ICC (ICCH) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 07, 2023
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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,142,963

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)		Jun. 30, 2023	Dec. 31, 2022
Investments and cash:
Fixed maturity securities (amortized cost of $109,091,632 at 6/30/2023 and $104,580,681 at 12/31/2022)		$ 98,953,186	$ 93,388,971
Other invested assets		8,051,118	4,722,137
Property held for investment, at cost, net of accumulated depreciation of $609,929 at 6/30/2023 and $609,282 at 12/31/2022		5,732,339	6,002,233
Cash and cash equivalents		3,534,468	3,139,986
Total investments and cash		140,034,879	130,464,839
Accrued investment income		856,953	791,812
Premiums and reinsurance balances receivable, net of allowances for credit losses of $50,000 at 6/30/2023 and $50,000 at 12/31/2022		33,097,154	31,270,460
Ceded unearned premiums		754,514	947,851
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $101,000 at 6/30/2023 and $0 at 12/31/2022		14,501,900	13,610,295
Federal income taxes		3,202,556	3,318,730
Deferred policy acquisition costs, net		8,082,500	7,167,036
Property and equipment, at cost, net of accumulated depreciation of $6,802,079 at 6/30/2023 and $6,590,602 at 12/31/2022		3,329,784	3,313,719
Other Assets, net of allowances for credit losses of $53,000 at 6/30/2023 and $0 at 12/31/2022		1,431,491	1,277,469
Total assets		205,291,731	192,162,211
Liabilities:
Unpaid losses and settlement expenses		76,584,383	67,614,063
Unearned premiums		43,523,072	40,527,182
Reinsurance balances payable		639,215	1,405,337
Corporate debt		15,000,000	15,000,000
Accrued expenses		5,026,129	6,072,020
Other liabilities		1,164,892	1,102,678
Total liabilities		141,937,691	131,721,280
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(5,572,098)	(5,463,535)
Additional paid-in capital		33,141,277	33,119,125
Accumulated other comprehensive (loss), net of tax		(8,009,493)	(8,841,517)
Retained earnings		45,752,507	43,701,233
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(1,993,153)	(2,109,375)
Total equity		63,354,040	60,440,931
Total liabilities and equity		205,291,731	192,162,211
Common Stock [Member]
Investments and cash:
Stocks at fair value		20,963,949	20,438,907
Preferred Stock [Member]
Investments and cash:
Stocks at fair value		$ 2,799,819	$ 2,772,605
[1]Par value $0.01; authorized: 2023 - 10,000,000 shares and 2022 – 10,000,000 shares; issued: 2023 – 3,500,000 shares and 2022 – 3,500,000 shares; outstanding: 2023 – 3,137,228 and 2022 – 3,153,741 shares[2]2023 – 362,772 shares and 2022 – 346,259 shares[3]2023 – 199,313 shares and 2022 – 210,935 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fixed maturity securities, amortized cost	$ 109,091,632	$ 104,580,681
Property held for investment, accumulated depreciation	609,929	609,282
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	50,000	50,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	101,000	0
Property and equipment, at cost, accumulated depreciation	6,802,079	6,590,602
Allowance for Credit Loss, Receivable, Other, Current	$ 53,000	$ 0
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)	3,137,228	3,153,741
Treasury Stock, Common, Shares	362,772	346,259
Unearned Employee Stock Ownership Plan (in shares)	199,313	210,935

Condensed Consolidated Statemen

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

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, Common [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, Common [Member]		Unearned ESOP [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
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	(238,686)		0	0	0	0	(238,686)
Net income (loss)								0	0		0	0	(4,288,907)	0	(4,288,907)
Other comprehensive loss, net of tax								0	0		0	0	0	(8,961,201)	(8,961,201)
Restricted stock unit expense								0	201,445	[1]	0	(103,699)	0	0	97,746
ESOP compensation expense								0	0		116,222	78,541	0	0	194,763
Balance at Jun. 30, 2022								35,000	(3,192,640)		(2,227,523)	32,939,978	39,993,988	(6,041,174)	61,507,629
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022	$ 0	$ 0	$ 0	$ 0	$ (113,760)	$ 0	$ (113,760)
Balance at Dec. 31, 2022								35,000	(5,463,535)		(2,109,375)	33,119,125	43,701,233	(8,841,517)	60,440,931
Purchase of treasury stock								0	(267,237)		0	0	0	0	(267,237)
Net income (loss)								0	0		0	0	2,165,034	0	2,165,034
Other comprehensive loss, net of tax								0	0		0	0	0	832,024	832,024
Restricted stock unit expense								0	158,674	[1]	0	(46,453)	0	0	112,221
ESOP compensation expense								0	0		116,222	68,605	0	0	184,827
Balance at Jun. 30, 2023								$ 35,000	$ (5,572,098)		$ (1,993,153)	$ 33,141,277	$ 45,752,507	$ (8,009,493)	$ 63,354,040
[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 ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net earnings (loss)	$ 2,165,034	$ (4,288,907)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities
Net realized investment gains	(68,447)	(744,394)
Net unrealized (gains) losses on equity securities	(1,341,432)	5,097,203
Depreciation	355,261	341,014
Deferred income tax	197,139	(1,191,849)
Amortization of bond premium and discount	51,928	115,225
Stock-based compensation expense	297,048	292,509
Change in:
Accrued investment income	(65,141)	(47,777)
Premiums and reinsurance balances receivable	(1,826,694)	(2,560,179)
Ceded unearned premiums	193,337	(14,189)
Reinsurance balances payable	(766,122)	(555,225)
Reinsurance balances recoverable	(989,605)	(1,004,895)
Deferred policy acquisition costs	(915,464)	(617,926)
Unpaid losses and settlement expenses	8,970,320	8,546,274
Unearned premiums	2,995,890	3,299,850
Accrued expenses	(1,045,891)	(800,707)
Current federal income tax	(271,895)	(509,561)
Other	(137,807)	257,609
Net cash provided by operating activities	7,797,459	5,614,074
Cash flows from investing activities:
Fixed maturity securities	(12,948,130)	(10,602,574)
Other invested assets	(3,346,778)	(725,000)
Property held for investment	(962,979)	(432,279)
Property and equipment	(283,165)	(329,264)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	8,342,783	12,614,074
Other invested assets	17,657	18,518
Property held for investment	1,141,911	278,679
Property and equipment	2,800	7,454
Net cash (used in) provided by investing activities	(7,135,740)	1,515,552
Cash flows from financing activities:
Proceeds from loans	0	5,000,000
Repayments of borrowed funds	0	(8,455,342)
Purchase of treasury stock	(267,237)	(238,686)
Net cash used in financing activities	(267,237)	(3,694,029)
Net increase in cash and cash equivalents	394,482	3,435,597
Cash and cash equivalents at beginning of year	3,139,986	4,606,378
Cash and cash equivalents at end of period	3,534,468	8,041,975
Supplemental information:
Interest paid	86,000	97,900
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(1,175,966)	(1,927,583)
Proceeds from sales, maturities and calls of:
Equity securities	2,024,336	3,376,818
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(285,649)	(1,166,999)
Proceeds from sales, maturities and calls of:
Equity securities	$ 337,440	$ 403,708

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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. (the Company) 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, Utah, and Wisconsin and markets through independent agents. Approximately 24.2% and 23.2% of the premium is written in Illinois for the three June 30, 2023 2022 six June 30, 2023 2022 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, 2022 2022 10 not June 30, 2023 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 On January 1, 2023, 2016 13, 326 2016 13 2016 13 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no June 30, 2023 E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended June 30, 2023 December 31, 2022 As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719 F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense of $221,171 and benefit of $2,382,091 fo six June 30, 2023 2022 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 ) The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496 G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. Russia’s invasion of Ukraine, supply chain disruptions, labor shortages and tightening, inflation and related monetary policy responses, and recession fears are also causing volatility and disruptions in credit and capital markets, adverse developments or general investor sentiment regarding the value of our investment securities as a result of rising interest rates or otherwise, and the business prospects of the industry we serve. The cumulative effects of these events on the Company cannot be predicted, but could reduce demand for our insurance policies, result an in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Note 2 - Investments

Note 2 - Investments	6 Months Ended
	Jun. 30, 2023
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 June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 4,512,342 $ — $ (11,378 ) $ (11,378 ) Common stocks 1,246,265 278,790 (121,760 ) 157,030 Preferred stocks 241,812 4,959 (6,599 ) (1,640 ) 2022 Fixed maturity securities $ 10,168,949 $ 96,191 $ (106,546 ) $ (10,355 ) Common stocks 2,740,714 736,152 (186,562 ) 549,590 Preferred stocks 38,200 — (2,426 ) (2,426 ) For the Six-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 8,342,783 $ — $ (51,898 ) $ (51,898 ) Common stocks 2,024,336 404,791 (307,218 ) 97,573 Preferred stocks 337,440 29,371 (6,599 ) 22,772 2022 Fixed maturity securities $ 12,614,074 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,376,818 940,342 (194,632 ) 745,710 Preferred stocks 403,708 7,745 (8,433 ) (688 ) The amortized cost and estimated fair value of fixed income securities at June 30, 2023 Amortized Cost Fair Value Due in one year or less $ 2,653,094 $ 2,616,149 Due after one year through five years 15,338,539 14,509,826 Due after five years through 10 years 22,000,118 19,955,236 Due after 10 years 25,902,069 21,734,839 Asset and mortgage-backed securities without a specific due date 42,889,368 39,840,230 Redeemable preferred stocks 308,444 296,906 Total fixed maturity securities $ 109,091,632 $ 98,953,186 Expected maturities may The following table is a schedule of amortized cost and estimated fair values of investments in securities classified as available for sale at June 30, 2023 December 31, 2022 Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,352,263 $ 1,258,328 $ — $ (93,935 ) MBS/ABS/CMBS 42,889,368 39,840,230 61,409 (3,110,547 ) Corporate 43,537,844 39,684,915 51,234 (3,904,163 ) Municipal 21,003,713 17,872,807 88,804 (3,219,710 ) Redeemable preferred stock 308,444 296,906 — (11,538 ) Total fixed maturity securities $ 109,091,632 $ 98,953,186 $ 201,447 $ (10,339,893 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,752 $ 1,252,960 $ — $ (99,792 ) MBS/ABS/CMBS 41,858,596 38,803,341 51,477 (3,106,732 ) Corporate 39,716,139 35,602,055 38,867 (4,152,951 ) Municipal 21,437,389 17,541,694 78,117 (3,973,812 ) Redeemable preferred stock 215,805 188,921 — (26,884 ) Total fixed maturity securities $ 104,580,681 $ 93,388,971 $ 168,461 $ (11,360,171 ) All the Company’s collateralized securities carry an average credit rating of AA by one Note 3 Fair Value Disclosures, June 30, 2023 December 31, 2022 ANALYSIS The following tables are also used as part of the impairment analysis and display the total value of securities that were in an unrealized loss position as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,258,328 $ 1,258,328 $ 615,367 $ 637,594 $ 1,252,961 Amortized cost — 1,352,263 1,352,263 652,424 700,329 1,352,753 Unrealized loss — (93,935 ) (93,935 ) (37,057 ) (62,735 ) (99,792 ) MBS/ABS/CMBS Fair value 13,459,765 23,582,217 37,041,982 21,199,819 12,833,310 34,033,129 Amortized cost 13,776,404 26,376,125 40,152,529 22,564,779 14,575,082 37,139,861 Unrealized loss (316,639 ) (2,793,908 ) (3,110,547 ) (1,364,960 ) (1,741,772 ) (3,106,732 ) Corporate Fair value 14,453,718 21,533,377 35,987,095 27,688,403 5,829,396 33,517,799 Amortized cost 14,918,677 24,972,581 39,891,258 30,584,890 7,085,860 37,670,750 Unrealized loss (464,959 ) (3,439,204 ) (3,904,163 ) (2,896,487 ) (1,256,464 ) (4,152,951 ) Municipal Fair value 1,294,170 11,731,900 13,026,070 11,502,050 2,079,831 13,581,881 Amortized cost 1,307,000 14,938,780 16,245,780 14,590,996 2,964,697 17,555,693 Unrealized loss (12,830 ) (3,206,880 ) (3,219,710 ) (3,088,946 ) (884,866 ) (3,973,812 ) Redeemable preferred stock Fair value 252,250 44,656 296,906 188,921 — 188,921 Amortized cost 261,063 47,381 308,444 215,805 — 215,805 Unrealized loss (8,813 ) (2,725 ) (11,538 ) (26,884 ) — (26,884 ) Total Fair value 29,459,903 58,150,478 87,610,381 61,194,560 21,380,131 82,574,691 Amortized cost 30,263,144 67,687,130 97,950,274 68,608,894 25,325,968 93,934,862 Unrealized loss $ (803,241 ) $ (9,536,652 ) $ (10,339,893 ) $ (7,414,334 ) $ (3,945,837 ) $ (11,360,171 ) The fixed income portfolio contained 239 securities in an unrealized loss position as of June 30, 2023 12 not not not There were no other-than-temporary impairment losses recognized in net earnings during the six June 30, 2023 June 30, 2022 not may UNREALIZED GAINS AND LOSSES ON EQUITY SECURITIES Net unrealized gains recognized during the three six June 30, 2023 June 30, 2023 three six June 30, 2022 June 30, 2022 Other Invested Assets Other invested assets as of June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 As of June 30, 2023 November 2021, may May 31, 2023, June 30, 2023 December 31, 2022 no December 31, 2022 Notes receivable are carried at outstanding value plus accrued interest. As of June 30, 2023 six June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 The membership in the FHLBC is carried at cost.

Note 3 - Fair Value Disclosures

Note 3 - Fair Value Disclosures	6 Months Ended
	Jun. 30, 2023
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, a limited partnership, a SAFE investment, and a membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock and the limited partnership at fair value. The SAFE investment and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of June 30, 2023 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,258,328 $ — $ — $ 1,258,328 MBS/ABS/CMBS — 39,840,230 — 39,840,230 Corporate — 39,684,915 — 39,684,915 Municipal — 17,872,807 — 17,872,807 Redeemable preferred stocks — 296,906 — 296,906 Total fixed maturity securities 1,258,328 97,694,858 — 98,953,186 Equity securities Common stocks 20,963,949 — — 20,963,949 Perpetual preferred stocks — 2,799,819 — 2,799,819 Total equity securities 20,963,949 2,799,819 — 23,763,768 Total marketable investments measured at fair value $ 22,222,277 $ 100,494,677 $ — $ 122,716,954 Assets measured at fair value on a recurring basis as of December 31, 2022 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,252,960 $ — $ — $ 1,252,960 MBS/ABS/CMBS — 38,803,341 — 38,803,341 Corporate — 35,602,055 — 35,602,055 Municipal — 17,541,694 — 17,541,694 Redeemable preferred stocks — 188,921 — 188,921 Total fixed maturity securities 1,252,960 92,136,011 — 93,388,971 Equity securities Common stocks 20,438,907 — — 20,438,907 Perpetual preferred stocks — 2,772,605 — 2,772,605 Total equity securities 20,438,907 2,772,605 — 23,211,512 Total marketable investments measured at fair value $ 21,691,867 $ 94,908,616 $ — $ 116,600,483 As noted in the previous tables, the Company did not 3 June 30, 2023 December 31, 2022 no 1 2 six June 30, 2023 2022

Note 4 - Debt

Note 4 - Debt	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	4. DEBT Debt Obligation Debt Obligations The Company had $15,000,000 in outstanding debt as of June 30, 2023 December 31, 2022 The Company also has borrowing capacity of $44.3 million with the Federal Home Loan Bank of Chicago (FHLBC), which is 25% of net admitted statutory assets of Illinois Casualty Company as of the prior year-end. As of June 30, 2023 As part of the Company’s response to COVID- 19, March 2020, five In May 2021, five In May 2022, five The Company has $19.0 million in bonds pledged as collateral for all FHLBC loans. Revolving Line of Credit We increased our revolving line of credit with a commercial bank from $2.0 million to $4.0 million in July 2022. June 30, 2023 June 30, 2023 July 5, 2023 July 5, 2024 June 30, 2023 no six June 30, 2023 2022

Note 5 - Reinsurance

Note 5 - Reinsurance	6 Months Ended
	Jun. 30, 2023
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 $1,000,000 for property, although certain treaties contain an annual aggregate deductible before reinsurance applies. Premiums, written and earned, along with losses and settlement expenses incurred for the periods presented is summarized as follows: Three-Month Periods Ended June 30, 2023 2022 WRITTEN Direct $ 23,589,667 $ 21,228,432 Reinsurance assumed 36,387 32,410 Reinsurance ceded (2,654,089 ) (2,266,365 ) Net $ 20,971,965 $ 18,994,477 EARNED Direct $ 21,167,168 $ 19,231,944 Reinsurance assumed 31,109 25,851 Reinsurance ceded (2,704,224 ) (2,233,153 ) Net $ 18,494,053 $ 17,024,642 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 12,633,975 $ 15,524,735 Reinsurance assumed 31,178 2,284 Reinsurance ceded (450,667 ) (1,718,414 ) Net $ 12,214,486 $ 13,808,605 Six-Month Periods Ended June 30, 2023 2022 WRITTEN Direct $ 44,404,193 $ 40,794,615 Reinsurance assumed 75,113 69,358 Reinsurance ceded (4,994,729 ) (4,536,993 ) Net $ 39,484,577 $ 36,326,980 EARNED Direct $ 41,410,604 $ 37,496,644 Reinsurance assumed 72,811 67,479 Reinsurance ceded (5,188,065 ) (4,522,804 ) Net $ 36,295,350 $ 33,041,319 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 25,900,404 $ 28,137,877 Reinsurance assumed 40,419 47,693 Reinsurance ceded (2,678,656 ) (4,181,764 ) Net $ 23,262,167 $ 24,003,806

Note 6 - Unpaid Losses and Sett

Note 6 - Unpaid Losses and Settlement Expenses	6 Months Ended
	Jun. 30, 2023
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 June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 72,867 $ 67,407 Less: Ceded 14,460 16,089 Net 58,407 51,318 Increase in incurred losses and settlement expense: Current year 10,929 11,960 Prior years 1,285 1,849 Total incurred 12,214 13,809 Deduct: Loss and settlement expense payments for claims incurred: Current year 3,558 4,605 Prior years 5,082 5,667 Total paid 8,640 10,272 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the Six-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 67,614 $ 61,835 Less: Ceded 13,610 14,521 Net 54,004 47,314 Increase in incurred losses and settlement expense: Current year 22,001 19,485 Prior years 1,261 4,519 Total incurred 23,262 24,004 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,716 5,994 Prior years 10,569 10,469 Total paid 15,285 16,463 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the six June 30, 2023 2022 six June 30, 2023 2022; one 2021; one

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. INCOME TAXES The Company’s effective tax rate for the six June 30, 2023 2022 Income tax expense for the six June 30, 2023 2022 For the Three-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 156,026 $ (1,100,569 ) Increase (reduction) in taxes resulting from: Dividends received deduction (20,275 ) (11,117 ) Tax-exempt interest income (8,794 ) (12,961 ) Proration of tax-exempt interest and dividends received deduction 7,053 5,828 Nondeductible expenses 19,952 10,119 Officer life insurance, net 2,532 (3,335 ) Total $ 156,494 $ (1,112,035 ) For the Six-Months Ended June 30, 2023 2022 Provision for income taxes at the statutory federal tax rates $ 572,680 $ (1,144,657 ) Increase (reduction) in taxes resulting from: Dividends received deduction (40,735 ) (22,398 ) Tax-exempt interest income (18,866 ) (26,312 ) Proration of tax-exempt interest and dividends received deduction 14,470 11,798 Nondeductible expenses 35,043 27,411 Officer life insurance, net (578 ) (7,682 ) Total $ 562,014 $ (1,161,840 ) Management believes it is more likely than not As of June 30, 2023 December 31, 2022 not 2019 no June 30, 2023

Note 8 - Employee Benefits

Note 8 - Employee Benefits	6 Months Ended
	Jun. 30, 2023
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 six June 30, 2023 2022 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 six June 30, 2023 ted to 11,622 shares of our c December 31, 2023 six June 30, 2022 December 31, 2022 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first June 30, 2023 December 31, 2022 RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 $ 273,601 $ 15.72 Granted 272,802 17,600 Vested (112,230 ) 14.82 Nonvested at June 30, 2023 $ 434,173 $ 15.83

Note 9 - Subsequent Events

Note 9 - Subsequent Events	6 Months Ended
	Jun. 30, 2023
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)	6 Months Ended
	Jun. 30, 2023
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, 2022 2022 10 not June 30, 2023 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]	C. SIGNIFICANT ACCOUNTING POLICIES On January 1, 2023, 2016 13, 326 2016 13 2016 13 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no June 30, 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 June 30, 2023 December 31, 2022 As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719
Comprehensive Income, Policy [Policy Text Block]	F. COMPREHENSIVE EARNINGS Comprehensive (loss) earnings include net earnings (loss) plus unrealized gains (losses) on available-for-sale investment securities, net of tax. In reporting the components of comprehensive earnings on a net basis in the statement of earnings and comprehensive earnings, the Company used a 21% tax rate. Other comprehensive earnings, as shown in the consolidated statements of earnings and comprehensive earnings, is net of tax expense of $221,171 and benefit of $2,382,091 fo six June 30, 2023 2022 The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 ) The following table illustrates the components of other comprehensive earnings for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 ) The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496
Risk And Uncertainties [Policy Text Block]	G. RISKS AND UNCERTAINTIES Certain risks and uncertainties are inherent to our day-to-day operations. Adverse changes in the economy could lower demand for our insurance products or negatively impact our investment results, both of which could have an adverse effect on the revenue and profitability of our operations. Russia’s invasion of Ukraine, supply chain disruptions, labor shortages and tightening, inflation and related monetary policy responses, and recession fears are also causing volatility and disruptions in credit and capital markets, adverse developments or general investor sentiment regarding the value of our investment securities as a result of rising interest rates or otherwise, and the business prospects of the industry we serve. The cumulative effects of these events on the Company cannot be predicted, but could reduce demand for our insurance policies, result an in increased level of losses, settlement expenses or other operating costs, or reduce the market value of invested assets held by the Company.

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of June 30, December 31, 2023 2022 Automobiles $ 608,170 $ 637,306 Furniture and fixtures 528,756 520,835 Computer equipment and software 4,899,757 4,720,932 Home office 4,095,180 4,025,248 Total cost 10,131,863 9,904,321 Accumulated depreciation (6,802,079 ) (6,590,602 ) Net property and equipment $ 3,329,784 $ 3,313,719
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Six-Months Ended June 30, 2023 2022 Beginning balance $ (8,841,517 ) $ 2,920,027 Other comprehensive earnings (loss) before reclassification 791,025 (8,961,697 ) Amount reclassified from accumulated other comprehensive earnings (loss) 40,999 496 Net current period other comprehensive earnings (loss) 832,024 (8,961,201 ) Ending balance $ (8,009,493 ) $ (6,041,174 )
Comprehensive Income (Loss) [Table Text Block]	Three-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive loss, net of tax Unrealized gains and losses on AFS investments: Unrealized holding losses arising during the period $ (978,883 ) $ 205,566 $ (773,317 ) $ (5,063,685 ) $ 1,063,373 $ (4,000,312 ) Reclassification adjustment for losses included in net earnings 11,378 (2,390 ) 8,988 10,355 (2,175 ) 8,180 Total other comprehensive loss $ (967,505 ) $ 203,176 $ (764,329 ) $ (5,053,330 ) $ 1,061,198 $ (3,992,132 ) Six-Month Periods Ended June 30, 2023 2022 Pre-tax Tax After-tax Pre-tax Tax After-tax Other comprehensive (loss) earnings, net of tax Unrealized gains and losses on AFS investments: Unrealized holding gains (losses) arising during the period $ 1,001,297 $ (210,272 ) $ 791,025 $ (11,343,920 ) $ 2,382,223 $ (8,961,697 ) Reclassification adjustment for losses included in net earnings 51,898 (10,899 ) 40,999 628 (132 ) 496 Total other comprehensive earnings (loss) $ 1,053,195 $ (221,171 ) $ 832,024 $ (11,343,292 ) $ 2,382,091 $ (8,961,201 )
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amounts Reclassified from Accumulated Other Comprehensive Earnings Three-Month Periods Ended Six-Month Periods Ended Details about Accumulated Other June 30, June 30, Affected Line Item in the Statement Comprehensive Earnings Component 2023 2022 2023 2022 where Net Earnings is Presented Unrealized losses on AFS investments: $ 11,378 $ 10,355 $ 51,898 $ 628 Net realized investment losses (gains) (2,390 ) (2,175 ) (10,899 ) (132 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ 8,988 $ 8,180 $ 40,999 $ 496

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	For the Three-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 4,512,342 $ — $ (11,378 ) $ (11,378 ) Common stocks 1,246,265 278,790 (121,760 ) 157,030 Preferred stocks 241,812 4,959 (6,599 ) (1,640 ) 2022 Fixed maturity securities $ 10,168,949 $ 96,191 $ (106,546 ) $ (10,355 ) Common stocks 2,740,714 736,152 (186,562 ) 549,590 Preferred stocks 38,200 — (2,426 ) (2,426 ) For the Six-Months Ended June 30, Net Realized Proceeds Gains Losses Gains (Losses) 2023 Fixed maturity securities $ 8,342,783 $ — $ (51,898 ) $ (51,898 ) Common stocks 2,024,336 404,791 (307,218 ) 97,573 Preferred stocks 337,440 29,371 (6,599 ) 22,772 2022 Fixed maturity securities $ 12,614,074 $ 105,918 $ (106,546 ) $ (628 ) Common stocks 3,376,818 940,342 (194,632 ) 745,710 Preferred stocks 403,708 7,745 (8,433 ) (688 )
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Cost Fair Value Due in one year or less $ 2,653,094 $ 2,616,149 Due after one year through five years 15,338,539 14,509,826 Due after five years through 10 years 22,000,118 19,955,236 Due after 10 years 25,902,069 21,734,839 Asset and mortgage-backed securities without a specific due date 42,889,368 39,840,230 Redeemable preferred stocks 308,444 296,906 Total fixed maturity securities $ 109,091,632 $ 98,953,186
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,352,263 $ 1,258,328 $ — $ (93,935 ) MBS/ABS/CMBS 42,889,368 39,840,230 61,409 (3,110,547 ) Corporate 43,537,844 39,684,915 51,234 (3,904,163 ) Municipal 21,003,713 17,872,807 88,804 (3,219,710 ) Redeemable preferred stock 308,444 296,906 — (11,538 ) Total fixed maturity securities $ 109,091,632 $ 98,953,186 $ 201,447 $ (10,339,893 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2022 Fixed maturity securities: U.S. Treasury $ 1,352,752 $ 1,252,960 $ — $ (99,792 ) MBS/ABS/CMBS 41,858,596 38,803,341 51,477 (3,106,732 ) Corporate 39,716,139 35,602,055 38,867 (4,152,951 ) Municipal 21,437,389 17,541,694 78,117 (3,973,812 ) Redeemable preferred stock 215,805 188,921 — (26,884 ) Total fixed maturity securities $ 104,580,681 $ 93,388,971 $ 168,461 $ (11,360,171 )
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]	June 30, 2023 December 31, 2022 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,258,328 $ 1,258,328 $ 615,367 $ 637,594 $ 1,252,961 Amortized cost — 1,352,263 1,352,263 652,424 700,329 1,352,753 Unrealized loss — (93,935 ) (93,935 ) (37,057 ) (62,735 ) (99,792 ) MBS/ABS/CMBS Fair value 13,459,765 23,582,217 37,041,982 21,199,819 12,833,310 34,033,129 Amortized cost 13,776,404 26,376,125 40,152,529 22,564,779 14,575,082 37,139,861 Unrealized loss (316,639 ) (2,793,908 ) (3,110,547 ) (1,364,960 ) (1,741,772 ) (3,106,732 ) Corporate Fair value 14,453,718 21,533,377 35,987,095 27,688,403 5,829,396 33,517,799 Amortized cost 14,918,677 24,972,581 39,891,258 30,584,890 7,085,860 37,670,750 Unrealized loss (464,959 ) (3,439,204 ) (3,904,163 ) (2,896,487 ) (1,256,464 ) (4,152,951 ) Municipal Fair value 1,294,170 11,731,900 13,026,070 11,502,050 2,079,831 13,581,881 Amortized cost 1,307,000 14,938,780 16,245,780 14,590,996 2,964,697 17,555,693 Unrealized loss (12,830 ) (3,206,880 ) (3,219,710 ) (3,088,946 ) (884,866 ) (3,973,812 ) Redeemable preferred stock Fair value 252,250 44,656 296,906 188,921 — 188,921 Amortized cost 261,063 47,381 308,444 215,805 — 215,805 Unrealized loss (8,813 ) (2,725 ) (11,538 ) (26,884 ) — (26,884 ) Total Fair value 29,459,903 58,150,478 87,610,381 61,194,560 21,380,131 82,574,691 Amortized cost 30,263,144 67,687,130 97,950,274 68,608,894 25,325,968 93,934,862 Unrealized loss $ (803,241 ) $ (9,536,652 ) $ (10,339,893 ) $ (7,414,334 ) $ (3,945,837 ) $ (11,360,171 )

Note 3 - Fair Value Disclosur_2

Note 3 - Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2023
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 $ 1,258,328 $ — $ — $ 1,258,328 MBS/ABS/CMBS — 39,840,230 — 39,840,230 Corporate — 39,684,915 — 39,684,915 Municipal — 17,872,807 — 17,872,807 Redeemable preferred stocks — 296,906 — 296,906 Total fixed maturity securities 1,258,328 97,694,858 — 98,953,186 Equity securities Common stocks 20,963,949 — — 20,963,949 Perpetual preferred stocks — 2,799,819 — 2,799,819 Total equity securities 20,963,949 2,799,819 — 23,763,768 Total marketable investments measured at fair value $ 22,222,277 $ 100,494,677 $ — $ 122,716,954 Significant Quoted in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total AFS securities Fixed maturity securities U.S. treasury $ 1,252,960 $ — $ — $ 1,252,960 MBS/ABS/CMBS — 38,803,341 — 38,803,341 Corporate — 35,602,055 — 35,602,055 Municipal — 17,541,694 — 17,541,694 Redeemable preferred stocks — 188,921 — 188,921 Total fixed maturity securities 1,252,960 92,136,011 — 93,388,971 Equity securities Common stocks 20,438,907 — — 20,438,907 Perpetual preferred stocks — 2,772,605 — 2,772,605 Total equity securities 20,438,907 2,772,605 — 23,211,512 Total marketable investments measured at fair value $ 21,691,867 $ 94,908,616 $ — $ 116,600,483

Note 5 - Reinsurance (Tables)

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

Note 6 - Unpaid Losses and Se_2

Note 6 - Unpaid Losses and Settlement Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	For the Three-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 72,867 $ 67,407 Less: Ceded 14,460 16,089 Net 58,407 51,318 Increase in incurred losses and settlement expense: Current year 10,929 11,960 Prior years 1,285 1,849 Total incurred 12,214 13,809 Deduct: Loss and settlement expense payments for claims incurred: Current year 3,558 4,605 Prior years 5,082 5,667 Total paid 8,640 10,272 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381 For the Six-Months Ended June 30, (In thousands) 2023 2022 Unpaid losses and settlement expense - beginning of the period: Gross $ 67,614 $ 61,835 Less: Ceded 13,610 14,521 Net 54,004 47,314 Increase in incurred losses and settlement expense: Current year 22,001 19,485 Prior years 1,261 4,519 Total incurred 23,262 24,004 Deduct: Loss and settlement expense payments for claims incurred: Current year 4,716 5,994 Prior years 10,569 10,469 Total paid 15,285 16,463 Net unpaid losses and settlement expense - end of the period 61,981 54,855 Plus: Reinsurance recoverable on unpaid losses net of CECL 14,502 15,526 Plus: CECL allowance for reinsurance recoverable on unpaid losses 101 — Gross unpaid losses and settlement expense - end of the period $ 76,584 $ 70,381

Note 7 - Income Taxes (Tables)

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

Note 8 - Employee Benefits (Tab

Note 8 - Employee Benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	RSUs Weighted Average Grant Date Fair Value Nonvested at December 31, 2022 $ 273,601 $ 15.72 Granted 272,802 17,600 Vested (112,230 ) 14.82 Nonvested at June 30, 2023 $ 434,173 $ 15.83

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jan. 01, 2023
Retained Earnings (Accumulated Deficit)	$ 45,752,507		$ 45,752,507		$ 43,701,233
Tangible Asset Impairment Charges			$ 0		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%
Other Comprehensive Income (Loss), Tax	$ 203,176	$ 1,061,198	$ (221,171)	$ 2,382,091
Available-for-Sale Securities [Member]
Other Comprehensive Income (Loss), Tax			$ (221,171)	$ 2,382,091
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member]
Retained Earnings (Accumulated Deficit)						$ (113,760)
Premiums [Member] | Geographic Concentration Risk [Member] | ILLINOIS
Concentration Risk, Percentage	24.20%	23.20%	23.60%	23.20%

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cost	$ 10,131,863	$ 9,904,321
Accumulated depreciation	(6,802,079)	(6,590,602)
Net property and equipment	3,329,784	3,313,719
Automobiles [Member]
Cost	608,170	637,306
Furniture and Fixtures [Member]
Cost	528,756	520,835
Computer Equipment [Member]
Cost	4,899,757	4,720,932
Home Office [Member]
Cost	$ 4,095,180	$ 4,025,248

Note 1 - Summary of Significa_5

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

Note 1 - Summary of Significa_6

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

Note 1 - Summary of Significa_7

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

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	May 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)
Debt Securities, Available-for-Sale	$ 98,953,186		$ 93,388,971
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	9,536,652		3,945,837
Other-than-temporary Impairment Loss, Debt Securities, Available-for-Sale, Recognized in Earnings	0	$ 0
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	702,014	$ 3,804,511	1,341,432		$ 5,097,203
Other Investments	8,051,118		4,722,137
Federal Home Loan Bank of Chicago [Member]
Other Investments	425,000		425,000
Notes Receivable [Member]
Other Investments	5,851,628		4,082,507
Privately Held Investments [Member]
Other Investments	1,774,490		214,630
Limited Partnership [Member]
Other Investments	1,300,000
SAFE Investment [Member]
Other Investments	250,000
Stocks [Member]
Other Investments	214,490
Private Investment Fund [Member]
Other Investments						$ 10,000,000
Investment Request Amount				$ 1,300,000
Investment, Funding Available for Future Investment	8,700,000
Notes Issued on July 30, 2019 [Member]
Debt Instrument Accumulated Payments Received	22,999		244,046
Increase (Decrease) in Accrued Interest Receivable, Net	5,342		10,496
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 0		0
Notes Issued on July 30, 2019 [Member] | Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate	0.25%
Notes Issued on July 30, 2019 [Member] | Minimum [Member]
Financing Receivable, Interest Rate	3.90%
Notes Issued on July 30, 2019 [Member] | Minimum [Member] | Prime Rate [Member]
Loans Receivable, Basis Spread on Variable Rate	4%
Notes Issued on July 30, 2019 [Member] | Maximum [Member]
Financing Receivable, Interest Rate	8.25%
Asset-Backed Securities [Member]
Debt Securities, Available-for-Sale	$ 7,399,715		10,567,904
Residential Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	26,030,621		19,288,540
Commercial Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	$ 6,409,894		$ 8,946,897
Fixed Income Securities [Member]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	239
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	165
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 9,536,652

Note 2 - Investments - Summary

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

Note 2 - Investments - Contract

Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Due in one year or less, amortized cost	$ 2,653,094
Due in one year or less, fair value	2,616,149
Due after one year through five years, amortized cost	15,338,539
Due after one year through five years, fair value	14,509,826
Due after five years through 10 years, amortized cost	22,000,118
Due after five years through 10 years, fair value	19,955,236
Due after 10 years, amortized cost	25,902,069
Due after 10 years, fair value	21,734,839
Total fixed maturity securities, amortized cost	109,091,632	$ 104,580,681
Total fixed maturity securities, fair value	98,953,186	93,388,971
Collateralized Mortgage-Backed Securities [Member]
Securities without a specific due date, amortized cost	42,889,368
Securities without a specific due date, fair value	39,840,230
Securities without a specific due date, amortized cost	42,889,368
Redeemable Preferred Stock [Member]
Securities without a specific due date, amortized cost	308,444
Securities without a specific due date, fair value	296,906
Securities without a specific due date, amortized cost	308,444
Total fixed maturity securities, amortized cost	308,444	215,805
Total fixed maturity securities, fair value	$ 296,906	$ 188,921

Note 2 - Investments - Schedule

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

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Fair value, less than 12 Months	$ 29,459,903	$ 61,194,560
Fair value, 12 months or longer	58,150,478	21,380,131
Fair value	87,610,381	82,574,691
Amortized cost, less than 12 Months	30,263,144	68,608,894
Amortized cost, 12 months or longer	67,687,130	25,325,968
Amortized cost	97,950,274	93,934,862
Unrealized loss, less than 12 Months	(803,241)	(7,414,334)
Unrealized loss, 12 months or longer	(9,536,652)	(3,945,837)
Unrealized loss	(10,339,893)	(11,360,171)
US Treasury Securities [Member]
Fair value, less than 12 Months	0	615,367
Fair value, 12 months or longer	1,258,328	637,594
Fair value	1,258,328	1,252,961
Amortized cost, less than 12 Months	0	652,424
Amortized cost, 12 months or longer	1,352,263	700,329
Amortized cost	1,352,263	1,352,753
Unrealized loss, less than 12 Months	0	(37,057)
Unrealized loss, 12 months or longer	(93,935)	(62,735)
Unrealized loss	(93,935)	(99,792)
MBS,ABS,CMBS [Member]
Fair value, less than 12 Months	13,459,765	21,199,819
Fair value, 12 months or longer	23,582,217	12,833,310
Fair value	37,041,982	34,033,129
Amortized cost, less than 12 Months	13,776,404	22,564,779
Amortized cost, 12 months or longer	26,376,125	14,575,082
Amortized cost	40,152,529	37,139,861
Unrealized loss, less than 12 Months	(316,639)	(1,364,960)
Unrealized loss, 12 months or longer	(2,793,908)	(1,741,772)
Unrealized loss	(3,110,547)	(3,106,732)
Corporate Debt Securities [Member]
Fair value, less than 12 Months	14,453,718	27,688,403
Fair value, 12 months or longer	21,533,377	5,829,396
Fair value	35,987,095	33,517,799
Amortized cost, less than 12 Months	14,918,677	30,584,890
Amortized cost, 12 months or longer	24,972,581	7,085,860
Amortized cost	39,891,258	37,670,750
Unrealized loss, less than 12 Months	(464,959)	(2,896,487)
Unrealized loss, 12 months or longer	(3,439,204)	(1,256,464)
Unrealized loss	(3,904,163)	(4,152,951)
US States and Political Subdivisions Debt Securities [Member]
Fair value, less than 12 Months	1,294,170	11,502,050
Fair value, 12 months or longer	11,731,900	2,079,831
Fair value	13,026,070	13,581,881
Amortized cost, less than 12 Months	1,307,000	14,590,996
Amortized cost, 12 months or longer	14,938,780	2,964,697
Amortized cost	16,245,780	17,555,693
Unrealized loss, less than 12 Months	(12,830)	(3,088,946)
Unrealized loss, 12 months or longer	(3,206,880)	(884,866)
Unrealized loss	(3,219,710)	(3,973,812)
Redeemable Preferred Stock [Member]
Fair value, less than 12 Months	252,250	188,921
Fair value, 12 months or longer	44,656	0
Fair value	296,906	188,921
Amortized cost, less than 12 Months	261,063	215,805
Amortized cost, 12 months or longer	47,381	0
Amortized cost	308,444	215,805
Unrealized loss, less than 12 Months	(8,813)	(26,884)
Unrealized loss, 12 months or longer	(2,725)	0
Unrealized loss	$ (11,538)	$ (26,884)

Note 3 - Fair Value Disclosur_3

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

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)		1 Months Ended			6 Months Ended
	Jul. 05, 2023	May 31, 2022	May 31, 2021	Mar. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 31, 2022	May 28, 2022
Long-Term Debt					$ 15,000,000		$ 15,000,000
Minimum [Member]
Adjusted Capital					60,500,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member]
Debt Instrument, Collateral Amount					4,000,000
Long-Term Line of Credit, Total					0
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] | Prime Rate [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 2,000,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate					4.75%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member] | Prime Rate [Member] | Subsequent Event [Member]
Debt Instrument, Basis Spread on Variable Rate	6%
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Maximum [Member]
Line of Credit Facility, Maximum Borrowing Capacity								$ 4,000,000
Revolving Credit Facility [Member] | American Bank & Trust [Member]
Interest Expense, Total					$ 0	$ 0
Federal Home Loan Bank of Chicago [Member]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available					$ 44,300,000
Line of Credit Facility Maximum Borrowing Capacity Percent					25%
Advance from Federal Home Loan Bank					$ 15,000,000
Debt Instrument, Collateral Amount					$ 19,000,000
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, One [Member]
Proceeds from FHLBank Borrowings, Financing Activities				$ 6,000,000
Debt Instrument, Term (Year)				5 years
Debt Instrument, Interest Rate, Stated Percentage				1.40%
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged				$ 6,800,000
Federal Home Loan Bank of Chicago [Member] | Federal Home Loan Bank Advances, Two [Member]
Proceeds from FHLBank Borrowings, Financing Activities			$ 4,000,000
Debt Instrument, Term (Year)			5 years
Debt Instrument, Interest Rate, Stated Percentage			0.74%
Federal Home Loan Bank of Chicago [Member] | FHLBC May 2021 [Member]
Debt Instrument, Collateral Amount									$ 5,000,000
Federal Home Loan Bank of Chicago [Member] | FHLBC May 2021 Loan [Member]
Debt Instrument, Term (Year)		5 years
Debt Instrument, Interest Rate, Stated Percentage		1.36%

Note 5 - Reinsurance (Details T

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

Note 5 - Reinsurance - Summary

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

Note 6 - Unpaid Losses and Se_3

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

Note 6 - Unpaid Losses and Se_4

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

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	20.60%	21.30%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%
Operating Loss Carryforwards	$ 0

Note 7 - Income Taxes - Schedul

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

Note 8 - Employee Benefits (Det

Note 8 - Employee Benefits (Details Textual) - USD ($)		6 Months Ended
	Mar. 24, 2017	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares)	350,000
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share)	$ 10
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP		$ 59,788	$ 92,080
Employee Stock Ownership Plan (ESOP), Compensation Expense		$ 244,615	$ 194,763
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)		11,622	11,622
Restricted Stock Units (RSUs) [Member]
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)		112,221		205,403
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		0.33%

Note 8 - Employee Benefits - Re

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