ICC (ICCH) 10-Q 14 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 09, 2024
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	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		3,142,973

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)		Mar. 31, 2024	Dec. 31, 2023
Investments and cash:
Fixed maturity securities (amortized cost of $118,359,809 at 3/31/2024 and $119,336,041 at 12/31/2023)		$ 109,168,285	$ 110,955,697
Other invested assets, net of allowances for credit losses of $39,000 at 3/31/2024 and $39,000 at 12/31/2023		9,040,528	8,898,409
Property held for investment, at cost, net of accumulated depreciation of $728,443 at 3/31/2024 and $682,402 at 12/31/2023		6,115,025	5,910,864
Cash and cash equivalents		7,026,999	1,478,135
Total investments and cash		147,767,603	142,331,022
Accrued investment income		962,242	915,156
Premiums and reinsurance balances receivable, net of allowances for credit losses of $136,000 at 3/31/2024 and $143,000 at 12/31/2023		36,450,702	37,220,433
Ceded unearned premiums		724,172	755,099
Reinsurance balances recoverable on unpaid losses and settlement expenses, net of allowances for credit losses of $88,000 at 3/31/2024 and $82,000 at 12/31/2023		13,738,899	12,736,579
Federal income taxes		2,386,403	2,775,366
Deferred policy acquisition costs, net		8,643,538	8,552,459
Property and equipment, at cost, net of accumulated depreciation of $7,109,013 at 3/31/2024 and $6,990,076 at 12/31/2023		3,363,731	3,325,322
Other Assets, net of allowances for credit losses of $5,000 at 3/31/2024 and $5,000 at 12/31/2023		2,395,727	2,405,577
Total assets		216,433,017	211,017,013
Liabilities:
Unpaid losses and settlement expenses		77,650,986	71,919,585
Unearned premiums		47,450,348	47,259,637
Reinsurance balances payable		663,886	1,132,301
Corporate debt		15,000,000	15,000,000
Accrued expenses		5,783,483	7,442,617
Other liabilities		1,198,903	1,259,324
Total liabilities		147,747,606	144,013,464
Equity:
Common stock	[1]	35,000	35,000
Treasury stock, at cost	[2]	(5,776,979)	(5,710,324)
Additional paid-in capital		33,421,997	33,330,846
Accumulated other comprehensive (loss), net of tax		(7,261,448)	(6,621,336)
Retained earnings		50,083,573	47,844,368
Less: Unearned Employee Stock Ownership Plan shares at cost	[3]	(1,816,732)	(1,875,005)
Total equity		68,685,411	67,003,549
Total liabilities and equity		216,433,017	211,017,013
Common Stock [Member]
Investments and cash:
Stocks at fair value		13,369,954	12,191,621
Preferred Stock [Member]
Investments and cash:
Stocks at fair value		$ 3,046,812	$ 2,896,296
[1]Par value $0.01; authorized: 2024 and 2023 - 10,000,000 shares; issued: 2024 – 3,500,000 shares and 2023 – 3,500,000 shares; outstanding: 2024 – 3,138,976 and 2023 – 3,138,976 shares[2]2024 – 361,024 shares and 2023 – 361,024 shares[3]2024 – 181,671 shares and 2023 – 187,498 shares

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fixed maturity securities, amortized cost	$ 118,359,809	$ 119,336,041
Other invested assets, allowances for credit losses	39,000	39,000
Property held for investment, accumulated depreciation	728,443	682,402
Premiums and reinsurance balances receivable, allowances for uncollectible amounts	136,000	143,000
Reinsurance balances recoverable on unpaid losses and settlement expenses, allowances for uncollectible amounts	88,000	82,000
Property and equipment, at cost, accumulated depreciation	7,109,013	6,990,076
Allowance for Credit Loss, Receivable, Other, Current	$ 5,000	$ 5,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Earnings (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net premiums earned	$ 20,222,366	$ 17,801,297
Net investment income	1,440,202	1,209,415
Net realized investment gains (losses)	150,686	(75,565)
Net unrealized gains on investments	1,273,890	639,418
Other (loss) income	(5,037)	45,836
Consolidated revenues	23,082,107	19,620,401
Losses and settlement expenses	12,336,928	11,047,681
Policy acquisition costs and other operating expenses	7,663,099	6,349,581
Interest expense on debt	45,904	45,400
General corporate expenses	200,770	193,674
Total expenses	20,246,701	17,636,336
Earnings before income taxes	2,835,406	1,984,065
Total income tax expense	596,201	405,520
Net earnings	2,239,205	1,578,545
Other comprehensive (loss) earnings, net of tax	(640,112)	1,596,353
Comprehensive earnings	$ 1,599,093	$ 3,174,898
Basic:
Basic net earnings per share (in dollars per share)	$ 0.76	$ 0.54
Diluted:
Diluted net earnings per share (in dollars per share)	$ 0.75	$ 0.53
Weighted average number of common shares outstanding:
Basic (in shares)	2,953,441	2,942,659
Diluted (in shares)	2,969,446	2,956,273

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 (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
Cumulative adjustment for adoption of ASU 2016-13, net of tax (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022	$ 0	$ 0	$ 0	$ 0	$ (113,760)	$ 0	$ (113,760)
Cumulative adjustment for adoption of ASU 2016-13, net of tax 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	(46,334)		0	0	0	0	(46,334)
Net earnings								0	0		0	0	1,578,545	0	1,578,545
Other comprehensive earnings, net of tax								0	0		0	0	0	1,596,353	1,596,353
Restricted stock unit expense								0	0	[1]	0	52,850	0	0	52,850
ESOP compensation expense								0	0		57,790	32,154	0	0	89,944
Balance at Mar. 31, 2023								35,000	(5,509,869)		(2,051,585)	33,204,129	45,166,018	(7,245,164)	63,598,529
Balance at Dec. 31, 2023								35,000	(5,710,324)			33,330,846	47,844,368	(6,621,336)	67,003,549
Cumulative adjustment for adoption of ASU 2016-13, net of tax at Dec. 31, 2023								(35,000)	5,710,324			(33,330,846)	(47,844,368)	6,621,336	(67,003,549)
Purchase of treasury stock								0	(66,655)			0	0	0	(66,655)
Net earnings								0	0			0	2,239,205	0	2,239,205
Other comprehensive earnings, net of tax								0	0		$ 0	0	0	(640,112)	(640,112)
Restricted stock unit expense								0	0	[1]		59,380	0	0	59,380
ESOP compensation expense								0	0			31,771	0	0	90,044
Balance at Mar. 31, 2024								$ 35,000	$ (5,776,979)			$ 33,421,997	$ 50,083,573	$ (7,261,448)	$ 68,685,411
[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 ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net earnings	$ 2,239,205	$ 1,578,545
Adjustments to reconcile net earnings to net cash provided by operating activities
Net realized investment (gains) losses	(150,686)	75,565
Net unrealized gains on investments	(1,273,890)	(639,418)
Depreciation	199,686	173,491
Deferred income tax	194,829	267,226
Amortization of bond premium and discount	(18,871)	29,821
Stock-based compensation expense	149,424	142,794
Change in:
Accrued investment income	(47,086)	509
Premiums and reinsurance balances receivable	769,731	(506,948)
Ceded unearned premiums	30,927	143,200
Reinsurance balances recoverable	(1,002,320)	(843,357)
Deferred policy acquisition costs	(91,079)	(565,515)
Unpaid losses and settlement expenses	5,731,401	5,252,537
Unearned premiums	190,711	568,115
Reinsurance balances payable	(468,415)	(1,123,875)
Accrued expenses	(1,659,134)	(1,949,578)
Current federal income tax	364,293	124,565
Other	(93,842)	(386,200)
Net cash provided by operating activities	5,064,884	2,341,477
Cash flows from investing activities:
Fixed maturity securities	(3,259,172)	(5,960,521)
Other invested assets	0	(360,000)
Property held for investment	(250,201)	(358,210)
Property and equipment	(192,156)	(160,191)
Proceeds from sales, maturities and calls of:
Fixed maturity securities	4,294,521	3,830,441
Other invested assets	75,458	8,557
Property and equipment	101	33
Net cash provided by (used in) investing activities	550,635	(3,012,834)
Cash flows from financing activities:
Purchase of treasury stock	(66,655)	(46,334)
Net cash used in financing activities	(66,655)	(46,334)
Net increase (decrease) in cash and cash equivalents	5,548,864	(717,691)
Cash and cash equivalents at beginning of year	1,478,135	3,139,986
Cash and cash equivalents at end of period	7,026,999	2,422,295
Supplemental information:
Interest paid	45,900	39,500
Common Stock [Member]
Cash flows from investing activities:
Equity securities	(826,741)	(807,926)
Proceeds from sales, maturities and calls of:
Equity securities	705,443	778,071
Preferred Stock [Member]
Cash flows from investing activities:
Equity securities	(242,131)	(78,716)
Proceeds from sales, maturities and calls of:
Equity securities	$ 245,513	$ 95,628

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
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 October 2023; 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 21.7% and 23.0% of the premium is written in Illinois for the three March 31, 2024 2023 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, 2023 2023 10 not March 31, 2024 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 2023 . D. PROSPECTIVE ACCOUNTING STANDARDS There are no March 31, 2024 E. PROPERTY AND EQUIPMENT Annually, the Company reviews the major asset classes of property and equipment held for impairment. For the periods ended March 31, 2024 December 31, 2023 As of March 31, December 31, 2024 2023 Automobiles $ 693,634 $ 645,458 Furniture and fixtures 526,657 525,843 Computer equipment and software 5,093,380 5,037,301 Home office 4,159,073 4,106,796 Total cost 10,472,744 10,315,398 Accumulated depreciation (7,109,013 ) (6,990,076 ) Net property and equipment $ 3,363,731 $ 3,325,322 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. The following table presents changes in accumulated other comprehensive (loss) earnings for unrealized gains and losses on available-for-sale securities: Three-Months Ended March 31, 2024 2023 Beginning balance $ (6,621,336 ) $ (8,841,517 ) Other comprehensive (loss) earnings before reclassification (639,189 ) 1,564,342 Amount reclassified from accumulated other comprehensive (loss) earnings (923 ) 32,011 Net current period other comprehensive (loss) earnings (640,112 ) 1,596,353 Ending balance $ (7,261,448 ) $ (7,245,164 ) The following table illustrates the components of other comprehensive earnings (loss) for each period presented in the condensed consolidated interim financial statements. Three-Month Periods Ended March 31, 2024 2023 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) gains arising during the period $ (809,101 ) $ 169,912 $ (639,189 ) $ 1,980,180 $ (415,838 ) $ 1,564,342 Reclassification adjustment for (gains) losses included in net earnings (1,167 ) 244 (923 ) 40,520 (8,509 ) 32,011 Total other comprehensive (loss) earnings $ (810,268 ) $ 170,156 $ (640,112 ) $ 2,020,700 $ (424,347 ) $ 1,596,353 The following table provides the reclassifications from accumulated other comprehensive earnings for the periods presented: Amounts Reclassified from Accumulated Other Comprehensive (Earnings) Loss Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2024 2023 where Net Earnings is Presented Unrealized (gains) losses on ASF investments: $ (1,167 ) $ 40,520 Net realized investment (gains) losses 244 (8,509 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ (923 ) $ 32,011 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. War, terrorism, 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. H. INTANGIBLES Intangible assets of $1.2 million are reported within Other Assets on the Consolidated Balance Sheets. Finite-lived intangible assets are amortized over their estimated useful lives.

Note 2 - Investments

Note 2 - Investments	3 Months Ended
	Mar. 31, 2024
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 March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2024 Fixed maturity securities $ 4,294,521 $ 1,167 $ — $ 1,167 Common stocks 705,443 249,637 (70,057 ) 179,580 Preferred stocks 245,513 1,409 (31,470 ) (30,061 ) 2023 Fixed maturity securities $ 3,830,441 $ — $ (40,520 ) $ (40,520 ) Common stocks 778,071 126,001 (185,458 ) (59,457 ) Preferred stocks 95,628 24,412 — 24,412 The amortized cost and estimated fair value of fixed income securities at March 31, 2024 Amortized Cost Fair Value Due in one year or less $ 3,548,339 $ 3,498,321 Due after one year through five years 15,222,260 14,582,221 Due after five years through 10 years 24,129,964 22,440,674 Due after 10 years 26,891,230 22,631,543 Asset and mortgage-backed securities without a specific due date 48,381,623 45,834,486 Redeemable preferred stocks 186,393 181,040 Total fixed maturity securities $ 118,359,809 $ 109,168,285 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 March 31, 2024 December 31, 2023 Gross Unrealized Amortized Cost Fair Value Gains Losses 2024 Fixed maturity securities: U.S. Treasury $ 1,351,519 $ 1,295,211 $ — $ (56,308 ) MBS/ABS/CMBS 48,381,623 45,834,486 291,072 (2,838,209 ) Corporate 45,827,528 42,444,447 104,428 (3,487,509 ) Municipal 22,612,746 19,413,101 125,472 (3,325,117 ) Redeemable preferred stock 186,393 181,040 — (5,353 ) Total fixed maturity securities $ 118,359,809 $ 109,168,285 $ 520,972 $ (9,712,496 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,351,768 $ 1,289,774 $ — $ (61,994 ) MBS/ABS/CMBS 49,400,028 47,020,328 283,957 (2,663,657 ) Corporate 45,764,492 42,981,718 287,412 (3,070,186 ) Municipal 22,633,360 19,493,317 153,103 (3,293,146 ) Redeemable preferred stock 186,393 170,560 — (15,833 ) Total fixed maturity securities $ 119,336,041 $ 110,955,697 $ 724,472 $ (9,104,816 ) All the Company’s collateralized securities carry an average credit rating of AA by one Note 3 Fair Value Disclosures, March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ANALYSIS The following tables display the total value of securities that were in an unrealized loss position as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,295,211 $ 1,295,211 $ — $ 1,289,774 $ 1,289,774 Amortized cost — 1,351,519 1,351,519 — 1,351,768 1,351,768 Unrealized loss — (56,308 ) (56,308 ) — (61,994 ) (61,994 ) MBS/ABS/CMBS Fair value 8,671,226 20,894,107 29,565,333 8,345,340 24,323,865 32,669,205 Amortized cost 8,780,692 23,622,850 32,403,542 8,462,010 26,870,852 35,332,862 Unrealized loss (109,466 ) (2,728,743 ) (2,838,209 ) (116,670 ) (2,546,987 ) (2,663,657 ) Corporate Fair value 5,126,823 31,263,210 36,390,033 477,051 33,352,754 33,829,805 Amortized cost 5,205,614 34,671,928 39,877,542 478,370 36,421,621 36,899,991 Unrealized loss (78,791 ) (3,408,718 ) (3,487,509 ) (1,319 ) (3,068,867 ) (3,070,186 ) Municipal Fair value 1,276,758 12,114,730 13,391,488 — 12,149,238 12,149,238 Amortized cost 1,283,254 15,433,351 16,716,605 — 15,442,384 15,442,384 Unrealized loss (6,496 ) (3,318,621 ) (3,325,117 ) — (3,293,146 ) (3,293,146 ) Redeemable preferred stock Fair value 121,500 59,540 181,040 149,240 21,320 170,560 Amortized cost 123,188 63,205 186,393 161,549 24,844 186,393 Unrealized loss (1,688 ) (3,665 ) (5,353 ) (12,309 ) (3,524 ) (15,833 ) Total Fair value 15,196,307 65,626,798 80,823,105 8,971,631 71,136,951 80,108,582 Amortized cost 15,392,748 75,142,853 90,535,601 9,101,929 80,111,469 89,213,398 Unrealized loss $ (196,441 ) $ (9,516,055 ) $ (9,712,496 ) $ (130,298 ) $ (8,974,518 ) $ (9,104,816 ) The fixed income portfolio contained 219 securities in an unrealized loss position as of March 31, 2024 12 not not not There were no CECL allowances from the fixed income portfolio recognized in net earnings during the three March 31, 2024 2023 not may UNREALIZED GAINS AND LOSSES ON INVESTMENTS Net unrealized gains recognized during the three March 31, 2024 three March 31, 2023 March 31, 2023 Other Invested Assets Other invested assets as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 As of March 31, 2024 three November 2021, may March 31, 2024 March 31, 2024 December 31, 2023 three December 31, 2023 Notes receivable are carried at outstanding value plus accrued interest. As of March 31, 2024 prime with three March 31, 2024 March 31, 2024 The Funds at Lloyd's and membership in the FHLBC are carried at cost.

Note 3 - Fair Value Disclosures

Note 3 - Fair Value Disclosures	3 Months Ended
	Mar. 31, 2024
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, Funds at Lloyd's, and membership in the FHLBC. Notes receivable are carried at outstanding balance plus accrued interest. Stock is at fair value when available. The limited partnership is accounted for under the equity method, which is considered a related party. The SAFE investment, Funds at Lloyd's, and the membership in FHLBC are carried at cost. Assets measured at fair value on a recurring basis as of March 31, 2024 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 $ 1,295,211 $ — $ — $ 1,295,211 MBS/ABS/CMBS — 45,834,486 — 45,834,486 Corporate — 42,444,447 — 42,444,447 Municipal — 19,413,101 — 19,413,101 Redeemable preferred stocks — 181,040 — 181,040 Total fixed maturity securities 1,295,211 107,873,074 — 109,168,285 Equity securities Common stocks 13,369,954 — — 13,369,954 Perpetual preferred stocks — 3,046,812 — 3,046,812 Total equity securities 13,369,954 3,046,812 — 16,416,766 Total marketable investments measured at fair value $ 14,665,165 $ 110,919,886 $ — $ 125,585,051 Assets measured at fair value on a recurring basis as of December 31, 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 $ 1,289,774 $ — $ — $ 1,289,774 MBS/ABS/CMBS — 47,020,328 — 47,020,328 Corporate — 42,981,718 — 42,981,718 Municipal — 19,493,317 — 19,493,317 Redeemable preferred stocks — 170,560 — 170,560 Total fixed maturity securities 1,289,774 109,665,923 — 110,955,697 Equity securities Common stocks 12,191,621 — — 12,191,621 Perpetual preferred stocks — 2,896,296 — 2,896,296 Total equity securities 12,191,621 2,896,296 — 15,087,917 Total marketable investments measured at fair value $ 13,481,395 $ 112,562,219 $ — $ 126,043,614 As noted in the previous tables, the Company has no 3 March 31, 2024 December 31, 2023 1 2 three March 31, 2024 2023

Note 4 - Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 The Company also has borrowing capacity of $48.2 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 March 31, 2024 three 5 2025 2027, The Company has $19.1 million in bonds pledged as collateral for all FHLBC loans. Revolving Line of Credit As of March 31, 2024 July 5, 2023 prime floor July 5, 2024 March 31, 2024 three March 31, 2024 2023

Note 5 - Reinsurance

Note 5 - Reinsurance	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 WRITTEN Direct $ 23,735,559 $ 20,814,526 Reinsurance assumed 47,776 38,726 Reinsurance ceded (3,339,331 ) (2,340,640 ) Net $ 20,444,004 $ 18,512,612 EARNED Direct $ 23,545,004 $ 20,243,436 Reinsurance assumed 47,620 41,702 Reinsurance ceded (3,370,258 ) (2,483,841 ) Net $ 20,222,366 $ 17,801,297 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 14,119,451 $ 13,266,429 Reinsurance assumed 63,722 9,241 Reinsurance ceded (1,846,245 ) (2,227,989 ) Net $ 12,336,928 $ 11,047,681

Note 6 - Unpaid Losses and Sett

Note 6 - Unpaid Losses and Settlement Expenses	3 Months Ended
	Mar. 31, 2024
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 March 31, (In thousands) 2024 2023 Unpaid losses and settlement expense - beginning of the period: Gross $ 71,920 $ 67,614 Less: Ceded 12,737 13,610 Less: CECL allowance for reinsurance recoverable on unpaid losses 82 — Net 59,101 54,004 Increase in incurred losses and settlement expense: Current year 12,288 11,072 Prior years 49 (24 ) Total incurred 12,337 11,048 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,924 1,158 Prior years 5,690 5,487 Total paid 7,614 6,645 Net unpaid losses and settlement expense - end of the period 63,824 58,407 Plus: Reinsurance recoverable on unpaid losses net of CECL 13,739 14,356 Plus: CECL allowance for reinsurance recoverable on unpaid losses 1 88 104 Gross unpaid losses and settlement expense - end of the period $ 77,651 $ 72,867 1 See page 7, For the three March 31, 2024 2023 three March 31, 2024

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. INCOME TAXES The Company’s effective tax rate for the three March 31, 2024 2023 Income tax expense for the three March 31, 2024 2023 For the Three-Months Ended March 31, 2024 2023 Provision for income taxes at the statutory federal tax rates $ 595,435 $ 416,654 Increase (reduction) in taxes resulting from: Tax-exempt interest income (7,929 ) (10,072 ) Dividends received deduction (10,065 ) (20,460 ) Proration of tax-exempt interest and dividends received deduction 4,283 7,417 Nondeductible expenses 15,915 15,091 Officer life insurance, net (1,438 ) (3,110 ) Total $ 596,201 $ 405,520 Management believes it is more likely than not As of March 31, 2024 December 31, 2023 not 2020 no March 31, 2024

Note 8 - Employee Benefits

Note 8 - Employee Benefits	3 Months Ended
	Mar. 31, 2024
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 not three March 31, 2024 2023 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 three March 31, 2024 ted to 5,827 shares of our c December 31, 2024 three March 31, 2023 December 31, 2023 RESTRICTED STOCK UNITS Restricted stock units (RSUs) were granted for the first February 2018 April one third three first three March 31, 2024 March 31, 2023 RSUs Weighted Average Grant Date Fair Value Nonvested on December 31, 2023 19,787 $ 15.87 Granted — — Vested (3,782 ) 15.70 Nonvested on March 31, 2024 16,005 $ 15.92

Note 9 - Subsequent Events

Note 9 - Subsequent Events	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	9. SUBSEQUENT EVENTS The Company granted 20,100 restricted stock units on April 1, 2024. April 30, 2024, X, no

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. During the quarter ended March 31, 2024 none 16 1934, 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false

Note 1 - Summary of Significa_2

Note 1 - Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	As of March 31, December 31, 2024 2023 Automobiles $ 693,634 $ 645,458 Furniture and fixtures 526,657 525,843 Computer equipment and software 5,093,380 5,037,301 Home office 4,159,073 4,106,796 Total cost 10,472,744 10,315,398 Accumulated depreciation (7,109,013 ) (6,990,076 ) Net property and equipment $ 3,363,731 $ 3,325,322
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three-Months Ended March 31, 2024 2023 Beginning balance $ (6,621,336 ) $ (8,841,517 ) Other comprehensive (loss) earnings before reclassification (639,189 ) 1,564,342 Amount reclassified from accumulated other comprehensive (loss) earnings (923 ) 32,011 Net current period other comprehensive (loss) earnings (640,112 ) 1,596,353 Ending balance $ (7,261,448 ) $ (7,245,164 )
Comprehensive Income (Loss) [Table Text Block]	Three-Month Periods Ended March 31, 2024 2023 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) gains arising during the period $ (809,101 ) $ 169,912 $ (639,189 ) $ 1,980,180 $ (415,838 ) $ 1,564,342 Reclassification adjustment for (gains) losses included in net earnings (1,167 ) 244 (923 ) 40,520 (8,509 ) 32,011 Total other comprehensive (loss) earnings $ (810,268 ) $ 170,156 $ (640,112 ) $ 2,020,700 $ (424,347 ) $ 1,596,353
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]	Amounts Reclassified from Accumulated Other Comprehensive (Earnings) Loss Three-Month Periods Ended Details about Accumulated Other March 31, Affected Line Item in the Statement Comprehensive Earnings Component 2024 2023 where Net Earnings is Presented Unrealized (gains) losses on ASF investments: $ (1,167 ) $ 40,520 Net realized investment (gains) losses 244 (8,509 ) Income tax expense (benefit) Total reclassification adjustment, net of tax $ (923 ) $ 32,011

Note 2 - Investments (Tables)

Note 2 - Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Realized Gain (Loss) [Table Text Block]	For the Three-Months Ended March 31, Net Realized Proceeds Gains Losses Gains (Losses) 2024 Fixed maturity securities $ 4,294,521 $ 1,167 $ — $ 1,167 Common stocks 705,443 249,637 (70,057 ) 179,580 Preferred stocks 245,513 1,409 (31,470 ) (30,061 ) 2023 Fixed maturity securities $ 3,830,441 $ — $ (40,520 ) $ (40,520 ) Common stocks 778,071 126,001 (185,458 ) (59,457 ) Preferred stocks 95,628 24,412 — 24,412
Investments Classified by Contractual Maturity Date [Table Text Block]	Amortized Cost Fair Value Due in one year or less $ 3,548,339 $ 3,498,321 Due after one year through five years 15,222,260 14,582,221 Due after five years through 10 years 24,129,964 22,440,674 Due after 10 years 26,891,230 22,631,543 Asset and mortgage-backed securities without a specific due date 48,381,623 45,834,486 Redeemable preferred stocks 186,393 181,040 Total fixed maturity securities $ 118,359,809 $ 109,168,285
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block]	Gross Unrealized Amortized Cost Fair Value Gains Losses 2024 Fixed maturity securities: U.S. Treasury $ 1,351,519 $ 1,295,211 $ — $ (56,308 ) MBS/ABS/CMBS 48,381,623 45,834,486 291,072 (2,838,209 ) Corporate 45,827,528 42,444,447 104,428 (3,487,509 ) Municipal 22,612,746 19,413,101 125,472 (3,325,117 ) Redeemable preferred stock 186,393 181,040 — (5,353 ) Total fixed maturity securities $ 118,359,809 $ 109,168,285 $ 520,972 $ (9,712,496 ) Gross Unrealized Amortized Cost Fair Value Gains Losses 2023 Fixed maturity securities: U.S. Treasury $ 1,351,768 $ 1,289,774 $ — $ (61,994 ) MBS/ABS/CMBS 49,400,028 47,020,328 283,957 (2,663,657 ) Corporate 45,764,492 42,981,718 287,412 (3,070,186 ) Municipal 22,633,360 19,493,317 153,103 (3,293,146 ) Redeemable preferred stock 186,393 170,560 — (15,833 ) Total fixed maturity securities $ 119,336,041 $ 110,955,697 $ 724,472 $ (9,104,816 )
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]	March 31, 2024 December 31, 2023 12 Months 12 Months < 12 Months & Greater Total < 12 Months & Greater Total Fixed Maturity Securities: U.S. Treasury Fair value $ — $ 1,295,211 $ 1,295,211 $ — $ 1,289,774 $ 1,289,774 Amortized cost — 1,351,519 1,351,519 — 1,351,768 1,351,768 Unrealized loss — (56,308 ) (56,308 ) — (61,994 ) (61,994 ) MBS/ABS/CMBS Fair value 8,671,226 20,894,107 29,565,333 8,345,340 24,323,865 32,669,205 Amortized cost 8,780,692 23,622,850 32,403,542 8,462,010 26,870,852 35,332,862 Unrealized loss (109,466 ) (2,728,743 ) (2,838,209 ) (116,670 ) (2,546,987 ) (2,663,657 ) Corporate Fair value 5,126,823 31,263,210 36,390,033 477,051 33,352,754 33,829,805 Amortized cost 5,205,614 34,671,928 39,877,542 478,370 36,421,621 36,899,991 Unrealized loss (78,791 ) (3,408,718 ) (3,487,509 ) (1,319 ) (3,068,867 ) (3,070,186 ) Municipal Fair value 1,276,758 12,114,730 13,391,488 — 12,149,238 12,149,238 Amortized cost 1,283,254 15,433,351 16,716,605 — 15,442,384 15,442,384 Unrealized loss (6,496 ) (3,318,621 ) (3,325,117 ) — (3,293,146 ) (3,293,146 ) Redeemable preferred stock Fair value 121,500 59,540 181,040 149,240 21,320 170,560 Amortized cost 123,188 63,205 186,393 161,549 24,844 186,393 Unrealized loss (1,688 ) (3,665 ) (5,353 ) (12,309 ) (3,524 ) (15,833 ) Total Fair value 15,196,307 65,626,798 80,823,105 8,971,631 71,136,951 80,108,582 Amortized cost 15,392,748 75,142,853 90,535,601 9,101,929 80,111,469 89,213,398 Unrealized loss $ (196,441 ) $ (9,516,055 ) $ (9,712,496 ) $ (130,298 ) $ (8,974,518 ) $ (9,104,816 )

Note 3 - Fair Value Disclosur_2

Note 3 - Fair Value Disclosures (Tables)	3 Months Ended
	Mar. 31, 2024
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 $ 1,295,211 $ — $ — $ 1,295,211 MBS/ABS/CMBS — 45,834,486 — 45,834,486 Corporate — 42,444,447 — 42,444,447 Municipal — 19,413,101 — 19,413,101 Redeemable preferred stocks — 181,040 — 181,040 Total fixed maturity securities 1,295,211 107,873,074 — 109,168,285 Equity securities Common stocks 13,369,954 — — 13,369,954 Perpetual preferred stocks — 3,046,812 — 3,046,812 Total equity securities 13,369,954 3,046,812 — 16,416,766 Total marketable investments measured at fair value $ 14,665,165 $ 110,919,886 $ — $ 125,585,051 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 $ 1,289,774 $ — $ — $ 1,289,774 MBS/ABS/CMBS — 47,020,328 — 47,020,328 Corporate — 42,981,718 — 42,981,718 Municipal — 19,493,317 — 19,493,317 Redeemable preferred stocks — 170,560 — 170,560 Total fixed maturity securities 1,289,774 109,665,923 — 110,955,697 Equity securities Common stocks 12,191,621 — — 12,191,621 Perpetual preferred stocks — 2,896,296 — 2,896,296 Total equity securities 12,191,621 2,896,296 — 15,087,917 Total marketable investments measured at fair value $ 13,481,395 $ 112,562,219 $ — $ 126,043,614

Note 5 - Reinsurance (Tables)

Note 5 - Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Effects of Reinsurance [Table Text Block]	Three-Month Periods Ended March 31, 2024 2023 WRITTEN Direct $ 23,735,559 $ 20,814,526 Reinsurance assumed 47,776 38,726 Reinsurance ceded (3,339,331 ) (2,340,640 ) Net $ 20,444,004 $ 18,512,612 EARNED Direct $ 23,545,004 $ 20,243,436 Reinsurance assumed 47,620 41,702 Reinsurance ceded (3,370,258 ) (2,483,841 ) Net $ 20,222,366 $ 17,801,297 LOSS AND SETTLEMENT EXPENSES INCURRED Direct $ 14,119,451 $ 13,266,429 Reinsurance assumed 63,722 9,241 Reinsurance ceded (1,846,245 ) (2,227,989 ) Net $ 12,336,928 $ 11,047,681

Note 6 - Unpaid Losses and Se_2

Note 6 - Unpaid Losses and Settlement Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block]	For the Three-Months Ended March 31, (In thousands) 2024 2023 Unpaid losses and settlement expense - beginning of the period: Gross $ 71,920 $ 67,614 Less: Ceded 12,737 13,610 Less: CECL allowance for reinsurance recoverable on unpaid losses 82 — Net 59,101 54,004 Increase in incurred losses and settlement expense: Current year 12,288 11,072 Prior years 49 (24 ) Total incurred 12,337 11,048 Deduct: Loss and settlement expense payments for claims incurred: Current year 1,924 1,158 Prior years 5,690 5,487 Total paid 7,614 6,645 Net unpaid losses and settlement expense - end of the period 63,824 58,407 Plus: Reinsurance recoverable on unpaid losses net of CECL 13,739 14,356 Plus: CECL allowance for reinsurance recoverable on unpaid losses 1 88 104 Gross unpaid losses and settlement expense - end of the period $ 77,651 $ 72,867

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	For the Three-Months Ended March 31, 2024 2023 Provision for income taxes at the statutory federal tax rates $ 595,435 $ 416,654 Increase (reduction) in taxes resulting from: Tax-exempt interest income (7,929 ) (10,072 ) Dividends received deduction (10,065 ) (20,460 ) Proration of tax-exempt interest and dividends received deduction 4,283 7,417 Nondeductible expenses 15,915 15,091 Officer life insurance, net (1,438 ) (3,110 ) Total $ 596,201 $ 405,520

Note 8 - Employee Benefits (Tab

Note 8 - Employee Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Restricted Stock Units (RSUs) [Member]
Notes Tables
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]	RSUs Weighted Average Grant Date Fair Value Nonvested on December 31, 2023 19,787 $ 15.87 Granted — — Vested (3,782 ) 15.70 Nonvested on March 31, 2024 16,005 $ 15.92

Note 1 - Summary of Significa_3

Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2023
Retained Earnings (Accumulated Deficit)	$ 50,083,573		$ 47,844,368
Tangible Asset Impairment Charges	$ 0		$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%
Finite-Lived Intangible Assets, Gross	$ 1,200,000
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	21.70%	23%

Note 1 - Summary of Significa_4

Note 1 - Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cost	$ 10,472,744	$ 10,315,398
Accumulated depreciation	(7,109,013)	(6,990,076)
Net property and equipment	3,363,731	3,325,322
Automobiles [Member]
Cost	693,634	645,458
Furniture and Fixtures [Member]
Cost	526,657	525,843
Computer Equipment [Member]
Cost	5,093,380	5,037,301
Home Office [Member]
Cost	$ 4,159,073	$ 4,106,796

Note 1 - Summary of Significa_5

Note 1 - Summary of Significant Accounting Policies - Accumulated Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance	$ 67,003,549	$ 60,440,931
Net current period other comprehensive (loss) earnings	(640,112)	1,596,353
Balance	68,685,411	63,598,529
AOCI Attributable to Parent [Member]
Balance	(6,621,336)	(8,841,517)
Other comprehensive (loss) earnings before reclassification	(639,189)	1,564,342
Amount reclassified from accumulated other comprehensive (loss) earnings	(923)	32,011
Net current period other comprehensive (loss) earnings	(640,112)	1,596,353
Balance	$ (7,261,448)	$ (7,245,164)

Note 1 - Summary of Significa_6

Note 1 - Summary of Significant Accounting Policies - Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Unrealized holding (losses) gains arising during the period, pre tax	$ (809,101)	$ 1,980,180
Unrealized holding (losses) gains arising during the period, tax	169,912	(415,838)
Unrealized holding (losses) gains arising during the period	(639,189)	1,564,342
Reclassification adjustment for losses included in net earnings, pre tax	(1,167)	40,520
Reclassification adjustment for losses included in net earnings, tax	244	(8,509)
Reclassification adjustment for (gains) losses included in net earnings	(923)	32,011
Total other comprehensive (loss) earnings, pre tax	(810,268)	2,020,700
Total other comprehensive (loss) earnings, tax	170,156	(424,347)
Total other comprehensive (loss) earnings	$ (640,112)	$ 1,596,353

Note 1 - Summary of Significa_7

Note 1 - Summary of Significant Accounting Policies - Reclassifications from Accumulated Other Comprehensive Earnings (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net realized investment (gains) losses	$ (150,686)	$ 75,565
Income Tax Expense (Benefit)	596,201	405,520
Net earnings	2,239,205	1,578,545
Reclassification out of Accumulated Other Comprehensive Income [Member]
Net earnings	(923)	32,011
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Net realized investment (gains) losses	(1,167)	40,520
Income Tax Expense (Benefit)	$ 244	$ (8,509)

Note 2 - Investments (Details T

Note 2 - Investments (Details Textual)	3 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2021 USD ($)
Debt Securities, Available-for-Sale	$ 109,168,285	$ 110,955,697
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	9,516,055	8,974,518
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Gain	1,273,890		$ 639,418
Other Investments	9,040,528	8,898,409
Financing Receivable, Allowance for Credit Loss	39,000		39,000
Investment, Funding Available for Future Investment	$ 8,050,866	8,050,866
Investment, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Federal Home Loan Bank of Chicago [Member]
Other Investments	$ 425,000
Notes Receivable [Member]
Other Investments	5,420,520	5,495,978
Privately Held Investments [Member]
Other Investments	2,414,810	2,197,232
Funds at Lloyds [Member]
Other Investments	819,198	819,198
Limited Partnership [Member]
Other Investments	1,950,380	1,734,622
SAFE Investment [Member]
Other Investments	250,000	250,000
Stocks [Member]
Other Investments	214,430	212,610
Private Investment Fund [Member]
Other Investments				$ 10,000,000
Investment Request Amount	1,949,134	1,949,134
Notes Issued on July 30, 2019 [Member]
Financing Receivable, Allowance for Credit Loss	39,000
Investment, Funding Available for Future Investment	$ 75,458
Loans Receivable, Basis Spread on Variable Rate	0.25%
Financing Receivable, after Allowance for Credit Loss	$ 0
Notes Issued on July 30, 2019 [Member] | Minimum [Member]
Financing Receivable, Interest Rate	3.90%
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	$ 8,192,160	8,462,540
Residential Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	32,154,992	32,928,128
Commercial Mortgage-Backed Securities [Member]
Debt Securities, Available-for-Sale	5,487,334	5,629,659
Fixed Income Securities [Member]
Debt Securities, Available-for-Sale, Allowance for Credit Loss	$ 0	$ 0	$ 0
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions	219
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions	192
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	$ 9,516,055

Note 2 - Investments - Summary

Note 2 - Investments - Summary of Proceeds from Investments and Related Gross Realized Gains and Losses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fixed Income Securities [Member]
Fixed maturity securities, proceeds	$ 4,294,521	$ 3,830,441
Fixed maturity securities, realized gains	1,167	0
Fixed maturity securities, realized losses	0	(40,520)
Fixed maturity securities, net realized gains (losses)	(1,167)	(40,520)
Common Stock [Member]
Equity securities, proceeds	705,443	778,071
Equity securities, realized gains	249,637	126,001
Equity securities, realized losses	(70,057)	(185,458)
Equity securities, net realized gains (losses)	179,580	(59,457)
Preferred Stock [Member]
Equity securities, proceeds	245,513	95,628
Equity securities, realized gains	1,409	24,412
Equity securities, realized losses	(31,470)	0
Equity securities, net realized gains (losses)	$ 30,061	$ 24,412

Note 2 - Investments - Contract

Note 2 - Investments - Contractual Maturity of Fixed Income Securities (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Due in one year or less, amortized cost	$ 3,548,339
Due in one year or less, fair value	3,498,321
Due after one year through five years, amortized cost	15,222,260
Due after one year through five years, fair value	14,582,221
Due after five years through 10 years, amortized cost	24,129,964
Due after five years through 10 years, fair value	22,440,674
Due after 10 years, amortized cost	26,891,230
Due after 10 years, fair value	22,631,543
Total fixed maturity securities, amortized cost	118,359,809	$ 119,336,041
Total fixed maturity securities, fair value	109,168,285	110,955,697
Collateralized Mortgage-Backed Securities [Member]
Securities without a specific due date, amortized cost	48,381,623
Securities without a specific due date, fair value	45,834,486
Securities without a specific due date, amortized cost	48,381,623
Redeemable Preferred Stock [Member]
Securities without a specific due date, amortized cost	186,393
Securities without a specific due date, fair value	181,040
Securities without a specific due date, amortized cost	186,393
Total fixed maturity securities, amortized cost	186,393	186,393
Total fixed maturity securities, fair value	$ 181,040	$ 170,560

Note 2 - Investments - Schedule

Note 2 - Investments - Schedule of Cost or Amortized cost and Estimated Fair Values of Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost	$ 118,359,809	$ 119,336,041
Debt Securities, Available-for-Sale	109,168,285	110,955,697
Gross Unrealized Gains	520,972	724,472
Gross Unrealized Losses	(9,712,496)	(9,104,816)
Fixed maturity securities, amortized cost	118,359,809	119,336,041
US Treasury Securities [Member]
Amortized Cost	1,351,519	1,351,768
Debt Securities, Available-for-Sale	1,295,211	1,289,774
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(56,308)	(61,994)
Fixed maturity securities, amortized cost	1,351,519	1,351,768
MBS,ABS,CMBS [Member]
Amortized Cost	48,381,623	49,400,028
Debt Securities, Available-for-Sale	45,834,486	47,020,328
Gross Unrealized Gains	291,072	283,957
Gross Unrealized Losses	(2,838,209)	(2,663,657)
Fixed maturity securities, amortized cost	48,381,623	49,400,028
Corporate Debt Securities [Member]
Amortized Cost	45,827,528	45,764,492
Debt Securities, Available-for-Sale	42,444,447	42,981,718
Gross Unrealized Gains	104,428	287,412
Gross Unrealized Losses	(3,487,509)	(3,070,186)
Fixed maturity securities, amortized cost	45,827,528	45,764,492
US States and Political Subdivisions Debt Securities [Member]
Amortized Cost	22,612,746	22,633,360
Debt Securities, Available-for-Sale	19,413,101	19,493,317
Gross Unrealized Gains	125,472	153,103
Gross Unrealized Losses	(3,325,117)	(3,293,146)
Fixed maturity securities, amortized cost	22,612,746	22,633,360
Redeemable Preferred Stock [Member]
Amortized Cost	186,393	186,393
Debt Securities, Available-for-Sale	181,040	170,560
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(5,353)	(15,833)
Fixed maturity securities, amortized cost	$ 186,393	$ 186,393

Note 2 - Investments - Fair Val

Note 2 - Investments - Fair Value of Securities in Unrealized Loss Position (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair value, less than 12 Months	$ 15,196,307	$ 8,971,631
Fair value, 12 months or longer	65,626,798	71,136,951
Fair value	80,823,105	80,108,582
Amortized cost, less than 12 Months	15,392,748	9,101,929
Amortized cost, 12 months or longer	75,142,853	80,111,469
Amortized cost	90,535,601	89,213,398
Unrealized loss, less than 12 Months	(196,441)	(130,298)
Unrealized loss, 12 months or longer	(9,516,055)	(8,974,518)
Unrealized loss	(9,712,496)	(9,104,816)
US Treasury Securities [Member]
Fair value, less than 12 Months	0	0
Fair value, 12 months or longer	1,295,211	1,289,774
Fair value	1,295,211	1,289,774
Amortized cost, less than 12 Months	0	0
Amortized cost, 12 months or longer	1,351,519	1,351,768
Amortized cost	1,351,519	1,351,768
Unrealized loss, less than 12 Months	0	0
Unrealized loss, 12 months or longer	(56,308)	(61,994)
Unrealized loss	(56,308)	(61,994)
MBS,ABS,CMBS [Member]
Fair value, less than 12 Months	8,671,226	8,345,340
Fair value, 12 months or longer	20,894,107	24,323,865
Fair value	29,565,333	32,669,205
Amortized cost, less than 12 Months	8,780,692	8,462,010
Amortized cost, 12 months or longer	23,622,850	26,870,852
Amortized cost	32,403,542	35,332,862
Unrealized loss, less than 12 Months	(109,466)	(116,670)
Unrealized loss, 12 months or longer	(2,728,743)	(2,546,987)
Unrealized loss	(2,838,209)	(2,663,657)
Corporate Debt Securities [Member]
Fair value, less than 12 Months	5,126,823	477,051
Fair value, 12 months or longer	31,263,210	33,352,754
Fair value	36,390,033	33,829,805
Amortized cost, less than 12 Months	5,205,614	478,370
Amortized cost, 12 months or longer	34,671,928	36,421,621
Amortized cost	39,877,542	36,899,991
Unrealized loss, less than 12 Months	(78,791)	(1,319)
Unrealized loss, 12 months or longer	(3,408,718)	(3,068,867)
Unrealized loss	(3,487,509)	(3,070,186)
US States and Political Subdivisions Debt Securities [Member]
Fair value, less than 12 Months	1,276,758	0
Fair value, 12 months or longer	12,114,730	12,149,238
Fair value	13,391,488	12,149,238
Amortized cost, less than 12 Months	1,283,254	0
Amortized cost, 12 months or longer	15,433,351	15,442,384
Amortized cost	16,716,605	15,442,384
Unrealized loss, less than 12 Months	(6,496)	0
Unrealized loss, 12 months or longer	(3,318,621)	(3,293,146)
Unrealized loss	(3,325,117)	(3,293,146)
Redeemable Preferred Stock [Member]
Fair value, less than 12 Months	121,500	149,240
Fair value, 12 months or longer	59,540	21,320
Fair value	181,040	170,560
Amortized cost, less than 12 Months	123,188	161,549
Amortized cost, 12 months or longer	63,205	24,844
Amortized cost	186,393	186,393
Unrealized loss, less than 12 Months	(1,688)	(12,309)
Unrealized loss, 12 months or longer	(3,665)	(3,524)
Unrealized loss	$ (5,353)	$ (15,833)

Note 3 - Fair Value Disclosur_3

Note 3 - Fair Value Disclosures (Details Textual) $ in Thousands	Mar. 31, 2024 USD ($)
Assets, Fair Value Disclosure	$ 0

Note 3 - Fair Value Disclosur_4

Note 3 - Fair Value Disclosures - Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale	$ 109,168,285	$ 110,955,697
Equity securities	16,416,766	15,087,917
Total marketable investments measured at fair value	125,585,051	126,043,614
Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
Equity securities	13,369,954	12,191,621
Total marketable investments measured at fair value	14,665,165	13,481,395
Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	107,873,074	109,665,923
Equity securities	3,046,812	2,896,296
Total marketable investments measured at fair value	110,919,886	112,562,219
US Treasury Securities [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Debt Securities, Available-for-Sale	1,295,211	1,289,774
MBS,ABS,CMBS [Member]
Debt Securities, Available-for-Sale	45,834,486	47,020,328
MBS,ABS,CMBS [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	45,834,486	47,020,328
Corporate Debt Securities [Member]
Debt Securities, Available-for-Sale	42,444,447	42,981,718
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	42,444,447	42,981,718
US States and Political Subdivisions Debt Securities [Member]
Debt Securities, Available-for-Sale	19,413,101	19,493,317
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	19,413,101	19,493,317
Redeemable Preferred Stock [Member]
Debt Securities, Available-for-Sale	181,040	170,560
Redeemable Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Debt Securities, Available-for-Sale	181,040	170,560
Common Stock [Member]
Equity securities	13,369,954	12,191,621
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Equity securities	13,369,954	12,191,621
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	0
Preferred Stock [Member]
Equity securities	3,046,812	2,896,296
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Equity securities	$ 3,046,812	$ 2,896,296

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)		3 Months Ended
	Jul. 05, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Long-Term Debt		$ 15,000,000		$ 15,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Prime Rate [Member]
Minimum [Member]
Adjusted Capital		65,400,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member]
Debt Instrument, Collateral Amount		4,000,000
Long-Term Line of Credit, Total		0
Debt Instrument, Basis Spread on Variable Rate	0.50%
Line of Credit Facility, Maximum Borrowing Capacity		4,000,000
Debt Covenant Adjusted Capital		21,000,000
Revolving Credit Facility [Member] | Quad City Bank & Trust [Member] | Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	6%
Revolving Credit Facility [Member] | American Bank & Trust [Member]
Interest Expense, Operating and Nonoperating		0	$ 0
Federal Home Loan Bank of Chicago [Member]
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available		$ 48,200,000
Line of Credit Facility Maximum Borrowing Capacity Percent		25%
Advance from Federal Home Loan Bank		$ 15,000,000
Debt Instrument, Term (Year)		5 years
Debt, Weighted Average Interest Rate		1.21%
Debt Instrument, Collateral Amount		$ 19,100,000

Note 5 - Reinsurance (Details T

Note 5 - Reinsurance (Details Textual)	12 Months Ended
	Dec. 31, 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
	Mar. 31, 2024	Mar. 31, 2023
Direct	$ 23,735,559	$ 20,814,526
Reinsurance assumed	47,776	38,726
Reinsurance ceded	(3,339,331)	(2,340,640)
Net	20,444,004	18,512,612
Direct	23,545,004	20,243,436
Reinsurance assumed	47,620	41,702
Reinsurance ceded	(3,370,258)	(2,483,841)
Net	20,222,366	17,801,297
Direct	14,119,451	13,266,429
Reinsurance assumed	63,722	9,241
Reinsurance ceded	(1,846,245)	(2,227,989)
Net	$ 12,336,928	$ 11,047,681

Note 6 - Unpaid Losses and Se_3

Note 6 - Unpaid Losses and Settlement Expenses (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Prior Year Claims and Claims Adjustment Expense	$ 49,000	$ (24,000)

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
	Mar. 31, 2024	Mar. 31, 2023
Gross	$ 71,919,585	$ 67,614,000
Less: Ceded	12,736,579	13,610,000
Less: CECL allowance for reinsurance recoverable on unpaid losses	82,000	0
Net	59,101,000	54,004,000
Current year, incurred	12,288,000	11,072,000
Prior years, incurred	49,000	(24,000)
Total incurred	12,337,000	11,048,000
Current year, paid	1,924,000	1,158,000
Prior years, paid	5,690,000	5,487,000
Total paid	7,614,000	6,645,000
Net unpaid losses and settlement expense - end of the period	63,824,000	58,407,000
Plus: Reinsurance recoverable on unpaid losses net of CECL	13,738,899	14,356,000
Plus: CECL allowance for reinsurance recoverable on unpaid losses1	88,000	104,000
Unpaid losses and settlement expenses	$ 77,650,986	$ 72,867,000

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent	21%	20.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%
Tax Credit Carryforward, Amount	$ 0		$ 0
Operating Loss Carryforwards	$ 0		$ 0
Open Tax Year			2020 2021 2022 2023 2024

Note 7 - Income Taxes - Schedul

Note 7 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision for income taxes at the statutory federal tax rates	$ 595,435	$ 416,654
Tax-exempt interest income	(7,929)	(10,072)
Dividends received deduction	(10,065)	(20,460)
Proration of tax-exempt interest and dividends received deduction	4,283	7,417
Nondeductible expenses	15,915	15,091
Officer life insurance, net	(1,438)	(3,110)
Total	$ 596,201	$ 405,520

Note 8 - Employee Benefits (Det

Note 8 - Employee Benefits (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares)	350,000
Employee Stock Ownership Plan (ESOP), Weighted Average Purchase Price of Shares Purchased (in dollars per share)	$ 10
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP	$ 0	$ 0
Employee Stock Ownership Plan (ESOP), Compensation Expense	$ 90,044	$ 89,944
Employee Stock Ownership Plan (ESOP), Number of Committed-to-be-Released Shares (in shares)	5,827	5,779
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	$ 59,380	$ 52,850
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)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Nonvested Balance (in shares) | shares	19,787
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.87
Granted, Restricted Stock Units (in shares) | shares	0
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 0
Vested, Restricted Stock Units (in shares) | shares	(3,782)
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.7
Nonvested Balance (in shares) | shares	16,005
Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 15.92

Note 9 - Subsequent Events (Det

Note 9 - Subsequent Events (Details Textual) - USD ($) $ in Millions		3 Months Ended
	Apr. 01, 2024	Mar. 31, 2024	Apr. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		0
Subsequent Event [Member] | Inter-Atlantic Fund [Member]
Investments			$ 3
Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	20,100