*any deducted*		*Unearned*		*Net earned*		*investment*
(In thousands)	*costs*		*expenses*		*from reserves*		*premium*		*premiums*		*income*
2022	$	7,167	$	67,614	$	—	$	40,527	$	69,057	$	4,034
2021	$	6,539	$	61,835	$	—	$	36,212	$	53,893	$	3,414

							*Paid losses*
	*Losses and settlement*						*and*
	*expenses incurred related to*				*Amortization*		*settlement*			*Net written*
(In thousands)	*Current year*		*Prior year*		*of DAC*		*expenses*			*premiums*
2022	$	39,434	$	5,099	$	13,468	$	(37,843	)	$	73,391
2021	$	33,968	$	732	$	11,054	$	(35,943	)	$	60,210

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

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

B.	PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

Investment, Policy [Policy Text Block]

C.	INVESTMENTS

AVAILABLE-FOR-SALE SECURITIES

EQUITY SECURITIES

Equity securities include common stock, mutual funds, and non-redeemable preferred stock. Equity securities are carried at fair value with subsequent changes in fair value recorded in net earnings.

OTHER-THAN-TEMPORARY IMPAIRMENT

•

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

•

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

•

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

•

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

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

Corporates

Municipals

Structured Securities

INVESTMENT INCOME

Other Invested Assets [Policy Text Block]

D.	OTHER INVESTED ASSETS

Investment, Property Held For Investment, Policy [Policy Text Block]

E.	PROPERTY HELD FOR INVESTMENT

Cash and Cash Equivalents, Policy [Policy Text Block]

F.	CASH AND CASH EQUIVALENTS

Reinsurance Accounting Policy [Policy Text Block]

G.	REINSURANCE

Deferred Policy Acquisition Costs, Policy [Policy Text Block]

H.	POLICY ACQUISITION COSTS

Property, Plant and Equipment, Policy [Policy Text Block]

I.	PROPERTY AND EQUIPMENT

	*As of*
	*December 31,*			*December 31,*
	*2022*			*2021*
Automobiles	$	637,306		$	507,889
Furniture and fixtures		520,835			512,268
Computer equipment and software		4,720,932			4,350,118
Home office		4,025,248			4,016,998
Total cost		9,904,321			9,387,273
Accumulated depreciation		(6,590,602	)		(6,243,055	)
Net property and equipment	$	3,313,719		$	3,144,218

Unpaid Policy Claims and Claims Adjustment Expense, Policy [Policy Text Block]

J.	UNPAID LOSSES AND SETTLEMENT EXPENSES

Insurance Premiums Revenue Recognition, Policy [Policy Text Block]

K.	PREMIUMS

Selling, General and Administrative Expenses, Policy [Policy Text Block]

L.	GENERAL CORPORATE EXPENSES

Income Tax, Policy [Policy Text Block]

M.	INCOME TAXES

Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block]

N.	EMPLOYEE STOCK OWNERSHIP PLAN

Earnings Per Share, Policy [Policy Text Block]

O.	EARNINGS PER SHARE

Comprehensive Income, Policy [Policy Text Block]

P.	COMPREHENSIVE EARNINGS

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


	*Year Ended December 31,*
	*2022*			*2021*
Beginning balance	$	2,920,027		$	5,520,091

Other comprehensive loss before reclassification		(11,770,084	)		(2,411,782	)
Amount reclassified from accumulated other comprehensive loss		8,540			(188,282	)
Net current period other comprehensive loss		(11,761,544	)		(2,600,064	)
Ending balance	$	(8,841,517	)	$	2,920,027

*Amounts Reclassified from*
*Accumulated Other Comprehensive Earnings*
	*Twelve-Month Periods Ended*
Details about Accumulated Other	*December 31,*						*Affected Line Item in the Statement*
Comprehensive Earnings Component	*2022*			*2021*			*where Net Earnings is Presented*
Unrealized losses (gains) on AFS investments:
	$	10,810		$	(238,332	)	Net realized investment losses (gains)
		(2,270	)		50,050		Income tax expense (benefit)
Total reclassification adjustment, net of tax	$	8,540		$	(188,282	)

New Accounting Pronouncements, Policy [Policy Text Block]

Q.	ADOPTED ACCOUNTING PRONOUNCEMENTS

R.PROSPECTIVE ACCOUNTING STANDARDS

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

Risk And Uncertainties [Policy Text Block]

S.	RISKS AND UNCERTAINTIES

Catastrophe Exposures

Reinsurance

Investment Risk

Liquidity Risk

External Factors

Note 1 - Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Table Text Block]

	*As of*
	*December 31,*			*December 31,*
	*2022*			*2021*
Automobiles	$	637,306		$	507,889
Furniture and fixtures		520,835			512,268
Computer equipment and software		4,720,932			4,350,118
Home office		4,025,248			4,016,998
Total cost		9,904,321			9,387,273
Accumulated depreciation		(6,590,602	)		(6,243,055	)
Net property and equipment	$	3,313,719		$	3,144,218

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]


	*Year Ended December 31,*
	*2022*			*2021*
Beginning balance	$	2,920,027		$	5,520,091

Other comprehensive loss before reclassification		(11,770,084	)		(2,411,782	)
Amount reclassified from accumulated other comprehensive loss		8,540			(188,282	)
Net current period other comprehensive loss		(11,761,544	)		(2,600,064	)
Ending balance	$	(8,841,517	)	$	2,920,027

Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]

*Amounts Reclassified from*
*Accumulated Other Comprehensive Earnings*
	*Twelve-Month Periods Ended*
Details about Accumulated Other	*December 31,*						*Affected Line Item in the Statement*
Comprehensive Earnings Component	*2022*			*2021*			*where Net Earnings is Presented*
Unrealized losses (gains) on AFS investments:
	$	10,810		$	(238,332	)	Net realized investment losses (gains)
		(2,270	)		50,050		Income tax expense (benefit)
Total reclassification adjustment, net of tax	$	8,540		$	(188,282	)

Note 2 - Investments (Tables)

12 Months Ended

Dec. 31, 2022

Investment Income [Table Text Block]

	*2022*			*2021*
AFS, fixed maturity securities	$	3,122,028		$	3,010,433
Investment property		904,533			802,071
Equity securities		778,707			488,562
Other Invested Assets		154,332			80,761
Cash and short-term investments		24,628			2,582
Investment revenue		4,984,228			4,384,408
Less investment expenses		(950,000	)		(970,000	)
Net investment income	$	4,034,228		$	3,414,408

Schedule of Realized Gain (Loss) [Table Text Block]

								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2022
Fixed maturity securities	$	17,820,507	$	107,368	$	(118,178	)	$	(10,810	)
Common stocks		4,402,327		1,213,519		(316,079	)		897,440
Preferred stocks		646,552		8,748		(20,909	)		(12,160	)
2021
Fixed maturity securities	$	18,590,418	$	247,913	$	(9,582	)	$	238,332
Common stocks		3,023,990		836,477		(129,972	)		706,504
Preferred stocks		340,523		37,711		—			37,711

Investments Classified by Contractual Maturity Date [Table Text Block]

	*Amortized Cost*		*Fair Value*
Due in one year or less	$	250,007	$	246,576
Due after one year through five years		16,293,720		15,551,096
Due after five years through 10 years		19,109,519		16,765,406
Due after 10 years		26,853,034		21,833,630
Asset and mortgage backed securities without a specific due date		41,858,596		38,803,342
Redeemable preferred stocks		215,805		188,921
Total fixed maturity securities	$	104,580,681	$	93,388,971

Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2022
Fixed maturity securities:
U.S. Treasury	$	1,352,752	$	1,252,960	$	—	$	(99,792	)
MBS/ABS/CMBS		41,858,596		38,803,341		51,477		(3,106,732	)
Corporate		39,716,139		35,602,055		38,867		(4,152,951	)
Municipal		21,437,389		17,541,694		78,117		(3,973,812	)
Redeemable preferred stock		215,805		188,921		—		(26,884	)
Total fixed maturity securities	$	104,580,681	$	93,388,971	$	168,461	$	(11,360,171	)

					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	)

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	*December 31, 2022*									*December 31, 2021*
				*12 Months*									*12 Months*
	*< 12 Months*			*& Greater*			*Total*			*< 12 Months*			*& Greater*			*Total*
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	615,367		$	637,594		$	1,252,961		$	391,250		$	291,891		$	683,141
Amortized cost		652,424			700,329			1,352,753			400,408			300,061			700,469
Unrealized loss		(37,057	)		(62,735	)		(99,792	)		(9,158	)		(8,170	)		(17,328	)
MBS/ABS/CMBS
Fair value		21,199,819			12,833,310			34,033,129			20,403,757			1,124,095			21,527,852
Amortized cost		22,564,779			14,575,082			37,139,861			20,647,568			1,176,171			21,823,739
Unrealized loss		(1,364,960	)		(1,741,772	)		(3,106,732	)		(243,811	)		(52,076	)		(295,887	)
Corporate
Fair value		27,688,403			5,829,396			33,517,799			6,428,166			995,235			7,423,401
Amortized cost		30,584,890			7,085,860			37,670,750			6,590,227			1,020,853			7,611,080
Unrealized loss		(2,896,487	)		(1,256,464	)		(4,152,951	)		(162,061	)		(25,618	)		(187,679	)
Municipal
Fair value		11,502,050			2,079,831			13,581,881			2,676,052			269,247			2,945,299
Amortized cost		14,590,996			2,964,697			17,555,693			2,695,269			273,391			2,968,660
Unrealized loss		(3,088,946	)		(884,866	)		(3,973,812	)		(19,217	)		(4,144	)		(23,361	)
Redeemable preferred stock
Fair value		188,921			—			188,921			—			—			—
Amortized cost		215,805			—			215,805			—			—			—
Unrealized loss		(26,884	)		—			(26,884	)		—			—			—
Total
Fair value		61,194,560			21,380,131			82,574,691			29,899,225			2,680,468			32,579,693
Amortized cost		68,608,894			25,325,968			93,934,862			30,333,472			2,770,476			33,103,948
Unrealized loss		(7,414,334	)	$	(3,945,837	)	$	(11,360,171	)	$	(434,247	)	$	(90,008	)	$	(524,255	)

Note 3 - Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

			*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	$	1,252,960	$	—	$	—	$	1,252,960
MBS/ABS/CMBS		—		38,803,341		—		38,803,341
Corporate		—		35,602,055		—		35,602,055
Municipal		—		17,541,694		—		17,541,694
Redeemable preferred stocks		—		188,921		—		188,921
Total fixed maturity securities		1,252,960		92,136,011		—		93,388,971
Equity securities
Common stocks		20,438,907		—		—		20,438,907
Perpetual preferred stocks		—		2,772,605		—		2,772,605
Total equity securities		20,438,907		2,772,605		—		23,211,512
Total marketable investments measured at fair value	$	21,691,867	$	94,908,616	$	—	$	116,600,483

			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

Note 4 - Policy Acquisitions Costs (Tables)

12 Months Ended

Dec. 31, 2022

Deferred Policy Acquisition Costs [Table Text Block]

	*2022*			*2021*
Deferred policy acquisition costs (DAC), beginning of year	$	6,538,844		$	5,429,620
Deferred:
Direct commission		12,330,776			10,772,089
Premium taxes		1,271,971			1,215,613
Ceding commissions		(693,178	)		(827,540	)
Underwriting		1,186,150			1,003,215
Net deferred		14,095,719			12,163,377
Amortized		13,467,527			11,054,153
DAC, end of year	$	7,167,036		$	6,538,844

Policy acquisition costs:
Amortized to expense	$	13,467,527		$	11,054,153
Period costs:
Contingent commission		1,796,256			1,463,505
Other underwriting expenses		9,632,337			8,307,242
Total policy acquisition costs	$	24,896,120		$	20,824,900

Note 6 - Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Effects of Reinsurance [Table Text Block]

	*2022*			*2021*
WRITTEN
Direct	$	82,726,634		$	71,091,961
Reinsurance assumed		157,268			78,699
Reinsurance ceded		(9,492,472	)		(10,960,325	)
Net	$	73,391,430		$	60,210,335
EARNED
Direct	$	78,411,890		$	64,652,638
Reinsurance assumed		157,097			94,590
Reinsurance ceded		(9,511,644	)		(10,854,208	)
Net	$	69,057,343		$	53,893,020
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	50,290,695		$	45,685,603
Reinsurance assumed		94,482			47,536
Reinsurance ceded		(5,852,448	)		(11,033,596	)
Net	$	44,532,729		$	34,699,543

Ceded Credit Risk [Table Text Block]

		*Net Reinsurer*		*Percent*			*Ceded*		*Percent*
	*A.M. Best*	*Exposure as of*		of			*Premiums*		of
(In thousands)	*Rating*	*December 31, 2022*		*Total*			*Written*		*Total*
General Reinsurance Corporation	A++	$	8,423		53.9	%	$	6,325		66.6	%
Aspen Insurance UK Ltd	A		1,250		8.0	%		—		0.0	%
Partner Reinsurance Company	A+		1,076		6.9	%		—		0.0	%
Renaissance Reinsurance US Incorporated	A+		1,046		6.7	%		640		6.7	%
Everest Reinsurance Company	A+		896		5.7	%		—		0.0	%
Swiss Reinsurance	A+		810		5.2	%		308		3.2	%
Axis Reinsurance Company	A		443		2.8	%		—		0.0	%
Endurance Assurance Corporation	A+		407		2.6	%		2		0.0	%
Hannover Rueck SE	A+		392		2.5	%		278		3.0	%
Houston Casualty Company	A++		254		1.6	%		377		4.0	%
All other reinsurers including anticipated subrogation			643		4.1	%		1,562		16.5	%
		$	15,640		100.0	%	$	9,492		100.0	%

Note 7 - Unpaid Losses and Settlement Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Short-Duration Insurance Contracts, Claims Development [Table Text Block]

PROPERTY LINES
Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)																					As of December 31, 2022
	Year Ended December 31,
Accident Year		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022	Total IBNR plus expected development on reported claims			Cumulative number of reported claims
2013	$	9,266	$	8,302	$	8,290	$	8,415	$	8,471	$	8,282	$	8,272	$	8,270	$	8,275	$	8,276	$	9			626
2014				8,865		7,586		7,798		7,883		7,817		7,785		7,784		7,792		7,794		—			740
2015						7,693		7,494		7,717		7,634		7,654		7,636		7,635		7,642		-			554
2016								8,941		7,981		8,372		8,381		8,404		8,327		8,387		6			576
2017										13,993		13,568		13,741		13,825		13,622		13,593		24			715
2018												11,454		11,114		10,966		11,030		11,073		44			725
2019														13,933		14,758		14,976		15,078		3			833
2020																13,997		15,056		15,195		431			937
2021																		12,968		14,799		312			746
2022																				16,568		(810	)		683
*Total*																			$	118,405

Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)
	Year Ended December 31,
Accident Year		2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		2022
2013	$	6,856	$	8,079	$	8,200	$	8,238	$	8,265	$	8,272	$	8,271	$	8,270	$	8,271	$	8,270
2014				6,243		7,631		7,746		7,796		7,795		7,795		7,801		7,803		7,805
2015						5,057		7,040		7,474		7,645		7,660		7,657		7,645		7,642
2016								6,157		7,624		8,236		8,356		8,437		8,465		8,384
2017										10,055		13,482		13,610		13,595		13,363		13,451
2018												8,487		11,009		11,025		11,062		11,117
2019														11,621		14,161		14,855		14,902
2020																10,620		14,485		15,540
2021																		11,220		14,712
2022																				12,898
*Total*																				114,721
*Unpaid losses and settlement expense - years 2013 through 2022*																				3,684
*Unpaid losses and settlement expense - prior to 2013*																				5
*Unpaid loss and settlement expense, net of reinsurance*																			$	3,689

*WORKERS' COMPENSATION AND LIABILITY LINES*
*Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)*																					*As of December 31, 2022*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*		*Total IBNR plus expected development on reported claims*		*Cumulative number of reported claims*
2013	$	12,584	$	13,559	$	13,169	$	12,960	$	13,696	$	13,858	$	14,076	$	14,081	$	14,144	$	14,180	$	11		1,145
2014				13,385		14,744		15,341		16,718		16,881		16,996		16,953		16,929		16,995		80		1,213
2015						16,596		13,876		13,440		13,862		14,486		14,714		15,182		15,210		91		1,095
2016								16,677		14,843		16,240		16,855		17,547		18,413		18,608		195		1,041
2017										15,808		15,803		15,842		15,977		17,067		18,049		292		1,042
2018												18,308		17,122		17,082		16,925		16,581		679		1,128
2019														19,630		19,200		19,575		19,364		1,817		1,094
2020																17,359		14,106		15,262		1,904		634
2021																		21,000		21,988		5,823		833
2022																				22,866		14,825		646
*Total*																			$	179,103

*Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*
2013	$	1,579	$	4,156	$	7,634	$	10,423	$	12,181	$	12,980	$	13,565	$	13,741	$	13,974	$	14,038
2014				1,539		4,087		9,515		13,602		15,232		15,912		16,374		16,401		16,749
2015						1,408		4,319		7,404		10,528		12,487		13,262		13,932		14,479
2016								1,497		5,488		8,189		12,205		14,206		16,649		17,618
2017										1,523		5,419		8,753		11,878		14,771		17,141
2018												1,964		5,656		9,312		12,419		14,688
2019														3,664		7,453		12,132		14,781
2020																2,435		4,882		8,026
2021																		3,520		7,825
2022																				3,614
*Total*																				128,959
*Unpaid losses and settlement expense - years 2013 through 2022*																				50,144
*Unpaid losses and settlement expense - prior to 2013*																				171
*Unpaid loss and settlement expense, net of reinsurance*																			$	50,315

*TOTAL LINES*
*Incurred loss and settlement expenses, net of reinsurance ($'s in thousands)*																					*As of December 31, 2022*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*		*Total IBNR plus expected development on reported claims*		*Cumulative number of reported claims*
2013	$	21,850	$	21,861	$	21,459	$	21,375	$	22,167	$	22,140	$	22,348	$	22,351	$	22,419	$	22,456	$	20		1,771
2014				22,250		22,330		23,139		24,601		24,698		24,781		24,737		24,721		24,789		80		1,953
2015						24,289		21,370		21,157		21,496		22,140		22,350		22,817		22,852		91		1,649
2016								25,618		22,824		24,612		25,236		25,951		26,740		26,995		201		1,617
2017										29,801		29,371		29,583		29,802		30,689		31,642		316		1,757
2018												29,762		28,236		28,048		27,955		27,654		723		1,853
2019														33,563		33,958		34,551		34,442		1,820		1,927
2020																31,356		29,162		30,457		2,335		1,571
2021																		33,968		36,787		6,135		1,579
2022																				39,434		14,015		1,329
*Total*																			$	297,508

*Cumulative paid loss and settlement expenses, net of reinsurance (in thousands)*
	*Year Ended December 31,*
Accident Year	2013*		2014*		2015*		2016*		2017*		2018*		2019*		2020*		2021*		*2022*
2013	$	8,435	$	12,235	$	15,834	$	18,661	$	20,446	$	21,252	$	21,836	$	22,011	$	22,245	$	22,308
2014				7,782		11,718		17,261		21,398		23,027		23,707		24,175		24,204		24,554
2015						6,465		11,359		14,878		18,173		20,147		20,919		21,577		22,121
2016								7,654		13,112		16,425		20,561		22,643		25,114		26,002
2017										11,578		18,901		22,363		25,473		28,134		30,592
2018												10,451		16,665		20,337		23,481		25,805
2019														15,285		21,614		26,987		29,683
2020																13,055		19,367		23,566
2021																		14,740		22,537
2022																				16,512
*Total*																				243,680
*Unpaid losses and settlement expense - years 2013 through 2022*																				53,828
*Unpaid losses and settlement expense - prior to 2013*																				176
*Unpaid loss and settlement expense, net of reinsurance*																			$	54,004

Short-Duration Insurance Contracts, Reconciliation of Claims Development to Liability [Table Text Block]

(In thousands)	*December 31, 2022*
Net unpaid losses and settlement expense
Property Lines	$	3,689
Workers' Compensation and Liability Lines		50,315
Total unpaid losses and settlement expense, net of reinsurance		54,004
Reinsurance recoverable on losses and settlement expense
Property Lines		1,302
Workers' Compensation and Liability Lines		12,308
Total reinsurance recoverable on unpaid losses and settlement expense		13,610
Total gross unpaid losses and LAE	$	67,614

Short-Duration Insurance Contracts, Schedule of Historical Claims Duration [Table Text Block]

	*Average annual percentage payout of incurred losses by age, net of reinsurance*
	*Year 1*			*Year 2*			*Year 3*			*Year 4*			*Year 5*			*Year 6*			*Year 7*			*Year 8*			*Year 9+*
Property Lines		74.9	%		22.6	%		1.8	%		-0.2	%		0.2	%		0.8	%		-0.1	%		0.0	%		0.0	%
Liability Lines		12.7	%		20.9	%		22.6	%		20.1	%		10.6	%		5.7	%		2.3	%		1.7	%		3.4	%
Total Lines		37.6	%		21.7	%		14.3	%		11.5	%		6.3	%		3.7	%		1.4	%		1.1	%		2.3	%

Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]

(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		39,434		33,968
Prior years		5,099		732
		44,533		34,700
Deduct: Loss and settlement expense payments for claims incurred:
Current year		16,512		14,740
Prior years		21,331		21,203
Total paid		37,843		35,943
Net unpaid losses and settlement expense - end of the period		54,004		47,314
Plus: Reinsurance recoverable on unpaid losses		13,610		14,521
Gross unpaid losses and settlement expense - end of the period	$	67,614	$	61,835

Note 8 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	*December 31,*
	*2022*		*2021*
Deferred tax assets:
Tax discounting of claim reserves	$	931,054	$	829,619
Unearned premium reserve		1,686,905		1,503,989
Net unrealized depreciation of securities		2,105,391		—
Deferred compensation		316,051		237,599
Provision for uncollectible accounts		10,500		21,000
Other		89,347		101,166
Deferred tax assets before allowance		5,139,248		2,693,373
Less valuation allowance		—		—
Total deferred tax assets	$	5,139,248	$	2,693,373
Deferred tax liabilities:
Transition Adjustment for Loss Reserve Discounting	$	113,088	$	150,784
Net unrealized appreciation of securities		—		1,938,542
Deferred policy acquisition costs		1,505,078		1,373,157
Property and equipment		143,047		100,399
Other		81,347		85,353
Total deferred tax liabilities		1,842,560		3,648,235
Net deferred tax asset (liability)	$	3,296,688	$	(954,862	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	*For the Year Ended December 31,*
	*2022*			*2021*
Provision for income taxes at the statutory federal tax rates	$	(151,584	)	$	1,041,155
Increase (reduction) in taxes resulting from:
Dividends received deduction		(71,819	)		(34,207	)
Tax-exempt interest income		(49,460	)		(58,153	)
Proration of tax-exempt interest and dividends received deduction		29,506			22,359
Nondeductible expenses		74,159			48,155
Officer life insurance, net		(2,500	)		188
Prior year true-up and other		31,532			(204,395	)
Total	$	(140,166	)	$	815,102

Note 9 - Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

	*RSUs*			*Weighted Average Grant Date Fair Value*
Nonvested at December 31, 2021	$	259,059		$	13.30
Granted		219,945			17.05
Vested		(205,403	)		13.71
Nonvested at December 31, 2022	$	273,601		$	15.72

Note 10 - Statutory Information and Divided Restrictions (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Subsidiary of Limited Liability Company or Limited Partnership, Description [Table Text Block]

	*As of and Periods Ended December 31,*
	*2022*		*2021*
Net income, statutory basis	$	3,583,308	$	1,938,995
Surplus, statutory basis	$	59,735,420	$	62,511,840

Schedule II - Condensed Financial Information of Registrant (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Balance Sheet [Table Text Block]

	*As of*			*As of*
	*December 31, 2022*			*December 31, 2021*

Assets
Investment in subsidiaries	$	58,973,935		$	74,209,041
Fixed maturity securities		3,108,898			3,223,307
Common Stocks		1,303,224			1,410,345
Other invested assets		213,230			218,403
Cash and cash equivalents		348,692			573,715
Due from subsidiaries		1,111,804			64,846
Accrued investment income		9,375			13,746
Income taxes - current		766,927			454,538
Goodwill and other intangibles		86,042			100,000
Fixed assets		15,161			49,561
Other assets		159,426			210,013
Total assets	$	66,096,714		$	80,527,514

Liabilities and Shareholders' Equity
Liabilities:
Debt	$	5,463,608		$	5,515,098
Accrued expenses		112,722			116,894
Income taxes - deferred		24,372			56,016
Other liabilities		55,081			135,592
Total liabilities		5,655,783			5,823,601
Equity:
Common stock¹		35,000			35,000
Treasury stock, at cost²		(5,463,535	)		(3,155,399	)
Additional paid-in capital		33,119,125			32,965,136
Accumulated other comprehensive earnings, net of tax		(8,841,517	)		2,920,027
Retained earnings		43,701,233			44,282,895
Less: Unearned Employee Stock Ownership Plan shares at cost³		(2,109,375	)		(2,343,745	)
Total equity		60,440,931			74,703,914
Total liabilities and equity	$	66,096,714		$	80,527,514

Condensed Income Statement [Table Text Block]

	*Year Ended*			*Year Ended*
	*December 31, 2022*			*December 31, 2021*
Net investment income	$	19,504		$	139,907
Net realized investment gains		52,564			39,629
Net unrealized (losses) gains on equity securities		(189,059	)		234,537
Other income		197			6,717
Total revenue		(116,794	)		420,790
Policy acquisition costs and other operating expenses		1,732,482			1,676,944
Interest expense on debt		40,281			129,854
General corporate expenses		—			7,767
Total expenses		1,772,763			1,814,566

Loss before equity earnings of subsidiaries and income taxes		(1,889,557	)		(1,393,776	)
Total income tax benefit		(299,543	)		(54,646	)
Net loss before equity earnings of subsidiaries		(1,590,014	)		(1,339,130	)
Equity earnings in subsidiaries		1,008,352			5,481,909
Net (loss) earnings	$	(581,662	)	$	4,142,779

Other comprehensive loss, net of tax		(209,209	)		(78,861	)
Equity in other comprehensive loss of subsidiaries		(11,552,335	)		(2,521,202	)
Comprehensive (loss) earnings	$	(12,343,206	)	$	1,542,715

Condensed Cash Flow Statement [Table Text Block]

	*Year Ended*			*Year Ended*
	*December 31, 2022*			*December 31, 2021*
Cash flows from operating activities:
Net (loss) earnings	$	(581,662	)	$	4,142,779
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized and unrealized losses (gains) on equity securities		136,495			(274,166	)
Depreciation		24,065			51,235
Deferred income tax		23,969			3,316
Equity in undistributed income of subsidiaries		(1,008,352	)		(5,481,909	)
Amortization of bond premium and discount		761			—
Stock-based compensation expense		388,359			419,070
Change in:
Intercompany notes receivable		4,473			(1,380,000	)
Due from subsidiaries		(1,046,958	)		16,321
Accrued investment income		4,371			255
Accrued expenses		(4,173	)		72,719
Current federal income tax		(312,389	)		(67,131	)
Other		(29,924	)		(476,240	)
Net cash used in operating activities		(2,400,965	)		(2,973,750	)
Cash flows from investing activities:
Contributions from subsidiaries		4,691,823			6,605,654
Purchases of:
Fixed maturity securities		(724,994	)		(312,114	)
Common stocks		(202,897	)		(216,473	)
Proceeds from sales, maturities and calls of:
Fixed maturity securities		573,820			220,950
Common stocks		173,523			195,840
Other invested assets		—			16,403
Property and equipment		24,293			121,249
Net cash provided by investing activities		4,535,568			6,631,510
Cash flows from financing activities:
Repayments of borrowed funds		(51,490	)		(3,544,668	)
Purchase of treasury stock		(2,308,136	)		(1,561	)
Net cash used in financing activities		(2,359,626	)		(3,546,230	)
Net (decrease) increase in cash and cash equivalents		(225,023	)		111,530
Cash and cash equivalents at beginning of year		573,715			462,185
Cash and cash equivalents at end of period	$	348,692		$	573,715
Supplemental information:
Federal income tax paid	$	—		$	—
Interest paid		38,531			128,104

Schedule III - Supplemental Insurance and Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplementary Insurance Information [Table Text Block]

			*Future policy*
			*benefits, losses,*				*Other policy*
	*Deferred policy*		*claims and loss*		*Unearned*		*and benefits*		*Net premiums*
(In thousands)	*acquisition costs*		*expenses*		*premiums*		*payable*		*earned*
December 31, 2022
Commercial Business	$	7,167	$	67,614	$	40,527	$	1,405	$	69,057
Total	$	7,167	$	67,614	$	40,527	$	1,405	$	69,057
December 31, 2021
Commercial Business	$	6,539	$	61,835	$	36,212	$	1,368	$	53,893
Total	$	6,539	$	61,835	$	36,212	$	1,368	$	53,893

			*Benefits, claims,*
			*losses and*
	*Net investment*		*settlement*		*Amortization*		*Other operating*		*Net premiums*
(In thousands)	*income*		*expenses*		*of DAC*		*expenses*		*written*
December 31, 2022
Commercial Business	$	4,034	$	44,533	$	13,468	$	12,401	$	73,391
Total	$	4,034	$	44,533	$	13,468	$	12,401	$	73,391
December 31, 2021
Commercial Business	$	3,414	$	34,700	$	11,054	$	10,729	$	60,210
Total	$	3,414	$	34,700	$	11,054	$	10,729	$	60,210

Schedule IV - Reinsurance (Tables)

12 Months Ended

Dec. 31, 2022

Reinsurance Premiums For Insurance Companies By Product Segment [Table Text Block]

(In thousands)			*Ceded to*		*Assumed from*				*Percentage of*
Premiums	*Gross*		*other*		*other*		*Net*		*amount*
earned	*amount*		*companies*		*companies*		*amount*		*assumed to net*
2022	$	78,412	$	9,512	$	157	$	69,057		0.2	%
2021	$	64,653	$	10,854	$	95	$	53,893		0.2	%

Schedule V - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2022

Valuation and Qualifying Accounts [Table Text Block]

(In thousands)	*2022*			*2021*
Beginning balance, allowance for uncollectible amounts	$	100		$	150
Write-offs, net of (recoveries)		141			68
Change in valuation allowance		(191	)		(118	)
Ending balance, allowance for uncollectible amounts	$	50		$	100

Schedule VI - Supplemental Information (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Information, Property-Casualty Insurance Underwriters [Table Text Block]

	*Deferred*		*Reserve for*
	*policy*		*losses and*		*Discount if*						*Net*
	*acquisition*		*settlement*		*any deducted*		*Unearned*		*Net earned*		*investment*
(In thousands)	*costs*		*expenses*		*from reserves*		*premium*		*premiums*		*income*
2022	$	7,167	$	67,614	$	—	$	40,527	$	69,057	$	4,034
2021	$	6,539	$	61,835	$	—	$	36,212	$	53,893	$	3,414

							*Paid losses*
	*Losses and settlement*						*and*
	*expenses incurred related to*				*Amortization*		*settlement*			*Net written*
(In thousands)	*Current year*		*Prior year*		*of DAC*		*expenses*			*premiums*
2022	$	39,434	$	5,099	$	13,468	$	(37,843	)	$	73,391
2021	$	33,968	$	732	$	11,054	$	(35,943	)	$	60,210

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Tangible Asset Impairment Charges, Total	$ 0	$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance	$ 0
Catastrophe Reinsurance Treaty [Member]
Reinsurance Protection, Amount	14,000,000	14,000,000
Reinsurance Protection, Excess Rentention	$ 1,000,000	1,000,000
Accounting Standards Update 2016-13 [Member] \| Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Standard Effect of Adoption, Percentage	0.10%
Available-for-Sale Securities [Member]
Other Comprehensive Income (Loss), Tax, Total	$ (3,126,487)	$ (691,157)
Building [Member]
Property, Plant and Equipment, Useful Life (Year)	39 years
Computer Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	5 years
Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)	15 years
Premiums [Member] \| Geographic Concentration Risk [Member] \| ILLINOIS
Concentration Risk, Percentage	22.60%	24.00%

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Cost	$ 9,904,321	$ 9,387,273
Accumulated depreciation	(6,590,602)	(6,243,055)
Net property and equipment	3,313,719	3,144,218
Automobiles [Member]
Cost	637,306	507,889
Furniture and Fixtures [Member]
Cost	520,835	512,268
Computer Equipment [Member]
Cost	4,720,932	4,350,118
Home Office [Member]
Cost	$ 4,025,248	$ 4,016,998

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Balance	$ 74,703,914	$ 72,743,690
Net current period other comprehensive loss	(11,761,544)	(2,600,064)
Balance	60,440,931	74,703,914
AOCI Attributable to Parent [Member]
Balance	2,920,027	5,520,091
Other comprehensive loss before reclassification	(11,770,084)	(2,411,782)
Amount reclassified from accumulated other comprehensive loss	8,540	(188,282)
Net current period other comprehensive loss	(11,761,544)	(2,600,064)
Balance	$ (8,841,517)	$ 2,920,027

Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other Comprehensive Earnings (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net realized investment gains	$ (874,470)	$ (982,547)
Total income tax benefit	(140,166)	815,102
Net (loss) earnings	(581,662)	4,142,779
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net (loss) earnings	8,540	(188,282)
Reclassification out of Accumulated Other Comprehensive Income [Member] \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Net realized investment gains	10,810	(238,332)
Total income tax benefit	$ (2,270)	$ 50,050

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

+ References + Details

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Note 2 - Investments (Details Textual)	12 Months Ended
Note 2 - Investments (Details Textual)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Debt Securities, Available-for-Sale, Total	$ 93,388,971	$ 105,841,543
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	3,945,837	90,008
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	0	0
Other Investments, Total	$ 4,722,137	3,086,568
Number Of Storage Facilities	1
Number of Apartment Rental Units	58
Real Estate Investment Property, Accumulated Depreciation	$ 609,282	464,713
Depreciation, Nonproduction	169,199	145,237
Notes Receivable [Member]
Other Investments, Total	4,082,507	2,682,368
Privately Held Investments [Member]
Other Investments, Total	214,630	104,200
Notes Issued on July 30, 2019 [Member]
Debt Instrument Accumulated Payments Received	244,046	315,077
Increase (Decrease) in Accrued Interest Receivable, Net	10,496	12,075
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 0	0
Notes Issued on July 30, 2019 [Member] \| Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate	0.25%
Notes Issued on July 30, 2019 [Member] \| Minimum [Member]
Financing Receivable, Interest Rate	3.90%
Notes Issued on July 30, 2019 [Member] \| Minimum [Member] \| Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate	4.00%
Notes Issued on July 30, 2019 [Member] \| Maximum [Member]
Financing Receivable, Interest Rate	7.25%
Private Investment Fund [Member]
Other Investments, Total		10,000,000.0	$ 10,000,000.0
Federal Home Loan Bank of Chicago [Member]
Other Investments, Total	$ 425,000	300,000
Residential Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale, Total	19,288,540	14,975,101
Commercial Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale, Total	$ 8,946,897	11,697,671
Fixed Income Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	236
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	45
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 3,945,837
Held-To-Maturity Securities, Amount On Deposit With Regulatory Authorities Or Banks	3,290,386	3,823,752
Equity Securities [Member]
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	$ 4,706,405
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain		$ 2,801,991

Note 2 - Investments - Investment Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment revenue	$ 4,984,228	$ 4,384,408
Less investment expenses	(950,000)	(970,000)
Net investment income	4,034,228	3,414,408
Fixed Income Securities [Member]
Investment revenue	3,122,028	3,010,433
Real Estate Investment [Member]
Investment revenue	904,533	802,071
Equity Securities [Member]
Investment revenue	778,707	488,562
Other than Securities Investment [Member]
Investment revenue	154,332	80,761
Cash and Cash Equivalents [Member]
Investment revenue	$ 24,628	$ 2,582

Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 17,820,507	$ 18,590,418
Fixed maturity securities, realized gains	107,368	247,913
Fixed maturity securities, realized losses	(118,178)	(9,582)
Fixed maturity securities, net realized gains (losses)	10,810	238,332
Common Stock [Member]
Equity securities, proceeds	4,402,327	3,023,990
Equity securities, realized gains	1,213,519	836,477
Equity securities, realized losses	(316,079)	(129,972)
Equity securities, net realized gains (losses)	897,440	706,504
Preferred Stock [Member]
Equity securities, proceeds	646,552	340,523
Equity securities, realized gains	8,748	37,711
Equity securities, realized losses	(20,909)	0
Equity securities, net realized gains (losses)	$ 12,160	$ 37,711

Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Due in one year or less, amortized cost	$ 250,007
Due in one year or less, fair value	246,576
Due after one year through five years, amortized cost	16,293,720
Due after one year through five years, fair value	15,551,096
Due after five years through 10 years, amortized cost	19,109,519
Due after five years through 10 years, fair value	16,765,406
Due after 10 years, amortized cost	26,853,034
Due after 10 years, fair value	21,833,630
Total fixed maturity securities, amortized cost	104,580,681	$ 102,145,223
Total fixed maturity securities, fair value	93,388,971	105,841,543
Collateralized Mortgage-Backed Securities [Member]
Securities without a specific due date, amortized cost	41,858,596
Securities without a specific due date, fair value	38,803,342
Redeemable Preferred Stock [Member]
Securities without a specific due date, amortized cost	215,805
Securities without a specific due date, fair value	188,921
Total fixed maturity securities, amortized cost	215,805	215,805
Total fixed maturity securities, fair value	$ 188,921	$ 232,885

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Amortized Cost	$ 104,580,681	$ 102,145,223
Debt Securities, Available-for-Sale, Total	93,388,971	105,841,543
Gross Unrealized Gains	168,461	4,220,575
Gross Unrealized Losses	(11,360,171)	(524,255)
Fixed maturity securities, amortized cost	104,580,681	102,145,223
US Treasury Securities [Member]
Amortized Cost	1,352,752	1,352,044
Debt Securities, Available-for-Sale, Total	1,252,960	1,345,992
Gross Unrealized Gains	0	11,276
Gross Unrealized Losses	(99,792)	(17,328)
Fixed maturity securities, amortized cost	1,352,752	1,352,044
MBS,ABS,CMBS [Member]
Amortized Cost	41,858,596	40,712,275
Debt Securities, Available-for-Sale, Total	38,803,341	41,023,871
Gross Unrealized Gains	51,477	607,483
Gross Unrealized Losses	(3,106,732)	(295,887)
Fixed maturity securities, amortized cost	41,858,596	40,712,275
Corporate Debt Securities [Member]
Amortized Cost	39,716,139	38,959,905
Debt Securities, Available-for-Sale, Total	35,602,055	41,206,964
Gross Unrealized Gains	38,867	2,434,738
Gross Unrealized Losses	(4,152,951)	(187,679)
Fixed maturity securities, amortized cost	39,716,139	38,959,905
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	21,437,389	20,905,194
Debt Securities, Available-for-Sale, Total	17,541,694	22,031,831
Gross Unrealized Gains	78,117	1,149,998
Gross Unrealized Losses	(3,973,812)	(23,361)
Fixed maturity securities, amortized cost	21,437,389	20,905,194
Redeemable Preferred Stock [Member]
Amortized Cost	215,805	215,805
Debt Securities, Available-for-Sale, Total	188,921	232,885
Gross Unrealized Gains	0	17,080
Gross Unrealized Losses	(26,884)	0
Fixed maturity securities, amortized cost	$ 215,805	$ 215,805

Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair value, less than 12 Months	$ 61,194,560	$ 29,899,225
Fair value, 12 months or longer	21,380,131	2,680,468
Fair value	82,574,691	32,579,693
Amortized cost, less than 12 Months	68,608,894	30,333,472
Amortized cost, 12 months or longer	25,325,968	2,770,476
Amortized cost	93,934,862	33,103,948
Unrealized loss, less than 12 Months	(7,414,334)	(434,247)
Unrealized loss, 12 months or longer	(3,945,837)	(90,008)
Unrealized loss	(11,360,171)	(524,255)
US Treasury Securities [Member]
Fair value, less than 12 Months	615,367	391,250
Fair value, 12 months or longer	637,594	291,891
Fair value	1,252,961	683,141
Amortized cost, less than 12 Months	652,424	400,408
Amortized cost, 12 months or longer	700,329	300,061
Amortized cost	1,352,753	700,469
Unrealized loss, less than 12 Months	(37,057)	(9,158)
Unrealized loss, 12 months or longer	(62,735)	(8,170)
Unrealized loss	(99,792)	(17,328)
MBS,ABS,CMBS [Member]
Fair value, less than 12 Months	21,199,819	20,403,757
Fair value, 12 months or longer	12,833,310	1,124,095
Fair value	34,033,129	21,527,852
Amortized cost, less than 12 Months	22,564,779	20,647,568
Amortized cost, 12 months or longer	14,575,082	1,176,171
Amortized cost	37,139,861	21,823,739
Unrealized loss, less than 12 Months	(1,364,960)	(243,811)
Unrealized loss, 12 months or longer	(1,741,772)	(52,076)
Unrealized loss	(3,106,732)	(295,887)
Corporate Debt Securities [Member]
Fair value, less than 12 Months	27,688,403	6,428,166
Fair value, 12 months or longer	5,829,396	995,235
Fair value	33,517,799	7,423,401
Amortized cost, less than 12 Months	30,584,890	6,590,227
Amortized cost, 12 months or longer	7,085,860	1,020,853
Amortized cost	37,670,750	7,611,080
Unrealized loss, less than 12 Months	(2,896,487)	(162,061)
Unrealized loss, 12 months or longer	(1,256,464)	(25,618)
Unrealized loss	(4,152,951)	(187,679)
US States and Political Subdivisions Debt Securities [Member]
Fair value, less than 12 Months	11,502,050	2,676,052
Fair value, 12 months or longer	2,079,831	269,247
Fair value	13,581,881	2,945,299
Amortized cost, less than 12 Months	14,590,996	2,695,269
Amortized cost, 12 months or longer	2,964,697	273,391
Amortized cost	17,555,693	2,968,660
Unrealized loss, less than 12 Months	(3,088,946)	(19,217)
Unrealized loss, 12 months or longer	(884,866)	(4,144)
Unrealized loss	(3,973,812)	(23,361)
Redeemable Preferred Stock [Member]
Fair value, less than 12 Months	188,921	0
Fair value, 12 months or longer	0	0
Fair value	188,921	0
Amortized cost, less than 12 Months	215,805	0
Amortized cost, 12 months or longer	0	0
Amortized cost	215,805	0
Unrealized loss, less than 12 Months	(26,884)	0
Unrealized loss, 12 months or longer	0	0
Unrealized loss	$ (26,884)	$ 0

Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Total	$ 93,388,971	$ 105,841,543
Equity securities	23,211,512	26,388,647
Total marketable investments measured at fair value	116,600,483	132,230,190
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	1,252,960	1,345,992
Equity securities	20,438,907	23,608,197
Total marketable investments measured at fair value	21,691,867	24,954,189
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	92,136,011	104,495,551
Equity securities	2,772,605	2,780,450
Total marketable investments measured at fair value	94,908,616	107,276,001
Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Equity securities	0	0
Total marketable investments measured at fair value	0	0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale, Total	1,252,960	1,345,992
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	1,252,960	1,345,992
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
MBS,ABS,CMBS [Member]
Debt Securities, Available-for-Sale, Total	38,803,341	41,023,871
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	38,803,341	41,023,871
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale, Total	35,602,055	41,206,964
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	35,602,055	41,206,964
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale, Total	17,541,694	22,031,831
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	17,541,694	22,031,831
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-Sale, Total	188,921	232,885
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	188,921	232,885
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Common Stock [Member]
Equity securities	20,438,907	23,608,197
Common Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	20,438,907	23,608,197
Common Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Common Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Equity securities	0	0
Preferred Stock [Member]
Equity securities	2,772,605	2,780,450
Preferred Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	0	0
Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	2,772,605	2,780,450
Preferred Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Equity securities	$ 0	$ 0

Note 4 - Policy Acquisition Costs - Deferred Policy Acquisition Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Deferred policy acquisition costs	$ 6,538,844	$ 5,429,620
Direct commission	12,330,776	10,772,089
Premium taxes	1,271,971	1,215,613
Ceding commissions	(693,178)	(827,540)
Underwriting	1,186,150	1,003,215
Net deferred	14,095,719	12,163,377
Amortized	13,467,527	11,054,153
Deferred policy acquisition costs	7,167,036	6,538,844
Contingent commission	1,796,256	1,463,505
Other underwriting expenses	9,632,337	8,307,242
Total policy acquisition costs	$ 24,896,120	$ 20,824,900

Note 5 - Debt (Details Textual) - USD ($)		1 Months Ended						7 Months Ended	12 Months Ended
Note 5 - Debt (Details Textual) - USD ($)	Apr. 30, 2022	May 31, 2022	May 31, 2021	May 28, 2021	May 31, 2020	Mar. 31, 2020	Mar. 31, 2017	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Repayments of Long-Term Debt, Total									$ 8,455,342	$ 4,010,231
Debt and Lease Obligation, Total									15,000,000	18,455,342
Minimum [Member]
Adjusted Capital									59,700,000
Revolving Credit Facility [Member] \| Quad City Bank & Trust [Member]
Debt Instrument, Collateral Amount									4,000,000.0
Long-Term Line of Credit, Total									0
Debt Covenant Adjusted Capital									21,000,000.0
Revolving Credit Facility [Member] \| Quad City Bank & Trust [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate								0.50%
Revolving Credit Facility [Member] \| Quad City Bank & Trust [Member] \| Minimum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 2,000,000.0
Revolving Credit Facility [Member] \| Quad City Bank & Trust [Member] \| Minimum [Member] \| Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate								4.75%
Revolving Credit Facility [Member] \| Quad City Bank & Trust [Member] \| Maximum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 4,000,000.0
Revolving Credit Facility [Member] \| American Bank & Trust [Member]
Interest Expense, Total									$ 0	$ 0
Debt Obligations [Member]
Long-Term Debt, Weighted Average Interest Rate, at Point in Time									1.20%	1.30%
Federal Home Loan Bank of Chicago [Member]
Debt Instrument, Collateral Amount									$ 18,200,000
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available									$ 44,300,000
Line of Credit Facility Maximum Borrowing Capacity Percent									25.00%
Federal Home Loan Bank of Chicago [Member] \| Federal Home Loan Bank Advances, One [Member]
Debt Instrument, Term (Year)						5 years
Debt Instrument, Interest Rate, Stated Percentage						1.40%
Proceeds from FHLBank Borrowings, Financing Activities						$ 6,000,000.0
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged						$ 6,800,000
Federal Home Loan Bank of Chicago [Member] \| Federal Home Loan Bank Advances, Two [Member]
Debt Instrument, Term (Year)			5 years
Debt Instrument, Interest Rate, Stated Percentage			0.74%
Proceeds from FHLBank Borrowings, Financing Activities					$ 4,000,000.0
Federal Home Loan Bank of Chicago [Member] \| FHLBC May 2021 [Member]
Debt Instrument, Term (Year)				1 year
Debt Instrument, Interest Rate, Stated Percentage				0.00%
Debt Instrument, Collateral Amount				$ 5,000,000.0
Federal Home Loan Bank of Chicago [Member] \| FHLBC May 2021 Loan [Member]
Debt Instrument, Face Amount		$ 5,000,000.0
Debt Instrument, Term (Year)		5 years
Debt Instrument, Interest Rate, Stated Percentage		1.36%
Loans Payable [Member]
Debt Instrument, Face Amount							$ 3,500,000
Debt Instrument, Term (Year)							5 years
Debt Instrument, Interest Rate, Stated Percentage							3.65%
Debt Instrument, Collateral Amount							$ 1,000,000.0
Repayments of Long-Term Debt, Total	$ 3,500,000

Note 6 - Reinsurance (Details Textual) - USD ($)	12 Months Ended
Note 6 - Reinsurance (Details Textual) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Reinsurance Recoverables, Including Reinsurance Premium Paid, Total	$ 13,610,295	$ 14,521,219
Casualty Business [Member] \| Maximum [Member]
Reinsurance, Amount Retained, Per Life	1,000,000
Property [Member]
Reinsurance Maximum Individual Risk	$ 1,000,000

Note 6 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Direct	$ 82,726,634	$ 71,091,961
Reinsurance assumed	157,268	78,699
Reinsurance ceded	(9,492,472)	(10,960,325)
Net	73,391,430	60,210,335
Direct	78,411,890	64,652,638
Reinsurance assumed	157,097	94,590
Reinsurance ceded	(9,511,644)	(10,854,208)
Net	69,057,343	53,893,020
Direct	50,290,695	45,685,603
Reinsurance assumed	94,482	47,536
Reinsurance ceded	(5,852,448)	(11,033,596)
Net	$ 44,532,729	$ 34,699,543

Note 6 - Reinsurance - Schedule of Ceded Credit Risk (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Ceded premiums written	$ 9,492,472	$ 10,960,325
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member]
Reinsurance recoverable on paid and unpaid losses	$ 15,640,000
Reinsurance, percent	100.00%
Reinsurance, percent	100.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| All Other Reinsurers Including Anticipated Subrogation [Member]
Reinsurance recoverable on paid and unpaid losses	$ 643,000
Reinsurance, percent	4.10%
Reinsurance, percent	4.10%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A++ Rating [Member] \| General Reinsurance Corporation [Member]
Reinsurance recoverable on paid and unpaid losses	$ 8,423,000
Reinsurance, percent	53.90%
Reinsurance, percent	53.90%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A Rating [Member] \| Aspen Insurance UK Ltd [Member]
Reinsurance recoverable on paid and unpaid losses	$ 1,250,000
Reinsurance, percent	8.00%
Reinsurance, percent	8.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Partner Reinsurance Company [Member]
Reinsurance recoverable on paid and unpaid losses	$ 1,076,000
Reinsurance, percent	6.90%
Reinsurance, percent	6.90%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Renaissance Reinsurance US Incorporate [Member]
Reinsurance recoverable on paid and unpaid losses	$ 1,046,000
Reinsurance, percent	6.70%
Reinsurance, percent	6.70%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Everest Reinsurance Company [Member]
Reinsurance recoverable on paid and unpaid losses	$ 896,000
Reinsurance, percent	5.70%
Reinsurance, percent	5.70%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member]
Reinsurance recoverable on paid and unpaid losses	$ 810,000
Reinsurance, percent	5.20%
Reinsurance, percent	5.20%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Axis Reins Company [Member]
Reinsurance recoverable on paid and unpaid losses	$ 443,000
Reinsurance, percent	2.80%
Reinsurance, percent	2.80%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member]
Reinsurance recoverable on paid and unpaid losses	$ 407,000
Reinsurance, percent	2.60%
Reinsurance, percent	2.60%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Hannover Rueck SE [Member]
Reinsurance recoverable on paid and unpaid losses	$ 392,000
Reinsurance, percent	2.50%
Reinsurance, percent	2.50%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable for Paid and Unpaid Claims and Claims Adjustments [Member] \| AM Best, A+ Rating [Member] \| Houston Casualty Company [Member]
Reinsurance recoverable on paid and unpaid losses	$ 254,000
Reinsurance, percent	1.60%
Reinsurance, percent	1.60%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member]
Reinsurance, percent	100.00%
Ceded premiums written	$ 9,492,000
Reinsurance, percent	100.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| All Other Reinsurers Including Anticipated Subrogation [Member]
Reinsurance, percent	16.50%
Ceded premiums written	$ 1,562,000
Reinsurance, percent	16.50%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A++ Rating [Member] \| General Reinsurance Corporation [Member]
Reinsurance, percent	66.60%
Ceded premiums written	$ 6,325,000
Reinsurance, percent	66.60%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A Rating [Member] \| Aspen Insurance UK Ltd [Member]
Reinsurance, percent	0.00%
Ceded premiums written	$ 0
Reinsurance, percent	0.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Partner Reinsurance Company [Member]
Reinsurance, percent	0.00%
Ceded premiums written	$ 0
Reinsurance, percent	0.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Renaissance Reinsurance US Incorporate [Member]
Reinsurance, percent	6.70%
Ceded premiums written	$ 640,000
Reinsurance, percent	6.70%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Everest Reinsurance Company [Member]
Reinsurance, percent	0.00%
Ceded premiums written	$ 0
Reinsurance, percent	0.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Swiss Reinsurance [Member]
Reinsurance, percent	3.20%
Ceded premiums written	$ 308,000
Reinsurance, percent	3.20%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Axis Reins Company [Member]
Reinsurance, percent	0.00%
Ceded premiums written	$ 0
Reinsurance, percent	0.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Endurance Reinsurance [Member]
Reinsurance, percent	0.00%
Ceded premiums written	$ 2,000
Reinsurance, percent	0.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Hannover Rueck SE [Member]
Reinsurance, percent	3.00%
Ceded premiums written	$ 278,000
Reinsurance, percent	3.00%
Reinsurer Concentration Risk [Member] \| Reinsurance Recoverable Including Reinsurance Premium Paid [Member] \| AM Best, A+ Rating [Member] \| Houston Casualty Company [Member]
Reinsurance, percent	4.00%
Ceded premiums written	$ 377,000
Reinsurance, percent	4.00%

Note 7 - Unpaid Losses and Settlement Expenses (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Change in Businessowner Property and Liability	$ 3.5
Change in Liquor Liability	1.3
Favorable Change in Workers Compensation	$ 1.8

Note 7 - Unpaid Losses and Settlement Expenses - Short Duration Insurance Contracts, Claims Development (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Incurred claims and allocated claim adjustment expense	$ 297,508,000
Cumulative paid claims and allocated adjustment expense	243,680,000
Unpaid losses and settlement expense, net of reinsurance	54,004,000
Short-Duration Insurance Contracts, Accident Year 2013 [Member]
Incurred claims and allocated claim adjustment expense	22,456,000	$ 22,419,000	$ 22,351,000	$ 22,348,000	$ 22,140,000	$ 22,167,000	$ 21,375,000	$ 21,459,000	$ 21,861,000	$ 21,850,000
Incurred but not reported	$ 20,000
Number of reported claims	1,771
Cumulative paid claims and allocated adjustment expense	$ 22,308,000	22,245,000	22,011,000	21,836,000	21,252,000	20,446,000	18,661,000	15,834,000	12,235,000	8,435,000
Short-Duration Insurance Contracts, Accident Year 2014 [Member]
Incurred claims and allocated claim adjustment expense	24,789,000	24,721,000	24,737,000	24,781,000	24,698,000	24,601,000	23,139,000	22,330,000	22,250,000
Incurred but not reported	$ 80,000
Number of reported claims	1,953
Cumulative paid claims and allocated adjustment expense	$ 24,554,000	24,204,000	24,175,000	23,707,000	23,027,000	21,398,000	17,261,000	11,718,000	7,782,000
Short-Duration Insurance Contracts, Accident Year 2015 [Member]
Incurred claims and allocated claim adjustment expense	22,852,000	22,817,000	22,350,000	22,140,000	21,496,000	21,157,000	21,370,000	24,289,000
Incurred but not reported	$ 91,000
Number of reported claims	1,649
Cumulative paid claims and allocated adjustment expense	$ 22,121,000	21,577,000	20,919,000	20,147,000	18,173,000	14,878,000	11,359,000	6,465,000
Short-Duration Insurance Contracts, Accident Year 2016 [Member]
Incurred claims and allocated claim adjustment expense	26,995,000	26,740,000	25,951,000	25,236,000	24,612,000	22,824,000	25,618,000
Incurred but not reported	$ 201,000
Number of reported claims	1,617
Cumulative paid claims and allocated adjustment expense	$ 26,002,000	25,114,000	22,643,000	20,561,000	16,425,000	13,112,000	7,654,000
Short-Duration Insurance Contracts, Accident Year 2017 [Member]
Incurred claims and allocated claim adjustment expense	31,642,000	30,689,000	29,802,000	29,583,000	29,371,000	29,801,000
Incurred but not reported	$ 316,000
Number of reported claims	1,757
Cumulative paid claims and allocated adjustment expense	$ 30,592,000	28,134,000	25,473,000	22,363,000	18,901,000	11,578,000
Short-Duration Insurance Contracts, Accident Year 2018 [Member]
Incurred claims and allocated claim adjustment expense	27,654,000	27,955,000	28,048,000	28,236,000	29,762,000
Incurred but not reported	$ 723,000
Number of reported claims	1,853
Cumulative paid claims and allocated adjustment expense	$ 25,805,000	23,481,000	20,337,000	16,665,000	10,451,000
Short-Duration Insurance Contract, Accident Year 2019 [Member]
Incurred claims and allocated claim adjustment expense	34,442,000	34,551,000	33,958,000	33,563,000
Incurred but not reported	$ 1,820,000
Number of reported claims	1,927
Cumulative paid claims and allocated adjustment expense	$ 29,683,000	26,987,000	21,614,000	15,285,000
Short-Duration Insurance Contract, Accident Year 2020 [Member]
Incurred claims and allocated claim adjustment expense	30,457,000	29,162,000	31,356,000
Incurred but not reported	$ 2,335,000
Number of reported claims	1,571
Cumulative paid claims and allocated adjustment expense	$ 23,566,000	19,367,000	13,055,000
Short-Duration Insurance Contract, Accident Year 2021 [Member]
Incurred claims and allocated claim adjustment expense	36,787,000	33,968,000
Incurred but not reported	$ 6,135,000
Number of reported claims	1,579
Cumulative paid claims and allocated adjustment expense	$ 22,537,000	14,740,000
Short-Duration Insurance Contract, Accident Year 2022 [Member]
Incurred claims and allocated claim adjustment expense	39,434,000
Incurred but not reported	$ 14,015,000
Number of reported claims	1,329
Cumulative paid claims and allocated adjustment expense	$ 16,512
Short -duration Insurance Contracts, Last Ten Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	53,828,000
Short-duration Insurance Contracts, Prior Accident Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	176,000
Property Insurance [Member]
Incurred claims and allocated claim adjustment expense	118,405,000
Incurred but not reported	$ (810,000)
Number of reported claims	683
Cumulative paid claims and allocated adjustment expense	$ 114,721,000
Unpaid losses and settlement expense, net of reinsurance	3,689,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2013 [Member]
Incurred claims and allocated claim adjustment expense	8,276,000	8,275,000	8,270,000	8,272,000	8,282,000	8,471,000	8,415,000	8,290,000	8,302,000	9,266,000
Incurred but not reported	$ 9,000
Number of reported claims	626
Cumulative paid claims and allocated adjustment expense	$ 8,270,000	8,271,000	8,270,000	8,271,000	8,272,000	8,265,000	8,238,000	8,200,000	8,079,000	6,856,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2014 [Member]
Incurred claims and allocated claim adjustment expense	7,794,000	7,792,000	7,784,000	7,785,000	7,817,000	7,883,000	7,798,000	7,586,000	8,865,000
Incurred but not reported	$ 0
Number of reported claims	740
Cumulative paid claims and allocated adjustment expense	$ 7,805,000	7,803,000	7,801,000	7,795,000	7,795,000	7,796,000	7,746,000	7,631,000	6,243,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2015 [Member]
Incurred claims and allocated claim adjustment expense	7,642,000	7,635,000	7,636,000	7,654,000	7,634,000	7,717,000	7,494,000	7,693,000
Incurred but not reported	$ 0
Number of reported claims	554
Cumulative paid claims and allocated adjustment expense	$ 7,642,000	7,645,000	7,657,000	7,660,000	7,645,000	7,474,000	7,040,000	5,057,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2016 [Member]
Incurred claims and allocated claim adjustment expense	8,387,000	8,327,000	8,404,000	8,381,000	8,372,000	7,981,000	8,941,000
Incurred but not reported	$ 6,000
Number of reported claims	576
Cumulative paid claims and allocated adjustment expense	$ 8,384,000	8,465,000	8,437,000	8,356,000	8,236,000	7,624,000	6,157,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2017 [Member]
Incurred claims and allocated claim adjustment expense	13,593,000	13,622,000	13,825,000	13,741,000	13,568,000
Incurred but not reported	$ 24,000
Number of reported claims	715
Cumulative paid claims and allocated adjustment expense	$ 13,451,000	13,363,000	13,595,000	13,610,000	13,482,000	10,055,000
Property Insurance [Member] \| Short-Duration Insurance Contracts, Accident Year 2018 [Member]
Incurred claims and allocated claim adjustment expense	11,073,000	11,030,000	10,966,000	11,114,000	11,454,000
Incurred but not reported	$ 44,000
Number of reported claims	725
Cumulative paid claims and allocated adjustment expense	$ 11,117,000	11,062,000	11,025,000	11,009,000	8,487,000
Property Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2019 [Member]
Incurred claims and allocated claim adjustment expense	15,078,000	14,976,000	14,758,000	13,933,000
Incurred but not reported	$ 3,000
Number of reported claims	833
Cumulative paid claims and allocated adjustment expense	$ 14,902,000	14,855,000	14,161,000	11,621,000
Property Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2020 [Member]
Incurred claims and allocated claim adjustment expense	15,195,000	15,056,000	13,997,000
Incurred but not reported	$ 431,000
Number of reported claims	937
Cumulative paid claims and allocated adjustment expense	$ 15,540,000	14,485,000	10,620,000
Property Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2021 [Member]
Incurred claims and allocated claim adjustment expense	14,799,000	12,968,000
Incurred but not reported	$ 312,000
Number of reported claims	746
Cumulative paid claims and allocated adjustment expense	$ 14,712,000	11,220,000
Property Insurance [Member] \| Short-Duration Insurance Contract, Accident Year 2022 [Member]
Incurred claims and allocated claim adjustment expense	16,568,000
Cumulative paid claims and allocated adjustment expense	12,898,000
Property Insurance [Member] \| Short -duration Insurance Contracts, Last Ten Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	3,684,000
Property Insurance [Member] \| Short-duration Insurance Contracts, Prior Accident Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	5,000
Accident and Health Insurance Product Line [Member]
Incurred claims and allocated claim adjustment expense	179,103,000
Cumulative paid claims and allocated adjustment expense	128,959,000
Unpaid losses and settlement expense, net of reinsurance	50,315,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2013 [Member]
Incurred claims and allocated claim adjustment expense	14,180,000	14,144,000	14,081,000	14,076,000	13,858,000	13,696,000	12,960,000	13,169,000	13,559,000	12,584,000
Incurred but not reported	$ 11,000
Number of reported claims	1,145
Cumulative paid claims and allocated adjustment expense	$ 14,038,000	13,974,000	13,741,000	13,565,000	12,980,000	12,181,000	10,423,000	7,634,000	4,156,000	$ 1,579,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2014 [Member]
Incurred claims and allocated claim adjustment expense	16,995,000	16,929,000	16,953,000	16,996,000	16,881,000	16,718,000	15,341,000	14,744,000	13,385,000
Incurred but not reported	$ 80,000
Number of reported claims	1,213
Cumulative paid claims and allocated adjustment expense	$ 16,749,000	16,401,000	16,374,000	15,912,000	15,232,000	13,602,000	9,515,000	4,087,000	$ 1,539,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2015 [Member]
Incurred claims and allocated claim adjustment expense	15,210,000	15,182,000	14,714,000	14,486,000	13,862,000	13,440,000	13,876,000	16,596,000
Incurred but not reported	$ 91,000
Number of reported claims	1,095
Cumulative paid claims and allocated adjustment expense	$ 14,479,000	13,932,000	13,262,000	12,487,000	10,528,000	7,404,000	4,319,000	$ 1,408,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2016 [Member]
Incurred claims and allocated claim adjustment expense	18,608,000	18,413,000	17,547,000	16,855,000	16,240,000	14,843,000	16,677,000
Incurred but not reported	$ 195,000
Number of reported claims	1,041
Cumulative paid claims and allocated adjustment expense	$ 17,618,000	16,649,000	14,206,000	12,205,000	8,189,000	5,488,000	$ 1,497,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2017 [Member]
Incurred claims and allocated claim adjustment expense	18,049,000	17,067,000	15,977,000	15,842,000	15,803,000	15,808,000
Incurred but not reported	$ 292,000
Number of reported claims	1,042
Cumulative paid claims and allocated adjustment expense	$ 17,141,000	14,771,000	11,878,000	8,753,000	5,419,000	$ 1,523,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contracts, Accident Year 2018 [Member]
Incurred claims and allocated claim adjustment expense	16,581,000	16,925,000	17,082,000	17,122,000	18,308,000
Incurred but not reported	$ 679,000
Number of reported claims	1,128
Cumulative paid claims and allocated adjustment expense	$ 14,688,000	12,419,000	9,312,000	5,656,000	$ 1,964,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contract, Accident Year 2019 [Member]
Incurred claims and allocated claim adjustment expense	19,364,000	19,575,000	19,200,000	19,630,000
Incurred but not reported	$ 1,817,000
Number of reported claims	1,094
Cumulative paid claims and allocated adjustment expense	$ 14,781,000	12,132,000	7,453,000	$ 3,664,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contract, Accident Year 2020 [Member]
Incurred claims and allocated claim adjustment expense	15,262,000	14,106,000	17,359,000
Incurred but not reported	$ 1,904,000
Number of reported claims	634
Cumulative paid claims and allocated adjustment expense	$ 8,026,000	4,882,000	$ 2,435,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contract, Accident Year 2021 [Member]
Incurred claims and allocated claim adjustment expense	21,988,000	21,000,000
Incurred but not reported	$ 5,823,000
Number of reported claims	833
Cumulative paid claims and allocated adjustment expense	$ 7,825,000	$ 3,520,000
Accident and Health Insurance Product Line [Member] \| Short-Duration Insurance Contract, Accident Year 2022 [Member]
Incurred claims and allocated claim adjustment expense	22,866,000
Incurred but not reported	$ 14,825,000
Number of reported claims	646
Cumulative paid claims and allocated adjustment expense	$ 3,614,000
Accident and Health Insurance Product Line [Member] \| Short -duration Insurance Contracts, Last Ten Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	50,144,000
Accident and Health Insurance Product Line [Member] \| Short-duration Insurance Contracts, Prior Accident Years [Member]
Unpaid losses and settlement expense - years 2013 through 2022	$ 171,000

Note 7 - Unpaid Losses and Settlement Expenses - Short-Duration Contract Reconciliation of Claims Development to Liability (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unpaid losses and settlement expense, net of reinsurance	$ 54,004,000
Reinsurance recoverable on unpaid losses and settlement expense	13,610,295	$ 14,521,219	$ 13,020,000
Total gross unpaid losses and LAE	67,614,063	$ 61,834,809	$ 61,576,000
Property Insurance [Member]
Unpaid losses and settlement expense, net of reinsurance	3,689,000
Reinsurance recoverable on unpaid losses and settlement expense	1,302,000
Accident and Health Insurance Product Line [Member]
Unpaid losses and settlement expense, net of reinsurance	50,315,000
Reinsurance recoverable on unpaid losses and settlement expense	$ 12,308,000

Note 7 - Unpaid Losses and Settlement Expenses - Schedule of Historical Claims Duration (Details)	Dec. 31, 2022
Historical claims duration, year one	37.60%
Historical claims duration, year two	21.70%
Historical claims duration, year three	14.30%
Historical claims duration, year five	6.30%
Historical claims duration, year six	3.70%
Historical claims duration, year eight	1.10%
Historical claims duration, year nine	2.30%
Historical claims duration, year four	11.50%
Historical claims duration, year seven	1.40%
Property Insurance [Member]
Historical claims duration, year one	74.90%
Historical claims duration, year two	22.60%
Historical claims duration, year three	1.80%
Historical claims duration, year four	(0.20%)
Historical claims duration, year five	0.20%
Historical claims duration, year six	0.80%
Historical claims duration, year seven	(0.10%)
Historical claims duration, year eight	0.00%
Historical claims duration, year nine	0.00%
Accident and Health Insurance Product Line [Member]
Historical claims duration, year one	12.70%
Historical claims duration, year two	20.90%
Historical claims duration, year three	22.60%
Historical claims duration, year five	10.60%
Historical claims duration, year six	5.70%
Historical claims duration, year eight	1.70%
Historical claims duration, year nine	3.40%
Historical claims duration, year four	20.10%
Historical claims duration, year seven	2.30%

Note 7 - Unpaid Losses and Settlement Expenses - Schedule of Liability for Unpaid Claims and Claim Adjustment Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Gross	$ 61,834,809	$ 61,576,000
Less: Ceded	14,521,219	13,020,000
Net	47,314,000	48,556,000
Current year, incurred	39,434,000	33,968,000
Prior years, incurred	5,099,000	732,000
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Total	44,533,000	34,700,000
Current year, paid	16,512,000	14,740,000
Prior years, paid	21,331,000	21,203,000
Total paid	37,843,000	35,943,000
Net unpaid losses and settlement expense - end of the period	54,004,000	47,314,000
Reinsurance recoverable on unpaid losses and settlement expense	13,610,295	14,521,219
Gross unpaid losses and settlement expense - end of the period	$ 67,614,063	$ 61,834,809

Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Effective Income Tax Rate Reconciliation, Percent, Total	19.40%	16.40%
Tax Credit Carryforward, Amount	$ 0
Open Tax Year	2018 2019 2020 2021 2022
Operating Loss Carryforwards, Total	$ 0

Note 8 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Tax discounting of claim reserves	$ 931,054	$ 829,619
Unearned premium reserve	1,686,905	1,503,989
Net unrealized depreciation of securities	2,105,391	0
Deferred compensation	316,051	237,599
Provision for uncollectible accounts	10,500	21,000
Other deferred tax assets	89,347	101,166
Deferred tax assets before allowance	5,139,248	2,693,373
Less valuation allowance	0	0
Total deferred tax assets	5,139,248	2,693,373
Transition Adjustment for Loss Reserve Discounting	113,088	150,784
Net unrealized appreciation of securities	0	1,938,542
Deferred policy acquisition costs	1,505,078	1,373,157
Property and equipment deferred tax liabilities	143,047	100,399
Other deferred tax liabilities	81,347	85,353
Total deferred tax liabilities	1,842,560	3,648,235
Net deferred tax asset	$ 3,296,688
Net deferred tax liability		$ (954,862)

Note 8 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Provision for income taxes at the statutory federal tax rates	$ (151,584)	$ 1,041,155
Dividends received deduction	(71,819)	(34,207)
Tax-exempt interest income	(49,460)	(58,153)
Proration of tax-exempt interest and dividends received deduction	29,506	22,359
Nondeductible expenses	74,159	48,155
Officer life insurance, net	(2,500)	(188)
Officer life insurance, net	2,500	188
Prior year true-up and other	31,532	(204,395)
Total	$ (140,166)	$ 815,102

Debt Securities, Available-for-Sale, Total

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

+ References + Details

Note 9 - Employee Benefits (Details Textual) - USD ($)		12 Months Ended
Note 9 - Employee Benefits (Details Textual) - USD ($)	Mar. 24, 2017	Dec. 31, 2022	Dec. 31, 2021
Defined Contribution Plan, Employer Matching Contribution, Percent of Match		4.00%
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares)	350,000
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share)	$ 10.00
Employee Stock Ownership Plan (ESOP), Compensation Expense		$ 476,482	$ 375,097
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)		23,437	23,437
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Payment Arrangement, Expense		$ 205,403	$ 186,897
Share-Based Payment Arrangement, Tranche One [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		0.33%
Defined Contribution Plan 401k Eligible Compensation [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		100.00%
Defined Contribution Plan 401k Profit Sharing [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		25.00%
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year		$ 273,851	272,527
Deferred Compensation Agreement [Member]
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate		3.60%
Defined Benefit Plan, Accumulated Benefit Obligation		$ 486,387	529,117
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total		$ (42,731)	$ 58,671
Deferred Compensation Agreement [Member] \| Vesting Date A [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		25.00%
Deferred Compensation Agreement [Member] \| Vesting Date B [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		50.00%
Deferred Compensation Agreement [Member] \| Vesting Date C [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		75.00%
Deferred Compensation Agreement [Member] \| Vesting Date D [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage		100.00%
Defined Benefit Plan, Cost of Providing Special and Contractual Termination Benefits		$ 1,689,467

Note 9 - Employee Benefits - Restricted Stock Unit Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Nonvested Balance (in shares) \| shares	259,059
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 13.30
Granted, Restricted Stock Units (in shares) \| shares	219,945
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 17.05
Vested, Restricted Stock Units (in shares) \| shares	(205,403)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 13.71
Nonvested Balance (in shares) \| shares	273,601
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.72

Note 10 - Statutory Information and Divided Restrictions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statutory Capital and Surplus Applying National Association of Insurance Commissioners (NAIC) Practices	$ 59,735,420	$ 62,511,840
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval	6,000,000.0
Dividends To Security Holders [Member]
Dividends, Total	0	0
Wisconsin Policyholders [Member]
Dividends, Cash, Total	18,446	5,563
ICC [Member] \| Dividends Received [Member]
Related Party Transaction, Amounts of Transaction	$ 3,000,000	$ 800,000

Note 10 - Statutory Information and Dividend Restrictions - Schedule of Subsidiary (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net income, statutory basis	$ 3,583,308	$ 1,938,995
Surplus, statutory basis	$ 59,735,420	$ 62,511,840

Note 11 - Commitments and Contingent Liabilities (Details Textual) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Other Investments, Total	$ 4,722,137	$ 3,086,568
Lessee, Operating Lease, Liability, to be Paid, Year One	$ 47,000	45,000
Private Investment Fund [Member]
Other Investments, Total		$ 10,000,000.0	$ 10,000,000.0

Schedule II - Condensed Financial Information of Registrant (Details Textual) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 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, Ending Balance (in shares)	3,153,741	3,291,852
Treasury Stock, Shares, Total (in shares)	346,259	208,148
Employee Stock Ownership Plan (ESOP), Number of Suspense Shares (in shares)	210,935	234,374

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

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 93,388,971

$ 105,841,543

Other invested assets

4,722,137

3,086,568

Cash and cash equivalents

3,139,986

4,606,378

Accrued investment income

791,812

659,413

Income taxes - current

22,042

195,694

Fixed assets

3,313,719

3,144,218

Other assets

1,277,469

1,343,504

Total assets

192,162,211

200,001,968

Debt and Lease Obligation, Total

15,000,000

18,455,342

Accrued expenses

6,072,020

5,441,611

Additional paid-in capital

954,862

Other liabilities

1,102,678

1,030,870

Total liabilities

131,721,280

125,298,054

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(5,463,535)

(3,155,399)

33,119,125

32,965,136

Accumulated other comprehensive earnings, net of tax

(8,841,517)

2,920,027

Retained earnings

43,701,233

44,282,895

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(2,109,375)

(2,343,745)

Total equity

60,440,931

74,703,914

$ 72,743,690

Total liabilities and equity

192,162,211

200,001,968

Parent Company [Member]

Investment in subsidiaries

58,973,935

74,209,041

Debt Securities, Available-for-Sale, Total

3,108,898

3,223,307

Common Stocks

1,303,224

1,410,345

Other invested assets

213,230

218,403

Cash and cash equivalents

348,692

573,715

$ 462,185

Due from subsidiaries

1,111,804

64,846

Accrued investment income

9,375

13,746

Income taxes - current

766,927

454,538

Goodwill and other intangibles

86,042

100,000

Fixed assets

15,161

49,561

Other assets

159,426

210,013

Total assets

66,096,714

80,527,514

Debt and Lease Obligation, Total

5,463,608

5,515,098

Accrued expenses

112,722

116,894