ICC (ICCH) 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document Information [Line Items]
Entity Registrant Name	ICC Holdings, Inc.
Entity Central Index Key	0001681903
Trading Symbol	icch
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		3,293,325
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $0.01 per share

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)		Sep. 30, 2020	Dec. 31, 2019
Investments and cash:
Fixed maturity securities (cost or amortized cost - $96,725,639 at 9/30/2020 and $88,348,415 at 12/31/2019)		$ 103,318,485	$ 92,087,572
Other invested assets		1,779,060	877,900
Property held for investment, at cost, net of accumulated depreciation of $438,720 at 9/30/2020 and $332,218 at 12/31/2019		5,515,676	4,353,713
Cash and cash equivalents		6,598,640	6,626,585
Total investments and cash		131,446,949	118,394,543
Accrued investment income		719,389	646,504
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 9/30/2020 and 12/31/2019		22,737,615	22,368,526
Ceded unearned premiums		839,718	822,818
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 9/30/2020 and 12/31/2019		13,844,420	11,036,170
Federal income taxes		717,862	192,559
Deferred policy acquisition costs, net		5,267,470	5,269,256
Property and equipment, at cost, net of accumulated depreciation of $5,949,933 at 9/30/2020 and $5,619,706 at 12/31/2019		2,851,235	3,033,348
Other assets		1,559,179	1,239,794
Total assets		179,983,837	163,003,518
Liabilities:
Unpaid losses and settlement expenses		61,943,244	56,838,307
Unearned premiums		29,921,669	30,392,817
Reinsurance balances payable		728,674	374,998
Corporate debt		15,097,960	3,475,088
Accrued expenses		3,093,882	4,216,988
Income taxes - deferred		214,674	39,213
Other liabilities		950,858	1,324,273
Total liabilities		111,950,961	96,661,684
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(3,112,656)	(3,146,576)
Additional paid-in capital		32,717,495	32,703,209
Accumulated other comprehensive earnings, net of tax		5,208,657	2,953,936
Retained earnings		35,821,408	36,608,750
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,637,028)	(2,812,485)
Total equity		68,032,876	66,341,834
Total liabilities and equity		179,983,837	163,003,518
Common Stock [Member]
Investments and cash:
Stocks at fair value		12,596,635	14,448,773
Preferred Stock [Member]
Investments and cash:
Stocks at fair value		$ 1,638,453
[1]	Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,030,522 and 2019 - 3,014,941 shares.
[2]	2020 - 205,775 shares and 2019 - 203,811 shares
[3]	2020 - 263,703 shares and 2019 - 281,248 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)		Sep. 30, 2020	Dec. 31, 2019
Fixed maturity securities, amortized cost		$ 96,725,639	$ 88,348,415
Property held for investment, accumulated depreciation		438,720	332,218
Premiums and reinsurance balances receivable, allowances for uncollectible amounts		100,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts		0	0
Property and equipment, at cost, accumulated depreciation		$ 5,949,933	$ 5,619,706
Common stock, par value (in dollars per share)	[1]	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	[1]	10,000,000	10,000,000
Common stock, shares issued (in shares)	[1]	3,500,000	3,500,000
Common stock, shares outstanding (in shares)	[1]	3,030,522	3,014,941
Treasury stock (in shares)	[2]	205,775	203,811
Unearned Employee Stock Ownership Plan (in shares)	[3]	263,703	281,248
[1]	Par value $0.01; authorized: 2020 - 10,000,000 shares and 2019 - 10,000,000 shares; issued: 2020 - 3,500,000 shares and 2019 - 3,500,000 shares; outstanding: 2020 - 3,030,522 and 2019 - 3,014,941 shares.
[2]	2020 - 205,775 shares and 2019 - 203,811 shares
[3]	2020 - 263,703 shares and 2019 - 281,248 shares

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net premiums earned	$ 12,532,967	$ 13,679,746	$ 36,921,702	$ 39,219,882
Net investment income	900,950	811,462	2,644,900	2,406,965
Net realized investment (losses) gains	(59,333)	141,481	(402,320)	741,123
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	981,779	(7,603)	2,195	1,716,124
Other income (loss)	(36,333)	(112,763)	82,934	(43,838)
Consolidated revenues	14,320,030	14,512,323	39,249,411	44,040,256
Losses and settlement expenses	8,863,053	9,609,347	25,913,619	28,117,369
Policy acquisition costs and other operating expenses	4,722,485	4,733,206	13,741,725	14,541,986
Interest expense on debt	58,724	32,458	150,773	96,353
General corporate expenses	171,860	164,378	471,616	444,829
Total expenses	13,816,122	14,539,389	40,277,733	43,200,537
Earnings (loss) before income taxes	503,908	(27,066)	(1,028,322)	839,719
Total income tax expense (benefit)	99,919	(13,150)	(240,980)	122,796
Net earnings (loss)	403,989	(13,916)	(787,342)	716,923
Other comprehensive earnings, net of tax	440,838	703,220	2,254,721	3,423,233
Comprehensive earnings	$ 844,827	$ 689,304	$ 1,467,379	$ 4,140,156
Basic:
Basic net earnings (loss) per share (in dollars per share)	$ 0.13	$ 0	$ (0.26)	$ 0.24
Diluted:
Diluted net earnings (loss) per share (in dollars per share)	$ 0.13	$ 0	$ (0.26)	$ 0.24
Weighted average number of common shares outstanding:
Basic (in shares)	3,030,571	3,011,034	3,023,794	3,004,887
Diluted (in shares)	3,039,658	3,015,038	3,032,881	3,008,891
Net premiums earned	$ 12,532,967	$ 13,679,746	$ 36,921,702	$ 39,219,882
Net investment income	900,950	811,462	2,644,900	2,406,965
Net realized investment (losses) gains	(59,333)	141,481	(402,320)	741,123
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	981,779	(7,603)	2,195	1,716,124
Other income (loss)	(36,333)	(112,763)	82,934	(43,838)
Consolidated revenues	14,320,030	14,512,323	39,249,411	44,040,256
Losses and settlement expenses	8,863,053	9,609,347	25,913,619	28,117,369
Policy acquisition costs and other operating expenses	4,722,485	4,733,206	13,741,725	14,541,986
Interest expense on debt	58,724	32,458	150,773	96,353
General corporate expenses	171,860	164,378	471,616	444,829
Total expenses	13,816,122	14,539,389	40,277,733	43,200,537
Earnings (loss) before income taxes	503,908	(27,066)	(1,028,322)	839,719
Total income tax expense (benefit)	99,919	(13,150)	(240,980)	122,796
Net earnings (loss)	403,989	(13,916)	(787,342)	716,923
Other comprehensive earnings, net of tax	440,838	703,220	2,254,721	3,423,233
Comprehensive earnings	$ 844,827	$ 689,304	$ 1,467,379	$ 4,140,156

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)		Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Unearned ESOP [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]		Unearned ESOP [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2018	[1]					$ (1,366,297)	$ 1,366,297
Balance at Dec. 31, 2018									$ 35,000	$ (2,999,995)		$ (3,046,855)	$ 32,505,423	$ 33,680,702	$ (1,580,976)	$ 58,593,299
Purchase of common stock										(102,855)						(102,855)
Net (loss)														716,923		716,923
Other comprehensive earnings, net of tax															3,423,233	3,423,233
Restricted stock unit expense													78,226			78,226
ESOP compensation expense												175,296	57,839			233,135
Balance at Sep. 30, 2019									35,000	(3,102,850)		(2,871,559)	32,641,488	33,031,328	3,208,554	62,941,961
Balance (Accounting Standards Update 2016-01 [Member]) at Dec. 31, 2019
Balance at Dec. 31, 2019									35,000	(3,146,576)		(2,812,485)	32,703,209	36,608,750	2,953,936	66,341,834
Purchase of common stock										(109,460)						(109,460)
Net (loss)														(787,342)		(787,342)
Other comprehensive earnings, net of tax															2,254,721	2,254,721
Restricted stock unit expense										143,380	[2]		(16,792)			126,588
ESOP compensation expense												175,457	31,078			206,535
Balance at Sep. 30, 2020									$ 35,000	$ (3,112,656)		$ (2,637,028)	$ 32,717,495	$ 35,821,408	$ 5,208,657	$ 68,032,876
[1]	See discussion of Accounting Standards Update 2016-01 adoption in 2019 10-K, Note 1 - Summary of Significant Accounting Policies
[2]	Amount represents restricted stock units that have fully vested in the period

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net (loss)	$ (787,342)	$ 716,923
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities
Net realized investment losses (gains)	402,320	(741,123)
Net unrealized (gains) on equity securities	(2,195)	(1,716,124)
Depreciation	508,152	613,916
Deferred income tax	(423,896)	360,009
Amortization of bond premium and discount	175,114	172,691
Stock-based compensation expense	333,123	311,361
Change in:
Accrued investment income	(72,885)	(2,371)
Premiums and reinsurance balances receivable	(369,089)	(1,847,981)
Ceded unearned premiums	(16,900)	(65,406)
Reinsurance balances payable	353,676	(897,013)
Reinsurance balances recoverable	(2,808,250)	(5,530,517)
Deferred policy acquisition costs	1,786	(278,207)
Unpaid losses and settlement expenses	5,104,937	6,875,171
Unearned premiums	(471,148)	1,642,978
Accrued expenses	(1,123,106)	(1,376,476)
Current federal income tax	(525,303)	(18,097)
Other	(692,009)	(570,277)
Net cash (used in) operating activities	(413,015)	(2,350,543)
Cash flows from investing activities:
Fixed maturity securities, available-for-sale	(20,946,699)	(19,060,848)
Other invested assets	(901,500)	(738,300)
Property held for investment	(1,268,464)	(332,393)
Property and equipment	(231,291)	(321,704)
Proceeds from sales, maturities and calls of:
Fixed maturity securities, available-for-sale	12,813,180	19,522,461
Property and equipment	11,753	31,137
Net cash (used in) investing activities	(11,128,342)	(153,466)
Cash flows from financing activities:
Proceeds from loans	11,629,800
Repayments of borrowed funds	(6,928)	(7,020)
Purchase of treasury stock	(109,460)	(102,855)
Net cash provided by (used in) financing activities	11,513,412	(109,875)
Net (decrease) in cash and cash equivalents	(27,945)	(2,613,884)
Cash and cash equivalents at beginning of year	6,626,585	4,644,784
Cash and cash equivalents at end of period	6,598,640	2,030,900
Supplemental information:
Federal income tax paid (recovered)		(164,543)
Interest paid	135,800	96,700
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(3,356,465)	(5,252,095)
Proceeds from sales, maturities and calls of:
Equity securities	4,247,936	5,998,276
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(1,718,782)
Proceeds from sales, maturities and calls of:
Equity securities	$ 221,990

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
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. 10  We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers' compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 22.7% 22.3% three September 30, 2020 2019 nine September 30, 2020 2019 25.0% 25.8%  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 not 10 December 31, 2019 “2019 10 not September 30, 2020 not  The preparation of the unaudited condensed consolidated interim financial statements requires management to make estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the period. These amounts are inherently subject to change and actual results could differ significantly from these estimates.  C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10  D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not Note 1 2019 10 2012 107 107 2 3  E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended September 30, 2020 December 31, 2019 no  As of September 30, December 31, 2020 2019 Automobiles $ 530,722 $ 505,788 Furniture and fixtures 474,401 457,218 Computer equipment and software 3,917,136 3,823,416 Home office 3,878,909 3,866,632 Total cost 8,801,168 8,653,054 Accumulated depreciation (5,949,933 ) (5,619,706 ) Net property and equipment $ 2,851,235 $ 3,033,348  F. COMPREHENSIVE EARNINGS  Comprehensive earnings (loss) include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% net of tax expense 343,316 771,697 nine September 30, 2020 2019  The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities:  Nine-Month Periods Ended September 30, 2020 2019 Beginning balance $ 2,953,936 $ (1,580,976 ) Cumulative effect of adoption of ASU 2016-01 - 1,366,297 Adjusted beginning balance 2,953,936 (214,679 ) Other comprehensive earnings before reclassification 2,579,925 3,611,573 Amount reclassified from accumulated other comprehensive earnings (325,204 ) (188,340 ) Net current period other comprehensive earnings 2,254,721 3,423,233 Ending balance $ 5,208,657 $ 3,208,554  The following table  Three-Month Periods Ended September 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains arising during the period $ 551,140 $ (57,292 ) $ 493,848 $ 890,152 $ (116,415 ) $ 773,737 Reclassification adjustment for (gains) included in net earnings (67,102 ) 14,092 (53,010 ) (89,262 ) 18,745 (70,517 ) Total other comprehensive earnings $ 484,038 $ (43,200 ) $ 440,838 $ 800,890 $ (97,670 ) $ 703,220  Nine-Month Periods Ended September 30, 2020 2019 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 arising during the period $ 2,836,794 $ (256,869 ) $ 2,579,925 $ 4,333,205 $ (721,632 ) $ 3,611,573 Reclassification adjustment for (gains) included in net earnings (411,651 ) 86,447 (325,204 ) (238,405 ) 50,065 (188,340 ) Total other comprehensive earnings $ 2,425,143 $ (170,422 ) $ 2,254,721 $ 4,094,800 $ (671,567 ) $ 3,423,233  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 Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented Unrealized (gains) losses on AFS investments: $ (67,102 ) $ (89,262 ) $ (411,651 ) $ (238,405 ) Net realized investment (gains) losses 14,092 18,745 86,447 50,065 Income tax expense (benefit) Total reclassification adjustment, net of tax $ (53,010 ) $ (70,517 ) $ (325,204 ) $ (188,340 ) G. RISKS AND UNCERTAINTIES  Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The COVID- 19 19 

Note 2 - Investments

Note 2 - Investments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
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 stock equity securities. We carry our equity securities at fair value and categorize all our fixed maturity debt securities as available-for-sale (AFS), which are carried at fair value. When available, quoted market prices are obtained to determine fair value for the Company's investments. If a quoted market price is not no 3 Note 3 not  Available-for-Sale Fixed Maturity and Equity Securities  The following tables  For the Three-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2020 Fixed maturity securities $ 3,428,951 $ 67,102 $ — $ 67,102 Common stocks 986,939 93,984 (226,398 ) (132,414 ) Preferred stocks 76,500 5,979 — 5,979 2019 Fixed maturity securities $ 5,771,988 $ 99,445 $ (10,183 ) $ 89,262 Common stocks 1,320,803 185,319 (133,100 ) 52,219  For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2020 Fixed maturity securities $ 12,813,180 $ 412,577 $ (926 ) $ 411,651 Common stocks 4,247,936 470,406 (1,282,423 ) (812,017 ) Preferred stocks 221,990 8,808 (10,762 ) (1,954 ) 2019 Fixed maturity securities $ 19,522,461 $ 264,737 $ (26,332 ) $ 238,405 Common stocks 5,998,276 960,420 (457,702 ) 502,718  The amortized cost and estimated fair value of fixed income securities at September 30, 2020 are shown as follows  Amortized Cost Fair Value Due in one year or less $ 1,275,943 $ 1,305,900 Due after one year through five years 18,436,788 19,612,776 Due after five years through 10 years 16,366,929 18,431,137 Due after 10 years 21,586,567 23,678,509 Asset and mortgage backed securities without a specific due date 38,843,607 40,057,464 Redeemable preferred stocks 215,805 232,699 Total fixed maturity securities $ 96,725,639 $ 103,318,485  Expected maturities may  The following table is a schedule of cost or amortized cost and estimated fair values of investments in securities classified as available for sale at September 30, 2020 December 31, 2019   Cost or Gross Unrealized Amortized Cost Fair Value Gains Losses 2020 Fixed maturity securities: U.S. Treasury $ 1,352,935 $ 1,390,344 $ 37,491 $ (82 ) MBS/ABS/CMBS 38,843,607 40,057,464 1,354,537 (140,680 ) Corporate 38,295,706 42,339,992 4,141,760 (97,474 ) Municipal 18,017,586 19,297,986 1,288,389 (7,989 ) Redeemable preferred stock 215,805 232,699 16,894 — Total fixed maturity securities $ 96,725,639 $ 103,318,485 $ 6,839,071 $ (246,225 )  Gross Unrealized Amortized Cost Fair Value Gains Losses 2019 Fixed maturity securities: U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927 ) MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659 ) Corporate 39,442,202 41,915,103 2,482,378 (9,477 ) Municipal 14,302,840 15,081,255 808,081 (29,666 ) Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729 )  All the Company's collateralized securities carry an average credit rating of AA+ by one Note 3 fair values o 13,590,690 9,909,462 13,811,945 13,408,898 September 30, 2020 December 31, 2019 ANALYSIS  The following tables are also used as part of the impairment analysis and displays the total value of securities that were in an unrealized loss position as of September 30, 2020 December 31, 2019 The tables  September 30, 2020 December 31, 2019 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 300,000 $ — $ 300,000 $ — $ 699,391 $ 699,391 Amortized cost 300,082 — 300,082 — 700,318 700,318 Unrealized loss (82 ) — (82 ) — (927 ) (927 ) MBS/ABS/CMBS Fair value 11,438,192 2,014,666 13,452,858 6,398,581 5,056,732 11,455,313 Amortized cost 11,556,312 2,037,226 13,593,538 6,420,488 5,087,484 11,507,972 Unrealized loss (118,120 ) (22,560 ) (140,680 ) (21,907 ) (30,752 ) (52,659 ) Corporate Fair value 1,075,259 — 1,075,259 1,396,706 — 1,396,706 Amortized cost 1,172,733 — 1,172,733 1,406,183 — 1,406,183 Unrealized loss (97,474 ) — (97,474 ) (9,477 ) — (9,477 ) Municipal Fair value 491,160 — 491,160 1,969,468 — 1,969,468 Amortized cost 499,149 — 499,149 1,999,134 — 1,999,134 Unrealized loss (7,989 ) — (7,989 ) (29,666 ) — (29,666 ) Total Fair value 13,304,611 2,014,666 15,319,277 9,764,755 5,756,123 15,520,878 Amortized cost 13,528,276 2,037,226 15,565,502 9,825,805 5,787,802 15,613,607 Unrealized loss $ (223,665 ) $ (22,560 ) $ (246,225 ) $ (61,050 ) $ (31,679 ) $ (92,729 )  The fixed income portfolio contained 22 unrealized loss position September 30, 2020 22 4 12 22,560 not not not  There were no nine September 30, 2020 September 30, 2020 not may not September 30, 2020 December 31, 2019  UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES  Net unrealized gains three nine September 30, 2020 September 30, 2020 981,779 2,195 three nine September 30, 2019 September 30, 2019 ( 7,603 1,716,124  Other Invested Assets  Other invested assets include membership in the Federal Home Loan Bank of Chicago (FHLBC), which occurred in February 2018. $200,000 In addition, other invested assets $305,000, $625,000 $650,000 July 30, 2019 January 28, 2020, 6.5% 20 July 30, 2029.

Note 3 - Fair Value Disclosures

Note 3 - Fair Value Disclosures	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
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 may  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  ● Level 2  ● Level 3 one  As a part of the process to determine fair value, management utilizes widely recognized, third third  Corporate, Agencies, and Municipal Bonds— two 2. 2.  Mortgage-backed Securities (MBS), Collateralized Mortgage Obligations (CMO), Commercial Mortgage-backed Securities (CMBS) and Asset-backed Securities (ABS)— 2. 2.  U.S. Treasury Bonds, Common Stocks and Exchange Traded Funds— 1 1.  Preferred Stock— not not 2. 2.  Due to the relatively short-term nature of cash and cash equivalents, their carrying amounts are reasonable estimates of fair value. Other invested assets as well as debt obligations are carried at face value and given that there is no Assets measured at fair value on a recurring basis as of September 30, 2020   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 $ 1,390,344 $ — $ — $ 1,390,344 MBS/ABS/CMBS — 40,057,464 — 40,057,464 Corporate — 42,339,992 — 42,339,992 Municipal — 19,297,986 — 19,297,986 Redeemable preferred stocks — 232,699 — 232,699 Total fixed maturity securities 1,390,344 101,928,141 — 103,318,485 Equity securities Common stocks 12,596,635 — — 12,596,635 Perpetual preferred stocks — 1,638,453 — 1,638,453 Total equity securities 12,596,635 1,638,453 — 14,235,088 Total marketable investments measured at fair value $ 13,986,979 $ 103,566,594 $ — $ 117,553,573  Assets measured at fair value on a recurring basis as of December 31, 2019  Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 800,219 $ — $ — $ 800,219 MBS/ABS/CMBS — 34,290,995 — 34,290,995 Corporate — 41,915,103 — 41,915,103 Municipal — 15,081,255 — 15,081,255 Total fixed maturity securities 800,219 91,287,353 — 92,087,572 Equity securities Common stocks 14,448,773 — — 14,448,773 Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345  As noted in the previous tables, the Company did not 3 September 30, 2020 December 31, 2019 Additionally, there were no 1 2 nine September 30, 2020 2019 .

Note 4 - Debt

Note 4 - Debt	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Debt Disclosure [Text Block]	4. DEBT  Debt Obligation  ICC Holdings, Inc. secured a loan with a commercial bank in March 2017 $3.5 five 3.65%. $1.0  The Company also has borrowing capacity up to approximately $33  In March 2020, 19 19, March 2020, $6.0 five 1.4%. $6.8 May 2020, $4.0 0% one March 2020 30 $7.4  In April 2020, $1.6 second 2022 1.0% fourth 2020, may 60 not 120 2020 first 10 five 2 second 2025 2022 first  The total balance September 30, 2020 December 31, 2019 15,097,960 3,475,088 1.5% September 30, 2020 3.7% December 31, 2019  On July 30, 2020, 0.74% $4.0 May 3, 2021, $4.0 No  Revolving Line of Credit  We maintained a revolving line of credit with a commercial bank, which permitted borrowing up to an aggregate principal amount of $1.75 2013 August 5, 2020. 30 2% 3.5%. not $5.0 no nine September 30, 2020 2019 no  Effective August 3, 2020, $2.0 August 3, 2021. 0.5%. $2.0 no

Note 5 - Reinsurance

Note 5 - Reinsurance	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
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  Through the purchase of reinsurance, the Company also generally limits its net loss on any individual risk to a maximum of $1,000,000 $500,000 $500,000  Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows: Three-Month Periods Ended September 30, 2020 2019 WRITTEN Direct $ 14,534,058 $ 16,305,222 Reinsurance assumed 51,551 70,200 Reinsurance ceded (2,328,734 ) (2,410,170 ) Net $ 12,256,875 $ 13,965,252 EARNED Direct $ 14,825,942 $ 16,007,232 Reinsurance assumed 51,108 64,863 Reinsurance ceded (2,344,083 ) (2,392,349 ) Net $ 12,532,967 $ 13,679,746 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 10,536,397 $ 13,034,216 Reinsurance assumed 6,073 36,297 Reinsurance ceded (1,679,417 ) (3,461,166 ) Net $ 8,863,053 $ 9,609,347  Nine-Month Periods Ended September 30, 2020 2019 WRITTEN Direct $ 44,240,437 $ 48,349,466 Reinsurance assumed 114,924 178,446 Reinsurance ceded (7,921,708 ) (7,730,458 ) Net $ 36,433,653 $ 40,797,454 EARNED Direct $ 44,710,106 $ 46,710,351 Reinsurance assumed 116,404 174,583 Reinsurance ceded (7,904,808 ) (7,665,052 ) Net $ 36,921,702 $ 39,219,882 LOSSES AND SETTLEMENT EXPENSES INCURRED Direct $ 37,370,896 $ 37,778,378 Reinsurance assumed 44,409 119,498 Reinsurance ceded (11,501,686 ) (9,780,507 ) Net $ 25,913,619 $ 28,117,369 

Note 6 - Unpaid Losses and Sett

Note 6 - Unpaid Losses and Settlement Expenses	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]	6. UNPAID LOSSES AND SETTLEMENT EXPENSES  The following table  For the Three-Months Ended September 30, (In thousands) 2020 2019 Unpaid losses and settlement expense - beginning of the period: Gross $ 66,415 $ 61,264 Less: Ceded 19,463 13,974 Net 46,952 47,290 Increase in incurred losses and settlement expense: Current year 9,298 9,092 Prior years (435 ) 517 Total incurred 8,863 9,609 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,885 6,064 Prior years 2,831 4,778 Total paid 7,716 10,842 Net unpaid losses and settlement expense - end of the period 48,099 46,057 Plus: Reinsurance recoverable on unpaid losses 13,844 12,266 Gross unpaid losses and settlement expense - end of the period $ 61,943 $ 58,323  For the Nine-Months Ended September 30, (In thousands) 2020 2019 Unpaid losses and settlement expense - beginning of the period: Gross $ 56,838 $ 51,447 Less: Ceded 11,036 6,736 Net 45,802 44,711 Increase in incurred losses and settlement expense: Current year 23,838 25,779 Prior years 2,076 2,338 Total incurred 25,914 28,117 Deduct: Loss and settlement expense payments for claims incurred: Current year 10,534 10,455 Prior years 13,083 16,316 Total paid 23,617 26,771 Net unpaid losses and settlement expense - end of the period 48,099 46,057 Plus: Reinsurance recoverable on unpaid losses 13,844 12,266 Gross unpaid losses and settlement expense - end of the period $ 61,943 $ 58,323 Net unpaid losses and settlement expense increased $2,042,000 4.4% nine September 30, 2020 2019 nine September 30, 2020 2019 unfavorable $2,076,000 $2,338,000 unfavorable three nine September 30, 2020 primary drivers three nine September 30, 2019

Note 7 - Income Taxes

Note 7 - Income Taxes	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. INCOME TAXES  The Company's effective tax rate three nine September 30, 2020 19.8% 23.4% 48.6% 14.6% 2019  Income tax expense for the three nine September 30, 2020 2019 21%  For the Three-Months Ended September 30, 2020 2019 Provision for income taxes at the statutory federal tax rates $ 105,820 $ (5,684 ) Increase (reduction) in taxes resulting from: Dividends received deduction (7,871 ) (8,955 ) Tax-exempt interest income (15,531 ) (16,433 ) Proration of tax-exempt interest and dividends received deduction 5,715 5,939 Nondeductible expenses 11,523 8,404 Officer life insurance, net 263 3,579 Total $ 99,919 $ (13,150 )  For the Nine-Months Ended September 30, 2020 2019 Provision for income taxes at the statutory federal tax rates $ (215,948 ) $ 176,341 Increase (reduction) in taxes resulting from: Dividends received deduction (21,567 ) (28,482 ) Tax-exempt interest income (46,795 ) (60,249 ) Proration of tax-exempt interest and dividends received deduction 16,683 21,775 Nondeductible expenses 25,751 24,450 Officer life insurance, net 896 (11,039 ) Total $ (240,980 ) $ 122,796  Management believes it is more likely than not  As of September 30, 2020 December 31, 2019 not 2016 no

Note 8 - Employee Benefits

Note 8 - Employee Benefits	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
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 $10.00  The Company may No nine September 30, 2020 2019  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 nine September 30, 2020 recognized compensation expense 206,535 17,546 December 31, 2020. 17,546 1,921 September 30, 2020 no three nine September 30, 2020 nine September 30, 2019 233,135 17,530 December 31, 2019 17,530 December 31, 2019 1,926 September 30, 2019 no three nine September 30, 2019  RESTRICTED STOCK UNITS  Restricted stock units (RSUs) were granted for the first February 2018 March 2019 April 2020. 1/3 three  As of September 30, 2020 18,040, 13,071, 11,700 RSUs have been granted $11.03, $13.70, $15.10, 126,588 78,226 nine September 30, 2020 September 30, 2019 269,359 September 30, 2020 three

Note 9 - Subsequent Events

Note 9 - Subsequent Events	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS  Subsequent events have been evaluated through the date the financial statements were issued.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Description of Business [Policy Text Block]	A. DESCRIPTION OF BUSINESS  ICC Holdings, Inc. is a Pennsylvania corporation that was organized in 2016. 10  We are a specialty insurance carrier primarily underwriting commercial multi-peril, liquor liability, workers' compensation, and umbrella liability coverages for the food and beverage industry through our subsidiary insurance company, ICC. ICC writes business in Arizona, Colorado, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Ohio, Pennsylvania, and Wisconsin and markets through independent agents. Approximately 22.7% 22.3% three September 30, 2020 2019 nine September 30, 2020 2019 25.0% 25.8%
Consolidation, Policy [Policy Text Block]	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 not 10 December 31, 2019 “2019 10 not September 30, 2020 not  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.
Adopted Accounting Pronouncements [Policy Text Block]	C. SIGNIFICANT ACCOUNTING POLICIES  The Company reported its significant accounting policies in the 2019 10
New Accounting Pronouncements, Policy [Policy Text Block]	D. PROSPECTIVE ACCOUNTING STANDARDS  For information regarding accounting standards that the Company has not Note 1 2019 10 2012 107 107 2 3
Property, Plant and Equipment, Policy [Policy Text Block]	E. PROPERTY AND EQUIPMENT  Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended September 30, 2020 December 31, 2019 no  As of September 30, December 31, 2020 2019 Automobiles $ 530,722 $ 505,788 Furniture and fixtures 474,401 457,218 Computer equipment and software 3,917,136 3,823,416 Home office 3,878,909 3,866,632 Total cost 8,801,168 8,653,054 Accumulated depreciation (5,949,933 ) (5,619,706 ) Net property and equipment $ 2,851,235 $ 3,033,348
Comprehensive Income, Policy [Policy Text Block]	F. COMPREHENSIVE EARNINGS  Comprehensive earnings (loss) include net (loss) earnings plus unrealized (gains) losses on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings, the Company used a 21% net of tax expense 343,316 771,697 nine September 30, 2020 2019  The following table presents changes in accumulated other comprehensive earnings for unrealized gains and losses on available-for-sale securities:  Nine-Month Periods Ended September 30, 2020 2019 Beginning balance $ 2,953,936 $ (1,580,976 ) Cumulative effect of adoption of ASU 2016-01 - 1,366,297 Adjusted beginning balance 2,953,936 (214,679 ) Other comprehensive earnings before reclassification 2,579,925 3,611,573 Amount reclassified from accumulated other comprehensive earnings (325,204 ) (188,340 ) Net current period other comprehensive earnings 2,254,721 3,423,233 Ending balance $ 5,208,657 $ 3,208,554  The following table  Three-Month Periods Ended September 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains arising during the period $ 551,140 $ (57,292 ) $ 493,848 $ 890,152 $ (116,415 ) $ 773,737 Reclassification adjustment for (gains) included in net earnings (67,102 ) 14,092 (53,010 ) (89,262 ) 18,745 (70,517 ) Total other comprehensive earnings $ 484,038 $ (43,200 ) $ 440,838 $ 800,890 $ (97,670 ) $ 703,220  Nine-Month Periods Ended September 30, 2020 2019 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 arising during the period $ 2,836,794 $ (256,869 ) $ 2,579,925 $ 4,333,205 $ (721,632 ) $ 3,611,573 Reclassification adjustment for (gains) included in net earnings (411,651 ) 86,447 (325,204 ) (238,405 ) 50,065 (188,340 ) Total other comprehensive earnings $ 2,425,143 $ (170,422 ) $ 2,254,721 $ 4,094,800 $ (671,567 ) $ 3,423,233  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 Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented Unrealized (gains) losses on AFS investments: $ (67,102 ) $ (89,262 ) $ (411,651 ) $ (238,405 ) Net realized investment (gains) losses 14,092 18,745 86,447 50,065 Income tax expense (benefit) Total reclassification adjustment, net of tax $ (53,010 ) $ (70,517 ) $ (325,204 ) $ (188,340 )
Risk And Uncertainties [Policy Text Block]	G. RISKS AND UNCERTAINTIES  Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The COVID- 19 19

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of September 30, December 31, 2020 2019 Automobiles $ 530,722 $ 505,788 Furniture and fixtures 474,401 457,218 Computer equipment and software 3,917,136 3,823,416 Home office 3,878,909 3,866,632 Total cost 8,801,168 8,653,054 Accumulated depreciation (5,949,933 ) (5,619,706 ) Net property and equipment $ 2,851,235 $ 3,033,348
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Nine-Month Periods Ended September 30, 2020 2019 Beginning balance $ 2,953,936 $ (1,580,976 ) Cumulative effect of adoption of ASU 2016-01 - 1,366,297 Adjusted beginning balance 2,953,936 (214,679 ) Other comprehensive earnings before reclassification 2,579,925 3,611,573 Amount reclassified from accumulated other comprehensive earnings (325,204 ) (188,340 ) Net current period other comprehensive earnings 2,254,721 3,423,233 Ending balance $ 5,208,657 $ 3,208,554
Comprehensive Income (Loss) [Table Text Block]	Three-Month Periods Ended September 30, 2020 2019 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains arising during the period $ 551,140 $ (57,292 ) $ 493,848 $ 890,152 $ (116,415 ) $ 773,737 Reclassification adjustment for (gains) included in net earnings (67,102 ) 14,092 (53,010 ) (89,262 ) 18,745 (70,517 ) Total other comprehensive earnings $ 484,038 $ (43,200 ) $ 440,838 $ 800,890 $ (97,670 ) $ 703,220 Nine-Month Periods Ended September 30, 2020 2019 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 arising during the period $ 2,836,794 $ (256,869 ) $ 2,579,925 $ 4,333,205 $ (721,632 ) $ 3,611,573 Reclassification adjustment for (gains) included in net earnings (411,651 ) 86,447 (325,204 ) (238,405 ) 50,065 (188,340 ) Total other comprehensive earnings $ 2,425,143 $ (170,422 ) $ 2,254,721 $ 4,094,800 $ (671,567 ) $ 3,423,233
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Nine-Month Periods Ended Details about Accumulated Other September 30, September 30, Affected Line Item in the Statement Comprehensive Earnings Component 2020 2019 2020 2019 where Net Earnings is Presented Unrealized (gains) losses on AFS investments: $ (67,102 ) $ (89,262 ) $ (411,651 ) $ (238,405 ) Net realized investment (gains) losses 14,092 18,745 86,447 50,065 Income tax expense (benefit) Total reclassification adjustment, net of tax $ (53,010 ) $ (70,517 ) $ (325,204 ) $ (188,340 )

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	For the Three-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2020 Fixed maturity securities $ 3,428,951 $ 67,102 $ — $ 67,102 Common stocks 986,939 93,984 (226,398 ) (132,414 ) Preferred stocks 76,500 5,979 — 5,979 2019 Fixed maturity securities $ 5,771,988 $ 99,445 $ (10,183 ) $ 89,262 Common stocks 1,320,803 185,319 (133,100 ) 52,219 For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2020 Fixed maturity securities $ 12,813,180 $ 412,577 $ (926 ) $ 411,651 Common stocks 4,247,936 470,406 (1,282,423 ) (812,017 ) Preferred stocks 221,990 8,808 (10,762 ) (1,954 ) 2019 Fixed maturity securities $ 19,522,461 $ 264,737 $ (26,332 ) $ 238,405 Common stocks 5,998,276 960,420 (457,702 ) 502,718
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Cost Fair Value Due in one year or less $ 1,275,943 $ 1,305,900 Due after one year through five years 18,436,788 19,612,776 Due after five years through 10 years 16,366,929 18,431,137 Due after 10 years 21,586,567 23,678,509 Asset and mortgage backed securities without a specific due date 38,843,607 40,057,464 Redeemable preferred stocks 215,805 232,699 Total fixed maturity securities $ 96,725,639 $ 103,318,485
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	Cost or Gross Unrealized Amortized Cost Fair Value Gains Losses 2020 Fixed maturity securities: U.S. Treasury $ 1,352,935 $ 1,390,344 $ 37,491 $ (82 ) MBS/ABS/CMBS 38,843,607 40,057,464 1,354,537 (140,680 ) Corporate 38,295,706 42,339,992 4,141,760 (97,474 ) Municipal 18,017,586 19,297,986 1,288,389 (7,989 ) Redeemable preferred stock 215,805 232,699 16,894 — Total fixed maturity securities $ 96,725,639 $ 103,318,485 $ 6,839,071 $ (246,225 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2019 Fixed maturity securities: U.S. Treasury $ 800,462 $ 800,219 $ 684 $ (927 ) MBS/ABS/CMBS 33,802,911 34,290,995 540,743 (52,659 ) Corporate 39,442,202 41,915,103 2,482,378 (9,477 ) Municipal 14,302,840 15,081,255 808,081 (29,666 ) Total fixed maturity securities $ 88,348,415 $ 92,087,572 $ 3,831,886 $ (92,729 )
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block]	September 30, 2020 December 31, 2019 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 300,000 $ — $ 300,000 $ — $ 699,391 $ 699,391 Amortized cost 300,082 — 300,082 — 700,318 700,318 Unrealized loss (82 ) — (82 ) — (927 ) (927 ) MBS/ABS/CMBS Fair value 11,438,192 2,014,666 13,452,858 6,398,581 5,056,732 11,455,313 Amortized cost 11,556,312 2,037,226 13,593,538 6,420,488 5,087,484 11,507,972 Unrealized loss (118,120 ) (22,560 ) (140,680 ) (21,907 ) (30,752 ) (52,659 ) Corporate Fair value 1,075,259 — 1,075,259 1,396,706 — 1,396,706 Amortized cost 1,172,733 — 1,172,733 1,406,183 — 1,406,183 Unrealized loss (97,474 ) — (97,474 ) (9,477 ) — (9,477 ) Municipal Fair value 491,160 — 491,160 1,969,468 — 1,969,468 Amortized cost 499,149 — 499,149 1,999,134 — 1,999,134 Unrealized loss (7,989 ) — (7,989 ) (29,666 ) — (29,666 ) Total Fair value 13,304,611 2,014,666 15,319,277 9,764,755 5,756,123 15,520,878 Amortized cost 13,528,276 2,037,226 15,565,502 9,825,805 5,787,802 15,613,607 Unrealized loss $ (223,665 ) $ (22,560 ) $ (246,225 ) $ (61,050 ) $ (31,679 ) $ (92,729 )

Note 3 - Fair Value Disclosur_2

Note 3 - Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
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 $ 1,390,344 $ — $ — $ 1,390,344 MBS/ABS/CMBS — 40,057,464 — 40,057,464 Corporate — 42,339,992 — 42,339,992 Municipal — 19,297,986 — 19,297,986 Redeemable preferred stocks — 232,699 — 232,699 Total fixed maturity securities 1,390,344 101,928,141 — 103,318,485 Equity securities Common stocks 12,596,635 — — 12,596,635 Perpetual preferred stocks — 1,638,453 — 1,638,453 Total equity securities 12,596,635 1,638,453 — 14,235,088 Total marketable investments measured at fair value $ 13,986,979 $ 103,566,594 $ — $ 117,553,573 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 800,219 $ — $ — $ 800,219 MBS/ABS/CMBS — 34,290,995 — 34,290,995 Corporate — 41,915,103 — 41,915,103 Municipal — 15,081,255 — 15,081,255 Total fixed maturity securities 800,219 91,287,353 — 92,087,572 Equity securities Common stocks 14,448,773 — — 14,448,773 Total marketable investments measured at fair value $ 15,248,992 $ 91,287,353 $ — $ 106,536,345

Note 5 - Reinsurance (Tables)

Note 5 - Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Effects of Reinsurance [Table Text Block]	Three-Month Periods Ended September 30, 2020 2019 WRITTEN Direct $ 14,534,058 $ 16,305,222 Reinsurance assumed 51,551 70,200 Reinsurance ceded (2,328,734 ) (2,410,170 ) Net $ 12,256,875 $ 13,965,252 EARNED Direct $ 14,825,942 $ 16,007,232 Reinsurance assumed 51,108 64,863 Reinsurance ceded (2,344,083 ) (2,392,349 ) Net $ 12,532,967 $ 13,679,746 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 10,536,397 $ 13,034,216 Reinsurance assumed 6,073 36,297 Reinsurance ceded (1,679,417 ) (3,461,166 ) Net $ 8,863,053 $ 9,609,347 Nine-Month Periods Ended September 30, 2020 2019 WRITTEN Direct $ 44,240,437 $ 48,349,466 Reinsurance assumed 114,924 178,446 Reinsurance ceded (7,921,708 ) (7,730,458 ) Net $ 36,433,653 $ 40,797,454 EARNED Direct $ 44,710,106 $ 46,710,351 Reinsurance assumed 116,404 174,583 Reinsurance ceded (7,904,808 ) (7,665,052 ) Net $ 36,921,702 $ 39,219,882 LOSSES AND SETTLEMENT EXPENSES INCURRED Direct $ 37,370,896 $ 37,778,378 Reinsurance assumed 44,409 119,498 Reinsurance ceded (11,501,686 ) (9,780,507 ) Net $ 25,913,619 $ 28,117,369

Note 6 - Unpaid Losses and Se_2

Note 6 - Unpaid Losses and Settlement Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	For the Three-Months Ended September 30, (In thousands) 2020 2019 Unpaid losses and settlement expense - beginning of the period: Gross $ 66,415 $ 61,264 Less: Ceded 19,463 13,974 Net 46,952 47,290 Increase in incurred losses and settlement expense: Current year 9,298 9,092 Prior years (435 ) 517 Total incurred 8,863 9,609 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,885 6,064 Prior years 2,831 4,778 Total paid 7,716 10,842 Net unpaid losses and settlement expense - end of the period 48,099 46,057 Plus: Reinsurance recoverable on unpaid losses 13,844 12,266 Gross unpaid losses and settlement expense - end of the period $ 61,943 $ 58,323 For the Nine-Months Ended September 30, (In thousands) 2020 2019 Unpaid losses and settlement expense - beginning of the period: Gross $ 56,838 $ 51,447 Less: Ceded 11,036 6,736 Net 45,802 44,711 Increase in incurred losses and settlement expense: Current year 23,838 25,779 Prior years 2,076 2,338 Total incurred 25,914 28,117 Deduct: Loss and settlement expense payments for claims incurred: Current year 10,534 10,455 Prior years 13,083 16,316 Total paid 23,617 26,771 Net unpaid losses and settlement expense - end of the period 48,099 46,057 Plus: Reinsurance recoverable on unpaid losses 13,844 12,266 Gross unpaid losses and settlement expense - end of the period $ 61,943 $ 58,323

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Three-Months Ended September 30, 2020 2019 Provision for income taxes at the statutory federal tax rates $ 105,820 $ (5,684 ) Increase (reduction) in taxes resulting from: Dividends received deduction (7,871 ) (8,955 ) Tax-exempt interest income (15,531 ) (16,433 ) Proration of tax-exempt interest and dividends received deduction 5,715 5,939 Nondeductible expenses 11,523 8,404 Officer life insurance, net 263 3,579 Total $ 99,919 $ (13,150 ) For the Nine-Months Ended September 30, 2020 2019 Provision for income taxes at the statutory federal tax rates $ (215,948 ) $ 176,341 Increase (reduction) in taxes resulting from: Dividends received deduction (21,567 ) (28,482 ) Tax-exempt interest income (46,795 ) (60,249 ) Proration of tax-exempt interest and dividends received deduction 16,683 21,775 Nondeductible expenses 25,751 24,450 Officer life insurance, net 896 (11,039 ) Total $ (240,980 ) $ 122,796

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Other Comprehensive Income (Loss) Taxes			$ 343,316	$ 771,697
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ILLINOIS
Concentration Risk, Percentage	22.70%	22.30%	25.00%	25.80%

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Cost	$ 8,801,168	$ 8,653,054
Accumulated depreciation	(5,949,933)	(5,619,706)
Net property and equipment	2,851,235	3,033,348
Automobiles [Member]
Cost	530,722	505,788
Furniture and Fixtures [Member]
Cost	474,401	457,218
Computer Equipment [Member]
Cost	3,917,136	3,823,416
Home Office [Member]
Cost	$ 3,878,909	$ 3,866,632

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Balance		$ 66,341,834	$ 58,593,299
Balance		68,032,876	62,941,961
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-01 [Member]
Balance	[1]
AOCI Attributable to Parent [Member]
Balance		2,953,936	(1,580,976)
Other comprehensive earnings before reclassification		2,579,925	3,611,573
Amount reclassified from accumulated other comprehensive earnings		(325,204)	(188,340)
Net current period other comprehensive earnings		2,254,721	3,423,233
Balance		5,208,657	3,208,554
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-01 [Member]
Balance			1,366,297	[1]
AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Balance		$ 2,953,936	$ (214,679)
[1]	See discussion of Accounting Standards Update 2016-01 adoption in 2019 10-K, Note 1 - Summary of Significant Accounting Policies

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unrealized holding gains arising during the period, pre-tax	$ 551,140	$ 890,152	$ 2,836,794	$ 4,333,205
Reclassification adjustment for (gains) included in net earnings, pre-tax	(67,102)	(89,262)	(411,651)	(238,405)
Total other comprehensive earnings, pre-tax	484,038	800,890	2,425,143	4,094,800
Unrealized holding gains arising during the period, tax	(57,292)	(116,415)	(256,869)	(721,632)
Reclassification adjustment for (gains) included in net earnings, tax	14,092	18,745	86,447	50,065
Total other comprehensive earnings, tax	(43,200)	(97,670)	(170,422)	(671,567)
Unrealized holding gains arising during the period, after-tax	493,848	773,737	2,579,925	3,611,573
Reclassification adjustment for (gains) included in net earnings, after tax	(53,010)	(70,517)	(325,204)	(188,340)
Total other comprehensive earnings, after-tax	$ 440,838	$ 703,220	$ 2,254,721	$ 3,423,233

Note 1 - Summary of Significa_7

Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other comprehensive Earnings (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net realized investment losses (gains)	$ 59,333	$ (141,481)	$ 402,320	$ (741,123)
Income Tax Expense (Benefit), Total	(99,919)	13,150	240,980	(122,796)
Total reclassification adjustment, net of tax	(403,989)	13,916	787,342	(716,923)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Total reclassification adjustment, net of tax	(53,010)	(70,517)	(325,204)	(188,340)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
Net realized investment losses (gains)	(67,102)	(89,262)	(411,651)	(238,405)
Income Tax Expense (Benefit), Total	$ 14,092	$ 18,745	$ 86,447	$ 50,065

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Securities, Available-for-sale, Total	$ 103,318,485		$ 103,318,485		$ 92,087,572
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions	22		22
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	4		4
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 22,560		$ 22,560		31,679
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings			0
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	981,779	$ (7,603)	2,195	$ 1,716,124
Other Investments, Total	305,000		305,000
Notes Issued on July 30, 2019 [Member]
Financing Receivable, after Allowance for Credit Loss, Total	625,000		$ 625,000
Financing Receivable, Interest Rate			6.50%
Financing Receivable, Amortization Period (Year)			20 years
Notes Issued on January 28, 2020 [Member]
Financing Receivable, after Allowance for Credit Loss, Total	650,000		$ 650,000
Financing Receivable, Interest Rate			6.50%
Financing Receivable, Amortization Period (Year)			20 years
Federal Home Loan Bank of Chicago [Member]
Federal Home Loan Bank Advances, Total	200,000		$ 200,000
Residential Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Total	13,590,690		13,590,690		9,909,462
Commercial Mortgage Backed Securities [Member]
Debt Securities, Available-for-sale, Total	$ 13,811,945		$ 13,811,945		$ 13,408,898

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 3,428,951	$ 5,771,988	$ 12,813,180	$ 19,522,461
Fixed maturity securities, realized gains	67,102	99,445	412,577	264,737
Fixed maturity securities, realized losses		(10,183)	(926)	(26,332)
Fixed maturity securities, net realized gains (losses)	67,102	89,262	411,651	238,405
Common Stock [Member]
Equity securities, proceeds	986,939	1,320,803	4,247,936	5,998,276
Equity securities, realized gains	93,984	185,319	470,406	960,420
Equity securities, realized losses	(226,398)	(133,100)	(1,282,423)	(457,702)
Equity securities, net realized gains (losses)	(132,414)	$ 52,219	(812,017)	502,718
Preferred Stock [Member]
Equity securities, proceeds	76,500		221,990
Equity securities, realized gains	5,979		8,808
Equity securities, realized losses			(10,762)
Equity securities, net realized gains (losses)	$ 5,979		$ (1,954)

Note 2 - Investments - Contract

Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Due in one year or less, amortized cost	$ 1,275,943
Due in one year or less, fair value	1,305,900
Due after one year through five years, amortized cost	18,436,788
Due after one year through five years, fair value	19,612,776
Due after five years through 10 years, amortized cost	16,366,929
Due after five years through 10 years, fair value	18,431,137
Due after 10 years, amortized cost	21,586,567
Due after 10 years, fair value	23,678,509
Total fixed maturity securities, amortized cost	96,725,639	$ 88,348,415
Total fixed maturity securities, fair value	103,318,485	$ 92,087,572
Collateralized Mortgage Backed Securities [Member]
Securities without a specific due date, amortized cost	38,843,607
Securities without a specific due date, fair value	40,057,464
Redeemable Preferred Stock [Member]
Securities without a specific due date, amortized cost	215,805
Securities without a specific due date, fair value	232,699
Total fixed maturity securities, amortized cost	215,805
Total fixed maturity securities, fair value	$ 232,699

Note 2 - Investments - Schedule

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Amortized Cost	$ 96,725,639	$ 88,348,415
Debt Securities, Available-for-sale, Total	103,318,485	92,087,572
Gross Unrealized Gains	6,839,071	3,831,886
Gross Unrealized Losses	(246,225)	(92,729)
US Treasury Securities [Member]
Amortized Cost	1,352,935	800,462
Debt Securities, Available-for-sale, Total	1,390,344	800,219
Gross Unrealized Gains	37,491	684
Gross Unrealized Losses	(82)	(927)
MBS/ABS/CMBS [Member]
Amortized Cost	38,843,607	33,802,911
Debt Securities, Available-for-sale, Total	40,057,464	34,290,995
Gross Unrealized Gains	1,354,537	540,743
Gross Unrealized Losses	(140,680)	(52,659)
Corporate Debt Securities [Member]
Amortized Cost	38,295,706	39,442,202
Debt Securities, Available-for-sale, Total	42,339,992	41,915,103
Gross Unrealized Gains	4,141,760	2,482,378
Gross Unrealized Losses	(97,474)	(9,477)
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	18,017,586	14,302,840
Debt Securities, Available-for-sale, Total	19,297,986	15,081,255
Gross Unrealized Gains	1,288,389	808,081
Gross Unrealized Losses	(7,989)	$ (29,666)
Redeemable Preferred Stock [Member]
Amortized Cost	215,805
Debt Securities, Available-for-sale, Total	232,699
Gross Unrealized Gains	16,894
Gross Unrealized Losses

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fair value, less than 12 Months	$ 13,304,611	$ 9,764,755
Fair value, 12 months or longer	2,014,666	5,756,123
Fair value	15,319,277	15,520,878
Amortized cost, less than 12 Months	13,528,276	9,825,805
Amortized cost, 12 months or longer	2,037,226	5,787,802
Amortized cost	15,565,502	15,613,607
Unrealized loss, less than 12 Months	(223,665)	(61,050)
Unrealized loss, 12 months or longer	(22,560)	(31,679)
Unrealized loss	(246,225)	(92,729)
US Treasury Securities [Member]
Fair value, less than 12 Months	300,000
Fair value, 12 months or longer		699,391
Fair value	300,000	699,391
Amortized cost, less than 12 Months	300,082
Amortized cost, 12 months or longer		700,318
Amortized cost	300,082	700,318
Unrealized loss, less than 12 Months	(82)
Unrealized loss, 12 months or longer		(927)
Unrealized loss	(82)	(927)
MBS/ABS/CMBS [Member]
Fair value, less than 12 Months	11,438,192	6,398,581
Fair value, 12 months or longer	2,014,666	5,056,732
Fair value	13,452,858	11,455,313
Amortized cost, less than 12 Months	11,556,312	6,420,488
Amortized cost, 12 months or longer	2,037,226	5,087,484
Amortized cost	13,593,538	11,507,972
Unrealized loss, less than 12 Months	(118,120)	(21,907)
Unrealized loss, 12 months or longer	(22,560)	(30,752)
Unrealized loss	(140,680)	(52,659)
Corporate Debt Securities [Member]
Fair value, less than 12 Months	1,075,259	1,396,706
Fair value, 12 months or longer
Fair value	1,075,259	1,396,706
Amortized cost, less than 12 Months	1,172,733	1,406,183
Amortized cost, 12 months or longer
Amortized cost	1,172,733	1,406,183
Unrealized loss, less than 12 Months	(97,474)	(9,477)
Unrealized loss, 12 months or longer
Unrealized loss	(97,474)	(9,477)
US States and Political Subdivisions Debt Securities [Member]
Fair value, less than 12 Months	491,160	1,969,468
Fair value, 12 months or longer
Fair value	491,160	1,969,468
Amortized cost, less than 12 Months	499,149	1,999,134
Amortized cost, 12 months or longer
Amortized cost	499,149	1,999,134
Unrealized loss, less than 12 Months	(7,989)	(29,666)
Unrealized loss, 12 months or longer
Unrealized loss	$ (7,989)	$ (29,666)

Note 3 - Fair Value Disclosur_3

Note 3 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount	$ 0		$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount	0		$ 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member]
Assets, Fair Value Disclosure	$ 0	$ 0

Note 3 - Fair Value Disclosur_4

Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Fixed maturity securities	$ 103,318,485	$ 92,087,572
Equity securities	14,235,088
Total marketable investments measured at fair value	117,553,573	106,536,345
Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities	1,390,344	800,219
Equity securities	12,596,635
Total marketable investments measured at fair value	13,986,979	15,248,992
Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities	101,928,141	91,287,353
Equity securities	1,638,453
Total marketable investments measured at fair value	103,566,594	91,287,353
Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
Equity securities
Total marketable investments measured at fair value
US Treasury Securities [Member]
Fixed maturity securities	1,390,344	800,219
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities	1,390,344	800,219
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
MBS/ABS/CMBS [Member]
Fixed maturity securities	40,057,464	34,290,995
MBS/ABS/CMBS [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities
MBS/ABS/CMBS [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities	40,057,464	34,290,995
MBS/ABS/CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
Corporate Debt Securities [Member]
Fixed maturity securities	42,339,992	41,915,103
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities	42,339,992	41,915,103
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
US States and Political Subdivisions Debt Securities [Member]
Fixed maturity securities	19,297,986	15,081,255
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities	19,297,986	15,081,255
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
Redeemable Preferred Stock [Member]
Fixed maturity securities	232,699
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fixed maturity securities
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Fixed maturity securities	232,699
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fixed maturity securities
Common Stock [Member]
Equity securities	12,596,635	14,448,773
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	12,596,635	14,448,773
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities
Preferred Stock [Member]
Equity securities	1,638,453
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	1,638,453
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)	May 03, 2021	Aug. 03, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2017	Sep. 30, 2020	Sep. 30, 2019	Jul. 30, 2020	Dec. 31, 2019
Proceeds from Issuance of Long-term Debt, Total							$ 11,629,800
Long-term Debt, Total							$ 15,097,960			$ 3,475,088
Debt, Weighted Average Interest Rate							1.50%			3.70%
Revolving Credit Facility [Member] | American Bank & Trust [Member]
Debt Instrument, Collateral Amount							$ 5,000,000
Line of Credit Facility, Maximum Borrowing Capacity							1,750,000
Interest Expense, Total							$ 0	$ 0
Revolving Credit Facility [Member] | American Bank & Trust [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate							2.00%
Revolving Credit Facility [Member] | American Bank & Trust [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate							3.50%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member]
Debt Instrument, Collateral Amount		$ 2,000,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 2,000,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Paycheck Protection Program CARES Act [Member]
Proceeds from Issuance of Long-term Debt, Total				$ 1,600,000
Federal Home Loan Bank of Chicago [Member]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available							$ 33,000,000
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
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)			1 year
Debt Instrument, Interest Rate, Stated Percentage			0.00%
Proceeds from FHLBank Borrowings, Financing Activities			$ 4,000,000
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged			$ 7,400,000
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, Three [Member]
Debt Instrument, Interest Rate, Stated Percentage									0.74%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged									$ 0
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, Three [Member] | Forecast [Member]
Proceeds from FHLBank Borrowings, Financing Activities	$ 4,000,000
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

Note 5 - Reinsurance (Details T

Note 5 - Reinsurance (Details Textual)	9 Months Ended
	Sep. 30, 2020USD ($)
Casualty Business [Member]
Reinsurance Maximum Individual Risk	$ 1,000,000
Property [Member]
Reinsurance Maximum Individual Risk	500,000
Workers' Compensation [Member]
Reinsurance Maximum Individual Risk	$ 500,000

Note 5 - Reinsurance - Summary

Note 5 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Direct	$ 14,534,058	$ 16,305,222	$ 44,240,437	$ 48,349,466
Reinsurance assumed	51,551	70,200	114,924	178,446
Reinsurance ceded	(2,328,734)	(2,410,170)	(7,921,708)	(7,730,458)
Net	12,256,875	13,965,252	36,433,653	40,797,454
Direct	14,825,942	16,007,232	44,710,106	46,710,351
Reinsurance assumed	51,108	64,863	116,404	174,583
Reinsurance ceded	(2,344,083)	(2,392,349)	(7,904,808)	(7,665,052)
Net	12,532,967	13,679,746	36,921,702	39,219,882
Direct	10,536,397	13,034,216	37,370,896	37,778,378
Reinsurance assumed	6,073	36,297	44,409	119,498
Reinsurance ceded	(1,679,417)	(3,461,166)	(11,501,686)	(9,780,507)
Net	$ 8,863,053	$ 9,609,347	$ 25,913,619	$ 28,117,369

Note 6 - Unpaid Losses and Se_3

Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Total			$ 2,042,000
Liability for Unpaid Claims and Claims Adjustment Expense, Percent Change			4.40%
Prior Year Claims and Claims Adjustment Expense	$ (435,000)	$ 517,000	$ 2,076,000	$ 2,338,000

Note 6 - Unpaid Losses and Se_4

Note 6 - Unpaid Losses and Settlement Expenses - Reconciliation of Unpaid Losses and Settlement Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 66,415,000	$ 61,264,000	$ 56,838,307	$ 51,447,000
Less: Ceded	19,463,000	13,974,000	11,036,170	6,736,000
Net	46,952,000	47,290,000	45,802,000	44,711,000
Increase in incurred losses and settlement expense:
Current year	9,298,000	9,092,000	23,838,000	25,779,000
Prior years	(435,000)	517,000	2,076,000	2,338,000
Total incurred	8,863,000	9,609,000	25,914,000	28,117,000
Deduct: Loss and settlement expense payments for claims incurred:
Current year	4,885,000	6,064,000	10,534,000	10,455,000
Prior years	2,831,000	4,778,000	13,083,000	16,316,000
Total paid	7,716,000	10,842,000	23,617,000	26,771,000
Net unpaid losses and settlement expense - end of the period	48,099,000	46,057,000	48,099,000	46,057,000
Plus: Reinsurance recoverable on unpaid losses	13,844,420	12,266,000	13,844,420	12,266,000
Gross unpaid losses and settlement expense - end of the period	$ 61,943,244	$ 58,323,000	$ 61,943,244	$ 58,323,000

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent, Total	19.80%	48.60%	23.40%	14.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Tax Credit Carryforward, Amount	$ 0		$ 0		$ 0
Operating Loss Carryforwards, Total	$ 0		$ 0		$ 0

Note 7 - Income Taxes - Schedul

Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Provision for income taxes at the statutory federal tax rates	$ 105,820	$ (5,684)	$ (215,948)	$ 176,341
Increase (reduction) in taxes resulting from:
Dividends received deduction	(7,871)	(8,955)	(21,567)	(28,482)
Tax-exempt interest income	(15,531)	(16,433)	(46,795)	(60,249)
Proration of tax-exempt interest and dividends received deduction	5,715	5,939	16,683	21,775
Nondeductible expenses	11,523	8,404	25,751	24,450
Officer life insurance, net	263	3,579	896	(11,039)
Total	99,919	(13,150)	(240,980)	122,796
Provision for income taxes at the statutory federal tax rates	$ 105,820	$ (5,684)	$ (215,948)	$ 176,341

Note 8 - Employee Benefits (Det

Note 8 - Employee Benefits (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
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
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	$ 0	$ 0
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 206,535	$ 233,135
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)	17,546	17,530
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	$ 126,588	$ 78,226
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 269,359
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%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.33%
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.33%
Restricted Stock Units, One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	18,040
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 11.03
Restricted Stock Units, Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	13,071
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 13.70
Restricted Stock Units, Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	11,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 15.10
Committed on September 30, 2020 [Member]
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)	1,921
Committed on September 30, 2019 [Member]
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)			1,926