ICC (ICCH) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Document Information [Line Items]
Entity Central Index Key	0001681903
Entity Registrant Name	ICC Holdings, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-38046
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	81-3359409
Entity Address, Address Line One	225 20th Street
Entity Address, City or Town	Rock Island
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	61201
City Area Code	309
Local Phone Number	793-1700
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ICCH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,155,138

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)		Sep. 30, 2022	Dec. 31, 2021
Investments and cash:
Fixed maturity securities (amortized cost of $103,689,841 at 9/30/2022 and $102,145,223 at 12/31/2021)		$ 91,727,759	$ 105,841,543
Other invested assets		4,556,769	3,086,568
Property held for investment, at cost, net of accumulated depreciation of $563,073 at 9/30/2022 and $464,713 at 12/31/2021		5,831,065	5,509,114
Cash and cash equivalents		3,280,008	4,606,378
Total investments and cash		125,921,481	145,432,250
Accrued investment income		776,896	659,413
Premiums and reinsurance balances receivable, net of allowances for uncollectible amounts of $100,000 at 9/30/2022 and 12/31/2021		30,320,652	27,199,804
Ceded unearned premiums		977,283	967,022
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for uncollectible amounts of $0 at 9/30/2022 and 12/31/2021		14,768,237	14,521,219
Federal income taxes		4,097,155	195,694
Deferred policy acquisition costs, net		7,202,485	6,538,844
Property and equipment, at cost, net of accumulated depreciation of $6,499,976 at 9/30/2022 and $6,243,055 at 12/31/2021		3,314,731	3,144,218
Other assets		2,046,289	1,343,504
Total assets		189,425,209	200,001,968
Liabilities:
Unpaid losses and settlement expenses		68,630,450	61,834,809
Unearned premiums		40,193,784	36,212,266
Reinsurance balances payable		1,227,713	1,368,294
Corporate debt		15,000,000	18,455,342
Accrued expenses		5,213,706	5,441,611
Income taxes - deferred		0	954,862
Other liabilities		2,510,388	1,030,870
Total liabilities		132,776,041	125,298,054
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(5,423,190)	(3,155,399)
Additional paid-in capital		33,032,189	32,965,136
Accumulated other comprehensive (loss) earnings, net of tax		(9,450,111)	2,920,027
Retained earnings		40,623,729	44,282,895
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(2,168,449)	(2,343,745)
Total equity		56,649,168	74,703,914
Total liabilities and equity		189,425,209	200,001,968
Common Stock [Member]
Investments and cash:
Common stocks at fair value		17,763,670	23,608,197
Preferred Stock [Member]
Investments and cash:
Common stocks at fair value		$ 2,762,210	$ 2,780,450
[1]Par value $0.01; authorized: 2022 - 10,000,000 shares and 2021 – 10,000,000 shares; issued: 2022 – 3,500,000 shares and 2021 – 3,500,000 shares; outstanding: 2022 – 3,156,285 and 2021 – 3,291,852 shares[2]2022 – 343,715 shares and 2021 – 208,148 shares[3]2022 – 216,845 shares and 2021 – 234,374 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fixed maturity securities, amortized cost	$ 103,689,841	$ 102,145,223
Property held for investment, accumulated depreciation	563,073	464,713
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	100,000	100,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	0	0
Property and equipment, at cost, accumulated depreciation	$ 6,499,976	$ 6,243,055
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	3,500,000	3,500,000
Common stock, shares outstanding (in shares)	3,156,285	3,291,852
Treasury stock, shares (in shares)	343,715	208,148
Unearned Employee Stock Ownership Plan (in shares)	216,845	234,374

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net premiums earned	$ 17,724,441	$ 14,079,395	$ 50,765,760	$ 38,860,915
Net investment income	1,027,631	823,912	2,896,901	2,409,036
Net realized investment gains	41,206	287,455	785,600	824,070
Net unrealized losses on equity securities	(1,084,289)	(212,136)	(6,181,492)	1,392,999
Other income	85,402	58,590	333,059	196,624
Consolidated revenues	17,794,391	15,037,216	48,599,828	43,683,644
Losses and settlement expenses	10,386,524	8,814,522	34,390,330	25,281,508
Policy acquisition costs and other operating expenses	6,360,896	5,442,542	18,136,104	14,957,143
Interest expense on debt	46,409	62,379	149,661	174,095
General corporate expenses	189,708	171,105	563,626	531,222
Total expenses	16,983,537	14,490,548	53,239,721	40,943,968
Earnings before income taxes	810,854	546,668	(4,639,893)	2,739,676
Total income tax expense	181,114	122,405	(980,726)	590,806
Net earnings	629,740	424,263	(3,659,167)	2,148,870
Other comprehensive loss, net of tax	(3,408,937)	(680,975)	(12,370,138)	(1,826,510)
Comprehensive loss	$ (2,779,197)	$ (256,712)	$ (16,029,305)	$ 322,360
Basic net earnings per share (in dollars per share)	$ 0.21	$ 0.14	$ (1.20)	$ 0.71
Diluted net earnings per share (in dollars per share)	$ 0.20	$ 0.14	$ (1.19)	$ 0.70
Basic (in shares)	3,060,693	3,068,199	3,061,961	3,042,035
Diluted (in shares)	3,074,236	3,083,867	3,075,504	3,057,704
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	$ (1,084,289)	$ (212,136)	$ (6,181,492)	$ 1,392,999

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Treasury Stock [Member]		Unearned ESOP [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2020	$ 35,000	$ (3,153,838)		$ (2,578,115)	$ 32,780,436	$ 40,140,115	$ 5,520,091	$ 72,743,689
Purchase of treasury stock	0	(103,407)		0	0	0	0	(103,407)
Net earnings	0	0		0	0	2,148,870	0	2,148,870
Other comprehensive loss, net of tax	0	0		0	0	0	(1,826,510)	(1,826,510)
Restricted stock unit expense	0	137,599	[1]	0	(544)	0	0	137,055
ESOP compensation expense	0	0		175,296	95,869	0	0	271,165
Balance at Sep. 30, 2021	35,000	(3,119,646)		(2,402,819)	32,875,761	42,288,985	3,693,581	73,370,862
Balance at Dec. 31, 2021	35,000	(3,155,399)		(2,343,745)	32,965,136	44,282,895	2,920,027	74,703,914
Purchase of treasury stock	0	(2,469,237)		0	0	0	0	(2,469,237)
Net earnings	0	0		0	0	(3,659,167)	0	(3,659,167)
Other comprehensive loss, net of tax	0	0		0	0	0	(12,370,138)	(12,370,138)
Restricted stock unit expense	0	201,446		0	(49,871)	0	0	151,575
ESOP compensation expense	0	0		175,296	116,924	0	0	292,220
Balance at Sep. 30, 2022	$ 35,000	$ (5,423,190)		$ (2,168,449)	$ 33,032,189	$ 40,623,728	$ (9,450,111)	$ 56,649,168
[1]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, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) earnings	$ (3,659,167)	$ 2,148,870
Adjustments to reconcile net (loss) earnings to net cash (used in) provided by operating activities
Net realized investment gains	(785,600)	(824,070)
Net unrealized losses (gains) on equity securities	6,181,492	(1,392,999)
Depreciation	555,853	485,688
Deferred income tax	(1,516,967)	218,885
Amortization of bond premium and discount	156,310	209,740
Stock-based compensation expense	443,795	408,220
Change in:
Accrued investment income	(117,483)	(52,792)
Premiums and reinsurance balances receivable	(3,120,848)	(2,656,012)
Ceded unearned premiums	(10,261)	(96,603)
Reinsurance balances payable	(140,581)	804,998
Reinsurance balances recoverable	(247,018)	(1,456,368)
Deferred policy acquisition costs	(663,641)	(854,536)
Unpaid losses and settlement expenses	6,795,641	(285,054)
Unearned premiums	3,981,518	5,132,116
Accrued expenses	(227,905)	773,976
Current federal income tax	(51,091)	268,235
Other	776,736	(188,107)
Net cash provided by operating activities	8,350,783	2,644,187
Cash flows from investing activities:
Fixed maturity securities	(15,502,187)	(17,102,938)
Other invested assets	(1,698,503)	(350,000)
Property held for investment	(723,619)	(1,630,760)
Property and equipment	(620,441)	(647,962)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	13,800,029	11,921,877
Other invested assets	227,482	304,987
Property held for investment	278,679	1,470,533
Property and equipment	17,064	44,963
Net cash used in investing activities	(3,752,573)	(11,492,590)
Cash flows from financing activities:
Proceeds from loans	5,000,000	9,000,000
Repayments of borrowed funds	(8,455,342)	(4,007,552)
Purchase of treasury stock	(2,469,237)	(103,407)
Net cash (used in) provided by financing activities	(5,924,580)	4,889,041
Net decrease in cash and cash equivalents	(1,326,370)	(3,959,362)
Cash and cash equivalents at beginning of year	4,606,378	6,598,842
Cash and cash equivalents at end of period	3,280,008	2,639,480
Supplemental information:
Federal income tax paid	160,000	65,000
Interest paid	144,300	170,100
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(2,945,823)	(8,119,260)
Proceeds from sales, maturities and calls of:
Equity securities	3,976,938	2,734,181
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(1,208,744)	(458,734)
Proceeds from sales, maturities and calls of:
Equity securities	$ 646,552	$ 340,523

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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 20.3% and 22.1% of the premium is written in Illinois for the three September 30, 2022 2021 nine September 30, 2022 2021 one 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, 2021 2021 10 not September 30, 2022 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 2021 10 D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not Note 1 Summary of Significant Accounting Policies 2021 10 2012 107 107 2 3 10 December 31, 2022. ASU 2016 13 January 1, 2023. 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, 2022 2021 no As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218 F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net (loss) earnings plus unrealized (losses) gains on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $(3,288,000) and $ fo nine September 30, 2022 2021 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581 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 September 30, 2022 2021 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 $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 ) 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 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 ) G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. The ongoing COVID- 19

Note 2 - Investments

Note 2 - Investments	9 Months Ended
	Sep. 30, 2022
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 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 Fair Value Disclosures not 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 September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 1,185,955 $ — $ — $ — Common stocks 600,120 112,306 (59,628 ) 52,678 Preferred stocks 242,844 1,004 (12,476 ) (11,472 ) 2021 Fixed maturity securities $ 5,737,579 $ 113,397 $ — $ 113,397 Common stocks 769,346 198,390 (24,333 ) 174,057 Preferred stocks — — — — For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 13,800,029 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,976,938 1,052,648 (254,260 ) 798,388 Preferred stocks 646,552 8,749 (20,909 ) (12,160 ) 2021 Fixed maturity securities $ 11,921,877 $ 132,853 $ (9,582 ) $ 123,271 Common stocks 2,734,181 753,159 (90,072 ) 663,087 Preferred stocks 340,523 37,711 — 37,711 The amortized cost and estimated fair value of fixed income securities at September 30, 2022 Amortized Cost Fair Value Due in one year or less $ 1,595,530 $ 1,584,923 Due after one year through five years 15,569,947 14,762,906 Due after five years through 10 years 19,819,683 17,066,596 Due after 10 years 26,662,556 21,602,374 Asset and mortgage backed securities without a specific due date 39,826,320 36,504,808 Redeemable preferred stocks 215,805 206,152 Total fixed maturity securities $ 103,689,841 $ 91,727,759 Expected maturities may The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at September 30, 2022 December 31, 2021 Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,998 $ 1,245,719 $ — $ (107,279 ) MBS/ABS/CMBS 39,826,320 36,504,807 579 (3,322,092 ) Corporate 40,797,326 36,080,909 10,194 (4,726,611 ) Municipal 21,497,392 17,690,172 41,619 (3,848,839 ) Redeemable preferred stock 215,805 206,152 1,320 (10,973 ) Total fixed maturity securities $ 103,689,841 $ 91,727,759 $ 53,712 $ (12,015,794 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328 ) MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887 ) Corporate 38,959,905 41,206,964 2,434,738 (187,679 ) Municipal 20,905,194 22,031,831 1,149,998 (23,361 ) Redeemable preferred stock 215,805 232,885 17,080 — Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255 ) All the Company’s collateralized securities carry an average credit rating of AA+ by one Note 3 Fair Value Disclosures, September 30, 2022 December 31, 2021 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, 2022 December 31, 2021 September 30, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 613,609 $ 632,109 $ 1,245,718 $ 391,250 $ 291,891 $ 683,141 Amortized cost 652,633 700,364 1,352,997 400,408 300,061 700,469 Unrealized loss (39,024 ) (68,255 ) (107,279 ) (9,158 ) (8,170 ) (17,328 ) MBS/ABS/CMBS Fair value 27,169,391 9,308,869 36,478,260 20,403,757 1,124,095 21,527,852 Amortized cost 29,014,459 10,785,893 39,800,352 20,647,568 1,176,171 21,823,739 Unrealized loss (1,845,068 ) (1,477,024 ) (3,322,092 ) (243,811 ) (52,076 ) (295,887 ) Corporate Fair value 30,368,813 4,359,237 34,728,050 6,428,166 995,235 7,423,401 Amortized cost 33,917,388 5,537,273 39,454,661 6,590,227 1,020,853 7,611,080 Unrealized loss (3,548,575 ) (1,178,036 ) (4,726,611 ) (162,061 ) (25,618 ) (187,679 ) Municipal Fair value 14,034,490 581,522 14,616,012 2,676,052 269,247 2,945,299 Amortized cost 17,691,796 773,055 18,464,851 2,695,269 273,391 2,968,660 Unrealized loss (3,657,306 ) (191,533 ) (3,848,839 ) (19,217 ) (4,144 ) (23,361 ) Redeemable preferred stock Fair value 135,922 — 135,922 — — — Cost 146,895 — 146,895 — — — Unrealized loss (10,973 ) — (10,973 ) — — — Total Fair value 72,322,225 14,881,737 87,203,962 29,899,225 2,680,468 32,579,693 Amortized cost 81,423,171 17,796,585 99,219,756 30,333,472 2,770,476 33,103,948 Unrealized loss (9,100,946 ) $ (2,914,848 ) $ (12,015,794 ) $ (434,247 ) $ (90,008 ) $ (524,255 ) The fixed income portfolio contained 242 securities in an unrealized loss position as of September 30, 2022 12 not not not There were no nine September 30, 2022 September 30, 2021 September 30, 2022 not may not September 30, 2022 December 31, 2021 UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized (losses) recognized during the three nine September 30, 2022 September 30, 2022 three nine September 30, 2021 September 30, 2021 Other Invested Assets Other invested assets as of September 30, 2022 December 31, 2021 Other invested assets as of September 30, 2022 December 31, 2021 nine September 30, 2022 December 31, 2021 no September 30, 2022 December 31, 2021 In addition, other invested assets include a membership in the Federal Home Loan Bank of Chicago (FHLBC) with a carrying value of $425,000 and $300,000 as of September 30, 2022 December 31, 2021 In November 2021, may September 30, 2022 December 31, 2021 no

Note 3 - Fair Value Disclosures

Note 3 - Fair Value Disclosures	9 Months Ended
	Sep. 30, 2022
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 include notes receivable, stock, and a membership in the Federal Home Loan Bank of Chicago (FHLBC). Notes receivable are carried at outstanding balance plus accrued interest. Stock and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of September 30, 2022 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 $ 1,245,719 $ — $ — $ 1,245,719 MBS/ABS/CMBS — 36,504,807 — 36,504,807 Corporate — 36,080,909 — 36,080,909 Municipal — 17,690,172 — 17,690,172 Redeemable preferred stocks — 206,152 — 206,152 Total fixed maturity securities 1,245,719 90,482,040 — 91,727,759 Equity securities Common stocks 17,763,670 — — 17,763,670 Perpetual preferred stocks — 2,762,210 — 2,762,210 Total equity securities 17,763,670 2,762,210 — 20,525,880 Total marketable investments measured at fair value $ 19,009,389 $ 93,244,250 $ — $ 112,253,639 Assets measured at fair value on a recurring basis as of December 31, 2021 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190 As noted in the previous tables, the Company did not 3 September 30, 2022 December 31, 2021 1 2 nine September 30, 2022 2021

Note 4 - Debt

Note 4 - Debt	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	4. DEBT Debt Obligation Debt Obligations As of September 30, 2022 December 31, 2021 ICC Holdings, Inc. secured a loan with a commercial bank in March 2017 five April 2022, The Company also has borrowing capacity of $42.0 million, which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end. As part of the Company’s response to COVID- 19, March 2020 five In May 2021 five A one May 2021. May 2022 five The Company has $18.8 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. July 2023. September 30, 2022 no nine September 30, 2022 2021

Note 5 - Reinsurance

Note 5 - Reinsurance	9 Months Ended
	Sep. 30, 2022
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 for casualty and workers’ compensation business and $750,000 for property, although certain treaties contain an annual aggregate deductible before reinsurance applies. Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows: Three-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 20,900,412 $ 18,356,903 Reinsurance assumed 59,970 41,008 Reinsurance ceded (2,550,345 ) (2,812,181 ) Net $ 18,410,037 $ 15,585,730 EARNED Direct $ 20,224,145 $ 16,839,315 Reinsurance assumed 54,569 37,998 Reinsurance ceded (2,554,273 ) (2,797,918 ) Net $ 17,724,441 $ 14,079,395 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 11,226,504 $ 11,186,326 Reinsurance assumed 20,590 16,452 Reinsurance ceded (860,570 ) (2,388,256 ) Net $ 10,386,524 $ 8,814,522 Nine-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 61,695,027 $ 52,045,372 Reinsurance assumed 129,328 34,661 Reinsurance ceded (7,087,338 ) (8,183,606 ) Net $ 54,737,017 $ 43,896,427 EARNED Direct $ 57,720,789 $ 46,897,960 Reinsurance assumed 122,048 49,958 Reinsurance ceded (7,077,077 ) (8,087,003 ) Net $ 50,765,760 $ 38,860,915 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 39,364,381 $ 33,992,513 Reinsurance assumed 68,283 26,703 Reinsurance ceded (5,042,334 ) (8,737,708 ) Net $ 34,390,330 $ 25,281,508

Note 6 - Unpaid Losses and Sett

Note 6 - Unpaid Losses and Settlement Expenses	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
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 September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 70,381 $ 63,858 Less: Ceded 15,527 15,918 Net 54,854 47,940 Increase in incurred losses and settlement expense: Current year 9,825 8,582 Prior years 562 233 Total incurred 10,387 8,815 Deduct: Loss and settlement expense payments for claims incurred: Current year 5,758 5,384 Prior years 5,620 4,557 Total paid 11,378 9,941 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the Nine-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 29,309 23,818 Prior years 5,081 1,464 Total incurred 34,390 25,282 Deduct: Loss and settlement expense payments for claims incurred: Current year 11,752 10,195 Prior years 16,089 16,829 Total paid 27,841 27,024 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the nine September 30, 2022 2021 nine September 30, 2022 2020; one 2017; one 2021; two 2020; one nine September 30, 2021

Note 7 - Income Taxes

Note 7 - Income Taxes	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. INCOME TAXES The Company’s effective tax rate for the nine September 30, 2022 2021 Income tax expense for the nine September 30, 2022 2021 For the Three-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ 170,279 $ 114,800 Increase (reduction) in taxes resulting from: Dividends received deduction (10,010 ) (8,657 ) Tax-exempt interest income (12,011 ) (14,890 ) Proration of tax-exempt interest and dividends received deduction (2,217 ) 5,685 Nondeductible expenses 32,766 25,302 Officer life insurance, net 2,307 165 Total $ 181,114 $ 122,405 For the Nine-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ (974,378 ) $ 575,332 Increase (reduction) in taxes resulting from: Dividends received deduction (32,408 ) (24,732 ) Tax-exempt interest income (38,323 ) (44,437 ) Proration of tax-exempt interest and dividends received deduction 9,581 16,748 Nondeductible expenses 60,177 67,397 Officer life insurance, net (5,375 ) 498 Total $ (980,726 ) $ 590,806 Management believes it is more likely than not As of September 30, 2022 December 31, 2021 not 2018 2022 December 31, 2021 September 30, 2022 no

Note 8 - Employee Benefits

Note 8 - Employee Benefits	9 Months Ended
	Sep. 30, 2022
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 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 nine September 30, 2022 2021 No 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, 2022 ted to shares of our c December 31, 2022 nine September 30, 2021 December 31, 2021 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first September 30, 2022 December 31, 2021 RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 $ 259,059 $ 13.30 Granted 219,945 17.05 Vested (151,575 ) 13.63 Nonvested at September 30, 2022 $ 327,429 $ 15.40

Note 9 - Subsequent Events

Note 9 - Subsequent Events	9 Months Ended
	Sep. 30, 2022
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, 2022
Accounting Policies [Abstract]
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, 2021 2021 10 not September 30, 2022 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.
New Accounting Pronouncements, Policy [Policy Text Block]	D. PROSPECTIVE ACCOUNTING STANDARDS For information regarding accounting standards that the Company has not Note 1 Summary of Significant Accounting Policies 2021 10 2012 107 107 2 3 10 December 31, 2022. ASU 2016 13 January 1, 2023.
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, 2022 2021 no As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218
Comprehensive Income, Policy [Policy Text Block]	F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net (loss) earnings plus unrealized (losses) gains on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax (benefit) of $(3,288,000) and $ fo nine September 30, 2022 2021 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581 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 September 30, 2022 2021 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 $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 ) 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 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 )
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 ongoing COVID- 19

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of September 30, December 31, 2022 2021 Automobiles $ 637,306 $ 507,889 Furniture and fixtures 516,413 512,268 Computer equipment and software 4,643,990 4,350,118 Home office 4,016,998 4,016,998 Total cost 9,814,707 9,387,273 Accumulated depreciation (6,499,976 ) (6,243,055 ) Net property and equipment $ 3,314,731 $ 3,144,218
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Nine-Months Ended September 30, 2022 2021 Beginning balance $ 2,920,027 $ 5,520,091 Other comprehensive loss before reclassification (12,370,634 ) (1,729,126 ) Amount reclassified from accumulated other comprehensive loss 496 (97,384 ) Net current period other comprehensive loss (12,370,138 ) (1,826,510 ) Ending balance $ (9,450,111 ) $ 3,693,581
Comprehensive Income (Loss) [Table Text Block]	Three-Month Periods Ended September 30, 2022 2021 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 $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (748,597 ) $ 157,205 $ (591,392 ) Reclassification adjustment for losses (gains) included in net earnings — — — (113,397 ) 23,814 (89,583 ) Total other comprehensive loss $ (4,315,110 ) $ 906,173 $ (3,408,937 ) $ (861,994 ) $ 181,019 $ (680,975 ) Nine-Month Periods Ended September 30, 2022 2021 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (15,659,030 ) $ 3,288,396 $ (12,370,634 ) $ (2,188,767 ) $ 459,641 $ (1,729,126 ) Reclassification adjustment for losses (gains) included in net earnings 628 (132 ) 496 (123,271 ) 25,887 (97,384 ) Total other comprehensive loss $ (15,658,402 ) $ 3,288,264 $ (12,370,138 ) $ (2,312,038 ) $ 485,528 $ (1,826,510 )
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 2022 2021 2022 2021 where Net Earnings is Presented Unrealized (gains) on AFS investments: $ — $ (113,397 ) $ 628 $ (123,271 ) Net realized investment (gains) — 23,814 (132 ) 25,887 Income tax expense Total reclassification adjustment, net of tax $ — $ (89,583 ) $ 496 $ (97,384 )

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	For the Three-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 1,185,955 $ — $ — $ — Common stocks 600,120 112,306 (59,628 ) 52,678 Preferred stocks 242,844 1,004 (12,476 ) (11,472 ) 2021 Fixed maturity securities $ 5,737,579 $ 113,397 $ — $ 113,397 Common stocks 769,346 198,390 (24,333 ) 174,057 Preferred stocks — — — — For the Nine-Months Ended September 30, Net Realized Proceeds Gains Losses Gains (Losses) 2022 Fixed maturity securities $ 13,800,029 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,976,938 1,052,648 (254,260 ) 798,388 Preferred stocks 646,552 8,749 (20,909 ) (12,160 ) 2021 Fixed maturity securities $ 11,921,877 $ 132,853 $ (9,582 ) $ 123,271 Common stocks 2,734,181 753,159 (90,072 ) 663,087 Preferred stocks 340,523 37,711 — 37,711
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Cost Fair Value Due in one year or less $ 1,595,530 $ 1,584,923 Due after one year through five years 15,569,947 14,762,906 Due after five years through 10 years 19,819,683 17,066,596 Due after 10 years 26,662,556 21,602,374 Asset and mortgage backed securities without a specific due date 39,826,320 36,504,808 Redeemable preferred stocks 215,805 206,152 Total fixed maturity securities $ 103,689,841 $ 91,727,759
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,998 $ 1,245,719 $ — $ (107,279 ) MBS/ABS/CMBS 39,826,320 36,504,807 579 (3,322,092 ) Corporate 40,797,326 36,080,909 10,194 (4,726,611 ) Municipal 21,497,392 17,690,172 41,619 (3,848,839 ) Redeemable preferred stock 215,805 206,152 1,320 (10,973 ) Total fixed maturity securities $ 103,689,841 $ 91,727,759 $ 53,712 $ (12,015,794 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2021 Fixed maturity securities: U.S. Treasury $ 1,352,044 $ 1,345,992 $ 11,276 $ (17,328 ) MBS/ABS/CMBS 40,712,275 41,023,871 607,483 (295,887 ) Corporate 38,959,905 41,206,964 2,434,738 (187,679 ) Municipal 20,905,194 22,031,831 1,149,998 (23,361 ) Redeemable preferred stock 215,805 232,885 17,080 — Total fixed maturity securities $ 102,145,223 $ 105,841,543 $ 4,220,575 $ (524,255 )
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]	September 30, 2022 December 31, 2021 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ 613,609 $ 632,109 $ 1,245,718 $ 391,250 $ 291,891 $ 683,141 Amortized cost 652,633 700,364 1,352,997 400,408 300,061 700,469 Unrealized loss (39,024 ) (68,255 ) (107,279 ) (9,158 ) (8,170 ) (17,328 ) MBS/ABS/CMBS Fair value 27,169,391 9,308,869 36,478,260 20,403,757 1,124,095 21,527,852 Amortized cost 29,014,459 10,785,893 39,800,352 20,647,568 1,176,171 21,823,739 Unrealized loss (1,845,068 ) (1,477,024 ) (3,322,092 ) (243,811 ) (52,076 ) (295,887 ) Corporate Fair value 30,368,813 4,359,237 34,728,050 6,428,166 995,235 7,423,401 Amortized cost 33,917,388 5,537,273 39,454,661 6,590,227 1,020,853 7,611,080 Unrealized loss (3,548,575 ) (1,178,036 ) (4,726,611 ) (162,061 ) (25,618 ) (187,679 ) Municipal Fair value 14,034,490 581,522 14,616,012 2,676,052 269,247 2,945,299 Amortized cost 17,691,796 773,055 18,464,851 2,695,269 273,391 2,968,660 Unrealized loss (3,657,306 ) (191,533 ) (3,848,839 ) (19,217 ) (4,144 ) (23,361 ) Redeemable preferred stock Fair value 135,922 — 135,922 — — — Cost 146,895 — 146,895 — — — Unrealized loss (10,973 ) — (10,973 ) — — — Total Fair value 72,322,225 14,881,737 87,203,962 29,899,225 2,680,468 32,579,693 Amortized cost 81,423,171 17,796,585 99,219,756 30,333,472 2,770,476 33,103,948 Unrealized loss (9,100,946 ) $ (2,914,848 ) $ (12,015,794 ) $ (434,247 ) $ (90,008 ) $ (524,255 )

Note 3 - Fair Value Disclosur_2

Note 3 - Fair Value Disclosures (Tables)	9 Months Ended
	Sep. 30, 2022
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 $ 1,245,719 $ — $ — $ 1,245,719 MBS/ABS/CMBS — 36,504,807 — 36,504,807 Corporate — 36,080,909 — 36,080,909 Municipal — 17,690,172 — 17,690,172 Redeemable preferred stocks — 206,152 — 206,152 Total fixed maturity securities 1,245,719 90,482,040 — 91,727,759 Equity securities Common stocks 17,763,670 — — 17,763,670 Perpetual preferred stocks — 2,762,210 — 2,762,210 Total equity securities 17,763,670 2,762,210 — 20,525,880 Total marketable investments measured at fair value $ 19,009,389 $ 93,244,250 $ — $ 112,253,639 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,345,992 $ — $ — $ 1,345,992 MBS/ABS/CMBS — 41,023,871 — 41,023,871 Corporate — 41,206,964 — 41,206,964 Municipal — 22,031,831 — 22,031,831 Redeemable preferred stocks — 232,885 — 232,885 Total fixed maturity securities 1,345,992 104,495,551 — 105,841,543 Equity securities Common stocks 23,608,197 — — 23,608,197 Perpetual preferred stocks — 2,780,450 — 2,780,450 Total equity securities 23,608,197 2,780,450 — 26,388,647 Total marketable investments measured at fair value $ 24,954,189 $ 107,276,001 $ — $ 132,230,190

Note 5 - Reinsurance (Tables)

Note 5 - Reinsurance (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Effects of Reinsurance [Table Text Block]	Three-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 20,900,412 $ 18,356,903 Reinsurance assumed 59,970 41,008 Reinsurance ceded (2,550,345 ) (2,812,181 ) Net $ 18,410,037 $ 15,585,730 EARNED Direct $ 20,224,145 $ 16,839,315 Reinsurance assumed 54,569 37,998 Reinsurance ceded (2,554,273 ) (2,797,918 ) Net $ 17,724,441 $ 14,079,395 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 11,226,504 $ 11,186,326 Reinsurance assumed 20,590 16,452 Reinsurance ceded (860,570 ) (2,388,256 ) Net $ 10,386,524 $ 8,814,522 Nine-Month Periods Ended September 30, 2022 2021 WRITTEN Direct $ 61,695,027 $ 52,045,372 Reinsurance assumed 129,328 34,661 Reinsurance ceded (7,087,338 ) (8,183,606 ) Net $ 54,737,017 $ 43,896,427 EARNED Direct $ 57,720,789 $ 46,897,960 Reinsurance assumed 122,048 49,958 Reinsurance ceded (7,077,077 ) (8,087,003 ) Net $ 50,765,760 $ 38,860,915 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 39,364,381 $ 33,992,513 Reinsurance assumed 68,283 26,703 Reinsurance ceded (5,042,334 ) (8,737,708 ) Net $ 34,390,330 $ 25,281,508

Note 6 - Unpaid Losses and Se_2

Note 6 - Unpaid Losses and Settlement Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	For the Three-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 70,381 $ 63,858 Less: Ceded 15,527 15,918 Net 54,854 47,940 Increase in incurred losses and settlement expense: Current year 9,825 8,582 Prior years 562 233 Total incurred 10,387 8,815 Deduct: Loss and settlement expense payments for claims incurred: Current year 5,758 5,384 Prior years 5,620 4,557 Total paid 11,378 9,941 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291 For the Nine-Months Ended September 30, (In thousands) 2022 2021 Unpaid losses and settlement expense - beginning of the period: Gross $ 61,835 $ 61,576 Less: Ceded 14,521 13,020 Net 47,314 48,556 Increase in incurred losses and settlement expense: Current year 29,309 23,818 Prior years 5,081 1,464 Total incurred 34,390 25,282 Deduct: Loss and settlement expense payments for claims incurred: Current year 11,752 10,195 Prior years 16,089 16,829 Total paid 27,841 27,024 Net unpaid losses and settlement expense - end of the period 53,862 46,815 Plus: Reinsurance recoverable on unpaid losses 14,768 14,476 Gross unpaid losses and settlement expense - end of the period $ 68,630 $ 61,291

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Three-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ 170,279 $ 114,800 Increase (reduction) in taxes resulting from: Dividends received deduction (10,010 ) (8,657 ) Tax-exempt interest income (12,011 ) (14,890 ) Proration of tax-exempt interest and dividends received deduction (2,217 ) 5,685 Nondeductible expenses 32,766 25,302 Officer life insurance, net 2,307 165 Total $ 181,114 $ 122,405 For the Nine-Months Ended September 30, 2022 2021 Provision for income taxes at the statutory federal tax rates $ (974,378 ) $ 575,332 Increase (reduction) in taxes resulting from: Dividends received deduction (32,408 ) (24,732 ) Tax-exempt interest income (38,323 ) (44,437 ) Proration of tax-exempt interest and dividends received deduction 9,581 16,748 Nondeductible expenses 60,177 67,397 Officer life insurance, net (5,375 ) 498 Total $ (980,726 ) $ 590,806

Note 8 - Employee Benefits (Tab

Note 8 - Employee Benefits (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2021 $ 259,059 $ 13.30 Granted 219,945 17.05 Vested (151,575 ) 13.63 Nonvested at September 30, 2022 $ 327,429 $ 15.40

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%
Other Comprehensive Income (Loss) Taxes			$ 3,288,000	$ 486,000
Geographic Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ILLINOIS
Concentration Risk, Percentage	20.30%	22.10%	22.20%	23.90%

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Cost	$ 9,814,707	$ 9,387,273
Accumulated depreciation	(6,499,976)	(6,243,055)
Net property and equipment	3,314,731	3,144,218
Automobiles [Member]
Cost	637,306	507,889
Furniture and Fixtures [Member]
Cost	516,413	512,268
Computer Equipment [Member]
Cost	4,643,990	4,350,118
Home Office [Member]
Cost	$ 4,016,998	$ 4,016,998

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Balance	$ 74,703,914	$ 72,743,689
Balance	56,649,168	73,370,862
AOCI Attributable to Parent [Member]
Balance	2,920,027	5,520,091
Other comprehensive loss before reclassification	(12,370,634)	(1,729,126)
Amount reclassified from accumulated other comprehensive loss	496	(97,384)
Net current period other comprehensive loss	(12,370,138)	(1,826,510)
Balance	$ (9,450,111)	$ 3,693,581

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unrealized holding losses arising during the period, pre tax	$ (4,315,110)	$ (748,597)	$ (15,659,030)	$ (2,188,767)
Unrealized holding losses arising during the period, tax	906,173	157,205	(3,288,396)	(459,641)
Unrealized holding losses arising during the period, after tax	(3,408,937)	(591,392)	(12,370,634)	(1,729,126)
Reclassification adjustment for losses (gains) included in net earnings, pre-tax	0	(113,397)	628	(123,271)
Reclassification adjustment for losses (gains) included in net earnings, tax	0	23,814	132	(25,887)
Reclassification adjustment for losses (gains) included in net earnings, after-tax	0	(89,583)	496	(97,384)
Total other comprehensive loss, pre tax	(4,315,110)	(861,994)	(15,658,402)	(2,312,038)
Total other comprehensive loss, tax	906,173	181,019	(3,288,264)	(485,528)
Total other comprehensive loss, after tax	(3,408,937)	(680,975)	(12,370,138)	(1,826,510)
Unrealized holding losses arising during the period, tax	(906,173)	(157,205)	3,288,396	459,641
Reclassification adjustment for losses (gains) included in net earnings, pre-tax	0	113,397	(628)	123,271
Reclassification adjustment for losses (gains) included in net earnings, tax	0	(23,814)	(132)	25,887
Total other comprehensive loss, tax	$ (906,173)	$ (181,019)	$ 3,288,264	$ 485,528

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net realized investment gains	$ (41,206)	$ (287,455)	$ (785,600)	$ (824,070)
Income Tax Expense (Benefit), Total	(181,114)	(122,405)	980,726	(590,806)
Total reclassification adjustment, net of tax	(629,740)	(424,263)	3,659,167	(2,148,870)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Total reclassification adjustment, net of tax	0	(89,583)	496	(97,384)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Net realized investment gains	0	(113,397)	628	(123,271)
Income Tax Expense (Benefit), Total	$ 0	$ 23,814	$ (132)	$ 25,887

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Debt Securities, Available-for-Sale, Total	$ 91,727,759		$ 91,727,759		$ 105,841,543
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	242		242
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	33		33
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 2,914,848		$ 2,914,848		90,008
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings			0
Equity Securities, FV-NI, Unrealized Gain (Loss), Total	(1,084,289)	$ (212,136)	(6,181,492)	$ 1,392,999
Other Investments, Total	4,556,769		4,556,769		3,086,568
Federal Home Loan Bank of Chicago [Member]
Other Investments, Total	425,000		425,000		300,000
Notes Receivable [Member]
Other Investments, Total	843,878		843,878		1,066,066
Privately Help Investments [Member]
Other Investments, Total	3,287,891		3,287,891		1,720,502
Notes Issued on July 30, 2019 [Member]
Debt Instrument Accumulated Payments Received	229,979		229,979
Interest Receivable	7,791		7,791
Proceeds from Collection of Notes Receivable					317,529
Increase (Decrease) in Accrued Interest Receivable, Net					12,075
Financing Receivable, Allowance for Credit Loss, Ending Balance	0		$ 0		0
Notes Issued on July 30, 2019 [Member] | Minimum [Member]
Financing Receivable, Interest Rate			3.90%
Notes Issued on July 30, 2019 [Member] | Maximum [Member]
Financing Receivable, Interest Rate			6.50%
Private Investment Fund [Member]
Other Investments, Total						$ 10,000,000
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale, Total	10,897,742		$ 10,897,742		14,351,099
Residential Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale, Total	16,488,927		16,488,927		14,975,101
Commercial Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale, Total	$ 9,118,138		$ 9,118,138		$ 11,697,671

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 1,185,955	$ 5,737,579	$ 13,800,029	$ 11,921,877
Fixed maturity securities, realized gains	0	113,397	105,918	132,853
Fixed maturity securities, realized losses	0	0	(106,546)	(9,582)
Fixed maturity securities, net realized gains (losses)	0	113,397	(628)	123,271
Common Stock [Member]
Equity securities, proceeds	600,120	769,346	3,976,938	2,734,181
Equity securities, realized gains	112,306	198,390	1,052,648	753,159
Equity securities, realized losses	(59,628)	(24,333)	(254,260)	(90,072)
Equity securities, net realized gains (losses)	52,678	174,057	798,388	663,087
Preferred Stock [Member]
Equity securities, proceeds	242,844	0	646,552	340,523
Equity securities, realized gains	1,004	0	8,749	37,711
Equity securities, realized losses	(12,476)	0	(20,909)	0
Equity securities, net realized gains (losses)	$ 11,472	$ 0	$ (12,160)	$ 37,711

Note 2 - Investments - Contract

Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Due in one year or less, amortized cost	$ 1,595,530
Due in one year or less, fair value	1,584,923
Due after one year through five years, amortized cost	15,569,947
Due after one year through five years, fair value	14,762,906
Due after five years through 10 years, amortized cost	19,819,683
Due after five years through 10 years, fair value	17,066,596
Due after 10 years, amortized cost	26,662,556
Due after 10 years, fair value	21,602,374
Total fixed maturity securities, amortized cost	103,689,841	$ 102,145,223
Total fixed maturity securities, fair value	91,727,759	105,841,543
Collateralized Mortgage-Backed Securities [Member]
Securities without a specific due date, amortized cost	39,826,320
Securities without a specific due date, fair value	36,504,808
Redeemable Preferred Stock [Member]
Securities without a specific due date, amortized cost	215,805
Securities without a specific due date, fair value	206,152
Total fixed maturity securities, amortized cost	215,805	215,805
Total fixed maturity securities, fair value	$ 206,152	$ 232,885

Note 2 - Investments - Schedule

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost	$ 103,689,841	$ 102,145,223
Debt Securities, Available-for-Sale, Total	91,727,759	105,841,543
Gross Unrealized Gains	53,712	4,220,575
Gross Unrealized Losses	(12,015,794)	(524,255)
Fixed maturity securities, amortized cost	103,689,841	102,145,223
US Treasury Securities [Member]
Amortized Cost	1,352,998	1,352,044
Debt Securities, Available-for-Sale, Total	1,245,719	1,345,992
Gross Unrealized Gains	0	11,276
Gross Unrealized Losses	(107,279)	(17,328)
Fixed maturity securities, amortized cost	1,352,998	1,352,044
MBS,ABS,CMBS [Member]
Amortized Cost	39,826,320	40,712,275
Debt Securities, Available-for-Sale, Total	36,504,807	41,023,871
Gross Unrealized Gains	579	607,483
Gross Unrealized Losses	(3,322,092)	(295,887)
Fixed maturity securities, amortized cost	39,826,320	40,712,275
Corporate Debt Securities [Member]
Amortized Cost	40,797,326	38,959,905
Debt Securities, Available-for-Sale, Total	36,080,909	41,206,964
Gross Unrealized Gains	10,194	2,434,738
Gross Unrealized Losses	(4,726,611)	(187,679)
Fixed maturity securities, amortized cost	40,797,326	38,959,905
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	21,497,392	20,905,194
Debt Securities, Available-for-Sale, Total	17,690,172	22,031,831
Gross Unrealized Gains	41,619	1,149,998
Gross Unrealized Losses	(3,848,839)	(23,361)
Fixed maturity securities, amortized cost	21,497,392	20,905,194
Redeemable Preferred Stock [Member]
Amortized Cost	215,805	215,805
Debt Securities, Available-for-Sale, Total	206,152	232,885
Gross Unrealized Gains	1,320	17,080
Gross Unrealized Losses	(10,973)	0
Fixed maturity securities, amortized cost	$ 215,805	$ 215,805

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Fair value, less than 12 Months	$ 72,322,225	$ 29,899,225
Fair value, 12 months or longer	14,881,737	2,680,468
Fair value	87,203,962	32,579,693
Amortized cost, less than 12 Months	81,423,171	30,333,472
Amortized cost, 12 months or longer	17,796,585	2,770,476
Amortized cost	99,219,756	33,103,948
Unrealized loss, less than 12 Months	(9,100,946)	(434,247)
Unrealized loss, 12 months or longer	(2,914,848)	(90,008)
Unrealized loss	(12,015,794)	(524,255)
US Treasury Securities [Member]
Fair value, less than 12 Months	613,609	391,250
Fair value, 12 months or longer	632,109	291,891
Fair value	1,245,718	683,141
Amortized cost, less than 12 Months	652,633	400,408
Amortized cost, 12 months or longer	700,364	300,061
Amortized cost	1,352,997	700,469
Unrealized loss, less than 12 Months	(39,024)	(9,158)
Unrealized loss, 12 months or longer	(68,255)	(8,170)
Unrealized loss	(107,279)	(17,328)
MBS,ABS,CMBS [Member]
Fair value, less than 12 Months	27,169,391	20,403,757
Fair value, 12 months or longer	9,308,869	1,124,095
Fair value	36,478,260	21,527,852
Amortized cost, less than 12 Months	29,014,459	20,647,568
Amortized cost, 12 months or longer	10,785,893	1,176,171
Amortized cost	39,800,352	21,823,739
Unrealized loss, less than 12 Months	(1,845,068)	(243,811)
Unrealized loss, 12 months or longer	(1,477,024)	(52,076)
Unrealized loss	(3,322,092)	(295,887)
Corporate Debt Securities [Member]
Fair value, less than 12 Months	30,368,813	6,428,166
Fair value, 12 months or longer	4,359,237	995,235
Fair value	34,728,050	7,423,401
Amortized cost, less than 12 Months	33,917,388	6,590,227
Amortized cost, 12 months or longer	5,537,273	1,020,853
Amortized cost	39,454,661	7,611,080
Unrealized loss, less than 12 Months	(3,548,575)	(162,061)
Unrealized loss, 12 months or longer	(1,178,036)	(25,618)
Unrealized loss	(4,726,611)	(187,679)
US States and Political Subdivisions Debt Securities [Member]
Fair value, less than 12 Months	14,034,490	2,676,052
Fair value, 12 months or longer	581,522	269,247
Fair value	14,616,012	2,945,299
Amortized cost, less than 12 Months	17,691,796	2,695,269
Amortized cost, 12 months or longer	773,055	273,391
Amortized cost	18,464,851	2,968,660
Unrealized loss, less than 12 Months	(3,657,306)	(19,217)
Unrealized loss, 12 months or longer	(191,533)	(4,144)
Unrealized loss	(3,848,839)	(23,361)
Redeemable Preferred Stock [Member]
Fair value, less than 12 Months	135,922	0
Fair value, 12 months or longer	0	0
Fair value	135,922	0
Amortized cost, less than 12 Months	146,895	0
Amortized cost, 12 months or longer	0	0
Amortized cost	146,895	0
Unrealized loss, less than 12 Months	(10,973)	0
Unrealized loss, 12 months or longer	0	0
Unrealized loss	$ (10,973)	$ 0

Note 3 - Fair Value Disclosur_3

Note 3 - Fair Value Disclosures (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Fair Value Assets, Transfers Between Level 1 and 2	$ 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, 2022	Dec. 31, 2021
Debt Securities, Available-for-Sale, Total	$ 91,727,759	$ 105,841,543
Equity securities	20,525,880	26,388,647
Total marketable investments measured at fair value	112,253,639	132,230,190
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	1,245,719	1,345,992
Equity securities	17,763,670	23,608,197
Total marketable investments measured at fair value	19,009,389	24,954,189
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	90,482,040	104,495,551
Equity securities	2,762,210	2,780,450
Total marketable investments measured at fair value	93,244,250	107,276,001
Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Equity securities	0	0
Total marketable investments measured at fair value	0	0
US Treasury Securities [Member]
Debt Securities, Available-for-Sale, Total	1,245,719	1,345,992
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	1,245,719	1,345,992
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
MBS,ABS,CMBS [Member]
Debt Securities, Available-for-Sale, Total	36,504,807	41,023,871
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	36,504,807	41,023,871
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale, Total	36,080,909	41,206,964
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	36,080,909	41,206,964
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale, Total	17,690,172	22,031,831
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	17,690,172	22,031,831
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-Sale, Total	206,152	232,885
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale, Total	206,152	232,885
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Debt Securities, Available-for-Sale, Total	0	0
Common Stock [Member]
Equity securities	17,763,670	23,608,197
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	17,763,670	23,608,197
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	0	0
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities	0	0
Preferred Stock [Member]
Equity securities	2,762,210	2,780,450
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	0	0
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	2,762,210	2,780,450
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Equity securities	$ 0	$ 0

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)		1 Months Ended				9 Months Ended
	May 31, 2022	Apr. 30, 2022	May 31, 2021	Mar. 31, 2020	Mar. 31, 2017	Sep. 30, 2022	Sep. 30, 2021	Jul. 31, 2022	Dec. 31, 2021
Long-Term Debt, Total						$ 15,000,000			$ 18,500,000
Repayments of Long-Term Debt, Total						8,455,342	$ 4,007,552
Minimum [Member]
Adjusted Capital						55,000,000
Revolving Credit Facility [Member] | American Bank & Trust [Member]
Debt Instrument, Face Amount	$ 5,000,000
Debt Instrument, Term (Year)	5 years
Debt Instrument, Interest Rate, Stated Percentage	1.36%		0%
Debt Instrument, Collateral Amount			$ 5,000,000
Interest Expense, Total						0	$ 0
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member]
Debt Instrument, Collateral Amount						4,000,000
Debt Covenant Adjusted Capital						$ 21,000,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 2,000,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate						4.75%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Maximum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 4,000,000
Federal Home Loan Bank of Chicago [Member]
Debt Instrument, Collateral Amount						$ 18,800,000
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available						$ 42,000,000
Line of Credit Facility Maximum Borrowing Capacity Percent						25%
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, Interest Rate, Stated Percentage			0.74%
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
Repayments of Long-Term Debt, Total		$ 3,500,000

Note 5 - Reinsurance (Details T

Note 5 - Reinsurance (Details Textual) - Maximum [Member]	9 Months Ended
	Sep. 30, 2022 USD ($)
Casualty Business [Member]
Reinsurance, Amount Retained, Per Life	$ 1,000,000
Property [Member]
Reinsurance Maximum Individual Risk	$ 750,000

Note 5 - Reinsurance - Summary

Note 5 - Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Direct	$ 20,900,412	$ 18,356,903	$ 61,695,027	$ 52,045,372
Reinsurance assumed	59,970	41,008	129,328	34,661
Reinsurance ceded	(2,550,345)	(2,812,181)	(7,087,338)	(8,183,606)
Net	18,410,037	15,585,730	54,737,017	43,896,427
Direct	20,224,145	16,839,315	57,720,789	46,897,960
Reinsurance assumed	54,569	37,998	122,048	49,958
Reinsurance ceded	(2,554,273)	(2,797,918)	(7,077,077)	(8,087,003)
Net	17,724,441	14,079,395	50,765,760	38,860,915
Direct	11,226,504	11,186,326	39,364,381	33,992,513
Reinsurance assumed	20,590	16,452	68,283	26,703
Reinsurance ceded	(860,570)	(2,388,256)	(5,042,334)	(8,737,708)
Net	$ 10,386,524	$ 8,814,522	$ 34,390,330	$ 25,281,508

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Prior Year Claims and Claims Adjustment Expense	$ 562,000	$ 233,000	$ 5,081,000	$ 1,464,000

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Unpaid losses and settlement expense - beginning of the period:
Gross	$ 70,381,000	$ 63,858,000	$ 61,834,809	$ 61,576,000
Less: Ceded	15,527,000	15,918,000	14,521,219	13,020,000
Net	54,854,000	47,940,000	47,314,000	48,556,000
Increase in incurred losses and settlement expense:
Current year	9,825,000	8,582,000	29,309,000	23,818,000
Prior years	562,000	233,000	5,081,000	1,464,000
Total incurred	10,387,000	8,815,000	34,390,000	25,282,000
Deduct: Loss and settlement expense payments for claims incurred:
Current year	5,758,000	5,384,000	11,752,000	10,195,000
Prior years	5,620,000	4,557,000	16,089,000	16,829,000
Total paid	11,378,000	9,941,000	27,841,000	27,024,000
Net unpaid losses and settlement expense - end of the period	53,862,000	46,815,000	53,862,000	46,815,000
Plus: Reinsurance recoverable on unpaid losses	14,768,237	14,476,000	14,768,237	14,476,000
Gross unpaid losses and settlement expense - end of the period	$ 68,630,450	$ 61,291,000	$ 68,630,450	$ 61,291,000

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	21.10%	21.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Tax Credit Carryforward, Amount	$ 0		$ 0
Operating Loss Carryforwards, Total	$ 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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Provision for income taxes at the statutory federal tax rates	$ 170,279	$ 114,800	$ (974,378)	$ 575,332
Increase (reduction) in taxes resulting from:
Dividends received deduction	(10,010)	(8,657)	(32,408)	(24,732)
Tax-exempt interest income	(12,011)	(14,890)	(38,323)	(44,437)
Proration of tax-exempt interest and dividends received deduction	(2,217)	5,685	9,581	16,748
Nondeductible expenses	32,766	25,302	60,177	67,397
Officer life insurance, net	2,307	165	(5,375)	498
Total	181,114	122,405	(980,726)	590,806
Provision for income taxes at the statutory federal tax rates	$ 170,279	$ 114,800	$ (974,378)	$ 575,332

Note 8 - Employee Benefits (Det

Note 8 - Employee Benefits (Details Textual) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
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	$ 92,080	$ 5,324
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 292,220	$ 271,165
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)	17,530		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	$ 151,575		$ 186,897
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 8 - Employee Benefits - Re

Note 8 - Employee Benefits - Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Nonvested at December 31, 2021 (in shares) | shares	259,059
Nonvested at December 31, 2021 (in dollars per share) | $ / shares	$ 13.30
Granted, Restricted Stock Units (in shares) | shares	219,945
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 17.05
Vested, Restricted Stock Units (in shares) | shares	(151,575)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 13.63
Nonvested at September 30, 2022, Restricted Stock Units (in shares) | shares	327,429
Nonvested at September 30, 2022, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.40