0001437749-23-023671 | 10-Q | XBRL Viewer

Share-Based Payment Arrangement [Text Block]

8.	EMPLOYEE BENEFITS

ESOP

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

The Company may make discretionary contributions to the ESOP and pay dividends on unallocated shares to the ESOP. ICC makes annual contributions to the ESOP sufficient to repay the loan. When loan payments are made, ESOP shares are allocated to participants based on relative compensation. The Company repurchases shares from participants that have left our employment. ICC Holdings contributed $59,788 and $92,080 to the ESOP for the six months ended June 30, 2023 and 2022, respectively. No other contributions were made to the ESOP during these time periods.

A compensation expense charge is booked monthly during each year for the shares committed to be allocated to participants that year, determined with reference to the fair market value of our stock at the time the commitment to allocate the shares is accrued and recognized. For the six months ended June 30, 2023, we recognized compensation expense of $244,615 related to 11,622 shares of our common stock that are committed to be released to participants’ accounts at December 31, 2023. For the six months ended June 30, 2022, we recognized compensation expense of $194,763 related to 11,622 shares of our common stock that were committed to be released to participants’ accounts at December 31, 2022.

RESTRICTED STOCK UNITS

Restricted stock units (RSUs) were granted for the first time in February 2018 and more recently in April of each year. RSUs have a grant date value equal to the closing price of the Company’s stock on the dates the shares are granted. The RSUs vest one third over three years beginning the first anniversary of the date of grant. The Company recognized $112,221 in RSU expense as of June 30, 2023 and $205,403 as of December 31, 2022.

	*RSUs*			*Weighted Average Grant Date Fair Value*
Nonvested at December 31, 2022	$	273,601		$	15.72
Granted		272,802			17,600
Vested		(112,230	)		14.82
Nonvested at June 30, 2023	$	434,173		$	15.83

Note 1 - Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

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

Notes to Unaudited Condensed Consolidated Financial Statements

1.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.	DESCRIPTION OF BUSINESS

ICC Holdings, Inc. (the Company) is a Pennsylvania corporation that was organized in 2016. As used in this Form 10-Q, references to the “Company,” “we,” “us,” and “our” refer to the consolidated group. On a stand-alone basis ICC Holdings, Inc. is referred to as the “Parent Company.” The consolidated group consists of the holding company, ICC Holdings, Inc.; ICC Realty, LLC, a real estate services and holding company; Beverage Insurance Agency, Inc., a non-insurance subsidiary; Estrella Innovative Solutions, Inc., an outsourcing company; Southern Hospitality Education, LLC, dba Katkin, a full-service food safety and education company; and Illinois Casualty Company (ICC), an operating insurance company and parent company of ICC Properties, LLC, a real estate series limited liability company. Both ICC and ICC Properties, LLC are Illinois domiciled entities.

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 24.2% and 23.2% of the premium is written in Illinois for the three months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2023 and 2022, approximately 23.6% and 23.2%, respectively, of the premium is written in Illinois. The Company operates as one segment.

B.	PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

The unaudited condensed consolidated interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting and with the instructions to Form 10-Q. Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. As such, these unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K, for the year ended December 31, 2022 (the “2022 10-K”). Management believes that the disclosures are adequate to make the information presented not misleading, and all normal and recurring adjustments necessary to present fairly the financial position at June 30, 2023 the results of operations of the Company and its subsidiaries for all periods presented have been made. The results of operations for any interim period are not necessarily indicative of the operating results for a full year.

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

C.	SIGNIFICANT ACCOUNTING POLICIES

On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 was issued to improve the recognition and measurement of credit losses and to provide more decision-useful information about those losses. This new impairment model is based on expected losses rather than incurred losses. ASU 2016-13 requires that a financial asset measured at amortized cost be presented at the net amount expected to be collected by means of an allowance for credit losses that is included in net earnings. Credit losses relating to available-for-sale debt securities are also required to be recorded through a reversible allowance for credit losses but is limited to the amount by which fair value is less than amortized cost. The Company applied this standard to fixed maturity securities, premiums and reinsurance balances receivable, ceded unearned premiums, reinsurance balances recoverable on unpaid losses and settlement expenses, and other assets using the loss-rate method. The impact of this standard was and is expected to continue to be minimal. In total, the cumulative-effect adjustment made to the financials as of the beginning of the year resulted in a $113,760 decrease in retained earnings.

D.	PROSPECTIVE ACCOUNTING STANDARDS

There are no prospective accounting standards that would have a material impact on our financial statements as of June 30, 2023.

E.	PROPERTY AND EQUIPMENT

Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2023 and December 31, 2022, the Company recognized no impairments. Property and equipment are summarized as follows:

	*As of*
	*June 30,*			*December 31,*
	*2023*			*2022*
Automobiles	$	608,170		$	637,306
Furniture and fixtures		528,756			520,835
Computer equipment and software		4,899,757			4,720,932
Home office		4,095,180			4,025,248
Total cost		10,131,863			9,904,321
Accumulated depreciation		(6,802,079	)		(6,590,602	)
Net property and equipment	$	3,329,784		$	3,313,719

F.	COMPREHENSIVE EARNINGS

Comprehensive (loss) earnings include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense of $221,171 and benefit of $2,382,091 for the six months ended June 30, 2023 and 2022, respectively.

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


	*Six-Months Ended June 30,*
	*2023*			*2022*
Beginning balance	$	(8,841,517	)	$	2,920,027

Other comprehensive earnings (loss) before reclassification		791,025			(8,961,697	)
Amount reclassified from accumulated other comprehensive earnings (loss)		40,999			496
Net current period other comprehensive earnings (loss)		832,024			(8,961,201	)
Ending balance	$	(8,009,493	)	$	(6,041,174	)

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

	*Three-Month Periods Ended June 30,*
	*2023*									*2022*
	*Pre-tax*			*Tax*			*After-tax*			*Pre-tax*			*Tax*			*After-tax*
Other comprehensive loss, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding losses arising during the period	$	(978,883	)	$	205,566		$	(773,317	)	$	(5,063,685	)	$	1,063,373		$	(4,000,312	)
Reclassification adjustment for losses included in net earnings		11,378			(2,390	)		8,988			10,355			(2,175	)		8,180
Total other comprehensive loss	$	(967,505	)	$	203,176		$	(764,329	)	$	(5,053,330	)	$	1,061,198		$	(3,992,132	)

	*Six-Month Periods Ended June 30,*
	*2023*							*2022*
	*Pre-tax*		*Tax*			*After-tax*		*Pre-tax*			*Tax*			*After-tax*
Other comprehensive (loss) earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding gains (losses) arising during the period	$	1,001,297	$	(210,272	)	$	791,025	$	(11,343,920	)	$	2,382,223		$	(8,961,697	)
Reclassification adjustment for losses included in net earnings		51,898		(10,899	)		40,999		628			(132	)		496
Total other comprehensive earnings (loss)	$	1,053,195	$	(221,171	)	$	832,024	$	(11,343,292	)	$	2,382,091		$	(8,961,201	)

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

*Amounts Reclassified from*
*Accumulated Other Comprehensive Earnings*
	*Three-Month Periods Ended*						*Six-Month Periods Ended*
Details about Accumulated Other	*June 30,*						*June 30,*						*Affected Line Item in the Statement*
Comprehensive Earnings Component	*2023*			*2022*			*2023*			*2022*			*where Net Earnings is Presented*
Unrealized losses on AFS investments:
	$	11,378		$	10,355		$	51,898		$	628		Net realized investment losses (gains)
		(2,390	)		(2,175	)		(10,899	)		(132	)	Income tax expense (benefit)
Total reclassification adjustment, net of tax	$	8,988		$	8,180		$	40,999		$	496

G.	RISKS AND UNCERTAINTIES

Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. Russia’s invasion of Ukraine, supply chain disruptions, labor shortages and tightening, inflation and related monetary policy responses, and recession fears are also causing volatility and disruptions in credit and capital markets, adverse developments or general investor sentiment regarding the value of our investment securities as a result of rising interest rates or otherwise, and the business prospects of the industry we serve. The cumulative effects of these events on the Company cannot be predicted, but could reduce demand for our insurance policies, result an in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Note 8 - Employee Benefits (Details Textual) - USD ($)		6 Months Ended
Note 8 - Employee Benefits (Details Textual) - USD ($)	Mar. 24, 2017	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
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), Cash Contributions to ESOP		$ 59,788	$ 92,080
Employee Stock Ownership Plan (ESOP), Compensation Expense		$ 244,615	$ 194,763
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)		11,622	11,622
Restricted Stock Units (RSUs) [Member]
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)		112,221		205,403
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		0.33%

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 109,091,632	$ 104,580,681
Debt Securities, Available-for-Sale	98,953,186	93,388,971
Gross Unrealized Gains	201,447	168,461
Gross Unrealized Losses	(10,339,893)	(11,360,171)
Fixed maturity securities, amortized cost	109,091,632	104,580,681
US Treasury Securities [Member]
Amortized Cost	1,352,263	1,352,752
Debt Securities, Available-for-Sale	1,258,328	1,252,960
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(93,935)	(99,792)
Fixed maturity securities, amortized cost	1,352,263	1,352,752
MBS,ABS,CMBS [Member]
Amortized Cost	42,889,368	41,858,596
Debt Securities, Available-for-Sale	39,840,230	38,803,341
Gross Unrealized Gains	61,409	51,477
Gross Unrealized Losses	(3,110,547)	(3,106,732)
Fixed maturity securities, amortized cost	42,889,368	41,858,596
Corporate Debt Securities [Member]
Amortized Cost	43,537,844	39,716,139
Debt Securities, Available-for-Sale	39,684,915	35,602,055
Gross Unrealized Gains	51,234	38,867
Gross Unrealized Losses	(3,904,163)	(4,152,951)
Fixed maturity securities, amortized cost	43,537,844	39,716,139
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	21,003,713	21,437,389
Debt Securities, Available-for-Sale	17,872,807	17,541,694
Gross Unrealized Gains	88,804	78,117
Gross Unrealized Losses	(3,219,710)	(3,973,812)
Fixed maturity securities, amortized cost	21,003,713	21,437,389
Redeemable Preferred Stock [Member]
Amortized Cost	308,444	215,805
Debt Securities, Available-for-Sale	296,906	188,921
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11,538)	(26,884)
Fixed maturity securities, amortized cost	$ 308,444	$ 215,805

Note 5 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Direct	$ 23,589,667	$ 21,228,432	$ 44,404,193	$ 40,794,615
Reinsurance assumed	36,387	32,410	75,113	69,358
Reinsurance ceded	(2,654,089)	(2,266,365)	(4,994,729)	(4,536,993)
Net	20,971,965	18,994,477	39,484,577	36,326,980
Direct	21,167,168	19,231,944	41,410,604	37,496,644
Reinsurance assumed	31,109	25,851	72,811	67,479
Reinsurance ceded	(2,704,224)	(2,233,153)	(5,188,065)	(4,522,804)
Net	18,494,053	17,024,642	36,295,350	33,041,319
Direct	12,633,975	15,524,735	25,900,404	28,137,877
Reinsurance assumed	31,178	2,284	40,419	47,693
Reinsurance ceded	(450,667)	(1,718,414)	(2,678,656)	(4,181,764)
Net	$ 12,214,486	$ 13,808,605	$ 23,262,167	$ 24,003,806

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

B.	PRINCIPLES OF CONSOLIDATION AND BASIS OF PRESENTATION

New Accounting Pronouncements, Policy [Policy Text Block]

C.	SIGNIFICANT ACCOUNTING POLICIES

D.	PROSPECTIVE ACCOUNTING STANDARDS

There are no prospective accounting standards that would have a material impact on our financial statements as of June 30, 2023.

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

E.	PROPERTY AND EQUIPMENT

	*As of*
	*June 30,*			*December 31,*
	*2023*			*2022*
Automobiles	$	608,170		$	637,306
Furniture and fixtures		528,756			520,835
Computer equipment and software		4,899,757			4,720,932
Home office		4,095,180			4,025,248
Total cost		10,131,863			9,904,321
Accumulated depreciation		(6,802,079	)		(6,590,602	)
Net property and equipment	$	3,329,784		$	3,313,719

Comprehensive Income, Policy [Policy Text Block]

F.	COMPREHENSIVE EARNINGS

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


	*Six-Months Ended June 30,*
	*2023*			*2022*
Beginning balance	$	(8,841,517	)	$	2,920,027

Other comprehensive earnings (loss) before reclassification		791,025			(8,961,697	)
Amount reclassified from accumulated other comprehensive earnings (loss)		40,999			496
Net current period other comprehensive earnings (loss)		832,024			(8,961,201	)
Ending balance	$	(8,009,493	)	$	(6,041,174	)

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

	*Three-Month Periods Ended June 30,*
	*2023*									*2022*
	*Pre-tax*			*Tax*			*After-tax*			*Pre-tax*			*Tax*			*After-tax*
Other comprehensive loss, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding losses arising during the period	$	(978,883	)	$	205,566		$	(773,317	)	$	(5,063,685	)	$	1,063,373		$	(4,000,312	)
Reclassification adjustment for losses included in net earnings		11,378			(2,390	)		8,988			10,355			(2,175	)		8,180
Total other comprehensive loss	$	(967,505	)	$	203,176		$	(764,329	)	$	(5,053,330	)	$	1,061,198		$	(3,992,132	)

	*Six-Month Periods Ended June 30,*
	*2023*							*2022*
	*Pre-tax*		*Tax*			*After-tax*		*Pre-tax*			*Tax*			*After-tax*
Other comprehensive (loss) earnings, net of tax
Unrealized gains and losses on AFS investments:
Unrealized holding gains (losses) arising during the period	$	1,001,297	$	(210,272	)	$	791,025	$	(11,343,920	)	$	2,382,223		$	(8,961,697	)
Reclassification adjustment for losses included in net earnings		51,898		(10,899	)		40,999		628			(132	)		496
Total other comprehensive earnings (loss)	$	1,053,195	$	(221,171	)	$	832,024	$	(11,343,292	)	$	2,382,091		$	(8,961,201	)

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

*Amounts Reclassified from*
*Accumulated Other Comprehensive Earnings*
	*Three-Month Periods Ended*						*Six-Month Periods Ended*
Details about Accumulated Other	*June 30,*						*June 30,*						*Affected Line Item in the Statement*
Comprehensive Earnings Component	*2023*			*2022*			*2023*			*2022*			*where Net Earnings is Presented*
Unrealized losses on AFS investments:
	$	11,378		$	10,355		$	51,898		$	628		Net realized investment losses (gains)
		(2,390	)		(2,175	)		(10,899	)		(132	)	Income tax expense (benefit)
Total reclassification adjustment, net of tax	$	8,988		$	8,180		$	40,999		$	496

Risk And Uncertainties [Policy Text Block]

G.	RISKS AND UNCERTAINTIES

Note 7 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

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

	For the Three-Months Ended
	June 30,
	2023			2022
Provision for income taxes at the statutory federal tax rates	$	156,026		$	(1,100,569	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(20,275	)		(11,117	)
Tax-exempt interest income		(8,794	)		(12,961	)
Proration of tax-exempt interest and dividends received deduction		7,053			5,828
Nondeductible expenses		19,952			10,119
Officer life insurance, net		2,532			(3,335	)
Total	$	156,494		$	(1,112,035	)

	*For the Six-Months Ended*
	*June 30,*
	*2023*			*2022*
Provision for income taxes at the statutory federal tax rates	$	572,680		$	(1,144,657	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(40,735	)		(22,398	)
Tax-exempt interest income		(18,866	)		(26,312	)
Proration of tax-exempt interest and dividends received deduction		14,470			11,798
Nondeductible expenses		35,043			27,411
Officer life insurance, net		(578	)		(7,682	)
Total	$	562,014		$	(1,161,840	)

Note 5 - Reinsurance

6 Months Ended

Jun. 30, 2023

Reinsurance [Text Block]

5.	REINSURANCE

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

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

	*Three-Month Periods Ended June 30,*
	*2023*			*2022*
WRITTEN
Direct	$	23,589,667		$	21,228,432
Reinsurance assumed		36,387			32,410
Reinsurance ceded		(2,654,089	)		(2,266,365	)
Net	$	20,971,965		$	18,994,477
EARNED
Direct	$	21,167,168		$	19,231,944
Reinsurance assumed		31,109			25,851
Reinsurance ceded		(2,704,224	)		(2,233,153	)
Net	$	18,494,053		$	17,024,642
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	12,633,975		$	15,524,735
Reinsurance assumed		31,178			2,284
Reinsurance ceded		(450,667	)		(1,718,414	)
Net	$	12,214,486		$	13,808,605

	*Six-Month Periods Ended June 30,*
	*2023*			*2022*
WRITTEN
Direct	$	44,404,193		$	40,794,615
Reinsurance assumed		75,113			69,358
Reinsurance ceded		(4,994,729	)		(4,536,993	)
Net	$	39,484,577		$	36,326,980
EARNED
Direct	$	41,410,604		$	37,496,644
Reinsurance assumed		72,811			67,479
Reinsurance ceded		(5,188,065	)		(4,522,804	)
Net	$	36,295,350		$	33,041,319
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	25,900,404		$	28,137,877
Reinsurance assumed		40,419			47,693
Reinsurance ceded		(2,678,656	)		(4,181,764	)
Net	$	23,262,167		$	24,003,806

Note 4 - Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Text Block]

DEBT

Debt Obligation

Debt Obligations

The Company had $15,000,000 in outstanding debt as of June 30, 2023 and December 31, 2022.

The Company also 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 Illinois Casualty Company as of the prior year-end. As of June 30, 2023, the Company has used $15.0 million of that capacity.

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

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

In May 2022, the Company entered into a $5.0 million, five-year, 1.36% fixed interest FHLBC loan.

The Company has $19.0 million in bonds pledged as collateral for all FHLBC loans.

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 June 30, 2023, the balance on the line of credit was $0. The line of credit was priced at prime plus 0.5% with a floor of 4.75% as of June 30, 2023.As of July 5, 2023, this line of credit is priced at prime plus 0.5% with a floor of 6.00% and renews annually with a current expiration date of July 5, 2024. The Company pledged $4.0 million of business assets in the event the Company draws down on the line of credit. This agreement includes an annually calculated financial debt covenant requiring a minimum total adjusted capital of $21.0 million. Total adjusted capital is the sum of an insurer’s statutory capital and surplus as determined in accordance with the statutory accounting applicable to the annual financial statements required to be filed with Illinois Department of Insurance. As of June 30, 2023, our total adjusted capital is approximately $60.5 million. There was no interest paid on the line of credit during the six months ended June 30, 2023 and 2022.

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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Note 2 - Investments (Details Textual)	6 Months Ended		12 Months Ended
Note 2 - Investments (Details Textual)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
Debt Securities, Available-for-Sale	$ 98,953,186		$ 93,388,971
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	9,536,652		3,945,837
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	0	$ 0
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	702,014	$ 3,804,511	1,341,432		$ 5,097,203
Other Investments	8,051,118		4,722,137
Federal Home Loan Bank of Chicago [Member]
Other Investments	425,000		425,000
Notes Receivable [Member]
Other Investments	5,851,628		4,082,507
Privately Held Investments [Member]
Other Investments	1,774,490		214,630
Limited Partnership [Member]
Other Investments	1,300,000
SAFE Investment [Member]
Other Investments	250,000
Stocks [Member]
Other Investments	214,490
Private Investment Fund [Member]
Other Investments						$ 10,000,000.0
Investment Request Amount				$ 1,300,000
Investment, Funding Available for Future Investment	8,700,000
Notes Issued on July 30, 2019 [Member]
Debt Instrument Accumulated Payments Received	22,999		244,046
Increase (Decrease) in Accrued Interest Receivable, Net	5,342		10,496
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	8.25%
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale	$ 7,399,715		10,567,904
Residential Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	26,030,621		19,288,540
Commercial Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	$ 6,409,894		$ 8,946,897
Fixed Income Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	239
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	165
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 9,536,652

Note 2 - Investments

6 Months Ended

Jun. 30, 2023

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

2.	INVESTMENTS

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

Available-for-Sale Fixed Maturity and Equity Securities

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

	*For the Three-Months Ended June 30,*
								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2023
Fixed maturity securities	$	4,512,342	$	—	$	(11,378	)	$	(11,378	)
Common stocks		1,246,265		278,790		(121,760	)		157,030
Preferred stocks		241,812		4,959		(6,599	)		(1,640	)
2022
Fixed maturity securities	$	10,168,949	$	96,191	$	(106,546	)	$	(10,355	)
Common stocks		2,740,714		736,152		(186,562	)		549,590
Preferred stocks		38,200		—		(2,426	)		(2,426	)

	*For the Six-Months Ended June 30,*
								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2023
Fixed maturity securities	$	8,342,783	$	—	$	(51,898	)	$	(51,898	)
Common stocks		2,024,336		404,791		(307,218	)		97,573
Preferred stocks		337,440		29,371		(6,599	)		22,772
2022
Fixed maturity securities	$	12,614,074	$	105,918	$	(106,546	)	$	(628	)
Common stocks		3,376,818		940,342		(194,632	)		745,710
Preferred stocks		403,708		7,745		(8,433	)		(688	)

The amortized cost and estimated fair value of fixed income securities at June 30, 2023, by contractual maturity, are shown as follows:

	*Amortized Cost*		*Fair Value*
Due in one year or less	$	2,653,094	$	2,616,149
Due after one year through five years		15,338,539		14,509,826
Due after five years through 10 years		22,000,118		19,955,236
Due after 10 years		25,902,069		21,734,839
Asset and mortgage-backed securities without a specific due date		42,889,368		39,840,230
Redeemable preferred stocks		308,444		296,906
Total fixed maturity securities	$	109,091,632	$	98,953,186

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

The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at June 30, 2023 and December 31, 2022:

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2023
Fixed maturity securities:
U.S. Treasury	$	1,352,263	$	1,258,328	$	—	$	(93,935	)
MBS/ABS/CMBS		42,889,368		39,840,230		61,409		(3,110,547	)
Corporate		43,537,844		39,684,915		51,234		(3,904,163	)
Municipal		21,003,713		17,872,807		88,804		(3,219,710	)
Redeemable preferred stock		308,444		296,906		—		(11,538	)
Total fixed maturity securities	$	109,091,632	$	98,953,186	$	201,447	$	(10,339,893	)

					*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	)

All the Company’s collateralized securities carry an average credit rating of AA by one or more major rating agencies and continue to pay according to contractual terms. Included within MBS/ABS/CMBS, as defined in Note 3 – Fair Value Disclosures, are asset backed securities with fair values of $7,399,715 and $10,567,904, residential mortgage-backed securities of $26,030,621 and $19,288,540, and commercial mortgage-backed securities of $6,409,894 and $8,946,897 at June 30, 2023 and December 31, 2022, respectively.

ANALYSIS

The following tables are also used as part of the impairment analysis and display the total value of securities that were in an unrealized loss position as of June 30, 2023 and December 31, 2022. The tables segregate the securities based on type, noting the fair value, amortized cost, and unrealized loss on each category of investment as well as in total. The table further classifies the securities based on the length of time they have been in an unrealized loss position.

	*June 30, 2023*									*December 31, 2022*
				*12 Months*									*12 Months*
	*< 12 Months*			*& Greater*			*Total*			*< 12 Months*			*& Greater*			*Total*
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	—		$	1,258,328		$	1,258,328		$	615,367		$	637,594		$	1,252,961
Amortized cost		—			1,352,263			1,352,263			652,424			700,329			1,352,753
Unrealized loss		—			(93,935	)		(93,935	)		(37,057	)		(62,735	)		(99,792	)
MBS/ABS/CMBS
Fair value		13,459,765			23,582,217			37,041,982			21,199,819			12,833,310			34,033,129
Amortized cost		13,776,404			26,376,125			40,152,529			22,564,779			14,575,082			37,139,861
Unrealized loss		(316,639	)		(2,793,908	)		(3,110,547	)		(1,364,960	)		(1,741,772	)		(3,106,732	)
Corporate
Fair value		14,453,718			21,533,377			35,987,095			27,688,403			5,829,396			33,517,799
Amortized cost		14,918,677			24,972,581			39,891,258			30,584,890			7,085,860			37,670,750
Unrealized loss		(464,959	)		(3,439,204	)		(3,904,163	)		(2,896,487	)		(1,256,464	)		(4,152,951	)
Municipal
Fair value		1,294,170			11,731,900			13,026,070			11,502,050			2,079,831			13,581,881
Amortized cost		1,307,000			14,938,780			16,245,780			14,590,996			2,964,697			17,555,693
Unrealized loss		(12,830	)		(3,206,880	)		(3,219,710	)		(3,088,946	)		(884,866	)		(3,973,812	)
Redeemable preferred stock
Fair value		252,250			44,656			296,906			188,921			—			188,921
Amortized cost		261,063			47,381			308,444			215,805			—			215,805
Unrealized loss		(8,813	)		(2,725	)		(11,538	)		(26,884	)		—			(26,884	)
Total
Fair value		29,459,903			58,150,478			87,610,381			61,194,560			21,380,131			82,574,691
Amortized cost		30,263,144			67,687,130			97,950,274			68,608,894			25,325,968			93,934,862
Unrealized loss	$	(803,241	)	$	(9,536,652	)	$	(10,339,893	)	$	(7,414,334	)	$	(3,945,837	)	$	(11,360,171	)

The fixed income portfolio contained 239 securities in an unrealized loss position as of June 30, 2023. Of these 239 securities, 165 have been in an unrealized loss position for 12 consecutive months or longer and represent $9,536,652 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. Current unrealized losses are the result of rising interest rates. 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 six months ended June 30, 2023 and June 30, 2022. In addition, the Company is not required to, nor does it intend to sell these investments prior to recovering the entire amortized cost basis for each security, which may be at maturity.

UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES

Net unrealized gains recognized during the three and six months ended June 30, 2023 on equity securities held as of June 30, 2023 were $702,014 and $1,341,432. Net unrealized losses recognized during the three and six months ended June 30, 2022 on equity securities held as of June 30, 2022 were $3,804,511 and $5,097,203.

Other Invested Assets

Other invested assets as of June 30, 2023 and December 31, 2022 were $8,051,118 and $4,722,137, respectively. Other invested assets as of June 30, 2023 include privately held investments of $1,774,490, notes receivable of $5,851,628, and a $425,000 membership in the Federal Home Loan Bank of Chicago (FHLBC). As of December 31, 2022, privately held investments were $214,630, notes receivable were $4,082,507, and the membership in FHLBC was $425,000.

As of June 30, 2023, privately held investments as of are comprised of a $1.3 million limited partnership carried at fair value, a $250,000 SAFE investment carried at cost, and $214,490 in stock carried at fair value. In November 2021, we agreed to commit up to $10.0 million to a private investment fund, subject to regulatory approval, which may be callable from time to time by such fund. On May 31, 2023, we received a call for $1.3 million for a limited partnership from the private investment fund. Our balance available for future endeavors with the private investment fund is $8.7 million as of June 30, 2023. As of December 31, 2022, no calls were received. As of December 31, 2022, the privately held investments were entirely stock carried at fair value.

Notes receivable are carried at outstanding value plus accrued interest. As of June 30, 2023, most of the notes receivable bear interest between 3.9% and 8.25%. One note has interest at prime minus 25 basis points with a floor of 4.0%. For the six months ended June 30, 2023, $22,999 in note payments were received and $5,342 in accrued escrow and interest receivable was recorded. Comparatively, as of December 31, 2022, $244,046 in note payments were received and $10,496 in accrued escrow and interest receivable was recorded. The Company had no allowance recorded related to uncollectible note receivables at June 30, 2023 and December 31, 2022.

The membership in the FHLBC is carried at cost.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings (loss)	$ 2,165,034	$ (4,288,907)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Net realized investment gains	(68,447)	(744,394)
Net unrealized (gains) losses on equity securities	(1,341,432)	5,097,203
Depreciation	355,261	341,014
Deferred income tax	197,139	(1,191,849)
Amortization of bond premium and discount	51,928	115,225
Stock-based compensation expense	297,048	292,509
Change in:
Accrued investment income	(65,141)	(47,777)
Premiums and reinsurance balances receivable	(1,826,694)	(2,560,179)
Ceded unearned premiums	193,337	(14,189)
Reinsurance balances payable	(766,122)	(555,225)
Reinsurance balances recoverable	(989,605)	(1,004,895)
Deferred policy acquisition costs	(915,464)	(617,926)
Unpaid losses and settlement expenses	8,970,320	8,546,274
Unearned premiums	2,995,890	3,299,850
Accrued expenses	(1,045,891)	(800,707)
Current federal income tax	(271,895)	(509,561)
Other	(137,807)	257,609
Net cash provided by operating activities	7,797,459	5,614,074
Cash flows from investing activities:
Fixed maturity securities	(12,948,130)	(10,602,574)
Other invested assets	(3,346,778)	(725,000)
Property held for investment	(962,979)	(432,279)
Property and equipment	(283,165)	(329,264)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	8,342,783	12,614,074
Other invested assets	17,657	18,518
Property held for investment	1,141,911	278,679
Property and equipment	2,800	7,454
Net cash (used in) provided by investing activities	(7,135,740)	1,515,552
Cash flows from financing activities:
Proceeds from loans	0	5,000,000
Repayments of borrowed funds	0	(8,455,342)
Purchase of treasury stock	(267,237)	(238,686)
Net cash used in financing activities	(267,237)	(3,694,029)
Net increase in cash and cash equivalents	394,482	3,435,597
Cash and cash equivalents at beginning of year	3,139,986	4,606,378
Cash and cash equivalents at end of period	3,534,468	8,041,975
Supplemental information:
Interest paid	86,000	97,900
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(1,175,966)	(1,927,583)
Proceeds from sales, maturities and calls of:
Equity securities	2,024,336	3,376,818
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(285,649)	(1,166,999)
Proceeds from sales, maturities and calls of:
Equity securities	$ 337,440	$ 403,708

Note 2 - Investments (Tables)

6 Months Ended

Jun. 30, 2023

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

	*For the Three-Months Ended June 30,*
								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2023
Fixed maturity securities	$	4,512,342	$	—	$	(11,378	)	$	(11,378	)
Common stocks		1,246,265		278,790		(121,760	)		157,030
Preferred stocks		241,812		4,959		(6,599	)		(1,640	)
2022
Fixed maturity securities	$	10,168,949	$	96,191	$	(106,546	)	$	(10,355	)
Common stocks		2,740,714		736,152		(186,562	)		549,590
Preferred stocks		38,200		—		(2,426	)		(2,426	)

	*For the Six-Months Ended June 30,*
								*Net Realized*
	*Proceeds*		*Gains*		*Losses*			*Gains (Losses)*
2023
Fixed maturity securities	$	8,342,783	$	—	$	(51,898	)	$	(51,898	)
Common stocks		2,024,336		404,791		(307,218	)		97,573
Preferred stocks		337,440		29,371		(6,599	)		22,772
2022
Fixed maturity securities	$	12,614,074	$	105,918	$	(106,546	)	$	(628	)
Common stocks		3,376,818		940,342		(194,632	)		745,710
Preferred stocks		403,708		7,745		(8,433	)		(688	)

Investments Classified by Contractual Maturity Date [Table Text Block]

	*Amortized Cost*		*Fair Value*
Due in one year or less	$	2,653,094	$	2,616,149
Due after one year through five years		15,338,539		14,509,826
Due after five years through 10 years		22,000,118		19,955,236
Due after 10 years		25,902,069		21,734,839
Asset and mortgage-backed securities without a specific due date		42,889,368		39,840,230
Redeemable preferred stocks		308,444		296,906
Total fixed maturity securities	$	109,091,632	$	98,953,186

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

					*Gross Unrealized*
	*Amortized Cost*		*Fair Value*		*Gains*		*Losses*
2023
Fixed maturity securities:
U.S. Treasury	$	1,352,263	$	1,258,328	$	—	$	(93,935	)
MBS/ABS/CMBS		42,889,368		39,840,230		61,409		(3,110,547	)
Corporate		43,537,844		39,684,915		51,234		(3,904,163	)
Municipal		21,003,713		17,872,807		88,804		(3,219,710	)
Redeemable preferred stock		308,444		296,906		—		(11,538	)
Total fixed maturity securities	$	109,091,632	$	98,953,186	$	201,447	$	(10,339,893	)

					*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	)

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

	*June 30, 2023*									*December 31, 2022*
				*12 Months*									*12 Months*
	*< 12 Months*			*& Greater*			*Total*			*< 12 Months*			*& Greater*			*Total*
Fixed Maturity Securities:
U.S. Treasury
Fair value	$	—		$	1,258,328		$	1,258,328		$	615,367		$	637,594		$	1,252,961
Amortized cost		—			1,352,263			1,352,263			652,424			700,329			1,352,753
Unrealized loss		—			(93,935	)		(93,935	)		(37,057	)		(62,735	)		(99,792	)
MBS/ABS/CMBS
Fair value		13,459,765			23,582,217			37,041,982			21,199,819			12,833,310			34,033,129
Amortized cost		13,776,404			26,376,125			40,152,529			22,564,779			14,575,082			37,139,861
Unrealized loss		(316,639	)		(2,793,908	)		(3,110,547	)		(1,364,960	)		(1,741,772	)		(3,106,732	)
Corporate
Fair value		14,453,718			21,533,377			35,987,095			27,688,403			5,829,396			33,517,799
Amortized cost		14,918,677			24,972,581			39,891,258			30,584,890			7,085,860			37,670,750
Unrealized loss		(464,959	)		(3,439,204	)		(3,904,163	)		(2,896,487	)		(1,256,464	)		(4,152,951	)
Municipal
Fair value		1,294,170			11,731,900			13,026,070			11,502,050			2,079,831			13,581,881
Amortized cost		1,307,000			14,938,780			16,245,780			14,590,996			2,964,697			17,555,693
Unrealized loss		(12,830	)		(3,206,880	)		(3,219,710	)		(3,088,946	)		(884,866	)		(3,973,812	)
Redeemable preferred stock
Fair value		252,250			44,656			296,906			188,921			—			188,921
Amortized cost		261,063			47,381			308,444			215,805			—			215,805
Unrealized loss		(8,813	)		(2,725	)		(11,538	)		(26,884	)		—			(26,884	)
Total
Fair value		29,459,903			58,150,478			87,610,381			61,194,560			21,380,131			82,574,691
Amortized cost		30,263,144			67,687,130			97,950,274			68,608,894			25,325,968			93,934,862
Unrealized loss	$	(803,241	)	$	(9,536,652	)	$	(10,339,893	)	$	(7,414,334	)	$	(3,945,837	)	$	(11,360,171	)

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	20.60%	21.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%
Operating Loss Carryforwards	$ 0

Note 8 - Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2023

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

	*RSUs*			*Weighted Average Grant Date Fair Value*
Nonvested at December 31, 2022	$	273,601		$	15.72
Granted		272,802			17,600
Vested		(112,230	)		14.82
Nonvested at June 30, 2023	$	434,173		$	15.83

Note 6 - Unpaid Losses and Settlement Expenses

6 Months Ended

Jun. 30, 2023

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

6.	UNPAID LOSSES AND SETTLEMENT EXPENSES

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

	*For the Three-Months Ended*
	*June 30,*

(In thousands)	*2023*		*2022*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	72,867	$	67,407
Less: Ceded		14,460		16,089
Net		58,407		51,318
Increase in incurred losses and settlement expense:
Current year		10,929		11,960
Prior years		1,285		1,849
Total incurred		12,214		13,809
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,558		4,605
Prior years		5,082		5,667
Total paid		8,640		10,272
Net unpaid losses and settlement expense - end of the period		61,981		54,855
Plus: Reinsurance recoverable on unpaid losses net of CECL		14,502		15,526
Plus: CECL allowance for reinsurance recoverable on unpaid losses		101		—
Gross unpaid losses and settlement expense - end of the period	$	76,584	$	70,381

	*For the Six-Months Ended*
	*June 30,*

(In thousands)	*2023*		*2022*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	67,614	$	61,835
Less: Ceded		13,610		14,521
Net		54,004		47,314
Increase in incurred losses and settlement expense:
Current year		22,001		19,485
Prior years		1,261		4,519
Total incurred		23,262		24,004
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,716		5,994
Prior years		10,569		10,469
Total paid		15,285		16,463
Net unpaid losses and settlement expense - end of the period		61,981		54,855
Plus: Reinsurance recoverable on unpaid losses net of CECL		14,502		15,526
Plus: CECL allowance for reinsurance recoverable on unpaid losses		101		—
Gross unpaid losses and settlement expense - end of the period	$	76,584	$	70,381

For the six months ended June 30, 2023 and 2022, we experienced unfavorable development of $1,261,000 and unfavorable development of $4,519,000, respectively. The unfavorable development for the six months ended June 30, 2023 is primarily due to additional information received on prior year accident claims for liquor liability (2022; one claim & 2021; one claim).

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net premiums earned	$ 18,494,053	$ 17,024,642	$ 36,295,350	$ 33,041,319
Net investment income	1,246,759	952,189	2,456,174	1,869,270
Net realized investment gains	144,012	536,809	68,447	744,394
Net unrealized gains (losses) on equity securities	702,014	(3,804,511)	1,341,432	(5,097,203)
Other income	63,878	88,226	109,714	247,657
Consolidated revenues	20,650,716	14,797,355	40,271,117	30,805,437
Losses and settlement expenses	12,214,486	13,808,605	23,262,167	24,003,806
Policy acquisition costs and other operating expenses	7,444,806	6,002,808	13,794,387	11,775,208
Interest expense on debt	45,904	42,241	91,304	103,252
General corporate expenses	202,537	184,503	396,211	373,918
Total expenses	19,907,733	20,038,157	37,544,069	36,256,184
Earnings (loss) before income taxes	742,983	(5,240,802)	2,727,048	(5,450,747)
Total income tax expense (benefit)	156,494	(1,112,035)	562,014	(1,161,840)
Net earnings (loss)	586,489	(4,128,767)	2,165,034	(4,288,907)
Other comprehensive earnings (loss), net of tax	(764,329)	(3,992,132)	832,024	(8,961,201)
Comprehensive loss	$ (177,840)	$ (8,120,899)	$ 2,997,058	$ (13,250,108)
Basic:
Basic net earnings (loss) per share (in dollars per share)	$ 0.20	$ (1.35)	$ 0.74	$ (1.40)
Diluted:
Diluted net earnings (loss) per share (in dollars per share)	$ 0.20	$ (1.34)	$ 0.73	$ (1.40)
Weighted average number of common shares outstanding:
Basic (in shares)	2,941,856	3,069,430	2,942,543	3,061,119
Diluted (in shares)	2,969,288	3,082,000	2,969,975	3,073,689
Net premiums earned	$ 18,494,053	$ 17,024,642	$ 36,295,350	$ 33,041,319
Net investment income	1,246,759	952,189	2,456,174	1,869,270
Net realized investment gains	144,012	536,809	68,447	744,394
Net unrealized gains (losses) on equity securities	702,014	(3,804,511)	1,341,432	(5,097,203)
Other income	63,878	88,226	109,714	247,657
Consolidated revenues	20,650,716	14,797,355	40,271,117	30,805,437
Losses and settlement expenses	12,214,486	13,808,605	23,262,167	24,003,806
Policy acquisition costs and other operating expenses	7,444,806	6,002,808	13,794,387	11,775,208
Interest expense on debt	45,904	42,241	91,304	103,252
General corporate expenses	202,537	184,503	396,211	373,918
Total expenses	19,907,733	20,038,157	37,544,069	36,256,184
Earnings (loss) before income taxes	742,983	(5,240,802)	2,727,048	(5,450,747)
Total income tax expense (benefit)	156,494	(1,112,035)	562,014	(1,161,840)
Net earnings (loss)	586,489	(4,128,767)	2,165,034	(4,288,907)
Other comprehensive earnings (loss), net of tax	(764,329)	(3,992,132)	832,024	(8,961,201)
Comprehensive loss	$ (177,840)	$ (8,120,899)	$ 2,997,058	$ (13,250,108)

Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Provision for income taxes at the statutory federal tax rates	$ 156,026	$ (1,100,569)	$ 572,680	$ (1,144,657)
Dividends received deduction	(20,275)	(11,117)	(40,735)	(22,398)
Tax-exempt interest income	(8,794)	(12,961)	(18,866)	(26,312)
Proration of tax-exempt interest and dividends received deduction	7,053	5,828	14,470	11,798
Nondeductible expenses	19,952	10,119	35,043	27,411
Officer life insurance, net	2,532	(3,335)	(578)	(7,682)
Total	$ 156,494	$ (1,112,035)	$ 562,014	$ (1,161,840)

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

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2023
Retained Earnings (Accumulated Deficit)	$ 45,752,507		$ 45,752,507		$ 43,701,233
Tangible Asset Impairment Charges			$ 0		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Other Comprehensive Income (Loss), Tax	$ 203,176	$ 1,061,198	$ (221,171)	$ 2,382,091
Available-for-Sale Securities [Member]
Other Comprehensive Income (Loss), Tax			$ (221,171)	$ 2,382,091
Cumulative Effect, Period of Adoption, Adjustment [Member] \| Accounting Standards Update 2016-13 [Member]
Retained Earnings (Accumulated Deficit)						$ (113,760)
Premiums [Member] \| Geographic Concentration Risk [Member] \| ILLINOIS
Concentration Risk, Percentage	24.20%	23.20%	23.60%	23.20%

Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Prior Year Claims and Claims Adjustment Expense	$ 1,285,000	$ 1,849,000	$ 1,261,000	$ 4,519,000

Note 6 - Unpaid Losses and Settlement Expenses - Schedule of Liability for Unpaid Claims and Claim Adjustment Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Gross	$ 72,867,000	$ 67,407,000	$ 67,614,063	$ 61,835,000
Less: Ceded	14,460,000	16,089,000	13,610,295	14,521,000
Net	58,407,000	51,318,000	54,004,000	47,314,000
Current year, incurred	10,929,000	11,960,000	22,001,000	19,485,000
Prior years, incurred	1,285,000	1,849,000	1,261,000	4,519,000
Total incurred	12,214,000	13,809,000	23,262,000	24,004,000
Current year, paid	3,558,000	4,605,000	4,716,000	5,994,000
Prior years, paid	5,082,000	5,667,000	10,569,000	10,469,000
Total paid	8,640,000	10,272,000	15,285,000	16,463,000
Net unpaid losses and settlement expense - end of the period	61,981,000	54,855,000	61,981,000	54,855,000
Plus: Reinsurance recoverable on unpaid losses net of CECL	14,501,900	15,526,000	14,501,900	15,526,000
Plus: CECL allowance for reinsurance recoverable on unpaid losses	101,000	0	101,000	0
Unpaid losses and settlement expenses	$ 76,584,383	$ 70,381,000	$ 76,584,383	$ 70,381,000

Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 4,512,342	$ 10,168,949	$ 8,342,783	$ 12,614,074
Fixed maturity securities, realized gains	0	96,191	0	105,918
Fixed maturity securities, realized losses	(11,378)	(106,546)	(51,898)	(106,546)
Fixed maturity securities, net realized gains (losses)	11,378	(10,355)	51,898	(628)
Common Stock [Member]
Equity securities, proceeds	1,246,265	2,740,714	2,024,336	3,376,818
Equity securities, realized gains	278,790	736,152	404,791	940,342
Equity securities, realized losses	(121,760)	(186,562)	(307,218)	(194,632)
Equity securities, net realized gains (losses)	157,030	549,590	97,573	745,710
Preferred Stock [Member]
Equity securities, proceeds	241,812	38,200	337,440	403,708
Equity securities, realized gains	4,959	0	29,371	7,745
Equity securities, realized losses	(6,599)	(2,426)	(6,599)	(8,433)
Equity securities, net realized gains (losses)	$ 1,640	$ (2,426)	$ (22,772)	$ (688)

Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Unrealized holding gains (losses) arising during the period, pre tax	$ (978,883)	$ (5,063,685)	$ 1,001,297	$ (11,343,920)
Unrealized holding gains (losses) arising during the period, tax	205,566	1,063,373	(210,272)	2,382,223
Unrealized holding gains (losses) arising during the period, after tax	(773,317)	(4,000,312)	791,025	(8,961,697)
Reclassification adjustment for losses (gains) included in net earnings, pre-tax	11,378	10,355	51,898	628
Reclassification adjustment for losses (gains) included in net earnings, tax	(2,390)	(2,175)	(10,899)	(132)
Reclassification adjustment for losses (gains) included in net earnings, after-tax	8,988	8,180	40,999	496
Total other comprehensive earnings (loss), pre-tax	(967,505)	(5,053,330)	1,053,195	(11,343,292)
Total other comprehensive earnings (loss), tax	203,176	1,061,198	(221,171)	2,382,091
Total other comprehensive earnings (loss)	$ (764,329)	$ (3,992,132)	$ 832,024	$ (8,961,201)

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

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

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Fixed maturity securities (amortized cost of $109,091,632 at 6/30/2023 and $104,580,681 at 12/31/2022)

Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-Sale	$ 98,953,186	$ 93,388,971
Equity securities	23,763,768	23,211,512
Total marketable investments measured at fair value	122,716,954	116,600,483
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,258,328	1,252,960
Equity securities	20,963,949	20,438,907
Total marketable investments measured at fair value	22,222,277	21,691,867
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	97,694,858	92,136,011
Equity securities	2,799,819	2,772,605
Total marketable investments measured at fair value	100,494,677	94,908,616
Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
Equity securities	0	0
Total marketable investments measured at fair value	0	0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	1,258,328	1,252,960
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,258,328	1,252,960
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	0	0
US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
MBS,ABS,CMBS [Member]
Debt Securities, Available-for-Sale	39,840,230	38,803,341
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	0	0
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	39,840,230	38,803,341
MBS,ABS,CMBS [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale	39,684,915	35,602,055
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	0	0
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	39,684,915	35,602,055
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale	17,872,807	17,541,694
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	0	0
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	17,872,807	17,541,694
US States and Political Subdivisions Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-Sale	296,906	188,921
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	0	0
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	296,906	188,921
Redeemable Preferred Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale	0	0
Common Stock [Member]
Equity securities	20,963,949	20,438,907
Common Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	20,963,949	20,438,907
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	2,799,819	2,772,605
Preferred Stock [Member] \| Fair Value, Inputs, Level 1 [Member]
Equity securities	0	0
Preferred Stock [Member] \| Fair Value, Inputs, Level 2 [Member]
Equity securities	2,799,819	2,772,605
Preferred Stock [Member] \| Fair Value, Inputs, Level 3 [Member]
Equity securities	$ 0	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)

Jun. 30, 2023

Dec. 31, 2022

Investments and cash:

$ 98,953,186

$ 93,388,971

Other invested assets

8,051,118

4,722,137

Property held for investment, at cost, net of accumulated depreciation of $609,929 at 6/30/2023 and $609,282 at 12/31/2022

5,732,339

6,002,233

Cash and cash equivalents

3,534,468

3,139,986

Total investments and cash

140,034,879

130,464,839

Accrued investment income

856,953

791,812

Premiums and reinsurance balances receivable, net of allowances for credit losses of $50,000 at 6/30/2023 and $50,000 at 12/31/2022

33,097,154

31,270,460

Ceded unearned premiums

754,514

947,851

Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $101,000 at 6/30/2023 and $0 at 12/31/2022

14,501,900

13,610,295

Federal income taxes

3,202,556

3,318,730

Deferred policy acquisition costs, net

8,082,500

7,167,036

Property and equipment, at cost, net of accumulated depreciation of $6,802,079 at 6/30/2023 and $6,590,602 at 12/31/2022

3,329,784

3,313,719

Other Assets, net of allowances for credit losses of $53,000 at 6/30/2023 and $0 at 12/31/2022

1,431,491

1,277,469

Total assets

205,291,731

192,162,211

Liabilities:

Unpaid losses and settlement expenses

76,584,383

67,614,063

Unearned premiums

43,523,072

40,527,182

Reinsurance balances payable

639,215

1,405,337

Corporate debt

15,000,000

Accrued expenses

5,026,129

6,072,020

Other liabilities

1,164,892

1,102,678

Total liabilities

141,937,691

131,721,280

Equity:

Common stock

^[1]

35,000

Treasury stock, at cost

^[2]

(5,572,098)

(5,463,535)

Additional paid-in capital

33,141,277

33,119,125

Accumulated other comprehensive (loss), net of tax

(8,009,493)

(8,841,517)

Retained earnings

45,752,507

43,701,233

Less: Unearned Employee Stock Ownership Plan shares at cost

^[3]

(1,993,153)

(2,109,375)

Total equity

63,354,040

60,440,931

Total liabilities and equity

205,291,731

192,162,211

Common Stock [Member]

Investments and cash:

Stocks at fair value

20,963,949

20,438,907

Preferred Stock [Member]

Investments and cash:

Stocks at fair value

$ 2,799,819

$ 2,772,605

[1]	Par value $0.01; authorized: 2023 - 10,000,000 shares and 2022 – 10,000,000 shares; issued: 2023 – 3,500,000 shares and 2022 – 3,500,000 shares; outstanding: 2023 – 3,137,228 and 2022 – 3,153,741 shares
[2]	2023 – 362,772 shares and 2022 – 346,259 shares
[3]	2023 – 199,313 shares and 2022 – 210,935 shares

Note 7 - Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

7.	INCOME TAXES

The Company’s effective tax rate for the six month periods ended June 30, 2023 was 20.6% compared to 21.3% for the same period in 2022. Effective rates are dependent upon components of pretax earnings and losses and the related tax effects.

Income tax expense for the six month periods ended June 30, 2023 and 2022 differed from the amounts computed by applying the U.S. federal tax rate of 21% to pretax income from continuing operations as demonstrated in the following table:

	For the Three-Months Ended
	June 30,
	2023			2022
Provision for income taxes at the statutory federal tax rates	$	156,026		$	(1,100,569	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(20,275	)		(11,117	)
Tax-exempt interest income		(8,794	)		(12,961	)
Proration of tax-exempt interest and dividends received deduction		7,053			5,828
Nondeductible expenses		19,952			10,119
Officer life insurance, net		2,532			(3,335	)
Total	$	156,494		$	(1,112,035	)

	*For the Six-Months Ended*
	*June 30,*
	*2023*			*2022*
Provision for income taxes at the statutory federal tax rates	$	572,680		$	(1,144,657	)
Increase (reduction) in taxes resulting from:
Dividends received deduction		(40,735	)		(22,398	)
Tax-exempt interest income		(18,866	)		(26,312	)
Proration of tax-exempt interest and dividends received deduction		14,470			11,798
Nondeductible expenses		35,043			27,411
Officer life insurance, net		(578	)		(7,682	)
Total	$	562,014		$	(1,161,840	)

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

As of June 30, 2023 and December 31, 2022, the Company does not have any capital or operating loss carryforwards. Periods still subject to IRS audit include 2019 through current year. There are currently no open tax exams. As of June 30, 2023 a significant portion of the Company's net deferred tax asset relates to unrealized losses on fixed income securities and equity securities.

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
-Topic 946
-SubTopic 20
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Reinsurance (Tables)

6 Months Ended

Jun. 30, 2023

Effects of Reinsurance [Table Text Block]

	*Three-Month Periods Ended June 30,*
	*2023*			*2022*
WRITTEN
Direct	$	23,589,667		$	21,228,432
Reinsurance assumed		36,387			32,410
Reinsurance ceded		(2,654,089	)		(2,266,365	)
Net	$	20,971,965		$	18,994,477
EARNED
Direct	$	21,167,168		$	19,231,944
Reinsurance assumed		31,109			25,851
Reinsurance ceded		(2,704,224	)		(2,233,153	)
Net	$	18,494,053		$	17,024,642
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	12,633,975		$	15,524,735
Reinsurance assumed		31,178			2,284
Reinsurance ceded		(450,667	)		(1,718,414	)
Net	$	12,214,486		$	13,808,605

	*Six-Month Periods Ended June 30,*
	*2023*			*2022*
WRITTEN
Direct	$	44,404,193		$	40,794,615
Reinsurance assumed		75,113			69,358
Reinsurance ceded		(4,994,729	)		(4,536,993	)
Net	$	39,484,577		$	36,326,980
EARNED
Direct	$	41,410,604		$	37,496,644
Reinsurance assumed		72,811			67,479
Reinsurance ceded		(5,188,065	)		(4,522,804	)
Net	$	36,295,350		$	33,041,319
LOSS AND SETTLEMENT EXPENSES INCURRED
Direct	$	25,900,404		$	28,137,877
Reinsurance assumed		40,419			47,693
Reinsurance ceded		(2,678,656	)		(4,181,764	)
Net	$	23,262,167		$	24,003,806

Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net realized investment gains	$ (144,012)	$ (536,809)	$ (68,447)	$ (744,394)
Income Tax Expense (Benefit)	156,494	(1,112,035)	562,014	(1,161,840)
Net earnings (loss)	586,489	(4,128,767)	2,165,034	(4,288,907)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net earnings (loss)	8,988	8,180	40,999	496
Reclassification out of Accumulated Other Comprehensive Income [Member] \| AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Net realized investment gains	11,378	10,355	51,898	628
Income Tax Expense (Benefit)	$ (2,390)	$ (2,175)	$ (10,899)	$ (132)

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

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Note 8 - Employee Benefits - Restricted Stock Unit Activity (Details)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Nonvested Balance (in shares) \| shares	273,601
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.72
Granted, Restricted Stock Units (in shares) \| shares	272,802
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 17,600
Vested, Restricted Stock Units (in shares) \| shares	(112,230)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 14.82
Nonvested Balance (in shares) \| shares	434,173
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 15.83

Note 9 - Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Text Block]

9.	SUBSEQUENT EVENTS

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

Note 5 - Reinsurance (Details Textual)	6 Months Ended
Note 5 - Reinsurance (Details Textual)	Jun. 30, 2023 USD ($)
Casualty Business [Member] \| Maximum [Member]
Reinsurance, Amount Retained, Per Life	$ 1,000,000
Property [Member]
Reinsurance Maximum Individual Risk	$ 1,000,000

Note 3 - Fair Value Disclosures

6 Months Ended

Jun. 30, 2023

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. The fair value of certain financial instruments is determined based on their underlying characteristics and relevant transactions in the marketplace. GAAP guidance requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance also describes three levels of inputs that may be used to measure fair value.

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

●

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

●

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

●

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

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

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

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

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

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

Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets include notes receivable, stock, a limited partnership, a SAFE investment, and a membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock and the limited partnership at fair value. The SAFE investment and the membership in FHLBC are carried at cost.

Assets measured at fair value on a recurring basis as of June 30, 2023, are summarized below:

			*Significant*
	*Quoted in Active*		*Other*		*Significant*
	*Markets for*		*Observable*		*Unobservable*
	*Identical Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
AFS securities
Fixed maturity securities
U.S. treasury	$	1,258,328	$	—	$	—	$	1,258,328
MBS/ABS/CMBS		—		39,840,230		—		39,840,230
Corporate		—		39,684,915		—		39,684,915
Municipal		—		17,872,807		—		17,872,807
Redeemable preferred stocks		—		296,906		—		296,906
Total fixed maturity securities		1,258,328		97,694,858		—		98,953,186
Equity securities
Common stocks		20,963,949		—		—		20,963,949
Perpetual preferred stocks		—		2,799,819		—		2,799,819
Total equity securities		20,963,949		2,799,819		—		23,763,768
Total marketable investments measured at fair value	$	22,222,277	$	100,494,677	$	—	$	122,716,954

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

			*Significant*
	*Quoted in Active*		*Other*		*Significant*
	*Markets for*		*Observable*		*Unobservable*
	*Identical Assets*		*Inputs*		*Inputs*
	*(Level 1)*		*(Level 2)*		*(Level 3)*		*Total*
AFS securities
Fixed maturity securities
U.S. treasury	$	1,252,960	$	—	$	—	$	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

As noted in the previous tables, the Company did not have any assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2023 or December 31, 2022. Additionally, there were no securities transferred in or out of Levels 1 and 2 during the six-month periods ended June 30, 2023 and 2022.

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.

Note 6 - Unpaid Losses and Settlement Expenses (Tables)

6 Months Ended

Jun. 30, 2023

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

	*For the Three-Months Ended*
	*June 30,*

(In thousands)	*2023*		*2022*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	72,867	$	67,407
Less: Ceded		14,460		16,089
Net		58,407		51,318
Increase in incurred losses and settlement expense:
Current year		10,929		11,960
Prior years		1,285		1,849
Total incurred		12,214		13,809
Deduct: Loss and settlement expense payments for claims incurred:
Current year		3,558		4,605
Prior years		5,082		5,667
Total paid		8,640		10,272
Net unpaid losses and settlement expense - end of the period		61,981		54,855
Plus: Reinsurance recoverable on unpaid losses net of CECL		14,502		15,526
Plus: CECL allowance for reinsurance recoverable on unpaid losses		101		—
Gross unpaid losses and settlement expense - end of the period	$	76,584	$	70,381

	*For the Six-Months Ended*
	*June 30,*

(In thousands)	*2023*		*2022*
Unpaid losses and settlement expense - beginning of the period:
Gross	$	67,614	$	61,835
Less: Ceded		13,610		14,521
Net		54,004		47,314
Increase in incurred losses and settlement expense:
Current year		22,001		19,485
Prior years		1,261		4,519
Total incurred		23,262		24,004
Deduct: Loss and settlement expense payments for claims incurred:
Current year		4,716		5,994
Prior years		10,569		10,469
Total paid		15,285		16,463
Net unpaid losses and settlement expense - end of the period		61,981		54,855
Plus: Reinsurance recoverable on unpaid losses net of CECL		14,502		15,526
Plus: CECL allowance for reinsurance recoverable on unpaid losses		101		—
Gross unpaid losses and settlement expense - end of the period	$	76,584	$	70,381

Note 4 - Debt (Details Textual) - USD ($)		1 Months Ended			6 Months Ended
Note 4 - Debt (Details Textual) - USD ($)	Jul. 05, 2023	May 31, 2022	May 31, 2021	Mar. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 31, 2022	May 28, 2022
Long-Term Debt					$ 15,000,000		$ 15,000,000
Minimum [Member]
Adjusted Capital					60,500,000
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] \| Prime Rate [Member] \| Subsequent Event [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] \| Minimum [Member] \| Prime Rate [Member] \| Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	6.00%
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
Federal Home Loan Bank of Chicago [Member]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available					$ 44,300,000
Line of Credit Facility Maximum Borrowing Capacity Percent					25.00%
Advance from Federal Home Loan Bank					$ 15,000,000.0
Debt Instrument, Collateral Amount					$ 19,000,000.0
Federal Home Loan Bank of Chicago [Member] \| Federal Home Loan Bank Advances, One [Member]
Proceeds from FHLBank Borrowings, Financing Activities				$ 6,000,000.0
Debt Instrument, Term (Year)				5 years
Debt Instrument, Interest Rate, Stated Percentage				1.40%
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]
Proceeds from FHLBank Borrowings, Financing Activities			$ 4,000,000.0
Debt Instrument, Term (Year)			5 years
Debt Instrument, Interest Rate, Stated Percentage			0.74%
Federal Home Loan Bank of Chicago [Member] \| FHLBC May 2021 [Member]
Debt Instrument, Collateral Amount									$ 5,000,000.0
Federal Home Loan Bank of Chicago [Member] \| FHLBC May 2021 Loan [Member]
Debt Instrument, Term (Year)		5 years
Debt Instrument, Interest Rate, Stated Percentage		1.36%

Note 3 - Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2023

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	$	1,258,328	$	—	$	—	$	1,258,328
MBS/ABS/CMBS		—		39,840,230		—		39,840,230
Corporate		—		39,684,915		—		39,684,915
Municipal		—		17,872,807		—		17,872,807
Redeemable preferred stocks		—		296,906		—		296,906
Total fixed maturity securities		1,258,328		97,694,858		—		98,953,186
Equity securities
Common stocks		20,963,949		—		—		20,963,949
Perpetual preferred stocks		—		2,799,819		—		2,799,819
Total equity securities		20,963,949		2,799,819		—		23,763,768
Total marketable investments measured at fair value	$	22,222,277	$	100,494,677	$	—	$	122,716,954

			*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

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Balance	$ 60,440,931	$ 74,703,914
Net current period other comprehensive earnings (loss)	832,024	(8,961,201)
Balance	63,354,040	61,507,629
AOCI Attributable to Parent [Member]
Balance	(8,841,517)	2,920,027
Other comprehensive earnings (loss) before reclassification	791,025	(8,961,697)
Amount reclassified from accumulated other comprehensive earnings (loss)	40,999	496
Net current period other comprehensive earnings (loss)	832,024	(8,961,201)
Balance	$ (8,009,493)	$ (6,041,174)

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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